We're going through some big changes at the company where I work and everyone is nervous. Information on future plans is hard to come by so speculation is running rampant and most people are thinking lay offs. Ugh! Nothing more stressful than thinking you're going to lose your job, especially in the middle of the holidays.
I've worked at this company for nearly 30 years. It's a solid, well respected company, a good place to work and I like my coworkers. The thought of being in my early fifties and suddenly having to search for a new job is scary. I'm close enough to retirement that I'm starting to plan for what I'll be doing but far enough away that I can't stop working if those plans are going to be fulfilled. It's not just about being on a permanent vacation either - it's considering how I'll pay for healthcare, prescription drugs or what I'll do if I need assistance for every day living.
About a month or so ago I noted this feeling of dread that I was going to face 'permanent separation' as HR refers to it, come January. It's a feeling of total loss of control over your circumstances. Once I realized that I just wanted to be the one making the decisions, I started to do some research. My company has a Severance Plan. I checked to see what someone in my position would receive. Due to my length of service, I get a respectable amount of Severance - I get paid for a set number of weeks after I'm let go that includes my health benefits. The company would no longer contribute to my 401k, but I'd still have medical, dental and vision coverage during the Severance period. That's one big worry taken care of.
Next, I checked to see what laws might be out there to protect me and what the protections include. I'm a woman, I'm in my early fifties and I'm retirement eligible in another year and a half (you have to be 55 and have worked for the company for 10 years to be retirement eligible). I came across the Age Discrimination in Employment Act and the Older Workers Benefit Protection Act of 1990 which detail what is required by employers including how much notice you should receive prior to a layoff and your rights regarding signing waivers. I looked up applying for Unemployment Benefits in the State of Maryland.
Following that I thought, how do I make the most of my time on severance? I came up with a plan for my days - still getting up at the same time Monday through Friday. Walking my dogs at the same time I always do. Then, instead of going to the office after I shower, spending my day job hunting. That includes things like networking - having lunch with people I know who work at companies where I might like to work. Going to professional meet-ups for Project Managers and other groups so that I can get the word out that I'm looking. In other words, my new full time job is finding a new full time job and it has the same hours as the old job and I have to work just as hard at it.
I plan to take advantage of my severance to also do things I can't do right now - like go on a bike ride during the day or a swim. Getting fit was on my high priority list. If I'm going to be stressed because I'm out of work, it seems like exercise might help with that. Also, I feel like fitter, happier people might have an edge with employers. Exercising leaves me in a good mood. I sleep better, I eat better and I have a better outlook. I'll need all the positive energy I can get.
Last, I decided that I would create a one page document - front and back if need be - that I keep with me at all times. It's something I can grab when HR shows up at my office and I know this is it. The information on that page is what I learned from the laws I read and a checklist of things I should ask about when I'm going through the separation process and before I sign anything.
Now that I've gone through this whole exercise I actually feel more in control. I still don't want to get let go, but if it happens I'm ready and I know what my plan is. Happy Holidays.
