Posted by When a company is facing an economic crisis or an organisation shift, there is going to be a telltale sign that someone will likely get laid off. Regardless if you are a senior or a junior, everyone is at risk of losing his or her job. That said there are ways to cover your back and sustain yourself when the time comes where your position will be taken away from you.
Setting up an emergency fund
Having a sufficient fund to cover at least 3 to 6 months worth of living expenses will allow you to last until you find a new job. Start by calculating your costs with the most important expenses such as:
- housing
- food
- healthcare (including insurance)
- utilities
- transportation
- personal expenses
- debt
The non-essential expenses that you shouldn’t cover if you lose a job, for example:
- entertainment
- dining out
- non-essential shopping
- vacations
- savings for a second home, college or other personal goals
If you felt that you are not saving enough, don’t panic. You can start by saving away smaller amounts of money on a daily basis, like every week or every paycheck. If you maintain this habit, in time you will eventually save enough to meet your expectation. It’s fairly easy to reduce the number of optional expenses. Once you have settled down into a new job, you can gradually restore your lifestyle to how you want it to be. Only consider loaning money as your last resort if the unemployment period is taking a heavy toll on you. Loans an lines of credit from financial institutions are usually provided at much lower interest rates compared to using credit cards. Most importantly, try to pay off your bills on time to maintain your credit record.
Related: Developing a Plan To Strengthen Your Credentials
Set up and leverage a new social network
There is no shame in getting layoff or a tarnished ego to keep you from reaching into one of the best sources of information about employment opportunities. Talk to your work associates that you are searching for a job, and describe the skills and experience that you can offer to any interested employers. Track your contacts that people recommended to you. Invest as much time as possible with successful and positive people and refrain from interacting with negative individuals.
If you have developed a strong bond by networking extensively with the people in the company. You will have more people to back you up and a higher chance of getting away with being laid off. That being said, it would be easier to ask for a favour from a person that you keep in touch with regularly. Compared to reaching out to people you don’t always interact with you won’t be viewed as taking advantage of other people for helping you from a precarious position.
Understanding the business in all aspects
Being the best at what you do in your current position may be good enough. Imagine taking up the initiative to learn about the ins and outs of every aspect of the company business. Involved in various groups or projects to yield more exposure. The more you put yourself upfront across different departments, the management will take more notice of your commitment and motivation to help achieve the company goals.
Focus on refining your most relevant skills
Honing a specific set of skill that the company in need will keep your position in the company. If you are a business consultant, in a niche industry where there is a need for your speciality in the field. A programmer that has been working on a website since the beginning that understands the flow. Regardless of which skill that you should emphasize on, once you set yourself as a leading expert in that field. No one is going have a second thought of removing you from the position.
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Ng You Jing Content Marketer at Jobstore Reach me at youjing@jobstore.com