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Can't believe what just happened last week! 🤯
You know it's a crazy week when Meta joined the growing list of Silicon Valley companies in enforcing mass layoff. Apparently, the bubble bursts on tech. Here's how to deal with the layoff storm! 🎯
Hello 👋, and welcome to this week’s ✨ ADPList’s Weekly Pulse ✨ - a community-only newsletter delivered every Tuesday. We tackle your questions about design, product, working with humans, and anything else that’s stressing you out at the office.
🌴 The Layoff Survival Kit: Important Questions To Ask Your Employer
Thousands of tech employees were laid off last week from companies including Twitter, Lyft, Stripe, and dozens of venture-backed start-ups. As the economy continues to pressure companies’ bottom lines, experts say, more layoffs could be coming.
While losing a job can be hurtful, here are some expert suggestions on what issues to raise with your boss or HR department while you’re still employed:
Q: When will I get my last paycheck? Will I be paid for my unused vacation time?
If you're worried about losing your job (or have already lost it), one of the first things you should do is figure out where you stand financially. If you still have a job, increase your short-term savings plan. Examine your spending to avoid making unnecessary purchases; reduce memberships and services you can do without.
If you've been laid off, find out when and how much your last paycheck will be. Verify benefit details with HR, such as whether you will be paid for unused vacation time. It's also critical to apply for unemployment insurance as soon as possible; knowing how much you're eligible for will give you a better picture of your finances.
Q: How can I get my performance review report and by when?
If you haven’t saved copies of your previous performance reviews, ask your employer to send them to you before your last day. Having concrete examples of your accomplishments and words of affirmation from your manager in writing will provide invaluable details that you can draw on when updating your resume and LinkedIn profile.
Q: What will happen to my 401(k)?
If you have a high income and can afford to put more money aside for retirement, ask your employer if you can contribute the maximum amount to your 401(k) plan before your last paycheck. Individuals under the age of 50 can contribute up to $19,500 in 2020, while those over 50 can contribute up to $26,000. Depending on your plan, what happens to your retirement savings after you leave the company varies. Inquire with your employer about your options, and consult with an accountant or financial advisor.
Q: Do I get severance pay?
Severance packages can take several forms, including an extension of healthcare benefits and/or career transition services, but they typically consist of a one-time lump sum payment made to employees on their last day of work. There are currently no federal laws requiring businesses to provide severance pay to terminated employees. However, New Jersey recently became the first state to pass legislation requiring employers to provide workers with a 60-day advance notice of a layoff, as well as severance pay in companies with 100 or more employees.
✨ Explore Your Next Big Opportunity With ADPList Talent
If you happen to be one of the hundreds of thousands of tech workers affected by these mass layoffs - here's our advice for you: NOW is the time to use the power of mentorship & networking & to get hired! Many of our members are using ADPList Talent to apply for a job & connect with potential employers. So can you.
Join for free - set your job preference, skills, seniority, and links. Switch your profile to public so more people can find you. ⬇️⬇️⬇️
🔥 This Week’s Hot Sessions
✨Product Management in Practice // UX Book Passion - Nov 14, 08:45 am PT (RSVP)
✨Strategic Custody - How to Keep Strategy Alive - Nov 14, 09:15 am PT (RSVP)
✨Workshop / Group Discussion Design Thinking + DEI - Nov 15, 06:00 am PT (RSVP)
✨How Miro's Research Team Explored Hybrid Work - Nov 16, 10:00 am PT (RSVP)
✨Brain Picking with Coach Cami - Nov 17, 07:00 am PT(RSVP)
🔥 Voting for ADPList100 Awards is Now Open!
It's time to vote for your favorite mentor! 👀
We are so excited to launch our 2022 ADPList100 Awards, the biggest celebration of mentorship! Created to recognize the mentors on our platform that are transforming and empowering the community. This is your opportunity to vote for your faves and applaud them for their unconditional support and guidance!
To vote, hit the ‘upvote’ on your Mentors' ADPList profiles. Voting closes on November 15, 2022. We’ll be officially announcing the list of winners on November 22, 2022. ✨
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With ❤️ ADPList Team