Even as unemployment is near record lows, it may feel like layoffs are everywhere. The tech sector is struggling, and major companies like Wayfair, Best Buy, Walmart, Oracle, Apple, Victoria’s Secret and Ford have said they will cut staff.
That’s likely only the beginning. New data from an August survey conducted by consulting firm PwC found that roughly half of executives and board members said their companies are reducing their overall headcount, or have a plan to do so. Another 52% said they have instituted a hiring freeze, and 44% said they’re rescinding job offers.
Even though the labor market is still strong in other ways (more on that later), the prospect of an impending layoff can be unnerving. So, like it or not, you may be forced to look for a new job in a hurry.
- Google “WARN notification your state” …
- Talk to your manager about the company’s staffing levels. …
- Bring up the topic of a sabbatical with your manager. …
- Fade to mediocrity. …
- Become disliked, but not hated. …
- Use the “It’s not you it’s me, but really it’s you” strategy.
How much severance am I entitled to?
Un-fun fact: No law – federal or state – requires employers to offer you any severance when they lay you off, unless you have a union or individual employment contract that includes a provision for it.
That said, many employers do offer some form of severance to protect themselves from any potential legal claims you might bring as a result of your employment or termination.
A second reason many offer severance: “Good will and fairness to the employees and to the community as a whole. To offer additional compensation in recognition of the potentially tough time the employee and community would [experience],” DuPont said.
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Should I hire a lawyer?
Since a severance agreement is an important legal document that will affect your immediate future, it can be helpful to have an employment lawyer with experience in severance cases review the company’s offer.
If hiring a lawyer directly is too expensive, you might consider a less expensive service like LegalShield, which only charges about $30 a month to gain access to an employment attorney in your state who can review your offer, make sure it complies with the law and make a call on your behalf to your employer if you’re seeking modifications to the agreement.
If your case is complicated and involves further legal action, or if your severance agreement is more than 15 pages long, your costs will be higher, but you will get a discount on the hourly fees of the lawyer on your case.
Or, if you just have some very simple questions, some employment lawyers might offer a free consultation by phone.
Laid Off From Work? Here’s 7 Things To Do ASAP
FAQ
Is it better to be laid off or quit?
How do I ask my boss if I get laid off?
Begin the conversation by explaining that you’re worried about losing your job, and that you’re trying to gain a better understanding of the situation and prepare for the worst-case scenario. Explain briefly the reasons for your concern and then ask directly if your job is at risk.
Can you be laid off for any reason?