Job Loss and Unemployment
Job loss can be from a company layoff, a recession, being fired, or from quitting your job. There are several things you should know when it comes to the type of job loss you are experiencing.
Various Reasons for Layoffs
Some types of layoffs include downsizing, companywide restructuring, business liquidation, a company buyout, outsourcing, and your company sold to another company. Some layoffs might be due to competition and a reduction in company sales that means not all employees can be supported by the current company revenue.
Filing and Collecting Unemployment Benefits
You will need to meet specific unemployment criteria before you can collect any unemployment compensation. You will have a set time period that you can collect unemployment benefits.
Eligible or Ineligible for Unemployment Benefits
You will be required to file weekly claims for unemployment to verify you are still unemployed and eligible for compensation. In some instances, you may be denied unemployment benefits and will be provided information on the reason(s) and if there are any options to amend your status.
Job Loss Due to Resignation
Most people secure another job before they resign from their current position. However, there may be extenuating circumstances where this might not be the case. You should first determine if you're leaving your job for a good reason, know the best way to quit a job and if you can collect unemployment if you resign.
Job Loss Due to Being Fired
Many times, people suffer a job loss due to being fired. There are several reasons why people get fired. If you've been fired from your job, you should educate yourself about any laws that govern getting fired. You'll face certain challenges in job hunting after being fired but you can overcome these by managing the interview process.
Surviving a Job Loss
If you've never been through a company layoff, been fired or felt you had no other choice than to quit, you're left feeling devastated and frightened. Your source of your income has suddenly and unexpectedly disappeared. The good news is you can survive a job loss, regardless the reason. There are many resources available to assist you in finding another job.