What To Do When Your Startup Lays You Off
Getting the dreaded notice that you’re no longer employed is never easy, but it’s especially hard when you feel nothing is under control. The COVID-19 pandemic has led to millions of people becoming unemployed in the United States, and those numbers are only going to continue to rise.
Fear not, my incredibly talented and ingenious friends, because there is always hope. While finding a new job can be challenging with social distancing and the stress of impending doom upon us, there are still companies that are hiring right now. Plus, there are countless resources you can use to learn more about your employment rights, as well as ways you can upgrade your skills while you’re on work hiatus.
While you should definitely see what opportunities lie waiting for you, don’t forget to take some time to let it all sink in. Eat a tub of ice cream, have a long bath, video chat with a friend, and indulge in a bottle of wine. And when you’ve come to terms with your layoff and are ready to tackle the next challenge, we’re here for you with all the resources that matter.
Asking Your Employer the Important Questions
First thing’s first: always remember to get the information you need from your employer in order to move on. When you’re laid off, it can come as an emotional shock, and you may not be thinking as clearly when you’re packing up your things. As soon as possible, be sure to ask your employer these questions so you can figure out your next steps.
· What is the reason for my layoff?
· Is my layoff temporary or permanent?
· What separation benefits will I receive?
· When will I get my last paycheck?
· Will I receive a severance?
· Will I get paid out my remaining vacation days and sick days?
· What happens to my 401(k) and stock purchases?
· Will I have health coverage after my last day of work?
· Can you provide me with copies of my performance reviews?
· Will you provide me with a reference during my job search?
Knowing Your Rights, Severance Details and Health Insurance Options
Most states offer 26 weeks of unemployment benefits, but there are exceptions. Be sure to read through these resources to understand how much unemployment you can receive, how you should apply, and what flexibilities are available to you now as a result of COVID-19. Be sure to understand where your health coverage lies after you’ve been laid off, and whether you need to acquire additional coverage.
· U.S. Department of Labor’s resources for unemployment as a result of the Coronavirus
· Guide to Unemployment Benefits for all 50 states, from HireClub
· A map showing how many weeks of unemployment your state offers
· How to apply for unemployment benefits
· Details on unemployment benefits flexibilities as a result of COVID-19
· An FAQ on your legal rights if you’re laid off
· Ladder, a resource to help laid off employees understand unemployment benefits and health insurance coverage
· Detailed FAQ on your rights if you’ve been laid off or furloughed as a result of COVID-19
· Steps to take if your internship gets cancelled
· CareerOneStop, where you get more information on unemployment based on your worker status, with a detailed FAQ on unemployment benefits
· COBRA coverage for your health insurance if you’ve been laid off
· Health insurance through the Affordable Care Act
Managing Your Debt and Payments
One of the biggest stresses when you’re laid off is bills, bills, bills! Take a long, hard look at your finances to understand your current situation, so you can figure out where you stand. You’ll also need to know whether you can pay your rent or mortgage, and what benefits are available to you if you can’t. There are new protections available to tenants during COVID-19, so be aware of your rights.
· Details on paying your rent or mortgage if you’re in financial trouble
· Tenant rights and protections during the Coronavirus
· Forbes list of banks that are providing financial relief to customers during Coronavirus
· List of internet providers that are lifting usage caps at this time
· CareerOneStop’s list of 8,000+ grants, scholarships and other financial aid
· Financial aid packages for students from SwiftStudents
Searching for Your Next Job
While many companies are laying off employees, there are also many that are still hiring. While it can seem like a difficult time to find a job, there are many resources that are aggregating information on which companies are actively hiring, and for which roles. Dust off your resume and update it with your new skills and accomplishments, and upload it to multiple job sites to increase your chances of landing another dream role.
· Levels.fyi, an updated list of companies that are still hiring during COVID-19
· Fliparound, an organization that matches laid-off candidates with new job opportunities
· People + Work Connect, an analytics-based platform that matches displaced workers with available employment opportunities
· The Talent Project, a free curated list of companies that are hiring amidst the pandemic
· Hire Club, where you can upload your resume and share it with companies that are hiring right now
· Accelerated, a community newsletter for technology and venture capitalism
· Internships and job opportunities for students, thanks to Jacob Young and Wayne Robins
· Virtual internships and job from Intern From Home
· Internships and job opportunities for those that have been affected by COVID-19
· Job opportunities for people who have been laid off due to Coronavirus, from Drafted
· Candor, a user-generated list of companies that have frozen hiring or are still hiring
· One Soft Landing, a compiled list of companies that have laid off employees so they can connect with other companies
· Layoffs.fyi, a public list of companies that are laying off employees
· Upstream, a place to grow your professional community and network
· Labor market conditions in each state, from CareerOneStop
· The Muse’s list of industries that are growing during Coronavirus
Taking on a Side Hustle or Starting a New Project
Perhaps you want to make a little cash on the side while you’re hunting for your full-time role. There are lots of ways you can still make money while practicing physical distancing and staying indoors. Dig deep to find your side hustle passion or look in your attic for items that could use a new home — there are lots of different ways to bring in some extra dough.
· How to figure out your side hustle, from Nasdaq
· 12 ideas to help you make money during the Coronavirus, from Ladders
· MarketWatch’s list of gig economy jobs you can do from home
· Shopify’s ideas for side hustles in 2020 that can be done remotely
· SellCell’s ways to make money from home during lockdown
· The Commons by Neighborhood Goods free platform for creators
Upgrading Your Skills
If you find some extra time on your hands, why not work on professional development so you’ll be an even bigger asset to your newest employer? There are lots of big names in education that are offering free courses right now, and you can also sign up to read insights from the most respected names in tech. Learn some new tools and put them to good use, because there are over 100 that are free for you to use right now.
· CareerOneStop Interest Assessment, where you learn what jobs are best for you
· The Muse’s guide to finding the right mentor for you
· Access to over 2,500+ free courses from top universities, from Edx
· Aggregated list of universities and other educational organizations offering free courses
· Top tech blogs and newsletters to check out, from Izea
· Leadership resources for times of crisis, from Center for Creative Leadership
· Insights from Google on navigating through uncertainty
· Free digital marketing resources during the Coronavirus outbreak, from Mint Twist
· Entrepreneur’s list of 111 free tech tools you can access right now
Regardless of where this new career path takes you, keep in mind that you’re not alone. There are millions of others who are feeling the same big feelings right now — and you’re going to be okay. Take care of yourself first, and then figure out your next career move. When the pandemic is over (it will be over) there are still going to be hundreds of options available to you. Keep brushing up on your skills and applying for jobs. A new employer is going to see your worth.
Byline: Anam Ahmed
