Losing a job that kept your financial and social life sane, is no less than a nightmare. No one ever plans for this crisis. However, when the job market is debilitated by the changes at macroeconomic level, numerous employees lose jobs and are left with no immediate option to sustain their monthly income. All of a sudden, lot of job seekers start looking for jobs. In some cases they even agree to work at a lower salary than their current pay package. For some more, unemployment becomes the reason for additional stress.
So, here are a few tips that will help you survive layoff without doing a much ado:
Action plan for the Next Job
1. Try to fit in within the organisation
When the news of layoffs takes round in the organisation, don’t panic. Reach out to the HR or your manager and seek their suggestion if there is a vacant position in the company in some other vertical where your skills can be deployed. If the organisation offers to re-align your salary and offers a job in other vertical, do not give it a second thought. When the job market is weak, it is better to get absorbed in the same place and scout for better opportunities gradually. But if you choose to quit, it might cause you mental anxiety and pressure to get another job in short span of time.
2. Update your Resume
Whether you get a job or you don’t in the current organisation, as and when you smell layoff in the air, update your resume. Be it online job portals or in the form of soft copy, re-draft and update your resume. Upgrading skills and experience can help you secure a job in some other industry that are in need of your KSA.
3. Reach professional and personal circle
Although the far and wide reach of online job portals cannot be de-valued, but at times, people in professional and personal also come to your rescue. In contemporary times, organisations value employee referral for hiring the fresh talent. Make use of it! Circulate your resume among the friends and family members. You can also ask your colleagues who have already switched job to forward your resume in their respective organisations.
4. Take up freelancing for part-time job meanwhile
Layoff is a turning point in anyone’s life when one can undoubtedly suffer from financial crisis. Several monthly bill payments, medical expenses, and other liabilities such as EMIs and instalments eat up a huge portion of salary.
5. Enrol for certifications
If nothing works out to put you at ease due to the sudden layoff, then enrol for a good certification that can add value to your existing skill set. Taking up a short professional course will keep negative thoughts at bay and you might get a chance to interact with people from your domain.
Back-up Plan to stay afloat
6. Accumulate for the rainy day
One of the greatest traits of becoming wealthy is to induce habit of savings. Wealth breeds wealth! So make way for financial independence to survive layoff period. One of the key to make it to a stress-free financial life is through accumulation of money.
7. Invest in wise insurance plans
Organisations offer insurance benefits which often cover your entire family for the unforeseen events. Bit as a matter of fact, the day you leave the organisation, all the benefits associated with the insurance plan also come to an end. So it is better that you buy one personal insurance plan on the safer side. It is prudent decisions to keep a back-up plan for maintain financial standing in market.
8. Cut-down unnecessary expenses
When you have less money or no monthly salary in hand, plan the expenses wisely and cut down on unnecessary expenses. Layoff is the test of your patience and perseverance. Do not let this time bring down your financial standing by splurging on things of less importance. Go Frugal! There is no harm in spending less when you undergo a difficult phase in life. Plan wisely and revise the monthly budgeting. For say, you can switch to pre-paid mobile plans than the post-paid ones.
9. Earmark Emergency Corpus for contingencies
An emergency corpus is a necessity for keeping you financially secure in the long-run. If you have bought financial products and other assets, then keep a corpus of atleast 4-5 months to ease out the burden of EMIs and instalments. This will not give you heartaches when unexpected layoff comes your way. You will have ample time to find another source of regular income to keep your financial obligations streamlined.
Needless to say that layoff is one of the least expected moments of life, but do not give up hope. Every ending brings with it a new ray of hope. Never forget that:
For more interesting articles related to office stress management and time management tips, please visit www.jagranjosh.com/jobs. Share this article with the ones who are surfacing layoff, it will surely help them prepare better for a financially secure future.