The whole crux of the article is that you shouldn’t apply to jobs that you are under-qualified or over-qualified for just because it is a job. It can be smart to diversify your approach and keep an open mind but don’t apply for a job just because it is there. You will likely be stuck in that occupation for a considerable amount of time so invest the time now to get the best position possible.

Now is a good time for everyone to hone their resume and interviewing skills. The original article is on CNN and is called Wanted: Lousy Job, Less Pay.

Finding a new job could takes weeks or months, so assess your bank account and contingency funds to see what kind of shape you are in. Look at your past 3-6 months of expenses and get an average number you are going to need per month/week that you are unemployed (Variable E).

Add up unemployment benefits, severance, and any other sources of income you have such as dividends (Variable I).

Your monthly spend rate is going to be E – I. The difference between your expenses and your income is what you will have to handle while unemployed. There are a few different ways of handling this issue while you seek a new job.

Option I: Dip into your savings. Hopefully you have a good amount of savings which can help you whether the storm as you seek new employment.

Option II: Work part-time or as a temp to keep income flowing until you can find a new full-time job. I am not aware of any resume reprocussions for this solution but it can’t hurt as everyone has to survive and it is continued experience in a new environment.

Option III: Reduce your expenses. Somethings that you considered necessities are now luxuries. You can live without a lot of the junk you were wasting money on in the past. Health, shelter, food, and your family are priorities. Everything else is negotiable.

Option IV: Sell that old baseball card collection, some clothes you don’t like anymore, or other tangible items. This will get you some money to help you make up for that deficit.

You will probably want to allocate 2-3 months for every $30k you make in salary as competition increases. This will serve as a good guideline for the present moment. I would even add a month just to be conservative.

Good luck.

DISCLAIMER: I am not a financial consultant and this does not constitute financial or legal advice of any kind. It is just my personal opinion and has no guarantee of financial/legal soundness.  AKA:  I’m just trying to help.

The State of Michigan has a program that entitles unemployed workers to one or two years of tuition depending upon the circumstances and availability. This scholarship program is also available for underemployed workers as well. For more information, visit the No Worker Left Behind program website.

UPDATE: I found some more information about Illinois layoff scholarships, New Jersey unemployed worker free tuition (for classes with empty seats), and Pennsylvania colleges with free credits. Check out the article at US News and World Report.

This was only a survey so maybe it is more pessimistic than it should be due to self-selection bias but it still paints a grim picture. Keep on pounding the pavement everyone and keep your options open in other related industries.

• Consider reducing costs outside of human resources (sell excess machines, rent available office space, or renegotiate with suppliers)
• Consider a 5% pay cut (5% reduction across 20 workers = 1 layoff saved with more productivity than with only 19 employees)
• Consider reorganizing without any layoffs to go after increased market share as everyone in the industry retreats
• Consider offering a demotion to a part-time 6 month position instead of a layoff to give “fired” employees time to find a new job in today’s economy

If you have any additions, please add it in the comments. If not, please feel free to repost this with a link back here or pass it along so some more options get into employers’ heads.

Tina wrote:

I had to lay off an employee yesterday which is the suckiest thing in the world for a non-confrontational person like me. My stomach hurt as much as it would if I was the one getting laid off. I just hope things start to change soon. It seems to get worse everyday. My company is not in jeopardy but we’re having to trim up a little just to stay flat for now and hopefully wait this out. My heart goes out to everyone who is losing their jobs. Especially those who are innocent victims of corporate greed.

Tina, like most who are feeling the aftermath of this economy, has a good heart. I hope the layoffs can come to an end soon for everyone’s sake.

Good luck everyone.

I came across this post by Cece Salomon-Lee of PR Meets Marketing and felt I needed to repost the beginning:

Forgive me as I go off-topic today, but it’s been single-handedly, the worst f*cking week of my life! If you haven’t figured out from the photo, that’s me wearing pink slippers in honor of the pink slip I got last week. This is the first time I’ve ever, ever been laid off, so I was in shock on Thursday. I just went home, curled up into a fetal position for two days trying to figure out – mind my language – what the f*ck are we doing to do! I felt like a worthless piece of crap. (Original Post)

Layoffs have a very personal, emotional impact on many levels. They effect much more than the paycheck coming in the door mentally and often deal a crushing blow to people’s pride. One fact I’m seeing consistently is that you need to take a day or two to process everything and come up with a plan. Personally, when I have a plan, I always feel a lot better and more in control of my life.

• Take a day off to go through the emotional gambit
• Make a financial plan to sustain your expenses as you seek a new job
• Make a plan for finding a new job – job fairs, websites, industry contacts, friends, newspaper ads, industry magazine ads, related volunteering
• Be positive

Good luck everyone.