What to Do When Your Company Goes Under

It happens more and more often in today’s growing but still shaky economy: a business opens, flourishes for a few years, experiences a sharp decline in sales, and then shutters its doors. While it’s easy to feel sympathetic if your favourite café or clothing store goes out of business, what if the company closing its doors is yours?

How do you manage? Yes, you know you’re out of a job, but this is far more emotional than simply being let go. Here’s how to handle the major changes coming your way.

First, get mentally prepared. Be realistic. Don’t hold onto hope if there’s none left. If there’s nothing that can save your company and it’s only a matter of time before it closes, you need to accept that. Commiserate with your fellow coworkers. Get their contact information to stay in touch. Get your boss’ contact information for references.

Then, get physically prepared. Start looking for other jobs. Polish up your resume and cover letter, making sure these are up-to-date with info from your current job. Send out applications and go to interviews. There’s nothing wrong with covering your bases even while you still have a job.

Next, get financially prepared. When will your last paycheck be? Do you get a severance package? Can you claim unemployment? The answers may vary depending on the company, so make sure you go to your HR manager and discuss these matters in-depth. Money might be tight for a while, so you need to have a good idea of how much of it is owed to you.

Losing a job brings with it many feelings associated with the loss of a loved one: sadness, anxiety, and anger. When a company goes under, those feelings can intensify. Always make sure you have someone to talk to if you’re feeling overwhelmed.

Posted in Reactor News.