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If you're reading this, you may be someone who's recently been laid off or is worried about the possibility of a layoff in the near future.The recent wave of tech layoffs has been devastating for many workers and their families. We want to share some tips that may help you navigate this tough time, both professionally and financially.

Unemployment Benefits

If you have been laid off, applying for unemployment benefits should be your priority. Unfortunately, due to the influx in layoffs across the country, many states are experiencing delays in processing applications. To make sure you receive your benefits as quickly as possible, make sure you are prepared before submitting your application. Have the following items ready to go:

• Your social security number
• Your driver’s license or state ID number
• Your most recent employer’s name, address and telephone number
• A list of all your employers for the past 18 months
• Information about any vacation pay, sick pay, or severance pay that you received from your most recent employer
• Your bank account routing and account numbers for direct deposit (this is optional)
• Documentation related to any medical insurance coverage that you had with your previous employer
• Your Alien Registration Number (if applicable)
• Unemployment benefit amounts may vary based on your particular circumstances, so it is important to understand how much money you could potentially receive each week. In some cases, workers who were laid off may also qualify for additional federal pandemic unemployment assistance (PUA). Be sure to research what programs may be available to you in your area. Some states offer extended benefits through certain programs or incentives like tax credits for health care expenses incurred during unemployment. Additionally, any letters received concerning your layoff status from your employer can significantly reduce the time to process your unemployment claim. Keep all paper trails and have them easily accessible for this process.

COBRA

COBRA, or the Consolidated Omnibus Budget Reconciliation Act, offers laid-off employees the opportunity to continue their existing health insurance coverage. After a layoff, an employee has the option of electing to continue their existing coverage under COBRA, as long as they were employed by their employer for at least twenty or more hours per week. Under COBRA, the employee is responsible for paying the full premium, plus a 2% administrative fee. It is important to note that COBRA coverage can be expensive and may not be the best option in all cases. In some cases, employers may provide extended coverage options beyond what COBRA offers. Employers are not required to do this, but if they do, laid-off employees should take advantage of any extended coverage options. It is also important for laid-off employees to consider their options in the health insurance marketplace, as COBRA coverage is often expensive and may not be the best option for them. Marketplace plans may offer lower premiums and more comprehensive coverage than COBRA plans. Additionally, those who qualify for premium tax credits may find more affordable options on the marketplace. Finally, laid-off employees should consider speaking with their employer’s HR team about any illnesses or pregnancies they may have while laid off. If they inform the HR team of this, they may make exceptions and allow them to retain coverage during their layoff period. Ultimately, laid-off employees should consider all of their options carefully when it comes to health insurance coverage during a layoff. If COBRA is too expensive, explore other options on the marketplace or speak with your employer’s HR team about extending coverage options.

Job Search

A layoff can be a difficult time, but with the right approach, you can find a new job in no time. One of the best things you can do is to tap into your existing network. Reach out to people who are already employed and ask them if they know of any open positions. They may be able to provide you with some valuable information or even put you in touch with potential employers. You can also ask previous employers for letters of recommendation that you can include in your job search materials.

Many are using online job search engines for employment opportunities. It is encouraged to search for opportunities there but keep in mind that there is a saturation of candidates applying this way and tech tools that can and will disqualify your resume without a human even reviewing it. A way to combat this is by working with a recruiting agency. They can help you refine your resume, apply for positions, and even provide tips on interviewing. They have the attention of the hiring team and often their candidates are prioritized over organic candidates due to the vetting done by the agency. Some websites specialize in short-term contract work, which can be a great way to get your foot in the door with a new employer. Using your existing network, along with job search engines and recruiting agencies, is the best way to maximize your chances of finding new employment after a layoff. Don’t let the setback keep you from achieving your goals – take action and get back out there!