What to Do If You Get Laid Off

By Jason Holland

Companies are cutting expenses due to the economy's downward slide. Not even workers with a perfect track record are immune to layoffs. And with an unemployment rate that reached 8.1 percent in February, it can be tougher than ever to find a new job.

If you're handed a pink slip, here are some ideas to help you get the best possible severance package and/or "exit" plan:

Don't blindly sign your severance agreement. The terms can be negotiated. (This is best done by talking to your boss instead of HR.) You can, for example, ask for more money, extended health benefits, or job search assistance.

If you're in the middle of a project, ask to stay on until it is completed. Explain the consequences if it is not done on time.

Offer to keep working as a freelancer or consultant. Your pay will be lower, but at least you'll have some money coming in while you look for another job.

Ask for a prorated bonus, especially if your scheduled performance review is only a couple of months away.

But don't spend too much time and effort begging your soon-to-be-ex boss to "extend" your old job. Remember, it would be just a stopgap until you find a new job - so direct most of your attention to that task without delay. You're not going to be able to live off your severance for long. That already limited source of money will dry up very quickly.

(Source: Smart Money)

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