Unemployment benefits, they aren’t something to look forward to but can give some peace of mind. If you lose your job, you are given a small cushion to fall back on while you begin your job search. Some states legally require your employer to provide you with severance or unemployment benefits. Also, you should remember the benefits of having some paid time off.
What You Are Owed
Many seem to forget that your employer does not only owe you your final paycheck for the hours you have worked. In some states, employers must include your accrued or unused vacation time. You could have been saving up some time for a vacation that you never had the chance to go on. Don’t let that time go unpaid!
Furthermore, you are entitled to any commission you earned. Lastly, go over your records and r for any expenses that the company should cover. An excellent resource to use to calculate your final check would be Nolo: Final Paycheck calculator for Departing Employees.
Benefits and the Job Search
According to a study conducted by the University of Minnesota, the value of unemployment benefits directly affects the recipient’s job search. In their research, researches used three countries to examine. The United States, which provided the least generous benefits, the Netherlands, which offered the most, and Germany, which provided benefits that lie between the U.S. and the Netherlands.
Findings
“What we found is that the perception of time by job seekers plays a critical role,” said Wanberg. “Depending on how much a person’s unemployment benefits are and for how long they last, it impacts how a job seeker thinks about time and when they begin their job search.”
- a more generous unemployment insurance benefit is associated with a job seeker taking more time to secure a job and better reemployment quality (i.e., what a job seeker wanted versus what they found);
- the less generous the unemployment insurance, the more engaged a job seeker was in their job search and the more quickly they began working;
- survey participants who received more generous unemployment insurance reported better mental health, while those who received less generous benefits reported less favorable mental health.
Take away
With this research, we can agree that great benefits equal less stress. Which in turns means better mental health. As I said in previous blogs, it is essential to look after yourself and your mental health throughout your job search.
Final Thoughts
Lastly, it’s never a bad idea to ensure you are protected if you are laid off or fired. Ask your new employer about those benefits and the requirements to receive them. Some companies pay your salary every week for every year you have been with the company. Don’t forget to look into your state’s laws that require employers to provide unemployment benefits as well.
Please come to our Next Hudson Job Search Meeting!
Phil Stella will be in the house tomorrow evening. Please join us!
Hudson Job Search knows how crucial networking is in a job search, so from now on, we are dedicating time to allow job seekers to network! This event will take place from 7:00-7:30 pm before our meeting.
All our events are free of charge and open to anyone who lives and works in the greater NEO area, whether you currently have a job or not. No need to register in advance, but seating is limited to approximately 40 individuals. Please dress business casual.
Michael McClafferty is an intern at Mulligan Management Group.