How to navigate through a layoff?

We understand that losing a job can be difficult and frightening for indigenous people or immigrants. To help those who have encountered this difficult situation, we at PrepVector have created a list of things that should be taken care of as you move forward.

1. Positive mindset

The first step in getting through this layoff is to realize that while it is an uncertain time, there are countless ways to get through it and find a job with a better position and benefits. Put on your corset of positivity. Do not hesitate to approach a prospective employer for job opportunities or a profile / resume check. The tech community has been very helpful during the recent recession by compiling a ton of resources, practical guides, and contacts for your upcoming job interview. So do not lose hope and continue to move ahead in your career.

2. Networking and planning your next steps

This layoff bubble will eventually fade and take a stand. Begin to study the market and learn about the trends. Connect with positive people to learn how to navigate this phase and come out stronger. You need to start working on creating a strong profile to network effectively. Talk to like-minded people to determine the right steps moving forward.

Here are some to-dos to help you with your job search.
1. Stay organized while preparing for your next job search. Keep a calendar schedule to help you stay on track.
2. Write down your goals, such as the job role you wish to target.
3. Prep your resume. Refer to the resume guide here. 
4. Update the professional platforms with your career history
5. Look for opportunities on the LinkedIn jobs portal and other platforms like AngelList, Indeed, etc.
6. Spend time strategizing your job search every day.

3. Assess your financial statements

Understanding your financial state will help you gain clarity. Perform a budget schedule and stick to it. If you need immediate financial assistance, look out for freelancing opportunities / gigs to give you momentum. If you think you are comfortable with the budget schedule, determine when you should have your next job. Keep this duration in mind, and begin working on yourself. Consider this layoff a blessing in disguise. Take a step back to assess your strengths and weaknesses. Begin reflecting and upscaling your skills. There are tons of free resources that will act as a guide to help you through this time of recession; start with them.

4. Understanding the severence agreement

At the time of separation from your previous employer, you will be asked to sign a severance document. The severance or separation documents provided by an employer upon termination specify the terms and conditions of the separation. Once signed by both parties, the separation is considered fair by both sides. This might contain the separation details, severance details, / pay, as well as the confidentiality clauses. It is a must to understand what the agreement states and the rights that you are giving up by signing the document. Sign the agreement only until there is no ambiguity or anything of the sort.

Read more about severance and how it works here.

5. Health insurance

 Your severance package will include details about your health insurance coverage. Usually, the health insurance of an employee terminates during the last working day, but the Health Savings Account (HSA) contributions belong to you when you are laid off.

If there is no access to another employer-sponsored health insurance,
1. You can check out COBRA, the law which allows an employee to stick to the existing plan on certain circumstances. When you choose for COBRA continuation coverage, your Felxible Spending Account (FSA) can be helpful with the payments.

2. You are now also eligible to enroll in the health insurance marketplace to purchase a plan for an individual or for a family.

3. If you are married you can consider joining your spouse’s employer-sponsored health insurance.
More on the same here. 

6. Visa constraints

Immigrants who have been laid-off should immediately address the visa restrictions. H1B visa holders will have a 60 day grace period to find another employer to file for an H1B visa. They should also be aware of the following three rules, insists Immigration Law Partners.
1.  The employer should pay the H1B visa holders a reasonable cost of transportation to their home country.

2.  According to USCIS, the employer should notify USCIS of any 'material change' in the terms or conditions of the H-1B employee's employment, and the layoff is a 'material change.'

3. The employer should pay the H1B visa holders' salaries until the termination is notified and the first two obligations are met.
Being affected by a layoff is definitely a difficult situation to process, but adversity will only make us stronger. We want to extend our help and let you know we are in this together.
Check out the following services offered by PrepVector!

1. A curated list of job openings for data professionals.
2. An initiative to assist job seekers. All you got to do is fill in your details in this form to assist you with your next job interview.

The opinions expressed are personal. Please reach out to finance experts and immigration firms to get more information.

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