Your boss crosses your desk and says, “You’re fired!”.
Did you ever think this might happen to you someday?
Most of the time, most of us wouldn’t know in advance if they’re going to lose their jobs. The news comes as a complete, and often unwelcome, surprise.
Maybe you’re confident that you won’t lose your job now, but it could happen suddenly, especially in this current market situation.
If you’ve read the news, talk to your friends, or browsed LinkedIn recently, not a week goes by without a news article (or a few) detailing our local workers losing their jobs.
Retrenchment activities are ongoing, and it’s not happening only in Malaysia, but also around the globe. It’s because of the economic slowdown, cost of doing business increasing, as well as technology and digital disruption (replace human workers).
No job is secure these days, so it is advisable to prepare yourself before you lose your job and deal with the unexpected unemployment stress.
But how to cope with job loss? Here are 6 ways you should follow.
1. Update Your Resume Regularly
When was the last time you updated your resume? Was it a year ago or the last job you’ve acquired? Perhaps you can’t remember it happened!
While you probably don’t need to update your resume every day, you should make a habit of refreshing your resume on a regular basis.
How often should you update your resume?
The global recruiting firm – Monster career expert Vicki Salemi says, “You should update your resume every 6 to 12 months to add new skills and experiences.”
Updating your resume regularly is important as you never know when an awesome job opportunity will arise. You don’t want to delay applying just because you needed time to update your CV.
2. Leverage on Social Media
Social media is a big part of our lives, and the job search has moved onto the digital sphere. Gone are the days of an advertorial on your local paper seeking applicants.
If you aren’t already leveraging your social media platforms to seek for jobs, you’re missing out on thousands of opportunities.
A good example is LinkedIn. I bet every one of you know of this top professional social networking site. If you don’t have a LinkedIn account, you should create one.
Why? It’s because you can build a connection with other professionals, experts, and companies in a personal way.
Other than that, you should join in the industry discussions that you are interested, update your profile and status regularly to increase your exposure, or perhaps use the platform as an opportunity to let people know you’re looking for a job.
Recently, I read a LinkedIn’s post that shared by a lady on my social feed. She introduced herself as an ex-IT Manager and has many years of working experiences in various industries. However, she had recently lost her job suddenly and looking for a new job.
Her post received a lot of warm responses from the public. Within a few days, she had received numerous job offers from her social network.
3. Don’t Miss Any Job Interview Opportunity
If you get a call for a job interview, you should go for it, even if you’re not ready to quit your existing job. You might find a hidden gem or a job opportunity that you don’t want to miss it.
Other than that, practice makes perfect. Every job interview can be a great practice for landing your dream job.
You may not know how to respond to every interview question, or you might face interview situations you didn’t even think to prepare for. Especially if you haven’t been job searching in a while, you might not realise that writing tests are now the norm in your field or that many employers want you to meet with the people you’ll be managing.
Thus, the more interview settings, interviewer personalities, and interview questions you’re exposed to, the more prepared you’ll be when you finally land that awesome meeting with your dream company.
Don’t wait until you lose your job, then you just start searching for jobs and looking for job interview’s opportunities.
4. Learn New Skills Before You Lose Your Job
Learning new skills is very important to meet your career goals.
The lightning-fast pace of the digital age has made even the most competent workers acknowledging the necessity of regularly upgrading their skills, but there is more value in acquiring new skills than simply keeping up with the latest technology.
For instance, our site is a good place for you to learn or pick up new skills from top experts in various industries, including sales and marketing, how to succeed in online business and etc. The question is, how would you know if the new skills you’ve learnt are able to meet the job market’s demand?
Talk to your friends, survey your social network, as well as track job recruitment websites to get yourself updated on which are the most in-demand skills in the job market. This would put you over the edge over other would be applicants for the job you’re seeking.
5. Manage Your Finances & Create Emergency Fund
It’s crucial to manage your finances and create an emergency fund even you have a job now. That way, you will not be facing the risks of losing your job and simultaneously falling into debt.
Not only that, with a sound financial foundation, you can handle unemployment stress better. Many unemployed people suffer from depression, anxiety, rumination, and a sense of hopelessness.
The emergency fund is very critical for everyone, as it gives us immediate access to cash during a critical time, such as you lose your job. You should have enough money in your emergency fund to cover at least 3 to 6 months’ worth of living expenses. So, even if you lose your job, you still be able to pay your regular bills, such as mortgage or rent payments, utility bills, groceries, and loan payments.
In order to create an emergency fund, you should set your budget properly, use your credit cards wisely, manage your debts and save as much as possible. It pays to be frugal.
What you can do is to create a spreadsheet template, so that you can always keep track of your financial health.
6. Create multiple sources of income
One of the key risks in our life is relying on a single source of income. What would happen if you no longer had an income due to job loss?
This is especially crucial if you’re the family breadwinner. What happens if you lose your job, yet you still need to pay your debts, the household bills, and children need to be looked after?
So, what can you do to survive and continue to support your family? Create your very own passive income!
Many people think that they should save as much as they possibly can in their saving accounts, but there are some passive income streams that you can use to create a bit of financial security.
Right now, the interest rate on savings accounts is lower after Bank Negara cut OPR. According to Loanstreet, the fixed deposit rates for 12 months (by the end of May) is below 4%.
Saving too much can be counterproductive in our low-rate environment. Be efficient and keep the right amount of money in the right types of accounts.
A good idea is to invest. It is very important because in today’s world, just earning a single paycheck is not enough. Even your salary will not keep up with the current rate of inflation, what more your bills and mortgages.
Investing in stocks, bonds and ETFs provide income by ways of a dividend.
Other than that, publishing a book (royalties) and blogging (use your blog site an affiliate marketing) also can become your money machine and help you to accumulate your wealth.
If you’re unsure of how to begin your own multiple sources of income, a good source of knowledge is the course, “Everyone Can Create Multiple Sources of Income – Acceleration Series” that is available on our site!
Since no job is secure these days, these activities are healthy and worthwhile for everyone to pursue!
These activities will help you to build financial security and minimise the impact of losing your job.