Many have lost jobs to the Covid-19 pandemic, while some others have been asked to go on indefinite leave without pay. For those who got a pay cut, uncertainty looms over the future of their jobs. If you have recently lost your job, take the following steps:
Check your employment contract and be aware of financial compensation in cases where employees are fired. You can even sue the company if it is in violation of contract.
However, play your cards well, as you would also want to keep your options open. Try leaving the company on a good note as far as possible.
Check with the employer as regards the total financial compensation in various forms – salary, bonus, gratuity or EPF. Add to it the emergency fund balances. Immediately, get into the conserve mode.
Put your long-term goals temporarily on hold. Bridge the financial gaps to stay afloat for as long as possible.
Being laid off can be a stressful experience leading to anxiety or depression. That’s why it’s important to meditate, relax and chill. Only a calm mind can help you reflect deeply on your career.
Use the available time to learn a new skill or sharpen existing talent that will enhance your career prospects. Pick up a suitable online course that suits your career the best.
Also, use the opportunity to simplify your finances by automating your investments and using digital platforms to pay all your bills.
You can supplement your income by freelancing or teaching. Freelancing options are opening up in areas of IT, content, advertising, e-commerce as well as financial services.
Be fully updated about the news flowing about the economy and industries relevant to you. Increase your knowledge by attending online seminar talks or podcasts. Explore opportunities even if they are of short-term nature in start-ups and small and medium enterprises.
Update your CV and be active on the LinkedIn as well as school and college alumni networks to sniff any job opportunities.
Economy and consumer demand will eventually bounce back and businesses will start recruiting again. Till then, don’t let your fears consume your self-confidence. As they say, tough times don’t last, but tough people do.