Lessons Learned By Being Laid Off
November 13, 2008
I have been neglectful of CareerThoughts and I have a big reveal over memorial day, but in the mean time I couldn’t help but share this great post by Andrew.
http://www.legalandrew.com/2008/05/20/lessons-learned-by-being-laid-off/
On Friday, May 9, one of the vice presidents walked into my office and fired me. Little did I know that I was the second casualty of five (10% of the staff) to be laid off on that Black Friday.
I’m headed to a better life with my own solo law firm. I have a small, growing client base, and new opportunities pop up every day.
But I want to highlight a couple things I learned by being laid off. It was unexpected, shocking, surreal, and enraging. Here is what it taught me:
Maintain your teeth
Last August was the first time in my life that I ever had dental insurance. My parents always took us for regular cleanings, but payments were out-of-pocket. When we were hired, my wife and I opted to get on the company dental plan, which really paid off.
Since August, I had my wisdom teeth extracted and three small cavities filled. Of course, I’ve had two regular cleanings as well. Most of the expense was paid by for by the dental insurance company!
Now that I’m self-employed, dental insurance sure is expensive, so I’m not going to get it. My teeth are all taken care of now, so I can afford to just pay for my cleanings.
It’s best to maintain your teeth, since you never know when that spiffy insurance will dry up.
Use the flex health plan
Have you opted into your employer’s flexible health savings plan? Here’s why you should.
In January, we decided to have $3,900 taken out for medical expenses for the year. At the time of our lay-off, we had spent about $3,200 on medical expenses. You can do that because you get the entire flexible spending amount on January 1. It’s sort-of like a medical expenses loan that gets taken out of your paycheck each week.
But the cool part is that only about $1,500 had been withheld from my paycheck by the time I was laid off. I was a bit worried that we’d have to pay the difference from my small severance pay, but we don’t. The employer bears the risk that you’ll leave the company in the hole with your health savings plan. Neat, isn’t it?
Keep your resume updated
I chose not to seek out another full time employment position. But if I had, my resume was ready. It’s always updated and at-the-ready.
To make my resume 100% ready for use, all I had to do was add the final date of my previous employment. I also made sure that my list of duties was accurate and updated.
Since you never know when opportunity will knock (or when you’ll be kicked to the curb), you should always have a resume ready. Here are my 52 resume tips, and Daily Writing Tips has 44 tips of their own.
Think about addresses
As an attorney, I’m a member of several professional associations and the Virginia State Bar. They all require contact information.
When I registered with these groups, I gave them my work address, phone, and email. But I see now that it was a mistake. One of the first things I had to do was update all this address information.
For this reason, I suggest considering the address that you use when registering with professional organizations. Your home address might be a good, stable choice.
Back to work…
That’s what I’ve learned so far. I’m trying to take this life change in stride. A door has closed, but God’s opening up many others.
And now I have to do some work for clients. That’s a good thing!
