Career Advice

Rebound from Job Loss: Your Step-by-Step Guide

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In today’s job market, it’s important to be prepared for unexpected changes. To prepare for job loss, build a strong professional network, improve marketable skills, and create an emergency fund. For finding a new job, leverage online resources and networking events.

To recover from unemployment, manage finances, stay motivated and focused on goals, and make the most of newfound free time. Whether experiencing job loss or wanting to be prepared, our guide has everything needed to bounce back stronger and achieve professional success.

What You Need to Consider

  1. Apply for employment insurance benefits as soon as possible.
  2. Review your severance package and negotiate if necessary.
  3. Assess your financial situation and create a budget to manage expenses.
  4. Take advantage of any outplacement services offered by your previous employer.
  5. Start looking for new job opportunities and update your resume and cover letter.
  6. Consider additional education or training to improve your skills and marketability.
  7. Seek emotional support from friends, family, or a therapist to manage stress.
  8. Explore alternative income sources, such as freelancing or starting a side hustle.
  9. Network with former colleagues, industry contacts, and professional associations.
  10. Stay positive, motivated, and persistent in your job search efforts.


Apply for unemployment insurance

It’s important to remember that unemployment insurance (EI) will usually only cover a percentage of your income for a limited amount of time. However, filing for benefits is free and, if approved, you’ll continue to receive EI payments until they expire.

To begin the process, the first thing you should do if you’ve lost your job is to apply for employment insurance benefits. This typically takes no more than 15 minutes and is completely free. By taking this step, you can access the financial support you need while you look for new job opportunities.

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If you want your EI benefits to start immediately, then go and visit your local Employment Insurance office for priority service. It is important to note that some people often wait 2 weeks or more before getting their first cheque which can prove devastating in the interim.  It is important to file as early as possible after losing your job.

Usually, the first thing you will need to do is make a claim for benefits. This can be frustrating because there are a lot of people applying for employment insurance at any given time. For this reason, it is best to apply as soon as humanly possible.

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When unemployment benefits fall short of covering bills and groceries, seeking a loan from a bank may seem like a viable option. However, banks generally require a perfect credit score to approve loans.

If you’re unemployed and need to borrow money, consider online private lenders who offer e-transfer payday loans without requiring collateral. This alternative to traditional lenders is fast and easy, taking less time to get approved.

With many lenders offering this option, you can get funded within an hour in most cases, and 24/7 if everything goes smoothly. It’s a great solution if you need cash quickly, making the borrowing process as easy as 1-2-3.

Create an account on the job search site Indeed

To start your job search, create an account on Indeed, where you can upload your resume for potential employers to find. Additionally, the site offers a helpful section that provides guidance on the steps to take after losing your job, including job search strategies, relocation advice, and tips for navigating unemployment benefits and medical coverage.

Once you’ve set up your Indeed account, take the time to update your resume and cover letter with relevant information for your job search. This will help to showcase your skills and experience to potential employers and increase your chances of landing a new job.

Make sure they are tailored specifically to each position that interests you. You can take this further by including more specific details like salary requirements or even what equipment you own for certain jobs. Listing these things could make you a better candidate for the position in question.

Research the companies you are interested in to make sure that you will be happy with the company once you get your new job. It is important to research any prospective employers thoroughly.  Check out their website to find out how big their staffs are, and what type of culture they have.

Putting together your resume, cover letter, and researching prospective employers will help you find a new job faster because you are more likely to be matched to positions that you are more qualified for.

Research different industries that you are interested in working in

To kickstart your job search, begin by identifying the types of jobs that interest you. You can explore different occupations and industries that align with your passions and skills. Start by making a list of activities you enjoy, your strengths, and where you’d like to work or live.

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Next, identify industries and jobs that might meet these requirements. You can search for companies on online job portals.

Following up after submitting a job application is crucial. You can call or email the employer to confirm receipt or provide additional information. While waiting for a response, maintain your confidence and prioritize self-care by eating well and getting enough sleep.

Use LinkedIn to find connections at these companies who can refer you as a candidate for their open position

LinkedIn is a helpful tool to use for finding connections within the company that can give you an opportunity. For example, if you have a connection with someone who works at Google, then this person might be able to refer you when they see that you’re looking for work. Make sure that you keep your LinkedIn profile updated with current information so that it’s easy for people to find your profile and contact you about potential positions.

If you already have connections within a certain company, then you know that they will be able to see that you’re looking for work and can possibly provide some help. Make sure to explore all the opportunities available through LinkedIn, as well as other networks. These are great tools that you should use to your advantage when searching for a new job, and they can be used in combination with the tips above to make finding work easier.

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In our in-depth article, we have given you a few helpful tips on what to do if you find yourself without a job. From updating your resume and cover letter to staying healthy during the process, these are some of the ways that will help you get back up on your feet after losing your current position.

Begin your job search by exploring industries and occupations that align with your interests, which can help you connect with people who may refer you for open positions. It’s important to prioritize self-care by maintaining a healthy lifestyle to prepare for your next role.

By following these tips, you can increase your chances of finding a new job successfully and without any setbacks.

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