Dealing with Sudden Unemployment

DEALING WITH SUDDEN UNEMPLOYMENT

When it comes to our jobs, we often assume that unless we mess up, we are pretty much guaranteed to stay employed. But what happens when there is a sudden economic downturn, or when your company is not doing well, and you are unexpectedly fired?

• First of all, stay calm. Remember that it really isn't you, it's them. When there is an economic downturn, or when the business is not doing well, some companies start letting their staff go. Some simply cannot afford to retain their staff, and others panic and let staff go to cut costs. Understand that this is not about you, and that this could happen to anyone. Try to stay positive. You will get through this.

• Find out about their severance packages. Some companies have some sort of severance package they offer to help you till you find another job. Also, find out when your severance is effective from. Is there a notice period? There should be. Read your employment contract and make sure they are sticking to the conditions laid out there.  

• If you work at a big company, ask if any other related departments are hiring and try to get a transfer instead if possible.

• Remember to stay on good terms with your bosses and colleagues at your old company. Don't let the stress of your unemployment affect the relationships that you have cultivated over time. Having good friends is important. Having good references when you go for new jobs is important. Since you will most likely keep working in the same industry, it is also going to pay off having good connections for the future. And who knows, maybe one of them will know of an opening somewhere that you can apply for? Ask.

• Treat this as a break. Prepare yourself for the possibility that it could take a while to get another job. Use this time to relax, spend more time with your family, and maybe pick up a few skills that you could add to your CV. There are many short courses online that you can do as well, sometimes even for free.

• Update your CV. Add the skills and experience that you gained at your old job. Circulate it. Apply for relevant jobs, and even if there are no vacancies at companies you would like to work for, send your CV to HR anyway. If something comes up, maybe they will think of you.

• Make a budget, and cut down on unnecessary expenses for the time being. Differentiate between your needs and wants, and prioritize the most important expenses like food, accommodation, health expenses, and education.

• If you have any loans or credit facilities, talk to your bank and see what can be done to change your repayment plan, so that you do not default on them.

• Try to get a part-time or freelance job in the meantime. This could be tutoring, freelance projects, or even something unrelated to your professional industry like baking or photography.