“Your position has been eliminated.” This phrase has become all too common. Each year about 20 million Americans lose their job through layoffs - more than one out of 10. The reasons vary and most of the time have little to do with your individual performance. A company’s internal economic issues are often to blame, i.e. a merger resulting in overlapping resources, a new opportunity or product launch that didn’t pan out as planned, or external pressure from the economy.
I met with a client recently who was told her position was being eliminated. Needless to say, she was very concerned, as this is an emotional time for her. Our pride and egos take the first lumps. Then we worry about what the future will bring. And of course, there’s the concern about finances.
Unfortunately, or fortunately (depending on your point of view), I can relate. I, too, once heard the phrase “Your position has been eliminated.” At that time, it felt like an unfortunate experience. There was the personal and family stress and the emotions described above. I was able to lean on my faith to get me through the toughest aspects of this life event. The fortunate part was that I was presented with opportunities to grow in ways that I didn’t imagine prior to the layoff.
What if This Happens to You?
If this happens to you, expect to be presented with lots of paperwork to complete and in most cases, multiple forms of assistance (i.e., job search, health insurance, etc.) A quick internet search will yield a dozen articles with titles like “14 things you should do as soon as you get laid off” or “How to Survive Being Laid Off”. It’s best to initially complete the tasks outlined in the human resources materials and then take advantage of any assistance offered.
At some point in the process, you need to take a break. Your personal situation will dictate how much of a break. If you were with the company for ten years or more, you might need a longer break than someone who worked just a few years. Regardless of the amount of time, most will go through a grieving period associated with a loss. This is normal. Of course, there are those that celebrate the change and immediately land in another opportunity and move on without missing a beat. Either way, if you haven’t already developed a financial plan, this would be a good time to meet with someone who can come alongside and partner with you.
At Cardinal Investment Group, we can guide you to make wise choices. This could eliminate any worries you may have of running out of money and help you sleep better at night.