-THIS WEEK- 

• 🧑‍✈️ Career CoPilot - Financial Housekeeping After a Layoff

• ⚡️ Quick Tips - The Ideal Response to the ‘What’s Your Salary Expectation?’ Interview Question

• 📉 The Layoff Report - ~4000 tech employees laid off this week: Snap, Amazon, DocuSign, Zoom, and many others

• 📊 Job Market Data - Some quick highlights from the past week

• 🛠️ Tools & Resources - Jobright AI, Handshake, FlowCV

 -SPONSOR- 

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 -CAREER COPILOT- 

🧹 $tretch Your Severance - Financial Housekeeping After a Layoff

Layoffs are STRESSFUL. Whether you had time to prepare for it, or you get blindsided in an 8am mtg with an HR manager that you’ve never met, layoffs have a way of feeling like the ground beneath your feet just gave way.

At its core, however, so much of the fear that sits in our gut is financial uncertainty. Sometimes it can be difficult to make the right decisions when our world is rocked, but there are a few financial steps that are crucial and timely. Many of these can help save you many thousands. Let’s take a look!

Immediate Action Items 💨

1. Secure Your Human Resources Contact 📋

Before you leave, ensure you have a contact in HR. They're essential for any questions about your 401(k) or severance details. It's like keeping a helpful guide by your side.

2. Don’t Just Sign Your Severance Agreement 💰

With most large layoffs, companies will use a standard framework for severance agreements based on tenure (i.e. 2 weeks of pay for every year of employment). Most don’t know that severance agreements are technically negotiable, but this is mainly a helpful tactic for smaller-scale layoffs. Either way, you can join your company’s Alumni groups to discuss with others who have severance questions.

• Read: The Layoff Payoff: A Severance Package

3. File for Unemployment 🗂

Apply for unemployment benefits as soon as possible. There might be a wait, but these benefits can provide some financial relief. Consider it a bridge to your next opportunity. In some states, you won’t even need to pay taxes on these unemployment benefits. Pennsylvania, New Jersey, and California tax individual income, but not unemployment.

• Read: How Do I File for Unemployment Insurance?

4. Extend or Find New Insurance 🛡

Check when your current health insurance coverage ends and explore options like COBRA or marketplace insurance. Health is wealth, especially during transitions.

• Read: If you lose job-based health insurance

Medium-Term Considerations 💵

5. Debt Consolidation

If you have multiple debts, consider consolidating them into a single loan with a lower interest rate. This can simplify your payments and potentially save you money on interest. Also, consider a balance transfer to move any debt from high-interest accounts to cards with balance transfer promotions such as 18-month no interest.

• What Is a Balance Transfer, and Should I Do One?

• What Is Debt Consolidation, and Should I Consolidate?

6. Roth IRA Conversion

A Roth IRA conversion involves transferring the funds from a traditional IRA into a Roth IRA. The benefits of doing this during a year when your income is lower due to a layoff include:

• Tax Advantages: With a Roth IRA, withdrawals in retirement are tax-free, whereas traditional IRA withdrawals are taxed as income. Converting during a low-income year could mean paying taxes on the conversion at a lower rate.

• No Required Minimum Distributions (RMDs): Roth IRAs do not require minimum distributions at a certain age, unlike traditional IRAs, offering more flexibility in retirement planning.

7. Review and Negotiate Bills

Reducing monthly expenses can help stretch your severance or savings further. Here's how to approach negotiating your bills:

• Subscription Services: Evaluate all subscription services (streaming, magazines, apps) and cancel those you don't use regularly.

• Insurance Premiums: Shop around for better rates on car, home, and health insurance. You might find equivalent coverage for less.

• Utility Bills: Some utility providers offer discounted rates or payment plans, especially if you're experiencing financial hardship. Contact them to discuss your options.

• Credit Card Rates: If you have a good payment history, your credit card company might be willing to lower your interest rate. It's worth calling and asking.

The theme to keep in mind is “how do I stretch my severance”. Take the right action steps and you should be able to buy yourself more time than you think.

 -QUICK TIPS- 

💰 The Ideal Response to the ‘What’s Your Salary Expectation?’ Interview Question

When it comes to talking 💬 salary in interviews, here's the golden rule: Keep it flexible & savvy! Instead of dropping a number, ask "What's the range you have in mind?" 🤔💼. It's your secret move to aim high without overshooting or selling yourself short. Remember, knowledge is power, so arm yourself with market stats 📊 and never hinge on just one figure.

Do:

• Express that you’re flexible on a salary figure.

• Ask the employer what they’re looking to pay.

• Avoid telling the employer a salary figure initially.

Don’t:

• Say just one number.

• Reveal your current salary.

• Be apathetic and say you’ll take whatever the salary might be.

• Say that you “wish” or “hope” for a certain salary.

• Be unprepared regarding job market statistics and what other employers are currently paying for similar roles.

@erinmcgoff

ah, the classic “what are your salary expectations?” aka “how much are you looking to make….????” 👀 Companies ask this to see how little y... See more

 -JOB MARKET DATA & TRENDS- 

📊 Some Quick Numbers from the Past Week

1. The January 2024 Employment Report: Payrolls rose by a much stronger-than-expected 353,000 in January, with the unemployment rate holding steady at 3.7%. This report highlights the resilience of the labor market. Read more on The White House (.gov)

2. Current Unemployment Rate: Unemployment remains at 3.7%, according to the Bureau of Labor Statistics, indicating a stable job market. Details on NerdWallet

3. UK Labor Market Tightness: In late 2023, the UK's job market was tighter than expected, reflecting changes in population estimates and showing more young people of working age. Bloomberg.com reports

4. Fed Chair Powell on the Job Market: Fed Chair Powell says the job market is still strong, an expectation that was underscored by the Bureau of Labor Statistics' first jobs report for 2024. CNN.com analysis

5. U.S. Economy Adds Jobs in January: A whopping 353,000 jobs were added in January, showing that the labor market is heating up. Axios details

6. January's Job Growth: Job growth was twice as strong as expected in January, a sign that the economy is maintaining strength amidst challenges. Forbes coverage

 -THE LAYOFF REPORT- 

📉 Snap, Amazon, DocuSign, Zoom…

So far in 2024:

Notable Layoffs this Week

• Snap is laying off 10% of its staff, CNBC reports, affecting over 500 employees.

• Amazon has laid off hundreds of its Pharmacy and One Medical employees, CNBC writes, in order to "reposition."

• In a bid to improve operational efficiency, DocuSign is laying off 6% of its workers, or about 440 people, CNBC reports.

• Videoconferencing company Zoom cut roughly 150 jobs this week, or less than 2% of its workforce, Bloomberg reports, citing anonymous sources.

• Radio broadcast company Audacy is laying off 12 employees, which account for 25% of its staff. The company is currently seeking Chapter 11 bankruptcy protection.

• Okta is letting go of 7% of its workforce, or around 400 jobs, as it aspires to “greater efficiency,” The Wall Street Journal writes.

• News site The Messenger shut down abruptly in late January; its roughly 300 staffers were not offered severance or healthcare, according to CNN.

• Nasdaq plans to cut hundreds of jobs as it begins integrating software firm Adenza into its business months after the acquisition, Bloomberg writes.

• Estée Lauder is planning to lay off up to 3,000 employees, or about 5% of its 62,000-person global workforce, Bloomberg writes.

• CNN is relocating its show This Morning from New York to Atlanta and has told 50 employees on the show to reapply for jobs with the company, The Hollywood Reporter writes.

 -TOOLS & RESOURCES- 

🛠️ Jobright, Handshake, FlowCV

Jobright

jobright.ai

Find the freshest jobs via an AI that constantly scans the job market, bringing you up-to-date opportunities to ensure you don't miss out on your best matches. 80K new jobs added everyday. 1,000,000 millions of jobs for you to potentially match with.

Handshake

joinhandshake.com

Handshake is the #1 place to launch a career with no connections, experience, or luck required. The platform connects up-and-coming talent with 750,000+ employers - from Fortune 500 companies like Google, Nike, and Target to thousands of public school districts, healthcare systems, and nonprofits.

FlowCV

flowcv.com

Take your career to new heights with FlowCV and elevate your job search. Their tools help you showcase your full potential which include resume/cover letter builders, job tracker, and one-click websites all powered by AI.

 -FEATURED PARTNER- 

Curious if your company has a layoff planned?

Look into the crystal ball to see if your company has a layoff coming up by leveraging federally mandated WARN notices!

www.warntracker.com