In mid-September 2011, the U.S. Labor Department reported that the weekly number of Americans applying for unemployment benefits jumped to 428,000—the highest level in three months.
Getting fired can leave you shell-shocked, especially if you didn’t see the pink slip coming or if you thought your job was somehow “safe†from downsizing.
Regardless of whether you expected to get the axe or not, there are some things you can and should do in the immediate aftermath of being terminated.
I know this from personal experience—having lost my job as a Wall Street Journal reporter for CNBC in 2003 amid a company-wide downsizing.
If you do get fired, here are my three best tips on what to do instantly following your notice of termination.
1. Don’t sign anything.
Chances are your manager or the human resources representative for the company may attempt to get to you to sign some paperwork. It could be anything from a non‑disclosure form, to a non‑compete clause, to a separation agreement.
Frankly, signing any such documents is not in your best interest — at least not immediately, since it’s hard to think rationally and clearly when you’ve just been fired.
So tell your boss or the human resources manager that you need some time, possibly a few days, to review the documents and to think things over in order to be certain that what you’re signing is perfectly acceptable to you.
Once you balk at instantly signing paperwork, most companies’ strategy will be to subtly (or overtly) pressure you into signing as soon as possible. Some employers may even state that the terms of your separation agreement are good only for “x†amount of time.
Legally, that may or may not be kosher. But don’t think for a moment that whatever severance package they offer you will be yanked simply because you refuse to sign paperwork right there on the spot. That simply isn’t true.
Besides, after you have a chance to analyze all the terms of your separation paperwork, you may decide to negotiate for a better severance package.
When I got a pink slip back in 2003, along with 200 or so other Dow Jones employees, I had three months notice about my layoff. During that time, I focused almost exclusively on going out with a bang, creating great TV segments, and producing the highest quality journalism that I could.
In retrospect, all that extra effort I threw into my work was a big mistake. Don’t get me wrong: I’m glad that I ended on a high note and maintained my professionalism.
But instead of going into overdrive with my workload and stepping up my performance—which had already been praised and rewarded by my superiors for 10 years—I should have focused more on me
, and on better planning my transition.Specifically I should have taken more time to get everything I could—literally—out of my workplace and its environment before I left the job. And if you get fired, you should do the same.
What should you try to get? Perhaps names and contact information of industry professionals you’ve met that you can download, files that you may need to copy, or information that could be pertinent or relevant to you in your next job or in your career going forward. The goal is get resources, information and any connections that potentially can help you in the long run.
By no stretch of the imagination am I saying that you should steal anything from the workplace or take anything that doesn’t belong to you. What I am suggesting, though, is that you immediately retrieve copies of your own work and helpful resources.
It may be business or job-related books the company supplied you with personally, performance review records, or even emails that you can forward to yourself that are indicative of praise or laudatory comments that you received from your bosses or others. Do take all that information with you. It will come in handy later as reference material when you beef up your resume or explain to prospective employers your specific accomplishments.
Obviously, though, this step is only possible if you have the time gather up relevant data, and you’re not immediately escorted to the door upon termination. So if you’re smart, and you still have a job, it’s a good move to start accumulating this info now—just in case.
3. Immediately apply for unemployment benefits.
Laid-off people — particularly those who are confident about their skills or who are trying to keep a positive attitude — sometimes opt to not seek unemployment benefits. They think: “Oh, I’ll get a job quickly. I’ll rebound and recover soon.â€
Well, here’s a quick reality check: We’ve got 14 million Americans out of work right now. Nearly half of them are chronically unemployed, meaning they’ve been without a job for six months or longer.
So while it is your hope and expectation that you will land a job quickly, there is certainly no guarantee of that. Do yourself a favor and get to the unemployment office in your state right away and file for those unemployment benefits that you’ve earned and that you legally have coming to you. Consider it as important as sending out resumes for a new job.
You often don’t even have to go to a state office anymore. You can simply apply for your benefits online. That’s what I did when I collected unemployment in the state of New Jersey.
Don’t let pride stand in the way either, nor should you think, There are so many less fortunate people than myself and maybe other people could use that money.
As an employee you’ve paid into your state’s unemployment insurance system and you’ve had taxes taken out of your paycheck for this precise scenario. So take advantage of those unemployment benefits.
These are the three best steps you can take in the immediate aftermath of getting fired. You’ll do lots more later, of course. But by taking these steps right away you’ll best position yourself to survive – and even thrive – after being downsized.
I’m living proof that life doesn’t end just because you got terminated.
In fact, my downsizing led me to start my own business and launch a highly successful career as a Money Coach. I’m now getting paid far more than my corporate job, enjoying a great deal of personal and professional freedom, and doing exactly what I love on my own terms.
And since I’m the boss, I never have to worry about a pink slip again.
Lynnette Khalfani-Cox is founder of the free financial advice blog askthemoneycoach.com and is a weekly contributor to BlackEnterprise.com