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ITWORKS: 7 steps to take if you’ve been laid off

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Layoffs happens surprisingly often. Read any newspaper these days, and you’ll see just how much. But when it happens to you, it can be emotional and overwhelming. On the flip (positive) side, it can also be a rare opportunity to take stock of your life and make intentional choices regarding your career. Regardless, you’ll have many questions: What should I do first? How much do I need to cut back on expenses? Where do I go for help?

To assist members of the education community who find themselves in this situation, Educators Financial Group has developed ITWORKS—a step-by-step plan that utilizes financial information and tools we’ve garnered from over 40 years of working with the education community, as well as proven job search ideas.

Whether you are planning to stay in the education field, or investigate other areas of work, ITWORKS will help you focus on your next steps and energize you as you take action.

Step 1. “I”: Inform yourself.

Take a deep breath and spend some time assessing your current financial and career situation. It will help your decision-making in the weeks to come.

Financial ‘to do’: Make a list of all your assets (what you own) and liabilities (what you owe). This would include your bank statements, investment statements, credit card bills, and any regular bill payments—from your Netflix monthly bill to your mortgage payment. Get your current credit report, which you can do online for free (see link below).

Job search ‘to do’: Gather background information on your most recent position, which could be useful in applying for a new job (regardless of the field you’ll be searching in). These could include your job description, performance reviews, commendations, and awards. Include the contact information of peers and co-workers you might want to contact later.

Find your resume, and see if it needs updating. (If you’re planning on extending your search to a variety of job fields and are interested in developing a website resume, some of the best sites are Squarespace, Wix, Weebly, GoDaddy, and Strikingly.)

Update your status on your social media platforms, including LinkedIn.

Tip: If you don’t have a LinkedIn account, get one! It’s specifically designed for professional use. ITWORKS talks more about LinkedIn under “O”.

Write an email to your professional contacts letting them know that you’re looking for a new position. Keep the tone positive.

If you’re considering changing your field of work, talk to friends and acquaintances with jobs you might be interested in.

 

ONLINE:

Educators Financial Group Net Worth Calculator: https://educatorsfinancialgroup.ca/networth-calculator/

Free credit score report: https://www.canada.ca/en/financial-consumer-agency/services/credit-reports-score/order-credit-report.html

Seneca College guide to resumes: http://workforceready.ca/files/6613/7886/9783/34630.Seneca-Resume_Writing_Guide.pdf

Making your LinkedIn profile stand out: https://www.randstad.ca/job-seeker/career-resources/job-search-tips/7-tips-to-turn-a-good-linkedin-profile-into-a-great-one/

And remember, with Educators Financial Group you have the support of a team of financial experts and an organization that has worked with the education community for over 40 years.

We can answer your financial questions during this challenging time. Give us a call at 1.800.263.9541 or get started online.

Ready for more? Check out Step 2 of ITWORKS: ‘Tighten the purse strings’.

 

The information provided is general in nature and is provided with the understanding that it may not be relied upon as, nor considered to be, the rendering of tax, legal, accounting or professional advice. Please ensure to consult your accountant and/or legal advisor for specific advice related to your circumstances. Educators Financial Group will not be held responsible or liable for any losses, costs, damages or expenses incurred by reason of reliance as a result of the aforementioned information. The information presented was obtained from sources that are believed to be reliable. However, Educators Financial Group cannot guarantee their completeness or accuracy.

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