Even if you have a stable and safe career, a layoff can happen to anyone and it is always best to be prepared for it, both financially and emotionally.
Layoffs have become standard operating procedure for many companies. You or someone you know may have experienced it as well at some point of time. A layoff can be an incredibly scary and stressful situation. There is nothing much you can do to reduce your chances of being laid off. The truth is no job is a 100% secure.
Companies will always look to downsize when the going gets tough. Disappointing business results with big losses are a strong indicator of a layoff. A company exists to make profits and if it suffers from losses, it looks to cut out expenses from wherever possible. Layoffs may also happen when you have three or four employees in a department doing work that can be done by a lesser number of employees. Besides that, a merger or an acquisition may also result in a layoff when job roles overlap.
If your company has already begun laying off employees, you could be next, regardless of how good you may be at your work. Here are the steps that you need to take to prepare yourself for a potential layoff - 1. Always keep looking for opportunities. The rule is to always look for an opportunity even if your current job feels comfortable and secure. Most people, however, fail to do this as they have a false sense of security about their job. Begin by updating your Resume, LinkedIn profile, Portfolio and source anything else you may need such as samples of work, files and other documents. You'll be able to quickly move into job search mode.
Look out for opportunities that are more suitable for your skills and experience. Get in touch with your network and keep your references handy. You only land the job of your dreams by keeping an eye open for it. At The Side Hustler, we realize the importance of a Resume, Cover Letter and LinkedIn profile which is why we are offering you an opportunity to avail of our Professional Resume Writing Service.
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2. Budgeting.
Budgeting requires you to know your needs and wants. Start budgeting for your needs and cut out any other expenses. Also known as the bare-bones budget, where you focus solely on your necessities. You can hold back on your wants until you land another job or earn money through a side hustle. Your priority should also be to increase your savings and build an emergency fund before you experience a layoff. Find tips and ways to save money, here. Related - How to create an emergency fund! Even though the average length of time to find employment is just over 6 weeks, when laid off and looking for a new job, you need to have enough money saved to meet a minimum of 6 to 12 months of expenses. Hence, it is important to take charge of your finances and control your spending habits before it is too late.
Related - 7 types of budgeting for your personal finances! The 50/30/20 rule when it comes to Budgeting!
3. Know your rights as a terminated employee.
Read your employment contract and know what benefits you are entitled to, on being laid off. These may include any unused annual leave, gratuity and even unemployment benefits in certain countries.
4. There is no need to panic or take it personally.
Searching for a new job can seem to be daunting and being laid off puts pressure on your finances while creating an unknown future. However, don't panic as this could be an opportunity that could lead you to your dream job. If you keep looking for work, something will definitely come along. It is important to know that it is only temporary and your situation will get better. Losing a job is not the end of the road.
5. An opportunity to reassess your career.
If you've been unhappy in your career path, a layoff is a great opportunity to reassess your career. Opt for the career path that you have always wanted, use the time to add skills and certifications to your resume and expand your knowledge. The ultimate satisfaction is achieved when one opts for a career path where they can maximize their true capabilities and strong points. Related - 7 signs you should quit your job! 6. Consider a side hustle.
A side hustle is a great way to earn money and reduce your dependence on one source of income. Besides that, you can even turn your side hustle into a potential career path or a full-time business. Explore your options and note down a list of things that you are good at and are of interest to you that can help you earn money. This helps you in finding a niche where you can successfully get your hustle going.
Related - 7 things to do before you quit your job!
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