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Fear Retrenchment? Here’s What to Do in Market Uncertainties

The word ‘retrenchment’ is enough to send a shiver down the spine because the thought of losing a job can leave us feeling angry and powerless especially when we least expect it. Unfortunately, tell-tale signs of mass redundancies happen at random during hard times or market crises.

If you fear there is a redundancy lurking around the corner, it is important to take action and protect your career. Here are some ways to help you navigate uncertainties and take the right steps to secure your future.

Manage Your Emotions at Work

It is natural to feel anxious when you feel that you will be made redundant. However, do your best to avoid watercooler conversations and projecting your future fears at the office. Before you know it, work productivity gets derailed and this will affect your performance.

Until there is an official announcement, all news is just hearsay. Instead, focus on keeping things professional at work. Redundancy is not personal. Keep things civil and be careful not to burn bridges throughout your career. 

Remember that your attitude – especially during challenging periods – makes a lasting impression on colleagues. Depending on your relationship, they may offer network that could help you in the next chapter of your career.

Build career resilience

The best rule of thumb is to never assume you are in the clear from a job cut. Redundancies can happen to anyone regardless of their expertise or talents at work. 

Start updating your resume with the experience and skills gained at your company. You can also include written recommendations by colleagues or managers to endorse your character at work. 

When there is uncertainty in the market, applying for a job will also be extremely competitive. Improve your online presence by updating your online resume, listing your work accomplishments and identifying skills gaps. Be open to various job roles and explore high-demand skills in the market.

It is never too late to assess your skills and experience, and rediscover your potential. There are many career tools, workshops and resources that can help you to build career resilience. Think about what you are good at, what you enjoy doing and your role in the job market.

Make Smart Financial Decisions

Searching for a new role can take some time and it is necessary to re-evaluate your spending habits. Prepare an emergency fund so you can budget your savings to help you through a couple of months. Be mindful about your spending and work out a conservative budget as your only source of income until you get back on your feet.

It can also be tempting to dip into your savings or invest in a new business venture. Hold off on any excessive or hasty expenditure for the moment. Until you have secured steady income, it is best to start saving up in the event of a rainy day.

Process Your Grief and Plan Your Recovery

When faced with a difficult situation, it can be challenging to get back on your feet. Given the nature of being made redundant, it is common for employees to feel grief or shame over the loss of their work identity.

Allow yourself to feel the emotional spectrum and take the time to recover from the trauma because it could prevent you from making rash and uninformed decisions about the future. 

Decide to set a plan of action to help you recover from a setback at work. It can be a career break to decompress, taking up a once forgotten hobby or jumping back into employment.

Now What?

Remember that you are not alone and there is always an alternative on the horizon. Maintaining your momentum can be challenging but with careful planning and preparation, individuals can absorb the shock of a job loss.

Every person faces a setback in their career at one point or another. The key difference that will set you apart is how you handle your recovery and leverage on opportunities that come your way.

Discover your unbeatable advantage through WITGRITFIT Workshop where you will dive into your personality, skills, values and career anchors. Find out which career suits you best and experience real-life simulation of your desired career path.

Contact us to find out more!

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