![]() Q: Is the company offering healthcare coverage after my last day of work, and for how long? Holding your stock options until the market rebounds may make good sense if your severance plan allows an extended period to exercise them. ![]() If you had 20,000 shares valued at $30 per share in January, for example, that amount may have already plummeted by 25% or more. Unfortunately, the steep stock market drop that has occurred over the past few weeks means that many executives have watched the value of their company stock nosedive. If you received news that you will soon be laid off, ask your employer how long you have to exercise your stock options, and which stock awards you’ll forfeit. Q: How long will I have to exercise my stock options? It’s in the best interest of your employer to maintain a positive relationship with you and build employee loyalty, particularly if the company wants to keep the option open to hire you back in the future. If a layoff has impacted you, don’t assume that you can’t ask for more severance than the company is offering as its standard package, especially when it pertains to ancillary services such as career transition consulting. Do I have enough to pay my mortgage and other debts for several months?.How long could it take to get another similar paying job?.Draw up a monthly budget and ask yourself these questions: Receiving a lump-sum severance payment can feel like a windfall, but it can quickly disappear without a plan. However, New Jersey recently became the first state to pass legislation that requires employers to provide a 60-day advance notice of a layoff to workers, plus provide severance pay in companies with 100 workers or more. No federal laws currently require businesses to offer severance pay to terminated employees. Severance packages can come in several forms, including an extension of healthcare benefits and/or career transitions services, but they usually consist of a one-time lump sum paid to employees after their last day of employment. It’s also imperative to apply for unemployment insurance as soon as possible knowing the amount you are eligible to receive will provide a clearer picture of your finances. Verify details on benefits with HR, such as whether you will get paid out for unused vacation time. ![]() If you’ve been laid off, find out when you’ll receive your last paycheck and what it will include. Scrutinize your spending to avoid unnecessary purchases trim memberships and services that you can live without. If you still have your job, double down on your short-term savings plan. One of the first things you should do if you’re worried about losing your job (or have already lost it) is to know where you stand financially. Q: When will I receive my last paycheck? Will I get paid for my unused vacation time? Here are their collective suggestions on what issues to raise with your boss or HR department while you’re still employed: With millions of people wondering what to do in the face of an actual or potential job loss, I polled several human resources experts and executive coaches about the questions they recommend workers ask their employers should they receive a layoff notification during the global pandemic. While some employers can consider more moderate options to laying staff off outright - such as furloughs, reduced schedules, or pay cuts - the fear and uncertainty behind when and if companies will be able to afford to re-employ their workers is resulting in many companies simply shedding employees. are at a moderate or high risk of being laid off as a result of the pandemic - meaning more than half of the workforce could be facing job losses in the months ahead. According to Moody’s Analytics, nearly 80 million people in the U.S. in January, nearly one in five American workers has been laid off or has experienced hours reductions, according to a recent Marist poll. Since the first case of Covid-19 was reported in the U.S. history and surpassing the number of jobless Americans during the Great Recession - it’s no surprise that anxiety about job loss looms large. With unemployment claims surging past the 3 million mark in one week - the highest in U.S. To get all of HBR’s content delivered to your inbox, sign up for the Daily Alert newsletter. In these difficult times, we’ve made a number of our coronavirus articles free for all readers.
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