You can see it coming – your company’s profits took a big fall last quarter, there’s talk of outsourcing, you’ve watched several of your work mates pack up their desks and leave the company. Are you next? It never hurts to be prepared.

Even if you survive the next round of layoffs, there are things you can do right now to put yourself in a position to face unemployment with the least amount of stress. I don’t know about you, but taking some kind of action towards problem solutions always makes me feel better and more in control of my destiny.

Take stock of your available cash. Yeah, yeah, we’ve all heard that you need to have 6 months of living expenses in savings. Maybe you don’t have that. It’s still important to know where you stand financially, and how long you can go without a job.

Find out about your company’s COBRA plan. Find out what the cost of this plan is for your family and how long you can use it (typically 18 months). If COBRA is too expensive, is there another health insurance plan available which fits into your budget? You should have at least catastrophic insurance.

Will you qualify for a severance package? Did former employees receive a package? Can you look up the terms in your company manual? Often time the company manual will be explicit in its details. Hopefully, it is updated.

How much unemployment insurance will you receive? This is a cut and dried number, based on your state law and the amount of money you earned at your current employer.

Figure your budget ahead of time. Losing a job is very stressful and having a ready-made financial plan of attack prepared during a period can bring some semblance of order to mind.

Update your resume. Having an updated resume gives you a chance to hit the ground running should you need to find a job quickly. Don’t be afraid to hire a professional resume writers. There are thousands of applicants per job – yours needs to stand out in the crowd.

Update your interview wardrobe. If you haven’t been on the job hunt for a few years, it may be time to update that black suit and tie or the power dress to today’s standards. Old clothes scream desperation, something no company really wants. They are looking for the best fit for the job, period.

Update your work skills. Even if you’re not in the computer field, you need to have basic computer skills and now the trends. Twitter and LinkedIn are not for teeny-boppers, they are important business tools in today’s world. You also need to be current in your knowledge of trends in your own field and if possible take related classes to stay fresh.

Start Networking. Most of the job leads never hit the boards like Monster or Craig’s list. Almost all jobs come from past work mates, bosses, friends and family. Is there a local network of professionals in your area? Join in – if nothing else, you will be making friends.

Anyone else have any ideas? Leave us a Comment!

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