If you've gotten the ax or fear you're next, it’s time to prepare yourself without panicking, NPR reports. The American Psychological Association advises people to stay calm and make a financial plan to cope with tough times. "It's very hard, but try to stay focused in the present," one psychologist says. "It's a cliché, but it's really helpful right now to think about that."
Denver Mayor John Hickenlooper lost an oil job in the 1980s, but bounced back by remembering his high school baseball days. "I found a level of confidence that I don't think I'd had before," he says. If you're an employer facing workers with layoff syndrome—which afflicts those whose colleagues are fired—talk to them openly about organizational problems to keep the workplace healthy.