Losing Your Job Stinks
How I coped when seeking employment in a down job market
Introduction
Several of my previous colleagues have recently lost their jobs. Technology companies are announcing layoffs almost daily. The software industry is in a slump.
I’ve been in the position of searching for a new job in a weak market in the past as well. I’ll share some of my experiences of how I coped.
Each person’s journey is unique. What worked for me won’t be universal. But maybe something I share may be of assistance to someone, somewhere.
Establish a Financial Plan
I took private flying lessons in my early twenties. When the engine stops in flight, the first step is to establish a glidepath and look for a potential landing site. Once that is under control, then you start the process of restarting the engine.
Establish a financial plan and then start the job search.
Personal finances will be affected almost immediately by the lack of a steady paycheck.
Adjust Spending Plan
No one knows how long their unemployment may last. It could be days, weeks or even months.
Examine spending patterns and reduce or eliminate items that aren’t critical. Cut back on eating out, coffee shops, streaming services, etc. Every little bit helps. Make sure housing expenses, insurance, food, etc. are covered.
Severance Package
A lump sum severance package helps, but the amount varies based upon they company’s policy and the employee’s length of service. What seems like a nice chunk of money will soon dwindle if unemployment lingers.
One might also be able to negotiate a more favorable severance.
Unemployment Insurance
Unemployment insurance in the United States lasts for about six months. This is not a universal benefit, and the length and amount of assistance will vary. I was grateful for it when I collected it, but it didn’t cover all the bills. Those six months went by fast.
Emergency Funds
Saving for an emergency fund feels like a drag until you need it. But when you need it, you’ll be glad you have it. An emergency fund should cover living expenses for three to twelve months. Opinions of how much financial cushion preparation vary.
Emergency funds must be funded before they are needed.
If you’re employed, and you don’t have an emergency fund, start one today!
Partner Support
If you’re fortunate enough to have a working partner, it may be much easier to weather an extended period of unemployment. My wife’s paycheck covered our expenses during my two periods of unemployment.
Gig Work
If finances shrivel, a temporary job may be needed, such as gig work.
Finding Your Next Job
Your main goal is to get your next job.
Finding Your Next Job Is Not Your Full-time Job
I was laid off in late 2003 in the wake of the dot-com bubble burst. The unemployment office staff was constantly reminding us that finding our next job was our full-time job. I was receiving no responses to my job search inquiries. Focusing all your time on a job search in a weak job market is too depressing.
Finding your next job is a part-time job. Keep the job search alive, but don’t spend your entire day doing it. Advance your job search by doing at least three things each day, such as:
- Network with a past coworker
- Investigate a company that looks promising
- Apply for a position
- Work on your resume
- Practice interviewing skills
And if you skip a day or two, don’t beat yourself up about it. Start back up again the next day.
Automate Your Job Search
Update your LinkedIn status to open to work. Post your resume on other job sites. Let others know that you’re in the job market.
Leverage Google’s job automated job search feature. Here’s an example, starting with Software Engineering Jobs near Silicon Valley:
- On Google, search for: Software Engineering Jobs near Silicon Valley
- This will return several jobs. After the first several you’ll see a button with
100+ more jobs ->. Click on that, which will take you to Google’s Jobs Search Modal. Click here: 100+ more jobs -> - Update the search as desired with more details such as: industry, full-time/part-time, remote/in-office, location, skillset, etc. Once you have a query result you like, click on the
Followbutton near the top of the page. Google will retain that query and send you emails when it finds new jobs that match your query. I’ve updated the job search query in the modal to: Full time remote full stack Software Engineering Jobs using Java and Javascript near Silicon Valley. It’s not a perfect query in that there are some false positives, but those can be ignored. - You can create multiple queries to follow. For example, you might be interested in several different geographic regions, so create a query for each.
Other search engines may offer similar functionality.
The Gift That Doesn’t Feel Like A Gift At The Time
I had spare time when I was unemployed. My wife urged me to enjoy it. I just couldn’t enjoy it. I tried a few matinee movies, but I felt guilty.
I had been given the gift of time, but it didn’t feel like a gift at the time. Had I known that my unemployment would last no more than eight months, then I would have endured it better. It was the indeterminate length that made me weary.
The key for me wasn’t enjoying this time. The key was finding a way to make this time meaningful and giving my days purpose. Meaningful use of this time will be different for each person. For some it may be spending more time with the family, getting into shape, working on a project, or it may indeed be going to the movies.
For me, it fell into two broad categories:
- Investing in myself
- Helping others
Investing In Myself
I was not considered for two potential Java jobs, because I only had C/C++ experience at the time. I enrolled in a weekly evening Java class at our local community college to expand my prospects. It was ten years before I had a job that required Java, and that was after my second period of unemployment. That previous preparation paid off ten years and two companies later.
I had tried to learn the Design Patterns while employed, but they just weren’t clicking for me. I didn’t have the time while working to do a deep dive into them. Once I was laid off, I had all the time in the world. I was on a sabbatical sponsored by the New Jersey Department of Unemployment. I learned the design patterns on my own via online resources. I described this in more detail almost a year ago in It’s Your Move.
I incorporated design patterns into my Java coding assignments to gain a better understanding of both.
From It’s Your Move:
Learning design patterns during those months of unemployment was the best investment I made in my career outside of my college experience.
There are more online learning opportunities available today than there were twenty years ago during this time for me.
Helping Others
I tutored a 60-ish year-old member of my church who was working on her degree in English literature. Her degree required passing an Algebra course, a topic she had not studied in over four decades. I’m not sure she even understood it then.
We spent hours solving for x, reviewing fraction arithmetic, ratios, percentages, etc. She couldn’t abstract mathematical concepts, so each new chapter was like starting from scratch. With my time and her hard work, she passed the Algebra course and received her degree. I don’t think she ever contemplated another Algebra problem for the rest of her life.
Tutoring is only one example of ways to help others.
Summary
Unemployment won’t last forever, even if it feels like it at the time.
Establish a financial plan. Work on your job search a bit almost every day. Find purpose and meaning in your life with the gift of time that’s been given to you.
Best luck and wishes to all those currently searching for their next opportunity.