Getting laid off is scary. As Artificial Intelligence takes over jobs, and companies downsize or outsource, the possibility of getting laid off is high. Especially with remote working becoming the norm, some companies may prefer to hire freelancers in other countries to save on payroll expenses.
Losing one’s job can throw a carefully planned career and financial future off. Suddenly, one might find themselves digging into savings or money kept aside for investing, such money set aside for buying a house or children’s college.
So what can you do if you find yourself in such a situation?
The pre-lay off period
First, there is the pre-lay off period. This is the months or years before it actually happens. The pre-layoff period is a critical time. Money saved and invested and plans made at this time can be a life changer.
It is important to plan one’s financial future. One thing you can do is to ensure not to live paycheck to paycheck. Don’t spend all your income. Instead, put aside a portion in rainy-day savings and invest another portion in a trustworthy investment type. And, as income increases with pay-raise, try not to let expenses increase in the same proportion as income. For example, if salary increases by $500, you might allow expenses to increase only by $100.
The second thing to do in the pre-layoff period is to ensure your skills are up to date. Keeping up with changes in your profession is important. You can do this by attending professional events, taking professional development training programs, and staying up to date with news about changes in your industry.
A third thing to do is to know about changes happening in your organization and ensuring to keep up with them. Are there planned downsizes? What are the requirements for new hires in jobs similar to yours? What is the financial condition of the organization? How is technology affecting your organization? This will enable you to foresee situations that might affect your job.
The lay-off period
The first thing to do when you get laid off is to assess your situation. Consider your finances, your skills, and the job market.
Determine if you need to upgrade your skills. Decide if you will be applying for a similar job as your previous one or something different.
Is employment the route you should take or should you become self-employed?
Also consider your finances and how they affect your living conditions? Is there enough savings to sustain your current lifestyle? Is there a spouse or other family member whose income can substitute yours? If you are renting, should you downgrade your house or move in with family to save on expenses? Take any necessary steps that can reduce expenses and preserve your peace of mind so you can focus the important things.
Once you have assessed your situation and made some decisions, create a job search plan.
Decide what jobs and companies to apply to and whether you will be applying as an employee or a freelancer / self-employed. Revise your resume and job application letter and create necessary career marketing material, such as a portfolio. Assess your contacts and decide who you need to contact for job leads.
After your plan, marketing materials and contact lists are ready, you can start applying for jobs. Give yourself a schedule for putting your plan into action and achieving progress.
With preparation and an organized plan you can take the steps to revive your career.
Written by Kokab Rahman.
Follow Kokab Rahman on LinkedIn, Instagram, Twitter.
© Copyright Radeya Global. May be reproduced as long as the content is unchanged and a link to the original post on Radeya Global Blog is provided. Radeya Global Blog may not be reproduced in its entirety.
Need help with job search, career development, career planning, resume optimization or interview skills? Radeya Global can help. Our services enabled clients to get jobs at top organizations like EY, JP Morgan, Marriott, NHS, Crowe Mak, Saudi Re, IPCO Germany GmbH, NHS and DMCC. We can help you too. Fill out our Client Assessment Form to get started: https://forms.gle/mU2wEmiwz2JuQEBA6 . Or take advantage of our Summer 2024 special offer on Expert CV Rewrite.
#radeyaglobalblog
