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CNET
3 days ago
- Business
- CNET
How to Prepare for a Layoff: Take These 10 Steps Before You Lose Your Job
As employers downsize and slash budgets, fear of layoffs is escalating. Tharon Green/CNET Workers are facing a challenging economy and a tough job market as companies pull back on investment and trim budgets. Nearly half (46%) of US employees are anxious about layoffs in the next year, according to a survey by Indeed. The Trump administration's cuts across federal agencies, health organizations and nonprofits have led to hundreds of thousands of layoffs. Mass reductions in force are also happening across the tech industry, media and education. The number of people filing for jobless benefits is rising, with tariffs expected to spike costs and increase unemployment. "We are living in a time of pretty radical uncertainty," said Lisa Countryman-Quiroz, CEO of JVS Bay Area, a career training nonprofit in California. As businesses reduce personnel and freeze plans to hire new workers, job seekers are spending months, even years, looking for new employment. ZipRecruiter's Career Expert Sam DeMase said that preparing for a job loss while you're actively employed helps you avoid having to scramble during a crisis. "Being proactive can really help give you some peace of mind if a layoff does happen," DeMase said. Read more: Why Can't I Get a Job Right Now? 9 Expert Tips to Stand Out to Recruiters Think you'll be laid off? Here are some red flags While there aren't always clear indicators of pending layoffs, there are some clues to look out for, according to DeMase. 👀 Does your position generate revenue? Non-revenue-generating roles within an organization might be crucial for overall functioning, yet these positions (HR, IT, legal and administration) tend to be more vulnerable since they don't directly produce business income. 👀 Has there been organizational restructuring? Leadership changes and reorganizations often signal an effort to improve performance or address financial difficulties. Merging, streamlining or employee buyouts could indicate a company is cutting costs or downsizing. 👀 Is your manager communicating regularly? If your supervisor has suddenly gone quiet or is canceling meetings, it might not be a scheduling conflict. They could be trying to minimize contact or deprioritize communication before a company-wide announcement. 👀 Have projects been scrapped or budgets frozen? If upcoming expenses or travels aren't being approved, or if hiring and promotions are suddenly frozen, that could be a warning sign that the company is focusing on financial cutbacks. Zooming out to the broader job market, DeMase says to look out for competitor layoffs within your industry or fewer job listings in your line of work, which could indicate economic pressures. If you're noticing a decline in entry-level jobs, that may mean those roles have been eliminated or replaced by automation. 10 ways to prepare for a layoff Though layoffs are financially motivated, they're likely to hit your confidence hard and make you emotionally vulnerable. "It feels horrible, like your value is gone. But that's not the case," DeMase said. "It's really important to remember that a layoff is a business decision." Here's how to make sure you're not caught off guard. 1. Collect your paperwork in advance Though some employers still give advanced notice when there's a reduction in force, workers are increasingly being dismissed with little to no notice. You're likely to be locked out of company devices and communications, including email and payroll software, rather immediately. DeMase said to gather your personal information on your work computer and to make sure you have proof of employment and tax documentation. You'll need pay stubs and verification to apply for financial assistance or state unemployment benefits. Though you should never take confidential company information, you can save copies of your performance reviews and work samples for future reference. 2. Network and update your resume While you're still employed, take a moment to update your resume and LinkedIn profile. DeMase recommends compiling a list of your achievements, notable projects and positive feedback from colleagues or clients. It's also a good idea to "warm up your network," DeMase said. If you've been employed for a long time at a company, check in with former colleagues and clients now. "That way, when you do reach out after you've been laid off, it's not a 911," she said. 3. Review your severance agreement When their position is eliminated, laid-off workers might be offered a severance package as compensation. Companies aren't required to offer these payments, though they are often secured through a labor union contract. The amount varies by employer, but a common formula is one or two weeks' pay for each year of employment. Any payment is taxable as ordinary income. If you accept a severance package, you'll likely be required to sign an agreement stating that you won't sue your ex-employer. If you're 40 or older, your employer must give you at least 21 days to decide whether to accept a severance agreement under the Older Workers Benefit Protection Act. If it's a group termination (meaning multiple employees lost their jobs), you'll have at least 45 days to accept the agreement under the same law. 4. Secure health insurance coverage Some employers will let you keep your employer-based medical, dental and vision coverage for a specified period at no additional cost. You might also consider seeking out coverage under a family member or spouse. If neither is an option, make sure you know about the federal law called the Consolidated Omnibus Budget Reconciliation Act. COBRA allows workers who leave their jobs to continue their health insurance if their company has 20 or more employees, usually for 18 months. You'll often pay the entire premium, plus a 2% surcharge, which can get expensive when you've just lost your job. Another option is to shop on the Health Insurance Marketplace for a plan. If you've lost employer-based coverage, you might qualify for a special enrollment period if you sign up within 60 days of losing coverage. 5. Look at other company benefits Payout for unused time off, including vacation and sick time. Some states require employers to pay workers for unused PTO if they leave their jobs for any reason. Company stock or retirement plan: Since accounts like 401(k) or 403(b) are employer-sponsored, find out if you can leave it where it is or roll it over to another investment account. Company equipment. If you have a company laptop or cellphone, you may be allowed to keep the equipment or buy it at a reduced price. Additional benefits. Some companies help laid-off workers find their next job by offering career counseling or resume assistance. 6. Understand unemployment eligibility If you get laid off and lose your job through no fault of your own, you'll typically qualify for unemployment benefits, although the rules vary by state. You'll usually file for benefits in the state where you worked. Contact your state's unemployment office immediately after you learn that your job has been cut. You can expect to wait about two to three weeks from the time you file until you receive your first unemployment check. Don't rely on minimal jobless benefits to get you through. Most states offer unemployment benefits for up to 26 weeks (approximately six months), with weekly benefits ranging from $235 to $823. Read more: How to File for Unemployment Benefits 7. Build up your emergency fund If you're able to find areas of savings in your budget, make building your emergency fund a top priority. A high-yield savings account is a smart place to stash your emergency fund because you can earn interest and also access your money without penalty. Experts generally recommend an emergency fund that can cover at least six months of living expenses, though that's unattainable for most households living paycheck to paycheck. "Anything that you can put together, even a month's worth of rent, is going to be helpful," said Countryman-Quiroz. Having even some emergency reserves will not only protect you but also give you peace of mind. "Come from a position of power and choice, rather than from one of scarcity and desperation and necessity," she said. 8. Preserve your retirement accounts If you're suspicious that a layoff is coming, don't cash out your 401(k) or any other retirement account in a panic. You may owe a 10% early withdrawal penalty in addition to income taxes. However, if you're currently contributing extra to your retirement account, DeMase recommends rerouting some of that spending to your emergency savings so it can be liquid if you lose your job. 9. Scrutinize spending and debt Creating a no-frills budget that only covers the necessities will give you a clear action plan in case you lose your job. Or if your savings are lacking, you could implement a bare-bones budget now so that you'll have a safety cushion if your income takes a hit. If you have any debt, try to pay off what you can now so you won't be stuck in a growing interest cycle when you're without a paycheck. DeMase said it's a good idea to start scaling back on any nonessential spending now. Take a close look at your budget to see what's necessary (housing, groceries, debt, utilities, etc.) versus what's optional (subscriptions, dining out, vacations, etc.). Use a budgeting app to help find expenses you can cut. 10. Find extra work and training If you're concerned that a job loss is on the horizon, you might be able to seek out alternative sources of income. DeMase said to consider taking on a side hustle, like freelance work or a part-time gig, while you're still employed. Having extra income streams now can help you save money and pay off debt faster. It's also a good opportunity to look into leveling up your expertise and qualifications. Countryman-Quiroz says that "future-proofing" your employability means building up interpersonal communication and collaboration as well as tech skills, specifically in the realm of AI. Local nonprofits and workforce development organizations often provide free resources to build skills in new sectors. Free and low-cost resources for job seekers Cal JOBS: Cal JOBS offers a complete set of employment tools for job seekers in California. American Job Center Finder: Thousands of job centers nationwide help people search for work, find training and answer other employment-related questions. LinkedIn Learning: LinkedIn offers video courses taught by industry experts in Business, Creative, Technology and Certifications. Goodwill Industries: Goodwill Career Centers provide job training and placement services.
CNET
07-07-2025
- Business
- CNET
July Mortgage Forecast: Will Interest Rates Budge This Summer?
Buyers should keep an eye on the possibility of rate cuts in the next few months. Tharon Green/CNET The average rate on a 30-year fixed mortgage was around 6.7% on Monday, down roughly 0.25% from the previous month, according to Bankrate data. Despite the recent decline in rates, forecasts for the housing market have remained unchanged. Mortgage rates, linked to the bond market, have been stuck in limbo between 6.5% and 7% for months. President Trump's on-and-off-again tariffs, stock market swings and geopolitical turbulence have created ongoing uncertainty in the housing market. This week, financial markets are bracing for a bevy of White House announcements, including threats of new tariffs. Though jobless claims and layoffs are increasing, the most recent jobs report from the Bureau of Labor Statistics showed a lower-than-expected unemployment rate. Strong labor market data tends to drive up bond yields, which translates to higher mortgage rates. As I've discussed in the past, a steady job market also makes it less likely that the Federal Reserve will carry out an interest rate cut this summer. Bond market investors drive yields (rates) higher or lower based on their expectations for inflation, unemployment, Fed policy decisions and government debt. Market watchers are currently betting on September for a Fed reduction. But that won't be a magic cure for the housing market. Fannie Mae projects mortgage rates to stay above 6.5% throughout 2025. Mortgage rates would need to fall substantially from current levels to encourage homebuying demand, said Beth Ann Bovino, chief economist at U.S. Bank. CNET Tariffs, the Fed and mortgage rates The central bank is responsible for ensuring full employment and controlling inflation, mainly by setting short-term interest rates for banks. Though the Fed's policy changes have a ripple effect on all borrowing rates, the central bank doesn't directly set the rates on home loans. The market currently projects an interest rate cut in the fall, though two Fed officials floated the possibility of a rate cut this month. Fed Chair Powell has reaffirmed a "wait and see" posture, with concerns over the inflationary impact of tariffs. Despite widespread pleas for lower consumer borrowing costs, including from the White House, the Fed held interest rates steady so far this year, and is likely to do the same at its July 29-30 meeting. "With inflation data still sticky and tariffs ongoing, the consensus possibility remains a first cut in September, if not later," said Erin Sykes, housing economist and founder of Sykes Properties. Since mortgage rates are highly sensitive to fiscal policy and supply chain shocks, a global trade war could impact their direction. For example, if the official inflation rate does increase due to tariff-induced price hikes, the Fed could further postpone rate cuts, and mortgage rates could increase. "Even though many of the tariffs are in place, some of the big ones have yet to take effect," said Beth Ann Bovino, chief economist at U.S. Bank. The average household in the US is expected to lose about $3,000 in income from tariffs, with lower-income households getting hit even harder, according to Bovino. Plus, with recession risks still on the horizon, people who are nervous about finances will be more reluctant to take on mortgage loan debt. Navigating today's housing market Major affordability challenges resulted in another inactive spring homebuying season. Even as the long-standing housing shortage eases in several local markets and gives some buyers improved negotiating power, the rest remain locked out by steep home prices. "Prices are still incredibly high," Bovino said. "Add to that the borrowing costs of a mortgage, and it's prohibitively expensive for most people to get into the housing market." Plus, with recession risks still on the horizon, people who are nervous about finances will be more reluctant to take on mortgage loan debt. Prospective buyers waiting for mortgage rates to drop may soon have to adjust to the "higher for longer" rate environment, with mortgage rates fluctuating between 5% and 7% over the longer term. While market forces are out of your control, there are ways to make buying a home slightly more affordable. Last year, nearly half of all homebuyers secured a mortgage rate below 5%, according to Zillow. Here are some proven strategies that can help you save up to 1.5% on your mortgage rate. 💰 Build your credit score. Your credit score will help determine whether you qualify for a mortgage and at what interest rate. A credit score of 740 or higher will help you qualify for a lower rate. 💰 Save for a bigger down payment. A larger down payment allows you to take out a smaller mortgage and get a lower interest rate from your lender. If you can afford it, a down payment of at least 20% will also eliminate private mortgage insurance. 💰 Shop for mortgage lenders. Comparing loan offers from multiple mortgage lenders can help you negotiate a better rate. Experts recommend getting at least two to three loan estimates from different lenders. 💰 Consider mortgage points. You can get a lower mortgage rate by buying mortgage points, with each point costing 1% of the total loan amount. One mortgage point equals a 0.25% decrease in your mortgage rate. Now Playing: 6 Ways to Reduce Your Mortgage Interest Rate by 1% or More 02:31
CNET
27-06-2025
- Business
- CNET
Mortgage Rate Predictions: Will Military Conflict, Tariffs and the Fed Keep Rates High?
Buyers should keep an eye on the possibility of rate cuts in the next few months. Tharon Green/CNET The housing market is hardly immune to political and economic volatility, yet mortgage rates have been eerily calm over the last period. Since the spring, the average rate for a 30-year fixed mortgage has moved in a mostly narrow range around 6.8% and 7%. Mortgage rates were expected to gradually improve in 2025. However, the Trump administration's inflationary tariffs, deficit spending and geopolitical maneuvering led to bleaker forecasts, including fewer interest rate cuts by the Federal Reserve. The Mortgage Bankers Association now predicts that mortgage rates will decline only slightly to 6.7% by the end of the year. "You'd need to see mortgage rates pretty far below current levels, certainly below 6.75%, to incentivize homebuyers," said Beth Ann Bovino, chief economist at U.S. Bank. Economists were also monitoring how a war in the Middle East could spark fresh volatility across global markets, significantly affecting oil prices and the US dollar, which would have a ripple effect on long-term Treasury yields and mortgage rates. However, with the Israel-US-Iran ceasefire holding steady for now, rates haven't undergone major fluctuations. Logan Mohtashami, lead analyst of Housing Wire, said that traders mostly saw the bombing of Iran's nuclear facilities as a short-term event, muting the impact on mortgage rates. In the coming weeks, housing market experts will be assessing the potential for another military escalation, oil prices and how the Fed responds to labor market data and recession risks. If any of these variables lead to a downward trend in home loan rates, more buyers may come off the sidelines. CNET Fed interest rate cut still projected for fall Despite widespread pleas for lower consumer borrowing costs, including from the White House, the Fed held interest rates steady for the fourth consecutive time this year at its monetary policy meeting on June 18. While two Fed officials this week floated the possibility of a July cut, the market largely projects an interest rate cut in September. Fed Chair Jerome Powell has reaffirmed a "wait and see" posture, with concerns over the inflationary impact of tariffs. The Fed is tasked with maintaining maximum employment and containing inflation, primarily through setting its short-term benchmark interest rate for lenders. A sluggish economy typically warrants interest rate cuts to stimulate growth, but lowering rates too quickly could fuel price growth when inflation is still above target. Monetary policy changes by the Fed influence overall borrowing rates, though it's not a one-to-one relationship with home loans. In 2024, the central bank cut interest rates three times, but mortgage rates didn't fall. Mortgage rates are primarily driven by movement in the bond market, specifically the 10-year Treasury yield. Bond yields and interest rates rise or fall depending on how inflation and labor data shift investor speculation and risk assessment. How war and tariffs impact mortgage rates Since mortgage rates are highly sensitive to fiscal policy and supply chain shocks, a global trade war and a military war with Iran could impact the direction of mortgage rates in either direction. For example, if inflation increases due to tariff policies or a surge in energy costs, mortgage rates could increase. "Even though many of the tariffs are in place, some of the big ones have yet to take effect," said Bovino. The average household in the US is expected to lose about $3,000 in income from tariffs, with lower-income households getting hit even harder, according to Bovino. Conversely, a prolonged conflict in the Middle East could also spark fear of a downturn and propel investors to buy government-backed investments like US Treasury bonds. During heightened geopolitical turmoil, increased demand for "safe-haven" bonds can drive prices up and yields down, temporarily pushing mortgage rates lower. However, a brief confrontation of air strikes is not the same as a sustained battle with boots on the ground, according to Matt Graham of Mortgage News Daily. The bigger the US involvement, the higher the implications for the market. "While it's true that major geopolitical conflicts historically have a positive connotation for interest rates, that reaction can be tempered or even counteracted by a variety of factors," Graham said in an email. If the geopolitical conflict has a negative impact on inflation due to a spike in oil prices, for example, that can offset bond demand. Coping with an unaffordable housing market Major affordability challenges resulted in another inactive spring homebuying season. Even as the long-standing housing shortage eases in several local markets and gives some buyers improved negotiating power, the rest remain locked out by steep home prices. "Prices are still incredibly high," Bovino said. "Add to that the borrowing costs of a mortgage, and it's prohibitively expensive for most people to get into the housing market." Plus, with recession risks still on the horizon, people who are nervous about finances will be more reluctant to take on mortgage loan debt. Prospective buyers waiting for mortgage rates to drop may soon have to adjust to the "higher for longer" rate environment, with mortgage rates fluctuating between 5% and 7% over the longer term. While market forces are out of your control, there are ways to make buying a home slightly more affordable. Last year, nearly half of all homebuyers secured a mortgage rate below 5%, according to Zillow. Here are some proven strategies that can help you save up to 1.5% on your mortgage rate. 💰 Build your credit score. Your credit score will help determine whether you qualify for a mortgage and at what interest rate. A credit score of 740 or higher will help you qualify for a lower rate. 💰 Save for a bigger down payment. A larger down payment allows you to take out a smaller mortgage and get a lower interest rate from your lender. If you can afford it, a down payment of at least 20% will also eliminate private mortgage insurance. 💰 Shop for mortgage lenders. Comparing loan offers from multiple mortgage lenders can help you negotiate a better rate. Experts recommend getting at least two to three loan estimates from different lenders. 💰 Consider mortgage points. You can get a lower mortgage rate by buying mortgage points, with each point costing 1% of the total loan amount. One mortgage point equals a 0.25% decrease in your mortgage rate. Now Playing: 6 Ways to Reduce Your Mortgage Interest Rate by 1% or More 02:31
CNET
23-06-2025
- CNET
Boost Your Internet Without Upgrading: My Tips for Getting High-Speed Internet at Home
Over the years I've moved around Los Angeles a good bit, and I've dealt with a variety of internet issues at different places. From internet dropping when I need it most, to dealing with slow speeds, I wanted to find a way to improve my connection speeds and reliability, no matter which zip code I call home. Tharon Green/CNET I've lived in everything from a Faraday cage concrete building in downtown LA to a Santa Monica beachside apartment with an exclusive agreement tied to a sluggish internet provider. I'm fortunate -- or at least I feel that way -- at my current home in Hollywood. There are no impenetrable building materials, and I can choose my internet service provider. And it's pretty decent; I don't have many complaints. Unfortunately, most of my LA friends and family suffer from bad internet, which is crazy because you'd think a metropolis like LA would have easily accessible, high-quality internet citywide, not just in some neighborhoods. And I can only imagine what smaller communities across the US deal with regarding ISPs. Revive Slow Gigabit Speeds Without Panicking Revive Slow Gigabit Speeds Without Panicking Click to unmute Video Player is loading. Play Video Play Skip Backward Skip Forward Next playlist item Unmute Current Time 0:00 / Duration 0:45 Loaded : 13.16% 0:00 Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:45 Share Fullscreen This is a modal window. Beginning of dialog window. Escape will cancel and close the window. 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Revive Slow Gigabit Speeds Without Panicking Through all my moves, I've built up a toolkit of free ways to maximize my internet connection, no matter how poky it is. Though you can throw money at the problem -- such as adding a Wi-Fi extender -- most of these methods don't require you to spend money, which is always a good place to start. Here are my internet speed-improving tips you can use before you move, right after you move or where you live right now -- and you can do it for free or for very little money. Locating local internet providers Read more: Wi-Fi vs. Ethernet: What I Learned by Testing Internet Connections at Home There's a lot you can do before you move to improve your chances of getting a great internet better internet service before you move If you're moving into a new place, first, congratulations. Second, sorry. Moving is a pain in the butt, even if you plan well (ask me about my major move in 2023). You can start packing your boxes weeks in advance, create a checklist for changing your address and hire movers -- and there will still be things that don't turn out as planned. An often overlooked part of moving is considering internet service providers, especially when you're evaluating places. Unlike square footage, the number of bathrooms or local schools, many of us don't give much thought to ISPs until we've actually signed the lease/mortgage and moved. 1. Ask questions first When looking at a new place, do your internet homework and talk to the realtor or landlord. Better yet, ask your potential neighbors about internet options in the neighborhood and whether they're affordable, fast and reliable. Check to see if they have workarounds or strategies they use to improve their internet. 2. Utilize online tools You can also check out any location with your state's broadband map website, if it has one, to see all of your internet options. In California, we have the California Interactive Broadband Map. Once you enter an address, you can filter to show just fixed broadband, as well as mobile options, for ISPs. Some sites include advertised upload and download speeds, but beware that maps may not be up-to-date. Despite not showing reviews for ISPs in the area, sites like this do provide a decent picture of what you'll be able to choose from. This image shows that this particular Santa Monica location has only two fixed broadband options, but it also has many mobile alternatives. Nelson Aguilar/CNET If you want more of our guidance, CNET has a comprehensive catalog of all the best internet service providers across the country. Each story is sorted by state, city or town, providing informative reviews and comparisons to help you find the best ISP in your area. Check out: My Week With AT&T Internet Air: How Did It Fare? 3. Dig into the details of your home's building materials Another thing to do before you move is to check the building materials of your prospective home. Routers transmit over-the-air radio waves to connect your various devices to your home's internet network. But the materials in your home can disrupt these signals (much like I discovered in my previous concrete-and-brick loft apartment). Wi-Fi signals have an especially difficult time penetrating materials like metal, concrete and brick, meaning that even if your internet connection is fast and reliable, your physical home can disrupt your signal and limit your connectivity in your home. Common building materials like plywood, drywall and glass don't affect your Wi-Fi signal as much as those denser materials. Get better internet service right after you move You finally moved into your new home, and now it's time to choose an ISP. If you don't know your area's options, use websites like ours or the FCC National Broadband Map to see which ISPs are available. You can also type your new address into AT&T's, Spectrum's or Xfinity's websites to see similar information. 4. Get to know what speed you actually need When deciding on an ISP, start with your estimated requirements. That'll give you a quick rundown as to what fast internet is, how much internet you use, upload versus download speeds, data caps and more. Don't miss: My T-Mobile 5G Home Internet Experience: What Works and What I Wish Was Better Unfortunately, after installation and once you start using the new service, you might still encounter issues with connection strength and speed. 5. Try it out before you fully commit Most ISPs offer a 30-day money-back guarantee, including Spectrum, Verizon, Cox and others. This usually means that you can cancel your internet service within 30 days and get a full refund without paying an early termination fee (minus any possible installation or restocking fees). Other ISPs, like AT&T (2 weeks), have different refund guarantee policies or none at all (Frontier). Before choosing an internet service provider, read the 30-day money-back guarantee closely to see if you qualify. Nelson Aguilar/CNET I took advantage of this to try out three ISP services in my new home. After the service was hooked up, the promised speeds differed among the three. 6. Don't rent a router from your provider Another way to get faster internet speeds is to avoid using your ISP's equipment -- only use the modem they provide. Renting a router from your ISP is convenient, but it can end up being more expensive over a longer period of time, and the router options are limited and may not be the best option for your home. It can be frustrating to realize that you've been paying for higher speeds that your ISP-provided router can't even deliver. Also, make sure you're using the right cables to connect your modem to your router and router to your devices, as Cat5 and older cables may not carry your faster speeds. (Cat6e and newer generally support consumer internet speeds.) Read more: Should You Buy or Rent Your Router? The Wrong Decision Cost Me Nearly $1K Get better internet service at your current home Maybe you're not moving, and you've been dealing with bad internet service for a while now at your current home. No matter how long you've been living there, you can still improve your internet speed. I want to stick to the theme of not spending money to get faster internet speeds, but you might have to consider paying more if you have slow internet at your long-term residence. 7. Shop around The one relatively cheap thing you can do is look into your internet service contract and see if you can cancel early without any early termination fees. Then, you can shop around and try different ISPs that might work better. 8. Upgrade your equipment However, if you're stuck in a contract or want to make your existing ISP work, one of the easiest ways to improve your speeds is to upgrade your router. Yes, that costs money, but it can be the answer to your internet woes -- and unlike spending more for your monthly plan, is a one-time purchase. For a long time, I had Netgear's Nighthawk R66700 router, which is considered a generally good brand. However, despite a high-speed plan, I wasn't getting great speeds at my home. After consulting with a few CNET colleagues, I decided to upgrade my home setup to a mesh router system (more specifically, the Eero 6 Plus). This system provides more reliable Wi-Fi coverage in bigger homes or homes with dead zones (which is a problem in my current apartment) compared to your typical single-unit routers. The Eero 6 Plus mesh router has been a godsend for my 1800 sq. ft. apartment. Ry Crist/CNET Depending on the mesh router system, several routers are placed around your home, and they all work as a single unit, keeping you connected no matter what room you're in. A mesh network is an investment, but there are affordable options out there, like Google's Nest WiFi or Netgear's Orbi AC1200. Don't miss: I've Used 5G Home Internet for Years and I've Found It's Closing the Gap With Cable I know that Wi-Fi extenders might seem like the answer for getting better speeds in your home, especially because they're pretty inexpensive, but extenders don't perform as well as mesh networks, and they don't typically work as a cohesive unit across your home. Unfortunately, a mesh network won't be the miracle fix for everyone because, as I mentioned before, each home has its own unique problems. The fix could end up being a faulty Ethernet cable or updating your modem's firmware. It could even be as simple as restarting your router. We all know that works every once in a while. The best thing you can do, without spending money, is perform a few diagnostic tests to pinpoint your setup's weak point, like running a speed test, connecting to different devices, using Wi-Fi close to your router and rebooting your various internet devices. Of course, it's possible that you run through all these suggestions and find that none will fix your particular situation. Though unfortunate, there's always the last resort: bumping up your service tier and paying more to get faster internet. Which is, for better or worse, a modern necessity. Read more: Two Technicians Share the 5 Worst Places to Put Your Router
CNET
13-06-2025
- Business
- CNET
How to Prepare for a Layoff: 10 Tips to Survive a Tough Job Market
With employers downsizing and slashing budgets, fear of layoffs is rapidly escalating among workers. Tharon Green/CNET Workers across all industries are bracing for a challenging economy and a brutal job market. According to a survey by Indeed, nearly half (46%) of US employees are concerned about layoffs in the next year. The Trump administration's cuts across federal agencies, health organizations and nonprofits have led to hundreds of thousands of layoffs. As employers reduce personnel and freeze plans to hire new workers, mass cuts are happening in the tech industry, entertainment and education. The number of people filing for jobless benefits is rising, and job seekers are spending months, even years, looking for new employment. ZipRecruiter's Career Expert Sam DeMase said that preparing for a job loss while you're actively employed helps you avoid having to scramble during a crisis. "Being proactive can really help give you some peace of mind if a layoff does happen," DeMase said. Read more: Why Can't I Get a Job Right Now? 9 Expert Tips to Stand Out to Recruiters Walking a precarious tightrope Economic anxiety and job insecurity are peaking, with households preparing to survive a potential recession. Experts warn that a global economic slowdown could uproot the US labor market as businesses adjust profit expectations and trim budgets. "We are living in a time of pretty radical uncertainty," said Lisa Countryman-Quiroz, CEO of JVS Bay Area, a career training nonprofit in California. Though the official unemployment rate is still considered low by historical standards, job seekers feel the labor market is contracting. When employers pull back on open postings, there's a high level of competition among eligible applicants. On average, a layoff could leave you unemployed for 10 months or longer. Worried you'll be laid off? Here's what to look for While there aren't always clear indicators of pending layoffs, there are some clues to look out for, according to DeMase. 👀 Does your position generate revenue? Non-revenue-generating roles within an organization might be crucial for overall functioning, yet these positions (HR, IT, legal and administration) tend to be more vulnerable since they don't directly produce business income. 👀 Has there been organizational restructuring? Leadership changes and reorganizations often signal an effort to improve performance or address financial difficulties. Merging, streamlining or employee buyouts could indicate a company is cutting costs or downsizing. 👀 Is your manager communicating regularly? If your supervisor has suddenly gone quiet or is canceling meetings, it might not be a scheduling conflict. They could be trying to minimize contact or deprioritize communication before a company-wide announcement. 👀 Have projects been scrapped or budgets frozen? If upcoming expenses or travels aren't being approved, or if hiring and promotions are suddenly frozen, that could be a warning sign that the company is focusing on financial cutbacks. Zooming out to the broader job market, DeMase says to look out for competitor layoffs within your industry or fewer job listings in your line of work, which could indicate economic pressures. If you're noticing a decline in entry-level jobs, that may mean those roles have been eliminated or replaced by automation. How to prepare mentally and financially for a layoff Though layoffs are financially motivated, they're likely to hit your confidence hard and make you emotionally vulnerable. "It feels horrible, like your value is gone. But that's not the case," DeMase said. "It's really important to remember that a layoff is a business decision." In a turbulent job market, preparation is everything. Here's how to make sure you're not caught off guard. "It's really important to remember that a layoff is a business decision." Sam DeMase, career expert at ZipRecruiter 1. Gather your paperwork in advance Though some employers still give advanced notice when there's a reduction in force, workers are increasingly being dismissed with little to no notice. You're likely to be locked out of company devices and communications, including email and payroll software, rather immediately. DeMase said to gather your personal information on your work computer and to make sure you have proof of employment and tax documentation. You'll need pay stubs and verification to apply for financial assistance or state unemployment benefits. Though you should never take confidential company information, you can save copies of your performance reviews and work samples for future reference. 2. Update your resume and start networking While you're still employed, take a moment to update your resume and LinkedIn profile. DeMase recommends compiling a list of your achievements, notable projects and positive feedback from colleagues or clients. It's also a good idea to "warm up your network," DeMase said. If you've been employed for a long time at a company, check in with former colleagues and clients now. "That way, when you do reach out after you've been laid off, it's not a 911," she said. 3. Review your severance agreement When their position is eliminated, laid-off workers might be offered a severance package as compensation. The amount varies by employer, but a common formula is one or two weeks' pay for each year of employment. Any payment is taxable as ordinary income. Companies aren't required to offer severance payments. If you accept a severance package, you'll likely be required to sign an agreement stating that you won't sue your ex-employer. If you're 40 or older, your employer must give you at least 21 days to decide whether to accept a severance agreement under the Older Workers Benefit Protection Act. If it's a group termination (meaning multiple employees lost their jobs), you'll have at least 45 days to accept the agreement under the same law. 4. Secure health insurance coverage Some employers will let you keep your employer-based medical, dental and vision coverage for a specified period at no additional cost. You might also consider seeking out coverage under a family member or spouse. If neither is an option, make sure you know about the federal law called the Consolidated Omnibus Budget Reconciliation Act. COBRA allows workers who leave their jobs to continue their health insurance if their company has 20 or more employees, usually for 18 to 36 months. You'll usually pay the entire premium, plus a 2% surcharge, which can get expensive when you've just lost your job. Another option is to shop on the Health Insurance Marketplace for a plan. If you've lost employer-based coverage, you might qualify for a special enrollment period if you sign up within 60 days of losing coverage. 5. Review other company benefits Payout for unused time off, including vacation and sick time. Some states require employers to pay workers for unused PTO if they leave their jobs for any reason. Company stock or retirement plan: Since accounts like 401(k) or 403(b) are employer-sponsored, find out if you can leave it where it is or roll it over to another investment account. Company equipment. If you have a company laptop or cellphone, you may be allowed to keep the equipment or buy it at a reduced price. Additional benefits. Some companies help laid-off workers find their next job by offering career counseling or resume assistance. 6. Understand unemployment eligibility If you get laid off and lose your job through no fault of your own, you'll typically qualify for unemployment benefits, although the rules vary by state. You'll usually file for benefits in the state where you worked. Contact your state's unemployment office immediately after you learn that your job has been cut. You can expect to wait about two to three weeks from the time you file until you receive your first unemployment check. Don't rely on minimal jobless benefits to get you through. Most states offer unemployment benefits for up to 26 weeks (approximately six months), with weekly benefits ranging from $235 to $823. Read more: How to File for Unemployment Benefits 7. Build up your emergency fund If you're able to find areas of savings in your budget, make building your emergency fund a top priority. A high-yield savings account is a smart place to stash your emergency fund because you can earn interest and also access your money without penalty. Experts generally recommend an emergency fund that can cover at least six months of living expenses, though that's unattainable for most households living paycheck to paycheck. "Anything that you can put together, even a month's worth of rent, is going to be helpful." Lisa Countryman-Quiroz, CEO of JVS Bay Area "Anything that you can put together, even a month's worth of rent, is going to be helpful," said Countryman-Quiroz. Having even some emergency reserves will not only protect you but also give you peace of mind. "Come from a position of power and choice, rather than from one of scarcity and desperation and necessity," she said. 8. Preserve your retirement accounts If you're suspicious that a layoff is coming, don't cash out your 401(k) or any other retirement account in a panic. You may owe a 10% early withdrawal penalty in addition to income taxes. However, if you're currently contributing extra to your retirement account, DeMase recommends rerouting some of that spending to your emergency savings so it can be liquid if you lose your job. 9. Scrutinize spending and debt Creating a no-frills budget that only covers the necessities will give you a clear action plan in case you lose your job. Or if your savings are lacking, you could implement a bare-bones budget now so that you'll have a safety cushion if your income takes a hit. If you have any debt, try to pay off what you can now so you won't be stuck in a growing interest cycle when you're without a paycheck. DeMase said it's a good idea to start scaling back on any nonessential spending now. Take a close look at your budget to see what's necessary (housing, groceries, debt, utilities, etc.) versus what's optional (subscriptions, dining out, vacations, etc.). Use a budgeting app to help find expenses you can cut. 10. Find extra work and training If you're concerned that a job loss is on the horizon, you might be able to seek out alternative sources of income. DeMase said to consider taking on a side hustle, like freelance work or a part-time gig, while you're still employed. Having extra income streams now can help you save money and pay off debt faster. It's also a good opportunity to look into leveling up your expertise and qualifications. Countryman-Quiroz says that "future-proofing" your employability means building up interpersonal communication and collaboration as well as tech skills, specifically in the realm of AI. Local nonprofits and workforce development organizations often provide free resources to build skills in new sectors. Free and low-cost resources for job seekers Cal JOBS: Cal JOBS offers a complete set of employment tools for job seekers in California. American Job Center Finder: Thousands of job centers nationwide help people search for work, find training and answer other employment-related questions. LinkedIn Learning: LinkedIn offers video courses taught by industry experts in Business, Creative, Technology and Certifications. Goodwill Industries: Goodwill Career Centers provide job training and placement services.
