Many people have lost their job or face retrenchment due to Covid-19.
Covid-19 has been a pandemic that affects many aspects of our world.
When you go out, it is mandatory to wear masks and you are not able to go out as much.
It is also mentally taxing to see new cases and staying at home every day.
And most importantly, you are looking at a monetary crisis at an alarming rate. Statistically, people are losing more income and are affected by the economic instability than ever during this pandemic.
When jobs opening are needed the most, the opposite happens and people get retrenched left and right. Economies are taking it hard because of Covid-19. As a result, companies have been downsizing and doing retrenchments to survive this pandemic.
You might question the state of your company or have reasonable worries about your position too. It is not a surprise if you get retrenched since many people are too due to Covid-19.
If retrenchment comes to you, what will you do? Do you have emergency measures to prevent you from going under without any plan? Instead of having worries and being unable to plan for the future when it happens, find out what you can do immediately.
- Sort out your emotions
- Even if you stumble, keep going
- Update your CV and LinkedIn profile
- Evaluate your financial plan
- Try a freelancing job
Sort out your emotions after getting retrenched
Retrenchment to most people would be heart-breaking and saddening for you. Although you may not take it personally, you will still worry about your future and get all sorts of emotions.
Perhaps you will be anxious or worried about supporting yourself. You might also feel sad that in the near future, you need to cut down certain utilities or secondary needs.
It is a fact that mental well-being has reached a new low especially due to young people losing their job from Covid-19.
What you need to do first is get into a calm headspace. Staying calm can be tough in this situation, but try to remember that it’s not impossible for you to find a new job.
Doing anything is less effective and efficient if you’re not in the best mental state. Remember, there’s only a way up from here onwards.
Try having a time when you can relax and set aside your negative emotions. Call friends or families and ask for emotional and financial support.
If needed, try taking a short vacation for a change of pace. A little break would do you good.
Retrenchment might mean a farewell to your old job, but it also means a greeting to more connections and new job opportunities. The key is to try to be rational and keep looking up.
Even if you stumble, keep going
Retrenchment can disarrange your schedule and routine. After all, the routine that you’ve gotten used to suddenly changes.
You’re making these big changes in your life due to retrenchment, but it doesn’t have to be all negative. Remember to take care of yourself.
Take care of your eating habits and do some exercise. Now you have less work to do, it is important to focus on your health.
Try to do your hobbies as often as possible while you’re searching for your next job. Maybe you can even challenge yourselves with new things to do.
If you’re trying out things like making videos or painting, you can add it to your list of skills or portfolio in your CV. Companies are ever-changing and are always looking for more people who can do creative work.
Job-hunting requires a lot of patience. While you’re waiting, why not do something else that’s more productive.
To sum up, try to have a similar balance that you had when you were still working in your old job. This way, you can be more productive and get a head start when you’re adapting to your new job later.
Update your CV and LinkedIn profile post-retrenchment
While you’re working at your previous company, you won’t appear as a candidate employee.
This is because your CV is outdated and your status seems to appear as to be employed currently.
Try to immediately update your CV. Adding more to the list of your job experience is always a great thing to do.
You should also update your LinkedIn profile. LinkedIn is the biggest platform to expand your career and the place where you can start to apply for job openings.
Your LinkedIn profile is important because potential employers may visit your profile and evaluate it immediately. If your profile seems to be lacking or empty, it is easy for potential employers to just leave without considering hiring you.
Things you can do improve your LinkedIn profile includes putting background photo, emphasize your headline and motto, take on skills courses available on LinkedIn, and many more.
If you want to know more about how to create a good LinkedIn profile, you can check it out here.
Evaluate your financial plan for the future
If you are retrenched, it is likely that your most prioritized worry is your financial situation. After retrenchment, it is better for you to review your budget and spending for the future.
If you have savings beforehand, it’ll be extremely beneficial for you. You can try to sustain yourself from your savings in the meantime you’re trying to get a new job.
Try to see if the government in your country gives stimulus too and if you’re eligible for one. Financial addition like this can go a long way and is extremely helpful.
If you want, you can also try to search for other benefits that your country offers. This could include rent benefits, child benefits, and free healthcare that are mostly eligible as long as you apply and meet a few requirements.
A survey in Indonesia proves that the recipients of government assistance are helped by the assistance for household finances.
If you have an extra fund that isn’t included in your savings, it is also good to try and invest in cryptocurrency or stocks. It is the age of digital trading and cryptocurrency is now the most popular way to invest and save up for the future.
One cryptocurrency that is trending right now is Bitcoin. According to statistics, Bitcoin’s price has risen to 66% as of 2021.
So it’s safe to say that cryptocurrency will rise up over the years and be a good investment for you.
Furthermore, it is always good to make a planner or a budget list that you can always write to update your finance. By managing your money in a planner, you can see your spending and income easier.
Retrenchment? Try to take freelance jobs
After you’ve sorted out your life and yourself, it is finally time to look up. What’s next on your list is to find a new job essentially.
But finding jobs isn’t always easy. It is even harder because of how Covid-19 disrupts the economy and increases the retrenchment rate.
Try to get referrals from your former company. It can be from your superiors or your former colleagues. Referrals can help you to get a new job easier.
If you have also worked as a freelancer before, you can try to contact the companies that you’ve worked with before. Try to offer yourself as much as possible for a new freelance job.
If you want to try to find jobs, you can go to sites such as LinkedIn, CareerBuilder, Indeed, Glint, and many more.
You can also go to our site, 9cv9, where you can apply for jobs in an easy way. 9cv9 is the top career platform in Asia where you can find your dream jobs, projects, and internships.
In 9cv9, you can display yourself as someone who’s looking for a job for potential employers and track your applications.
In Conclusion
TLDR; you need to stay calm and assess the situation, take action, balance your life, and review your situation financially.
Retrenchment is something that is more than common during this pandemic. But if you can get knowledge of how to take it and solve your problems after, your journey to find a new job and adapting to the retrenchment can be better.
During these two years, you probably have tackled all sorts of obstacles that you have in life. If you manage to pass during this lockdown, you will surely be able to pick up yourself when you get retrenched.
All it takes for you is to have a clear mind and a clear goal. Focus on yourself and don’t let retrenchment makes you fall into a slump.
Remember, it is the natural circumstances that force you to be retrenched, and not your fault.
You may also want to read:
10 TIPS TO SUCCEED IN A JOB INTERVIEW IN 2020 (Plus one secret tip)
