By Brenda L. Peterson, The Layoff Lady

When your “day job ends,” many things in your financial life change. For one, what is for many people their primary source of income, ends. This often prompts a quick shift to a short-term "survival" mindset that will last from the layoff event until the first paycheck from that new job arrives. 

Let's talk about your new financial goals and how to manage expenses.   

Disclaimer: (You know there has to be one of these now that we're talking about topics like personal finances and health insurance.)

While I know quite a bit based on my previous work experience supporting financial coaches, my own research, and my personal life experiences, I do not currently hold a license or certification to give financial advice. Therefore, the information provided here is educational information provided as guidance.

I hope you can glean value from my lessons learned. Feel free to take my recommendations or not—but whatever you do, double-check my facts (and everyone's facts, for that matter). This is your life, and you will care more about your finances and health care than anyone else. With that, read on. 

When gainfully employed, your household financial goals may look like this: 
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• Pay monthly bills on time and in full.
• Spend money on things that you need and enjoy.
• Save in a Health Savings Account (HSA).
• Save for retirement.
• Pay down debt.
• Give to causes you care about.
• Save for short and long-term goals. 

Typically, goals include living within your means and spending/saving/giving money in line with your values and financial priorities. When things are going "as normal," you probably have the capacity to think about current activities and consider what is possible in the future.

During a career transition, financial priorities shift from being proactive to focusing on the here and now. The goal is to get through the next one to six months with as few adverse effects as possible. Here are my recommendations for crucial goals to keep in mind during a period of reduced income and job transition: 
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• Pay monthly bills on time and in full (or make other arrangements).
• Prioritize money on things that you need in the short term.
• Find ways to enjoy your life that have a smaller price tag.
• Minimize and delay expenses.
• Preserve your credit score.
• Tap savings as needed. 
• Minimize the amount of debt incurred.

​While navigating post-layoff unemployment, the goal is to make it through with as few bumps and bruises as possible. Instead of trying to pay off a previous purchase or save for a goal, you will probably leave any “extra” money in your checking account just in case. 

This is also a good time to see what expenses you can pare down in the short term to ensure that the money you do have lasts a little longer. Here are a few ideas:
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• Review monthly bills and see what you can minimize, stop for a while, find a better deal, or delay.  
• Plan meals and buy groceries more mindfully to minimize waste.
• Make fewer restaurant trips and do more cooking at home.
• Meet people more often for coffee or a drink than dinner.
• Cut back on subscriptions (tv, music, audiobooks).
• Do more outdoor activities and YouTube exercise videos, and fewer gyms and in-person classes.
• Take fewer flying vacations and more day drives to local destinations or overnight trips to stay with friends and family. 

Here is a recommendation for prioritizing which bills you pay when money is tight:

• Rent or mortgage payments
• Transportation
• Phone
• Utilities: electricity, gas, heat
• Food (which is lower on the list because food help is more readily available)
• Minimum payments on debt

If you can’t pay your bills, call the company and discuss how to make arrangements. Instead of just plain NOT paying a bill, make a phone call. I know this can be hard and humbling, but it is important to figure out a plan. Remember, you're not the first person to be in a position where they had an unexpected job loss and needed to figure out alternatives. It is also to the company's advantage to work with you. It's in the company's interest to help you stay on track as a customer than for them to spend the time and staffing on repossessing items or turning off and on utilities. Help them help you.

Making this call also helps minimize damage to your credit score (which could even impact your ability to find work sometimes). Be sure to call right away when you start to have issues instead of waiting until you have a lot of issues. I encourage you to call when you worry abouat having a hard time making one mortgage payment instead of waiting until you are months behind. Remember, though, even if you have waited, MAKE THAT CALL! 

When working with a company on making payment arrangements, you may be able to defer payments, figure out a payment plan, take advantage of a company-sponsored program, or find a government-sponsored program to help you during a hard time. County, faith-based organizations, and non-profits may be able to help you, too. Whether you need help paying for gas, food, transportation, or utilities, make sure to use the available resources.

By Brenda L. Peterson, The Layoff Lady

​Depending on your chosen field, and your preferred work arrangements, there are a lot of jobs for which you could apply. While remote work availability gives each job applicant many more work options, figuring out how to prioritize open positions can be overwhelming.

Here is my recommendation for evaluating open roles and prioritizing which job applications you submit.  

In this scenario, we'll look at how someone in a role as a Training Specialist can sort through a the sea of job listings and prioritize which openings should recive applications. 
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To begin, I searched on Indeed.com for the job title Training Specialist. This search generated these results: 
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• 43 jobs listed within 25 miles of Omaha, NE.
• 588 jobs categorized as remote. 

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Without superpowers, it is not feasible to apply for 631 jobs in one week. 

Personally, when I decide to apply for a given role, I take about 30 minutes to research the company, customize my resume, and complete my formal application. In a given week, there are 7 days, which is 168 hours. There are not enough hours in a week for me to apply for that many jobs.

Even if I somehow managed not to eat, sleep, or do even the most basic self-care, I could only apply for 336 jobs. 

Closer to the realm of feasibility, if I decided to dedicate a full 40 hours per week solely to applying for jobs, I could apply for 80 jobs—but definitely not well. In addition, working this long and this hard solely on submitting applications can put you on the fast track to burnout. Even half that, dedicating 20 hours solely to applying for jobs, and applying for 40 jobs in a given week, is most likely overkill.

If you're currently in career transition and not working full time, you cuould probably dedicate 20 hours a week to job searching. I would argue, though, that even 20 hours solely focused on applying for jobs is probably more than anyone can do well. If you're currently working full time, I'm guessing that even if you did dedicate 20 hours, your results would not be stellar after working full time and any other non-job searching life activities you decide to take on.

​The more jobs I try to apply for in rapid succession, the less effective I am. While applying for jobs is in some respects, a numbers game, it’s not as easy as applying to all the jobs and knowing that one will work out. This strategy often causes people to waste time applying for roles that aren't a close enough fit.

A better strategy is to prioritize jobs that are the best match for your skills and what you want and focus on applying for those well. 

When I'm in career transition, my goal is usually to apply for three jobs per week. However, if I see several great opportunities or have not searched for a job in a while, I may apply for as many as six. Beyond that, though, my application quality suffers. ​

​To apply for jobs well, you need to determine the best way to prioritize your applications. Instead of the “spray and pray” approach, think through what you want and apply with more purpose. This approach favors quality over quantity and will help you focus your efforts on where you can get better overall results for your time investment.

Early in your job search, it’s essential to do at least a little soul-searching and be able to articulate what you want. This may include revisiting your values, identifying your strengths, and thinking about the work you enjoy.
 
For example, earlier career Brenda would have a list something like this on what she wanted from a role:

• Training specialist or related position.
• Within 25 miles of home or 100% remote with up to 25% travel.
• Full-time role with benefits and within my established salary range.
• Opportunities for promotion and advancement.
• Working in the software, finance, healthcare, or insurance industry.
• I would rather focus on training design and delivery than only delivering training that other people have designed.
• I would prefer not to have my main focus be compliance training, developing eLearning, LMS administration, resolving help desk tickets, writing technical documentation, dealing with customer complaints, or recordkeeping.

Having a stated list of preferences, and continuing to hone it as you learn more, is your first step in determining which jobs to target. 

Let's go back to those 631 search results from my Training Specialist searches. By adding additional search parameters, we can narrow our results to jobs that  more specifically meet our criteria:

Starting with those 43 roles in Omaha: 

• Specifying a full-time role takes me down to 37 jobs
• Putting quotes around "Training Specialist" (to specify those actual words need to be in my results) takes me down to 19 jobs
• Showing only jobs posted within the last two weeks takes me down to 12 jobs

Starting with those 588 remote jobs:
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• Specifying a full-time role takes me down to 391 jobs
• Putting quotes around "Training Specialist" (to specify those actual words need to be in my results) takes me down to 102 jobs
• Showing only jobs posted within the last two weeks takes me down to 45 jobs

Now that I have a more reasonable number of jobs to go through (12 and 45--57 total), I start to do a cursory review of the short descriptions of each role. 

No

• I rule out these jobs because the job titles show the roles are outside of my area of focus: Cement Manufacturing Safety Training Coordinator, Auto Glass Repair Specialist (Paid Training), and Clinical Training Specialist (for a registered nurse).
• I rule out one because it is a longer commute than I want, one requires a license I do not have (or want to pursue) and one in a field that doesn't interest me. 
• I rule out a few because the stated salary is significantly outside of my target salary range. 

Yes

• Those that appeal to me at a glance, I add to TealHQ. Teal is a free service to track jobs, note progress on applications, and make notes on interactions. One feature I especially like with Teal is that when you add a job, it notes keywords included in the job descriptions and any listed salary range.
• I add jobs including Technical Training Specialist I-III (remote/Hybrid), Commercial Lines Training Specialist, and a few Training Specialist roles.
• ​For now, I add jobs that interest me into TealHQ. However, I err on the side of adding something for further consideration.

I have now reduced the number of jobs that interest me to 31 roles.

Now that I have those 31 jobs in Teal, I look more closely at the following:
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• Identifying the work arrangements (onsite, hybrid, remote) and comments about these within the job description.
• Ensuring I have the required and many top skills listed.
• Assessing if the roles look like a good overall fit.
• Noting any information about salary range.

I remove jobs where I am not eligible. This includes the following:

• A required credential I don't currently possess or want to pursue.
• A hybrid role in a state where I do not live. 
• An organization who can not hire someone who lives in my current state of residence.

I remove jobs with anything that might be a dealbreaker for me. This includes the following:

• A focus area that doesn't appeal to me.
• A commute that I won't be happy with longer term. 
• A job description that asks for a wide variety of skills with a low salary.

For the remaining jobs, I give them an initial rating of 1-5 stars and make notes on any areas I might want to explore further.

I now have 18 jobs in Teal. 

Next, I investigate a few things outside of the immediate job descriptions. 

• I visit LinkedIn and see if I know anyone with the company who could give me additional information, put in a good word for me, or refer me for a role.
• For a remote role that doesn't include a list of eligible states, I search LinkedIn to see if the company has employees who are currently living in my state of residence. This may indicate if they can hire people in my state.
• I follow the company on LinkedIn and anyone involved in the hiring process.
• I click the apply link to ensure it works, the position is still open, and they are still accepting applications.
• I do a quick Google News search on the organization to see if and how they show up in the news. 

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Now, I have 13 jobs In Teal.

​From the 13 jobs I have listed, I will apply for the jobs I'm most excited about and continue to reassess other openings listed. I will also add, remove, reprioritize, and take notes on specific roles as needed. 

​By Brenda L. Peterson, The Layoff Lady

Recently, I have talked with several colleagues who are proactively updating their resumes just in case. After we chat about what kind of a position interests them, I often share a few additional tips about how to customize a resume to apply for a specific job. 

​As a many-time hiring manager, I have seen lots of bad and lots of sort-of-okay, and just a few resumes that were really, really good. For me, a resume needs to answer three fundamental questions in order to position the candidate for success. Having a resume that addresses each of these will help get you out of the no pile and into the “I am excited to talk with them” pile.

In a previous job working at a software company, I was working on filling an instructional designer position on my team. I received one resume where the person’s career objective stated that they wanted to be a curator at a museum. The good news: this person knew what they wanted and made it clear in their resume. The bad news: I was not searching for a museum curator.

Most (like maybe a good half) of resumes that end up in the “no” pile are so nondescript that they could be applying for any number of office positions. Once, when I was hiring for a technical trainer position, I received a resume for someone with a lot of experience working as a corrections officer. The good news: this person had many potentially transferable skills. The bad news: I didn’t know if this person was interested in this particular role or was mass applying for anything that wasn’t their current job.

​Overall, make sure you customize your resume just enough so the hiring manager can see that you are interested in the role they have available. Given how costly a bad hire can be, help the hiring manager (and your chances at getting an interview) by reassuring them you applied for their opening on purpose. 

Once I know a given candidate wants the job, I look for indicators that the person has the skills to do the job. Some candidates’ work experience is neat and tidy and points logically toward the open role. For example, they were a call center representative, then a senior call center representative, then a call center supervisor, then a call center manager. If they were applying for a call center manager position, from their job titles alone, I could be reasonably sure they could do the job. 

If the candidate did not have obvious work experience in a similar role, I need them to help me connect the dots. I’d expect them to explain to me how their previous education and jobs prepared them for this role. For example, if I’m hiring for an instructional designer position, the job description might include “collaborate with subject matter experts to create learning materials for client-facing courses.”

If someone with a background as a teacher applies, I need them to help me understand how their previous work experience relates to the available position. For example, they might include “collaborated with subject matter experts in the media center to create learning materials for a course for parents on encouraging their children to read more.” Without emphasizing those transferable skills, I might not realize they could perform the required tasks. Help the hiring manager by making the tie between your skills and the role for which you are applying clear.

Filling an open position can take a long time and is a huge gamble. The goal is to find someone who wants the job, can do it, and will want to be in that position (or a part of your organization) for a good long time.

This part of resume assessment is teeing up the phone screen and helping me determine the questions I need to ask. For example, will this salary be in line with their desired salary range? Will they be happy working from the office or working from home for the amount required? Will they work well with this organization's structure and formality level? Will they want to travel as much (or as little) as is needed with this job? Are they going to be happy managing or not managing people? As a hiring manager, details in the resume are helpful as a starting point for those questions. 

Sharing information on what you want in a role, and drawing comparisons between the role you're applying for and what you want, will help make this process easier for all involved.