So You've Lost Your Job; Now What?

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Keywords: fired, terminated, job loss, résumé, interview, networking, rebound, job tips, career advice

It's a simple fact: At some point in your professional life, you may find yourself out of a job. Sometimes it's because the job wasn't right for you. Other times it may be through no fault of your own. But how you respond to the loss and the steps you take in both the short and long term will help determine not only how long you're out of work but also whether that next job is just a port in the storm or a genuine opportunity.

Here are six steps to make the best out of a difficult situation:

Get your financial affairs in order before walking out the door.

If you find yourself suddenly terminated, your initial urge may be to grab your belongings and bolt for the door, either out of anger, frustration or embarrassment. But you need to resist that urge. You have some business to handle before you walk out the door for the final time.

"You should make time to get your affairs in order," says She-Lia Henry, controller at DiversityInc. "Decide what you're going to do with your health benefits and your 401(k). If you're a higher-ranking executive, then there might be a buyout package to negotiate. After that, you need to see if you're eligible for unemployment and, if so, how soon. There are a lot of details to take care of.

"The employee should understand what the company's policy is pertaining to their balance in the 401(k) plan," she says. For instance, "Under federal law, participants with less than a $5,000 vested balance can be forced to cash out or immediately roll over their company 401(k) into an independent plan."

Take time to exhale.

Your first impulse will be to jump back into the job market immediately. And because of financial constraints, you may have little choice. But if at all possible, take time to regroup before jumping into that next position, advises Michael T. Robinson, founder of CareerPlanner.com.

"Understand that it's going to hurt. It's going to hurt real bad. Losing a job is along the magnitude of breaking up with a spouse. You're going to need recovery time," says Robinson.

If you're financially able, take a few weeks before you get into your search so you don't carry any old baggage along with you, he advises. "You might be bitter and still carry some anger against your old employer. The worst thing you can do is go in for an interview and find yourself whining and complaining about your last company. You'll never get a job."

Make a budget and stick to it.

Say goodbye to the $4.50 cup of cappuccino from Starbucks. For that matter, take a good look at your expenses and cut back on or eliminate anything you can live without while you're between jobs.

"You've got to start refusing to spend money," says Robinson. "Most Americans are raised to be the ultimate consumer. And most of us--especially if we have a regular paycheck--have learned to live way beyond our means. So stop spending. Cut out anything that isn't absolutely essential to your survival."

Dust off your résumé and polish your interviewing skills.

If you're suddenly looking for work after having been locked up with one company for a number of years, it's likely your résumé could use some professional help. Take the time to review it carefully. Make sure it details all the relevant work experience you've accumulated at your previous position. Focus on words that illustrate leadership, initiative and achievement.

"I just had a client who sent me a one-page résumé and I couldn't tell if he was a machinist, a customer-service rep, a tech-support person or a guy who did drywall because I saw all four of those on one page," says Robinson. "It took a few minutes to figure out the best job he ever had was for a position he didn't even have on his résumé because someone told him to keep it to one page."

Avoiding costly résumé blunders is just one key to landing that next job. Just as your résumé will be dusted off, your interviewing skills will need a good tweaking if you haven't interviewed for a new position in some time.

"Like anything else, interviewing is a skill. If you haven't done it in awhile, you're going to need to practice," Robinson says. 

Put those networking contacts to work.

Hopefully you were collecting business cards and making phone calls during your previous tenure, because now is when you'll put those contacts to work.

"It's really important to have a wide berth of relationships. You can never tell what can come from a relationship," Margot Copeland, executive vice president and director of corporate diversity and philanthropy with KeyBank, told DiversityInc in an article about the importance of networking. "I believe you should never underestimate a contact or what that contact can mean and bring you in the future. Nobody is too big and nobody is too small. Everybody counts." KeyBank is No. 33 on The 2008 DiversityInc Top 50 Companies for Diversity^® list.

Be prepared to answer "The Question."

It's easy enough to explain away a long layoff caused by medical reasons or because your company went out of business. But how do you offer a reasonable explanation for getting fired?

Adds Robinson, "You're going to get asked during the interview. So have a concise, simple explanation for what happened. The best way to deal with the question is to be prepared for it."

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