When organisations undergo a major change eg restructuring etc, everyone is affected. Plus with the current situation of Covid, oil price drop, and economic uncertainty, downsizing is inevitable.
More workers expected to lose their jobs either being retrenched or offered MSS (Mutual Separation Scheme) package.
If this happens to you or someone you know, here are some quick tips to help to deal with the Emotional, Financial and Planning:
8 quick tips to help dealing with the Emotional, Financial and Planning
1. Accept and See the Positive Side
Yes, losing your job is a very personal experience. It takes a lot of emotions such as panic, anger, stress, etc. But don’t lose your calm. Don’t burn bridges.
Thanks to everyone for their support and leave the company gracefully.
While losing a job is painful and difficult, you can try to view the uncertainty as a great learning experience or looking for a new opportunity.
My friend Ms. M was once a Vice President of a big corporation. She was offered an MSS package by her company due to organization restructuring. Although it was painful, she stayed positive and moved on.
She started working as a volunteer at a club organization and she worked very hard. After one year, people started noticing her contributions, and finally, she was offered to be part of the Board of Directors in 3 multinational companies.
If you are positive, willing to work hard whether being paid or not, believe in yourself, then things will definitely get better.
2. Have A Strength
You will face a lot of doubts. So try to stay positive about the situation. The best way is to find strength in or within yourself. Examples are:
a. Recall a tough time in the past and think about what worked for you. Try to implement the same or better solution this time.
b. Reaching out for support. It’s ok to inform your family about what had happened to you and seek their support if necessary. You never know, they might have the solution that works for you.
3. Stay Healthy.
When you have lost your job, it can be de-motivated. You tend to sit on the sofa, watch tv, eat junk food or chips, etc.
But remember, your family is depending on you. So it makes sense to take care of yourself so that you can provide for others.
· Try to maintain good diets and get some exercise. Be active, go for a walk or run, do some gardening or anything that makes you move. This will help to shift negative emotions and clear your mind of stress.
· Avoid drugs and alcohol. Not only they worsen your emotional state, but both will also increase your risk of developing anxiety and depression. Plus they will drain your finances.
4. Prioritize the Current Debt and Expenses.
As you don’t have a source of monthly income (it could be 3 months or up to 1 year), it is necessary to ensure you have cash as much as possible. List down all the current commitment and try to maintain the top five important payment;
• Home loan
• car loan
• health insurance
• utilities and transports.
If you have credit card debt, you could consider a balance transfer. This allows you to move your credit card balance from a high-interest card to one that charges zero percent (0%) during a certain period.
5. Cut Back the Unnecessary Expenses or Lifestyle
Try to eliminate or minimize any expenses that you don’t really need. These could be gym or magazine subscriptions, outings, and frequent outside dining.
You may want to consider terminating ASB (Amanah Saham Bumiputra) loan if you can’t get a new job after 6 months. By terminating this loan, you could free up some cash in the meantime. Plus, if your ASB loan is more than 3 years, you could get extra cash from the surrender value.
6. Manage Cash.
a. If your cash in hand can only last to pay your commitment for less than a year, then put your cash at the institutions that provide capital protection such as Fixed Deposit, ASB (Amanah Saham Bumiputera), or Tabung Haji. I don’t recommend you to invest in a mutual fund or unit trust as it hard to give high returns within one year.
b. Avoid the temptation to double your cash at ‘skim cepat kaya’ (rich quick scheme) or invest in the stock market. The risk is not worth it.
c. Have a plan to earn some income. You can consider driving for Grab, become a consultant, do freelance work such as writing, graphic design, etc.
I understand it might feel humiliating to do an odd job after having a high-income position. But if you need the money, it will help you to pay the bills and stretch your savings.
Don't let the past demotivate you. Start to plan for the future.
7. Plan to retire
8. Looking for a New Job
If You Plan to Look For a New Job, consider the following;
a. Update CVs and focus your search on jobs that you’re qualified for.
Don’t stop applying for jobs while you are waiting to hear back from an employer. Most job seekers are rejected by over 10 employers before landing a job.
b. Job reference.
Lookup for networking and try to get job referrals from family, friends, etc. You can also build professional relationships by attending events put on by organizations within your industry.
• Optimize your LinkedIn profile. Your photo should be warm, friendly, and high resolution. Keep your previous job description simple and highlight your previous achievements and skills.
• Accept the invitation for connections and Ask for recommendations. Yes, you are open yourself up to new opportunities the moment you connect with strangers.
• Publish your thoughts on best practices. Don’t just post CVs on LinkedIn. Employers are looking for an expert in their industries. Hence, publishing valuable content or article will give you some credibility.
The past is the past. Accept it and move on.
Stop worrying and work on things that within your control. Regardless of your challenges, remember to walk with your head up and a positive mind.
Once you have made your plans, stick to it, look for opportunities, and believe that Things Will Get Better