“Anxiety and fear are the names of the game right now when it comes to job security,”
COVID-19 has badly impacted the economy. A lot of companies have reported a loss in their revenue, while few of them have seen a rise in revenue. This has led to the slashing of salaries or downsizing people in the short term. Looking at the bigger picture, businesses need to survive to employ people in the future.
So, if you have lost your job, suffered a salary cut, or are on unpaid leave, it is a wonderful idea to utilize the time and upskill during this period. Constant upskilling and reskilling has helped employees stay relevant and productive for years now. Not to mention 50% of such employees are already utilizing online learning platforms to either upgrade their existing skillsets to the next level or learn new skills that will help them grab better opportunities once organizations start welcoming new hires.
Let’s see a few of the immediate steps you should take in case you have lost jobs or received any economic blow from your recruiter during COVID
Stay Connected with Your Employer
But, in order to do that, you need to improve up on your skills, even though your performance was not the reason you were laid off. Maintain a professional and healthy communication window open with your employer.
Even in case, your organization is temporarily or permanently closed, you’ve got to stay in touch with them. You can also negotiate being laid off with leave without pay or even work from home options if available. In case your departure is confirmed, do check policies on the financial benefits you are entitles in case of a termination initiated by the employer.
Seek outplacement services
Many organizations usually provide support for finding a job after they are relieved. Outplacement firms are used to do so. So, if you are relieved recently, you must write to the HR team and seek information on whether outplacement services are available to be used in your case. Considering the fact that jobs are not readily available in the market, outplacement forms will be better prepared to help professionals who don’t have a job now.
It’s not the end of world for you
Maybe this is the right time to devote all your time to look into alternative sources of income. Something you couldn’t have done due to your hectic work life. Maybe this is the long vacation you always wanted and was not approved.
Start using the years of experience you have gained during those years with your organization. With the internet and your laptop by your side, you can explore plenty of opportunities that match your expertise.
Few of the immediate solutions can be:
- Get paid for creating content or start a “domain expert” blog
- Be a freelancer and use your expertise
- Start your online teaching course
- Become a virtual assistant in your domain
Some of these may take longer to get off the ground but will give you the flexibility to work at your own schedule in the future. Considering this is a temporary layoff, you can also look for companies hiring temporary workers, until your organization decides to calls you back again.
Comeback Stronger and Better
While your temporary and freelance work can help you stay financially stable, you need to work on your skills. To get a job when only the most capable are left employed, you need to be better than them. So either you enhance your skill in the same domain or learn a skill that has a huge demand even during COVID.
Professions like big data development, cloud computing, consulting, application development, online mentoring with training companies, or even digital marketing, for that matter, revolve around your skill and how soon you upskill them.
You can enroll in 100% Online Post Graduate Program in IT like Big Data Development, Java Full Stack, Infrastructure Management, DevOps, etc. to add a masters degree to your resume. Online programs like are usually self-paced and VILT, where you attend live training sessions during your weekends.
How to be ready if haven’t received “the call” yet?
Although the majority of the laying off may have happened, that might not stop someone from receiving “the call” from their HR teams. Industry-wise, we have seen aviation, retail, and hospitality professionals being hit most. Researchers say that other sectors may follow soon.
Let’s see a few steps you must take while you are gainfully employed, but anticipating job loss or reduction in pays.
- Upskill and reskill to stay an important asset
- Start looking for other opportunities
- Start with spending less
- Have a savings plan in place
- Take advantage of employer-initiated insurance coverage and benefits
Approximately 122 million people in the country have lost their jobs in the month of April 2020 alone. The majority of them used to earn on a daily basis or considerably lesser than the per capita income. As more and more consumers will stop making frequent purchases, these numbers are bound to increase.
We feel that companies will remember employee contributions and compensate for it later when the economy rebounds. It is time for employees to stay informed and stay positive. If you are still employed, make sure you stay competitive and share your resume with some probable employers. If you have lost your job, use this time to upskill so that you can dictate terms when you receive a better opportunity.