Layoffs are unfortunately a part of professional life, particularly when company financials or economies become unstable. However, even if you’re in an industry that’s growing, there’s no guarantee that you won’t be a victim of restructuring or a company buyout. While you don’t want to be fatalistic in your career approach, being prepared for a layoff is good advice even when the economy is robust.

Whether you know layoffs are coming, you suspect it, or you’re interested in staying prepared, here are some steps you can take to prepare for a layoff before it happens.

14 Things You Can Do to Prepare for a Layoff

Although it seems like bad mojo to continually prepare for your job to end, a lot of best practices overlap with excellent career management strategies, regardless of employment status. Take some time to look through the following tips and start adding some into your routine career development.

1. Update Your Resume

Hopefully, you’ve been updating your resume regularly. But if you haven’t, don’t put it off any longer. If it seems like an overwhelming task, break it down into smaller pieces. Set aside 30 minutes every day to work on one section of your resume. If you stick to a schedule, you’ll find yourself with a revamped and updated resume in no time.

Start with the “big wins,” like promotions, notable projects, degrees, certifications, or new skills you’ve attained. Then, move on to “smaller wins,” like your volunteer work or mastering new software. Remove old or irrelevant items, and consider switching your resume to a new format if it makes sense for your situation. For more advice on noting the reason for your departure, see How to Address a Layoff in Your Resume.

The FlexJobs’ team of Career Experts also advises people to consider creating a resume that focuses on your remote work skills.

Not sure how to do that? Call it out directly (like listing the company’s location as “remote”). Or, weave it into your job experiences (“used Zoom and Slack to communicate with clients and coworkers across the globe”). Think creatively about your remote work experience. Maybe you don’t work for a remote company but your clients are located in other countries, which means you’ve got some experience working remotely.

2. Research Your Field

“Start researching your career field, looking at the trends over the last five to 10 years,” the Career Experts advise. Find out if your career field is growing or shrinking. If it’s shrinking, you may want to consider another career path.

While the last few weeks or even months may not give you the best data, looking at the larger trends in your field can help guide your decisions. A great place to start is the Bureau of Labor Statistics (BLS). They publish detailed data sets for various career fields. The data sets include past hiring trends as well as predictions about a field’s growth or contraction for the next 10 years.

3. Examine Job Descriptions

Whether you decide to stay in your current field or pursue something new, examine the job descriptions in those fields. Are you missing anything? Do you need to learn new software programs or earn a new certification? Take the necessary steps to fill in your “gaps,” so when you do look for work, you’re the more attractive candidate.

Even if you have everything you need, make sure you read the job descriptions carefully and take note of the common keywords you see in the job descriptions. Using these keywords in your cover letters, resumes, and even on your LinkedIn profile can go a long way toward helping you show up in LinkedIn search results and getting past applicant tracking systems.

If nothing else, using the same keywords from the job description helps you speak the company language. This can help you stand out as a candidate compared to applicants and job seekers that don’t use company keywords.

4. Update Your LinkedIn Profile (or Create One)

If you don’t have a LinkedIn profile, now’s the time to create one—especially if you’re preparing for a layoff. If you have a LinkedIn profile already, make sure it’s optimized. Start with the summary, and, just like your resume, pick one section to polish every day. Work your way from the big wins to the small ones and use industry keywords to help your profile appear in recruiter searches.

While you’re updating your LinkedIn profile, take some time to reconnect with former coworkers and old friends. You never know who can help you out with a job hunt. Also, connect with companies you’re interested in working for and engage with their LinkedIn profile. Even if the company never reaches out to you, you’ll have a good idea of what their company culture is like and see their job postings the second they go up.

5. Embrace Networking

Whether you’re preparing for a layoff or not, networking is crucial. And while you’re connecting with people on LinkedIn, don’t neglect networking in real life.

Start by joining LinkedIn groups and engaging with other members. Then, use other networks to engage with professionals in your field. Social media (like Instagram and Twitter) is a good place to start. But don’t overlook other networks. For example, MeetUp and Eventbrite are great places to seek out networking events. You can even set up an informational interview via videoconferencing or via phone.

6. Save What You Can (and Cut Your Expenses)

It’s not always easy, but if you’re preparing for a layoff, save as much money as you can. While you’re likely eligible for unemployment benefits, that won’t replace the full amount of your paycheck, and it will eventually run out. Hopefully, you’ll have a new job long before that happens. But if it doesn’t, you’ll need some savings to fall back on.

While you’re at it, review your household expenses and see if there’s any discretionary spending you can cut back on. Is it time to finally cut the cord and ditch cable for good? Are there recurring payments for services you no longer use but you forgot about them? Take a look around and slim down your spending.

7. Know Your Rights

Take some time to find out what your rights are. This includes reviewing the qualifications for unemployment in your state and what you have to do to apply for, receive, and remain eligible for those benefits.

But you should also take some time to review your employer documents. Look at the handbook (if you have one) or any documents you received when you first started your job (and at any updates to those documents that happened during your employment). Below are a few items to consider.

• Will you be paid out for unused vacation or personal days? And if you do get paid back, is it for the full amount or is it prorated?
• What about outstanding expenses? Are you eligible for COBRA, and how much extra do you have to pay for it?
• Are you subject to a nondisclosure agreement or even a noncompete agreement?

Knowing the answers to these questions and more can help you make a financial plan that gets you through your layoff.

8. Take Advantage of Your Benefits

Like it or not, you probably won’t be able to keep all of your benefits once you are laid off. Or, if they are offered to you, there will likely be a very specific time limit. On top of that, it could be too expensive for you to maintain the coverage as long as you’d like.

So, hit the dentist, the doctor, and even the (virtual) gym before you no longer have access to these benefits. Utilize what you can while you still can. If nothing else, filling prescriptions, taking care of that cavity, or getting a clean bill of health can put your mind at ease if you do get laid off.

9. Update Your Portfolio

Since you’re still employed, you have time to go on the career offensive. You likely still have access to everything you might need after you’re laid off. So, take advantage of your present employment status and gather all the things you’ll need if you are laid off.

This should include data and samples of your work if you want to include them as part of a portfolio. Ask for contact information and even references from coworkers or supervisors (if you can). If you’re certain a layoff is in your near future, start removing your personal items from the office.

Being laid off doesn’t mean you won’t have access to these things. You likely will be able to gather your personal items and have an exit meeting with HR. However, even when you see a layoff coming, it’s still scary once it happens. You may not be thinking straight about everything you need to collect, so it’s better to prepare now than forget your favorite pen at the office and never see it again.

10. Negotiate Severance

Most companies offer a standard severance package when you’re laid off. That said, there’s no rule that says you can’t negotiate a more favorable severance package. Before you’re laid off, figure out what you want to negotiate for and find the evidence to back up your ask.

There’s no guarantee that you’ll get anything you ask for, but it’s worth a shot. The worst your company can say is no, and you’ll never know unless you try.

11. Hire a Coach

If you think you might benefit from career coaching, connecting with a career coach before you’re laid off is a smart move. But just know that every coach has their own techniques for coaching, and you may want to do a little research before you hire one to make sure you and the coach are the right fit.

Once you find a coach you’d like to work with, don’t wait until you’re laid off to get on their calendar. Career coaches are often booked with existing clients. If you contact the right coach now, you’ll have a better chance of taking advantage of their services when you need them, instead of having to wait your turn.

12. Launch a Job Search

You’ve probably heard that the best time to look for and snag a new job is while you have a job.

While we realize it’s unfair when you were let go through no fault of your own, we do know that recruiters and hiring managers can be biased against the unemployed.

Fair or not, a 2018 study by the UCLA Anderson School of Management found that unemployed job seekers are discriminated against simply because they are unemployed. They are often viewed as less competent and “less warm.” More importantly, the same study found that being laid off does not change the opinion of the hiring manager, and a laid-off job seeker could have just as much trouble finding a new job as someone who was fired.

13. Explore Freelancing Opportunities

When preparing for a layoff, keep in mind that the economy is undergoing a seismic shift due to advances in technology and other global factors. Jobs that were once full-time, or even permanent part-time, may suddenly be freelance while the company figures out what comes next.

Widen your job search to include part-time or freelance work—especially if you’ve already been laid off. It may not be the ideal situation for you, but freelancing until you find a new role may be preferable to not being employed at all.

14. Consider a Career Change

An impending layoff may also be the perfect time for you to consider a career change, especially if your research shows your field is shrinking. This may be the perfect time to go back to school, gain new certification, or to pursue a brand new career.

Keep Calm and Carry On

It’s easier said than done, but don’t panic if you’re preparing for a layoff. It’s scary when your life is thrown into chaos through circumstances outside of your control. You’re certainly not alone in that. Layoffs create massive uncertainty for anyone experiencing them. But preparing now will allow you to have a solid plan in place and help you land on your feet quicker.

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