1. Try not to panic.

When you get the official notice, take a deep breath and sit down. Once you have had some time to sort through the events surrounding your job loss, you will (more than likely) find that several mechanisms are in place which will ease the trauma of your transition. If you're laid off, you should be entitled to unemployment benefits, possible severance pay, and, in most major corporations, career transition services. You can also check your state government agencies to see if they have dislocated worker services which can help you with emergency services including paying a mortgage, electrical or automotive loan payment. This varies from state to state, so please check with the state Labor Department in which you live.

To assist you, please check out the Job Recovery Checklist. This will give you a blueprint to work from and keep your panic level to a minimum.