Recently, job cut has become a constant reality. The reason is, many economies are frequently in and out of depression.
Businesses would always do all they could to push total revenue above total costs. If sustained profitability is the oxygen of every successful business, cutting costs would always be applied to avoid suffocation.
Job cut is most busineeses' primary cost cutting tool. What this means is, right now, someone has just lost a job or is about to lose a job for no fault of theirs. But...that wouldn't be the end of life.
There's life after a job loss. A weak economy could recover quickly, grow rapidly and give businesses opportunities to hire again. But one would have to be alive, sound and prepared when the next employment opportunity shows up.
This post gives useful tips on how to prepare for a job loss and survive a layoff.
1. Invest in continuous learning.
Don't stop learning after you've secured your dream job. Having a dream job is not the same as having job security.
As we already know, some extraordinary event could occur and cause business giants to layoff their employees. So in reality, there's no true job security in paid employment.
But you can build an enduring job for yourself. You can start from the scratch and build it all the way up while you still keep your day job. There's a condition, you must learn new things every step of the way to make a success of it.
Investing in continuous learning also gives you an edge, In case, you lose your job and start job hunting. Possession of extra useful skills is going to place ahead of the competition for a good job.
2. Update your resume regularly.
As you acquire new skills, add them to your resume and update it. Never allow the lucrativeness and security that present job seems to offer, lull you into forgetting to regularly update your resume.
Don't also be too comfortable in your present job and forget to constantly be on the look out for better opportunities.
3. Set up an emergency fund.
You should be able to continue to fill basic needs for the short period you may be out of work.
No job, no more income, so where would the money to pay bills come from? From an emergency fund, assuming one was set up when in paid employment
If you don't have one? Now may just be the right time to set up one. You can't tell what's going to happen next
Experts advise that you should have in that fund, an amount that would be enough to cover your living expenses for a period between 3 and 6 months. Aim to have an amount that should cover living expenses for a longer period.
Keep this fund in a place that's secure, quickly accessible and not in a long term time deposit account.
4. Build a worthy network.
When you're in a good job, don't remove yourself from the circle of valuable friends and professional colleagues. Keep them, make yourself useful to your network and continue to expand.
A good network is a lauchpad to greater things . Don't forget that there's no limit to the support a good friend could give in times of need.
5. There's life after a job lose.
When you lose your job, sit down and take stock of your life. Don't panic! It's not the end of life!
There are always bigger and better things ahead. You can rise from the ashes of a job loss to live your dream llife, become a role model and a source of inspiration to thousands or even millions of people
