8 Things to do Before Leaving Meta (Facebook)

With all of the changes at Meta, employees need to know what steps to take before leaving. Retiring, or worse, losing your job, is a monumental (for better or for worse) moment in your life. Your mind is racing, your palms are sweating, and you simply just don't know how to operate. The loss of a job, especially for those with over 20 years of service, affects the same receptors in the brain as the loss of a loved one. You have been connected with Meta for many years, and now the relationship is over. Remember to reach out to Meta HR & Benefits at 650 543-4800 for all Meta summary plan descriptions.

The same five stages of grief apply for a person going through retirement, job loss, or the loss of a loved one. Denial, anger, bargaining, depression, and acceptance are a part of the framework which helps us to get through the lack of employment.

As the reality of the situation settles, your emotions will be a mess. You might feel upset one minute, and annoyed the next, and it can be tempting to vent your frustrations. Remember, acting upon impulse almost never turns out well, and can make a difficult situation even worse.

Here are a few items to check off as you consider leaving Meta:

1. Take a few minutes to read our articles on restricted stock units (RSUs) & your 401(k) benefits. The vesting rules for Meta employees can be confusing and it is important you are aware of which vesting schedule you fall under. Click here to get a better understanding of your Meta benefits:
   https://www.theretirementgroup.com/blog/your-meta-facebook-rsu-shortcut
   https://www.theretirementgroup.com/blog/facebook-benefits
2. Sit down and carefully analyze your finances. If you have a spouse or significant other, involve them in this process. Avoid doing financial business with friends or family. Money and friendships do not mix.
3. Call your Credit Union or Bank, and consider opening a line of credit against your home equity. Consider opening additional credit cards to create an emergency credit line. Many of you have been employed your whole life, so you may not think to do this, but once you are unemployed it becomes exceedingly difficult to get credit. Therefore, it is very important you take this line of action.
4. Go over your 401(k) contributions, if you were making them. Decide whether or not you should increase your contributions for your remaining time on payroll, or cease them entirely to build up more immediate cash. How you proceed may have big tax implications. Depending on when you stop contributing, you may end up in a much higher tax bracket due to your severance payment, unemployment, etc.
5. It's not always wise to file for unemployment immediately after the loss of a job. Depending on the time of year you are laid off, paired with your financial situation, it could be beneficial to wait to file your claim so that your unemployment payments fall in the next tax year. You may be able to save on tax payments when your overall income is lower due to the fact that you're unemployed. There are an overwhelming number of situations that you want to consider before making a move on this. We recommend speaking with a Meta-focused retirement advisor to go over your options: 800-900-5867.
6. Unless you believe your layoff was deserved, speak to a trusted lawyer to go over your options. Venting your anger at managers and colleagues may feel amazing temporarily, but it will damage your career in the long run. You spent all this time building up your relationships at Meta, why burn them now? Avoid going online, even anonymously, to berate past Meta staff & management.
7. Have a plan for how to fill the void on your LinkedIn profile and your resume. If you are pursuing a new job, having a job makes it much easier when finding your next adventure. In the meantime, you might consider becoming a consultant until you find a permanent position. You may also find the ability to go back to Meta as a contractor working on your terms.
8. Figure out what you will tell your Meta coworkers - create your go-to statement and practice it, so you can say it without becoming too emotional. It will be normal for friends and acquaintances to ask, and we assume you won't want to burst into tears or lash out every time the question is popped. However horrible you feel, it's crucial to remain calm and act professional, and try to avoid doing anything that might hinder your reputation or integrity. Remember to stay professional on social media when discussing Meta.