Have you ever set yourself a goal and you really want to make it happen, but...
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 to deal with an unexpected job loss.
But how to cope with job loss? Here are 5 ways you should follow.
1. Update Your Resume
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. Learn New Skills
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.
4. Manage Your Finances
It’s crucial to manage your finances even you have a job now. That way, you will not be facing the risks of losing your job and simultaneously falling into debt.
There is a Chinese saying that goes ‘take care of your money and money will take care of you.’
As such, 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.
5. 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!
There are some passive income streams that you can use to create a bit of financial security.
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.