Restructuring After Job Loss
“Do what you can, with what you have, where you are.” — Theodore Roosevelt
It has been a tough time for all of us as of late, but especially for those that have suffered the pain of loss. Loss of loved ones. Loss of resources. Loss of livelihoods.
In the past eight weeks, a total of almost 39 million Americans have filed for unemployment. Even for those that have found temporary relief in working from home, it is just that — temporary. As we all get accustomed to living the entirety of our lives from our homes, we are also coming to accept the realization that this is not over. No one can accurately predict the full and long-term impacts of what has happened, especially as it relates to job security. As additional job losses continue to rise in numbers, it is now imperative that we are grounded with basic knowledge that can help alleviate some of the anxiety that surrounds this seemingly endless period of uncertainty.
Here is what you can do if your job has been impacted by COVID-19
1. File for unemployment
If you lost your job or were furloughed because of the coronavirus, you qualify for weekly unemployment payments from the state in which you worked. The Cares Act, a 2.2 trillion dollar package, has allowed for new categories of workers supplemented by the then booming gig economy to qualify for employment benefits. This includes folks such as freelancers and those that are independent contractors/are self-employed. You can complete your claim online or on the phone. The Center on Budget and Policy Priorities has compiled this quick guide to unemployment insurance that helps explain what this can mean for folks by state and as it relates to COVID-19 related job loss.
2. Audit your personal finances and create a sustainable management plan in the interim.
Don’t panic. While it is incredibly disconcerting to face a global crisis without certainty regarding your financial or professional future, it is important to use this time to perform a financial audit. The most common ways to save more money is to earn more of it or spend less, and while the former may not be an option at the moment, the latter definitely could be. Consider performing a similar audit on your personal items, and “Marie Kondo” your belongings while you are at it. Focus your energy on figuring out creative ways to bring in any income, regardless of how small the amounts may be. Use this guide, created by The Washington Post, as an outline on how to navigate personal finances during this time and find ways to spark joy amidst the panic that we agreed not to have. The goal of this exercise is to manage your financial anxiety while productively developing a plan to carry you through the, hopefully, temporary uncertainty of unemployment and financial stability.
3. Reach out to your personal and professional networks for support and guidance.
Use this as an opportunity to assess your career track and identify ways to stay relevant in your field or area of interest. Tap into your social media and professional platforms to better understand the current state of your industry and compare with others. Perhaps consider sources for free online learning and virtual career resources such as those provided by LinkedIn, Indeed and Coursera. Where is the industry headed? Has it been able to transition successfully? If not, who are the leaders in the space and what about their changes have made them a success? What skills are becoming more valuable at this time and which ones are relevant to your work? Do the values and actions of those leaders and their company coincide with your value system?
For those of us at 18 Coffees, our professional network is also our personal. We refer to each other as partners. That is why as soon as we began to process and understand what this pandemic could mean for not just ourselves but our industry, clients, and Community Partners, we gathered to create a one-to-one resource to help connect good people with great roles through a tool we call 18 Coffees Connect — a community-led initiative created to celebrate the amazing talent that exists within the community. We built this to showcase an intentionally selected talent pool of available candidates we'd personally vouch for, because we’ve worked with them directly. It’s our effort to do the best we can with our most valued asset — our people. We built this to not be just another job board, but a curated list of qualified candidates that are open to full-time or part-time project work, with the ultimate goal of directly connecting good people we’ve worked with with great companies. If you’re a current or former colleague, client, friend, or Community Partner — reach out to us if you’re interested in being listed in Connect, or if you’re looking to hire for roles or projects.
4. Practice kindness.
Above all, be kind to yourself and others. This too, like all others before it, shall pass. If we remember to show some compassion and practice empathy, perhaps we can use this as an opportunity, as a nation, to get our collective shit together.
