What to Do if You’re Downsized (Again)

All of the talk and attention being paid to the looming possibility of a recession can be a trigger for employees who have lived through one before. Unfortunately, one of the consequences of a down economy occurs when companies – almost as if on cue – begin cutting staff to trim their budgets and streamline. Most of these cuts will have nothing to do with an individual employee’s performance. Going through this situation never gets easier, but you can change your approach and your outlook the next time around.

Here’s what to do if you’re downsized (again).

Review Your Entitlements

Always handle the situation professionally and courteously but make it a point to determine what you’re entitled to before your exit. This includes severance, back pay, unused vacation or PTO, your options to continue benefits (insurance and 401K), your ability to file for unemployment, a positive referral, and your eligibility for rehire. Find out if your employer is willing to offer any outplacement resources – a very important item.

Secure Your Finances

It’s highly advisable to review your financial situation, so you can make determinations on how you will adjust to any temporary interruption of income. If the situation warrants it, notify your creditors and adjust your payment obligations. Under the circumstances, you may be surprised with the leeway offered.

Assess Your Next Move

During this all-important step, there truly are two choices. Stay positive, or let the circumstances control your emotions. Make progress or stay idle. Look for another job or explore all of your options. Your approach is everything. You can view the situation as a setback or an opportunity. We hope you’ll choose the latter in each of these considerations.

Consider a Different Path

Those with a well-adjusted approach to being downsized won’t have a problem considering all of their options. Be honest with yourself – do you want to continue down the career path you’re on, or forge a new opportunity? Just remember, it costs you nothing to consider the many possibilities that come with a career transition. Even entrepreneurial ones.

How to Get Started

If your employer has graced you with outplacement services, take advantage of them. If not, seek help on your own. In nearly every case, there are free resources available to you. You can meet with a career transition counselor and discover what it would take to begin a second act of your career. There are seminars, webinars, support groups, and counseling sessions that you can take advantage of. But you have to take the first step.

Seeking a Life More Entrepreneurial

If you’ve always wanted to own a business of your own, there may be no time like the present. You can start your own company from scratch, look into buying an existing business, or become your own boss through franchising – which is where FranNet of California comes in. We invite you to participate in our Entrepreneur Readiness Assessment. It’s an online quiz with four sections to complete and it’s free to participate. You’ll provide information about your preferences for work-life balance, your values, your motivations, and your financial tolerances. We’ll work with you to schedule an initial consultation to review your answers and the specific franchise opportunities that match up with your preferences. From this point, we’ll continue our process and help you discover which businesses best meet your lifestyle and income goals.

Keep in mind that with FranNet of California, it costs you nothing to discover what your entrepreneurial future may hold. We’re only there to guide you, advise you, help you, and support you while you make your own informed decisions on proceeding to the next step in the franchise investigative process. Over the years, we’ve helped hundreds of clients discover and launch the business of their dreams – and we can do the same for you.

And once that happens, you’ll never have to worry about being downsized again.

These are, of course, uncertain economic times. And we want what’s best for you, regardless of the situation. We hope that if tough times are ahead, you won’t have to go through another corporate layoff. But if it does happen, these tips will help you shore up your situation, and allow you to consider the full range of opportunities before you. Getting started with FranNet of California is easy, and you can book an introductory session with us by following this link.

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