There  are various situations that occur which may lead you into losing your  or starting to hunt one. For example the financial year is over and no  one is getting a bonus, performance reviews came and went with no  adjustment of salaries, and your company's main competitor recently laid  off half its staff. You've noticed the bosses going into closed-door  meetings and the human resources director seems awfully busy. With the  recent power management, you start wondering……….
Pufffffffff,  something is not right or is there? Maybe you're paranoid, and there's  nothing to worry about or maybe not. With thousands of workers laid off  in a broad range of industries and an economy doing poorly, it seems  that no one is safe from the threat of being downsized, terminated, laid  off, or let go. If you've been hearing rumors at the office about  imminent layoffs, it might be wise to act as though they may be true. 
To some people, this signifies the end of life but no, the interesting part has just began. Experts propose the following steps:
1.   Keep working: If  you work harder now than you ever have before, your work ethic may rub  off on your coworkers and together, you could pull your company out of  its pit. Seriously, your supervisor could notice the valiant effort  you're putting forth in the face of uncertainty and decide to reward you  by not eliminating your job. Your coworkers will remember what a  friendly, helpful, hard worker you are and recommend you to their new  bosses at their new companies when they get new jobs after you all get  laid off. 
2.   Update your CV and interview skills: You'll  have a head start on the job search if your resume is ready to go as  soon as you need it. Update it now with information about your current  job and any new skills you've recently acquired. Ask a friend, discreet  coworker, or professional resume writer to have a look at it. Print out  several hard copies on nice paper so you'll have them on hand. While  you're at it, start refreshing your interview skills. If it's been a  long time since you last undertook a job search, you might not be aware  of the most current interview styles. Even if you are, practice and  preparation will ensure that you're confident and capable when interview  time comes.
3.   Put out feelers: Discretion is the key but it's not a bad idea to start looking for a  new job now. Let close friends and family members know that you might be  in the market soon and ask them if there are any openings at their  companies. Post your resume on job boards that allow you to prevent your  current company from accessing it, and keep an eye on the classified  ads and Internet job listings. Pay attention to what the market is like  now so you won't be surprised if you do lose your job. And if you see a  dream opportunity, don't be afraid to jump on it. If you don't, and  you're laid off, you'll regret it.
4.   Expand your skills: While you still have extra money, consider enrolling in a course or two  to update your marketable skills. Not only will this enhance your  resume, but it will keep you busy and help you make contacts if you do  get laid off, as well as opening your eyes to career opportunities you  might not have thought of otherwise.
5.   Start saving money: Conventional wisdom holds that you should have enough savings to  support yourself for three months. If you haven't been saving already,  this might not be possible, but do the best you can. The more money you  have on hand, the less traumatic the layoff will be. You'll also be able  to take your time finding a new job, instead of having to desperately  accept the first offer that comes your way. If you want to, you'll be  able to take some time off to study or travel. You'll also want to start  investigating what a layoff will mean to your pension plan. Look into  unemployment insurance, too. If you carry a balance on your credit  cards, investigate whether the lender offers an insurance program that  would allow you to suspend payment in the case of unemployment. If  you've been putting off getting a wisdom tooth pulled or visiting the  eye doctor, do it now while you're on your company's health plan.
6.   Clean out your computer: When the big layoff actually comes, you'll be lucky if you have more  than half an hour to remove personal files from your computer before  it's turned off. To avoid the stress of that situation, start copying  personal documents onto floppies, deleting them from your work  computer's hard drive, and taking them home. Do the same with any  hard-copy documents of a personal or private nature.
7.   Don't freak out: The coming weeks or months will undoubtedly be scary. If you're well  prepared, you'll feel much less pressure and you'll be able to see the  situation much more objectively. Keep your wits about you and try not to  let work - related stress get to you too much. 
Remind  yourself that you're doing what you can; other than that, it's out of  your hands. Don't feel disloyal for taking these steps because you have  to take care of yourself. Stay calm and look on this as an opportunity  and a learning experience. Find someone trustworthy you can confide your  fears in; if you're really panicky, think about seeing a counselor. And  remember that this happens to the crème de la crème of the job industry  and thus you are not alone.
If  you pray to God, Allah, Brahama or any other, this is the time to get  closer to HIM but not just for the sake of it but also for guidance.
We all look forward to such a situation like this not happening but you are better prepared than surprised.