Job loss: 5 ways to prepare before it happens
No matter how secure your job feels, never allow yourself to become too comfortable. With the economy being the way it is currently, and SME’s in the doldrums, you can
No matter how secure your job feels, never allow yourself to become too comfortable. With the economy being the way it is currently, and SME’s in the doldrums, you can never really tell when you will be hit with the news of a job loss. Companies are folding up and more are still planning to. There is a Swahili saying that goes ‘Mwenzako akinyolewa, chaki kitie maji’ or something along those lines. It simply means what is happening to other people could easily happen to you, so best prepare. This article is not meant to instill fear, instead, it is supposed to stir you into creating a Plan B in case of any eventuality.
Update and send out your resumé
It is best to send out your CVs to other potential employers while you still have your job. Otherwise, waiting for them to respond when you have been laid off already can be gruesome. Update your CV routinely and take on more digital training that is aligned to your field of work.
Emergency fund
Set up an emergency fund as soon as yesterday. In the event that you get laid off, the fund should be such that you an survive for a minimum of three months (the more, the better) as you still figure things out. In order to do this effectively, you need how to
Budget
Now this a word that not many people love hearing, and for a good reason too. Now, while you might be all about that life, self-care and self-love that does not come cheap by the way, we have to be a little bit realistic. Treat yourself well, but save for a rainy day. That pair of shoes won’t pay rent when you lose your job. Pay as much debt as you can, because debts only become worse after you lose your job. Analyze your spending and spend less on things you can do without.
Side-hustles
This past month alone, over 2,000 Kenyans have lost their jobs. In light of this, the place of side hustles can never be overemphasized. Have something on the side that you can fall back on when things go south.
Create networks and connections
Do not take the networks and connections your job exposes you to for granted. Your next employer might be among them. Maintain good communication with them, they might come in handy.