Preparing for Job Loss
We are living in a time where there is palpable insecurity in the job market. In such unpredictable situations, one must not get panic and should strategize their actions in case they have to face the misfortune of job loss.
Few key strategies to prepare for job loss are:
Build and Maintain an Emergency Fund – A job loss is one of the most testing emergencies that an individual can face. With the absence of a regular income, you will have to depend on the emergency fund to cover your essential monthly needs. In such a situation, if you don’t have a enough emergency fund to fall back on, you will have to seek desperate measures such as undertaking debt, which will most likely land you in even more trouble. Therefore, focus on building a healthy emergency fund.
Trim Your Budget To Boost Your Emergency Fund – With the absence of regular income, it would make scene that you trim your budget, your needs and wants will have to be altered and taken another look at. Reducing your income will help your emergency fund to last longer & give you peace of mind needed to find a satisfied job.
Build and Maintain a Solid Professional Network – In these days of online social connectivity, people are getting more approachable through networks such as linked-in. Try to build your own linked-in profile and start networking with professionals from your industry. With the ease and accessibility of the internet, it has become easier than ever to connect with people relevant to your job industry. Also join communities related to your industry, visit the events & seminar & network with people ,try to make your presence felt. Therefore, by building a strong enough online professional network and attaining different networking events you will be better able to hunt for newer opportunities.
Build and Maintain a Solid Resume – First impressions last. For the employers, your resume is the first impression that they make about you, before they even physically see you. Your resume represents you as an individual and an employee by highlighting the skills and capabilities that you possess. Therefore, take some time to craft a solid resume. Add all of the skills and experience that describe your work so far in the industry to help the employer understand you better. A solid resume is the first step to getting an interview and subsequently, a job. So, give it a good amount of importance and time.
Distribute Your Resume Far and Wide – Once you distribute your resume in a few places, don’t expect to start receiving calls the next day. With so much competition, there are many individuals like you applying for the same job. Instead of waiting, distribute your resume to all of the companies in the industry that can help you get relevant work. If you distribute your resume to a friend, it will take them some time of their own to pass it on to the concerned authority in a company. Therefore, understand that it takes time for your resume to reach the employer and try to reach out to as many of them as possible.
Keep on applying for jobs – If you have a doubt of whether or not your place at the current job is fixed, keep looking for options. If you start looking, you will find a lot of job opportunities that can help you secure a job if you’re unsure about the current one. Once you have a few options to choose from, you yourself will also feel better about your skills and capabilities. Therefore, keep looking, it doesn’t cost to look.
Keep upgrading your skills – There is a lot of competition in the job market. Today the job market largely runs on meritocracy. Therefore, the skills one possesses decide on who gets what kinds of opportunities, at least in the corporate space. Therefore, try developing new skills as they will help in opening newer job opportunities for you. An investment in developing new skills right now can benefit your entire career in the future.
Try getting some freelance work as a back-up – Thanks to increased competition in the job market, these days we live in something called as the “gig economy”. Younger generation is constantly looking at one-off contracts or opportunities that can allow them to do a job they are good at – such as photoshop designing, video editing, content writing & so on. While such freelancing work is no substitute for a stable job, it is a good option in cases when you don’t have a job at all. A side benefit of freelancing is that you can choose to do the work you like and seek specific opportunities while you earn some money while doing it in the absence of a stable income. Something is better than nothing.
To sum up:
Period of possible job loss can be scary, but it will make more sense if you take it as an opportunity to prepare for it before you lose your steady pay. The more steps you take now before your job disappears, the easier it will be to come through the other side successfully.