Pink Slip? What's Next?

Steps to take when facing a layoff in the fashion industry, covering benefits, severance, COBRA health coverage, outplacement resources and reference letters. This article was first published on 9/10/07.

If you are facing a layoff or have been laid off, and whether it came as a complete shock or not, here are some things you should do. First, ask what benefits terminated employees are eligible for. If you've already been laid-off and haven't been informed about benefits, call your former employer's Human Resources department to request information on the status of your benefits. Ask about severance pay, accrued vacation, overtime and sick pay, pension benefits and eligibility for unemployment insurance. Severance packages may be negotiable. You have nothing to lose by asking for more than what's offered. Now is the time to request information on your health and life insurance benefits. By law, companies with over 20 employees must offer health insurance coverage through COBRA to terminated employees for 18 months. However, first ask if you will be covered for a certain period of time at no cost to you. Inquire about outplacement resources and/or an office with a phone, computer, and a printer to use for your job search. Request a reference letter for your files. Finally, by reassessing career goals, you can turn a job loss into a better, more satisfying opportunity.