Laid Off? Here’s Exactly What To Do Next

If you find yourself thinking about layoffs more than usual these days, you’re not alone. In March, layoffs hit highs not seen since the early days of the pandemic, and while much of that is due to the government layoffs happening as the Department of Government Efficiency, or “DOGE” does its work, the reality is that nationwide, layoffs are up by 103% from the same period in 2024. Some of the companies that have recently laid off employees include Volvo, Google, Meta, Amazon, Mattel, ABC News, and CNN, among others.  

And of course, now the big question many of us are asking is: Will my job disappear this year? Or soon-ish? This week on the HerMoney Podcast, Jean Chatzky sat down with employment attorney and workplace issues expert Peter Rahbar. He explains your post-layoff legal rights, offers practical career tips, and shares the most important mindset shift that can help you bounce back better than ever.

Laid Off? The Steps You Should Take First

Jean Chatzky: So, what do you do if a layoff does happen? What are the first, second, and third things that you have to do to preserve your financial footing and start charting a path forward? 

Peter Rahbar: The first thing I would say is don’t panic. You will be okay, and you will get through it. Secondly, you have rights, and you need to understand the terms of what’s happening. So, when is your job ending? What are you being offered in terms of severance? Are you going to be given health insurance? What happens to your 401 (k) and other retirement plans? If you’re at a company where there’s a match, is the match being given to me? You’re eligible for unemployment insurance. The question is, when is your last day so you can file, and do you have the appropriate paperwork you need to file? 

Lastly, take time to review the severance agreement. Don’t sign it on the spot. No one can make you sign it on the spot. You’ll wanna look at the agreement and see what it says. And most importantly, you wanna make sure that everything you were promised is there, but also that there’s no restriction on you finding another job. 

Your Legal Protections And When To Contact A Lawyer

Jean Chatzky: What sort of protections exist for us? And what kind of issues would make me call a lawyer?

Peter Rahbar: Layoffs are pretty loaded legal situations. If you’ve been laid off, ask yourself: Are there any funny circumstances here? I notice that all of my colleagues who are female are being let go, and the males aren’t being let go, or I notice all the older employees are being let go, and the younger ones aren’t being let go. Or I just started a maternity leave, and somehow I’m on this list, or I just filed a complaint. 

Just because you’re on leave, it doesn’t mean you can’t be laid off. If you’re over 40, you’re laid off, and you’re offered severance, you’re supposed to be given 45 days to consider the severance offer. And then gender, race, disability, all of the issues that are covered.

Moving Forward Post-Layoff

Jean Chatzky: I always take heart in the fact that even in periods where the unemployment rate is going up, it doesn’t mean that nobody’s getting hired. It just means it’s taking people a little bit longer to get hired. You’ll find that next job. But what’s your best go get ’em speech?

Peter Rahbar: I’ve helped people in these situations. I’ve seen them when they’re crying and upset, when it happens. And then they email me a year later and say this is the best thing that ever happened to me, and here are all the great things I’ve done in the last year. I’ve never received a message that said my life still sucks and I haven’t found a job. The important thing is that people want to support you, and the universe wants to help people who are doing good things and who mean well.

And if you’re laid off, it’s not about you. It’s about something the company’s going through, and this is how they chose to deal with it. So don’t take it too personally. Don’t spend too much time feeling bad for yourself; take a day or two and then get going. You’ll find something new.

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MORE ON HERMONEY:

• Laid Off? How To Update Your LinkedIn Profile To Stand Out From The Herd
• What To Do If You’re Worried About a Layoff
• 10 In-Demand Remote Side Hustles And Where To Find Them

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