You’ve Been Let Go - Here’s What to Do Next...

So… you’ve been let go. Whether you saw it coming or it hit you like a truck, it sucks. I’ve coached a lot of women through this exact moment (and, I’ve been through it myself).  While every situation is unique, here’s what I recommend:

1.  Do NOT sign anything right away.

Especially if you’re emotional (it’s normal!). You’ll likely be given a deadline to sign a separation or severance agreement - and whether or not they tell you - that deadline is usually negotiable.

Also: If you’re over age 40, employers are legally required to give you 21 days to review, thanks to the OWBPA (perks of being ‘seasoned’ in the workplace!). Don’t let anyone rush you.

2.  Decompress.

Call your best friend. Cry in the shower. Go to a yoga class. Have a drink. This is a big emotional moment - don’t push past it. You might cycle through the stages of grief: denial, anger, bargaining… 

3. File for unemployment.

Immediately… Even if you think you won’t be eligible. Even if you hope you’ll get a job quickly. Even if you feel weird about it.

Unemployment insurance is something you’ve paid into with every paycheck, so go ahead and access the benefit you’ve earned.

4.  Pause and Reimagine Your Life

Seriously. You’ve been cut loose - maybe for the first time in years.

What do you actually want now?

What did you love (and hate) about your last role?

What are your non-negotiables?

What would “ideal” look like — not just the next job, but in the whole picture of your life?

This is the kind of visioning exercise I walk my 1:1 clients through, and it’s a powerful reset. Need some inspiration to let go of the past and envision your best life? Hit play on my “Freedom” Spotify playlist.

5.  Review your severance package - and ask for more.

Baseline: 2 weeks of pay per year of service is typical, but not guaranteed.  And, if you’ve been at the company for a long time, there may be some arbitrary “cap”.

Go through the offer and think critically:

• Are you being paid out for unused PTO?

• Will your bonus be paid out, or will RSUs vest?

• Is COBRA being covered, even partially?

• Are you being compensated for missed notice or lost commissions?

Really think about whether this is a fair deal, and what you’ll be missing out on. You can (and should) request more if it feels appropriate. If needed, ask for an extension on the deadline so you can consult with an employment lawyer or advisor.

6.  If there’s any hint of discrimination, talk to a lawyer.

If your termination felt discriminatory, retaliatory, or off in any way- consult an employment attorney before signing anything. It’s often free or low-cost for an initial conversation, and it’s worth it.

7.  Send a thoughtful request for additional considerations.

Here are just a few ideas on what you can negotiate for:

• More severance pay

• Remaining on payroll / adjusting termination date in order to delay COBRA start date or payout of unvested RSUs or expected bonuses

• COBRA subsidy

• Agreement not to contest your unemployment claim (in the event that the termination was "for cause")
  

Keep it professional, but advocate for yourself. If you don’t ask, you don’t get!

8.  Get clear on your monthly expenses.

Label everything as a “need” or a “nice-to-have,” then decide what you can reduce, pause or let go of - at least for now. Sometimes these moments are just temporary pivots. Other times, they spark a bigger reset of your expenses. A shakeup of your life will always make you rethink what actually matters.

Here are some good places to start:

• Streaming services

• Online shopping / impulse buys

• Takeout and dining out

• Boutique fitness memberships

• Your phone bill (Big fan of Mint Mobile and Visible by Verizon as lower cost carriers)

• Any random subscriptions/memberships you forgot you had
  

Small changes DO add up - and now you have the time to take back control.

9.  Compare your severance (or unemployment) to your expenses.

How many months do you have to live? What’s your burn rate? How much savings will be needed to supplement your expenses. No savings? No problem - but it’s time to make some money.

10.  Find ways to earn, even temporarily.

A little side income can ease the pressure, but here’s the catch: many states reduce your unemployment benefits dollar-for-dollar based on what you earn. Annoying, but true.

If you do want or need to bring in extra cash, consider:

• Gig work (Uber, Instacart, Rover, Babysitting)

• Expert networks (GLG, Guidepoint)

• Paid market research

• Freelance platforms (Upwork, Fiverr)
  

Now, start job searching - smartly.

They say most jobs come through networking and referrals, and that’s often true. That said, I’ve personally landed every one of my jobs through online job boards or recruitment agencies - so don’t count them out! Just know that the most competitive roles often get filled through warm intros. So do both: apply online, but also tap your network, and let people know you’re looking.

Need help figuring out your next move? This is literally what I do - as a financial coach, I help women map out what they want, what they need, and how to rebuild stronger (and richer).

Contact me or check out my coaching page if you want support during the transition. If you’ve recently been laid off, I will offer an additional complimentary session so we can deep dive and get your finances straight for your time off.