Can you survive a layoff?

So I was informed in confidence with regards to some terrible news.  Some people I may know will be fired soon but the exact details are yet to be determined.

Can you survive a... ?

I'm not inclined to say more except all of them have families and it's going to be quite tough on them.  What's worse is that they will not be told directly but be put on some sort of improvement program which will lead to them leaving the company anyway no matter how well they perform.  It's frankly rather stupid to be wasting their time as well as the company's time.  All of this is simply political.  So the clock is ticking for them and if I were them I would probably just leave because they have no future at the company.

  

But that brings up a rather important point, can you survive a layoff if you're being told to go?

Now what?

First of all, it's not the end of the world.  But it is a hugely stressful event to anyone, especially if you have a housing mortgage, a family to feed and bills to pay.

Now even if you do not have a family or mortgage, it is highly important to plan for such an event.  Why is that?  The matter of fact is, employers cannot tell employees the truth about planned layoffs.  And by that I mean the truth will be politically twisted in some way.  No one knows when they will be laid off even when every circumstance seems to be going well.  But in the event that you are, be prepared.

Here are some pointers to survive a layoff.

Always have a savings buffer

The more the better.  Frankly you should allocate at least 6 months' worth of savings at least, and all in cash.  Cash is the ultimate form of liquidity.  It gives you peace of mind.

Have plenty of cash in your piggy bank!

Stay relevant

You always need to be continuously relevant in today's fast moving world.  No one is going to hire you with outdated skills.

Learn, learn, learn!

Always be on the lookout for opportunities

When settled in a job, most people do not look for future opportunities which in my opinion spells certain death.  Having a position in one company today from cradle to the grave is a figment of your imagination, never going to happen.  Companies die all the time.  The components of the Dow Jones have changed 51 times since 1896, and the 30 companies in this famous stock index make up the largest in the world.  These companies make billions of dollars, so even billion dollar companies die.  Remember the company's loyalty is to its customers and its bottom line.  A hiring company is one that is improving and making money.  So if you have an interview opportunity with another company, seize the opportunity with both hands.  If not asking for a pay raise, at least you'll get to see how other companies work.  I answer to most job opportunities even when I am in a job, no matter where they are located.  It's why I'm one of the best in my field and I've gotten to travel and live as an Asian, Australian and European.  Change never stops.

Always be on the lookout!

Have some other forms of income

Whether it's dividend paying shares, or a side hobby selling things online, making side income is always a good thing.  I know other people who do this to supplement their own income.

Let's make some extra income!

And remember, nothing is as bad as it seems.  When you leave you have a new opportunity in life.  Seize it and make it for the better.

Agree?  Disagree?  Survived a layoff and wish to comment?  Feel free to discuss below.