With Covid-19 and an economic recession in our midst, companies are trying to cut costs as they try to adapt to new changes in the market. And what does that mean for most working adults? It points to the possibility of facing retrenchment.
No one wants to be retrenched, especially in these trying times. But is it really beyond your control? And is there anything you can do about it? The truth is, yes — you can take active measures to keep yourself safe from retrenchment.
1. Have alternative income streams
Let’s face it. None of us can directly influence our employers’ decisions on who they should or shouldn’t retrench. However, we can still take active measures to protect ourselves financially.
Having alternative income streams is a great way to safeguard yourself in these times. There are many side hustles you can have alongside your day job. Teaching tuition or freelance consulting are some great ways to earn income on the side.
Students are always in search of private tutors and it’s unlikely that the demand will die off any time soon. Additionally, if you have some experience in marketing or running a business, you can provide freelance consulting services to companies.
Other side hustles you can consider include driving Grab part time, or starting your own small business. These side hustles will definitely cushion you financially in times of retrenchment.
2. Go for Skills Future classes
Haven’t used your SkillsFuture credits? Now’s a perfect chance to sign up for a course. Upgrading your skills and keeping yourself employable is crucial in these times. The greatest challenge most face after they’ve been retrenched for some time is realising that they no longer possess relevant skills as the workplace progresses rapidly.
From picking up programming, learning data analytics, or graphic design, there are many courses you can attend using your SkillsFuture credit. Choose a course that complements your skillset to make yourself standout among others.
3. Go for interviews
Even if you still have a job, it’s still wise to go for a few interviews to know what kinds of skillsets companies are looking for at the moment. It also gives you an idea of other opportunities in the workplace.
Interviews aren’t just for those who are looking to switch jobs or are unemployed. In fact, even if you’re perfectly happy where you are, it’s still wise to go for interviews to hone your communication skills. If you happen to be in a position where you need to find another job for yourself, you will be more prepared when you’re really applying for jobs.
4. Broaden your network
These days, it’s so much easier to broaden your network. Besides going to networking events, you can also get to know people of your industry through LinkedIn. You may not see the benefits immediately but actively making connections can help you in the long run.
Word of mouth and referrals often open doors you’ve never imagined. Instead of going for rounds and rounds of interviews, knowing the right person at the right time could just land you a job when you need it!
5. Stay frugal
This is more of a lifestyle decision but it’s definitely wiser to stay frugal in these uncertain times. Having more resources in your savings and your emergency funds will come in handy if you need to tide through months of unemployment. While you work hard to upgrade your skills and stay employable, make sure you have a financial safety net that you can rely on for a period of time.
It’s important to think of how you should adapt in these times of uncertainty. There’s no knowing when Covid-19 will blow over and how hard it will hit the economy. What’s more, we will never know how long the recession will last. Being prepared and taking active steps to keep yourself safe from retrenchment more vital now than ever before.