Dear Black Women, Unemployment Does Not Define Your Worth

Dear Black Women,

You know I see you, right? I know life has been challenging, especially when you look around and notice we’re all going through tough times. The hardest working, but the least respected. It’s a tale as old as time with a new chapter unfolding today.

For Black women, unemployment rates have disproportionately impacted us the most. According to the 19th News, the Bureau of Labor Statistics reported the third month of high unemployment for us. At 6%, it’s double the rate of white women, leaving many wondering why us?, and, more importantly, when does it get better?

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While we can’t predict the future, we can still create peace in our present. I’m Shavon Roman, a money strategist and founder of Heal. Plan. Invest., a personal money management program that helps us break the cycles that often hold us back, particularly during unemployment. But today, I’m here as a guide to not let these cycles break you. You are more than your job description, and built to last for when that next offer comes. 

If you are a victim of these disproportionate layoffs and unemployment, I know it can feel daunting to re-climb that mountain when you finally saw the top.  But your ancestors are still uplifting you as you continue forward, and here’s how to prepare for the journey ahead. 

1) Read Everything

That severance package is more than a farewell, it’s your final negotiation with your employer. Don’t just sign a severance package without understanding everything you are signing. Whether that’s a cash payout or unused vacation time, the fine print can determine the next few months as you transition away from this role. However, if the contract jargon seems confusing, you may also  want help from an employment attorney to break down exactly what you are signing off on.

2) Negotiate Your Severance Package 

Speaking of severance, you have more leverage in that conversation than you may think. A common mistake is thinking that because they are letting you go, you have to agree to whatever they are giving you. Before you sign anything, ask for what you want. Need more time for medical, or an extension before your two weeks are up? Ask for it! The worse they will say is no. Use your voice, and you’ll thank yourself later. 

Extra tip: Consider your time there and current salary as the foundation of negotiation.

3) Analyze Your Current Spending Plan

With any loss in income, one should typically reevaluate their spending. It’s probably time to cut back, but before you do so, review your current cash flow. Take a step back to really determine your necessary spending in this new chapter. For the things that aren’t vital, pause the membership until the unemployment period is over and you get back in the swing of things. Understanding what you used to spend and how that fits into your new budget can keep you afloat as you rebuild.

4) Take Advantage Of Benefits Before They Expire.

As soon as that random meeting with HR pops up on your calendar, start scheduling all your medical appointments. Set that teeth whitening you’ve been planning on, then order new glasses and re-up on your contacts. Any bloodwork needed or medical testing, get those on the books before your benefits run out. 

Extra tip: Check in on your legal plan (Don’t worry, you typically have one through your Employee Assistant Program or EAP) to get your estate planning completed as well.

5) Retirement Account

You may have started your 401k with your employer, but that doesn’t mean the money stays with them.  You’ve built this retirement plan across many years, dedicating a portion of your paychecks to help you as you get older, make sure it’s there when that time comes. 

You can also speak with a financial advisor about rollover options that best suit your current state, which considers your age and career shifts as well. Heal. Plan. Invest. can also help you navigate your accounts to best fit your future. 

Extra tip: You can also explore options where your money currently is, including with your bank or accounts with a financial group.

6) Seek Support – Take Care Of Your Mind And Heart.

 

You can do all the right prepwork as you experience a layoff, but the emotional sting of being let go can still linger. Losing your job can be overwhelming and embarrassing, so taking care of yourself, and allowing others to take care of you, is another crucial part of this journey.  Clue your family and friends in on what’s happening, and let them provide support, whether emotional or otherwise. For behavioral health support, Rula offers professional therapy to unearth and soothe any feelings that may come with this change. 

Layoffs are never easy, but they don’t have to be world-ending. As Black women uplift one another through this uncertain time, it’s important to remain as positive as you prepared. Life will always come with professional ebbs and flows, but I want to remind you that keeping your peace is always possible. And at Heal. Plan. Invest, I’m here for you too.

Sincerely Yours,

Shavon Roman

 

 

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