What To Do If You Lose Your Job

WHAT TO DO IF YOU LOSE YOUR JOB

What To Do If You Lose Your Job

Losing your job is potentially one of the most frightening and vulnerable moments of a person’s life. Between the loss of income and the uncertainty of when you will find work again, it can be hugely overwhelming and worrying.

Today I want to give you some practical advice on steps you can take to if you ever find yourself in this position. There might many unknowns but there are actions you can take to gain some control over your financial situation.

Actions:

  1. Ascertain if you are entitled to any redundancy payments and if so, how much. Talk to your employer and HR department to find out the details. The Citizen Information website has a lot of great information on what your entitlements are, read more on this here.
  2. Find out what your social welfare entitlements are and apply straight away. Again, the Citizens Information website is a great resource to find out more on this. Click here to read more.
  3. Update your CV and LinkedIn profile with all your recent experience and skills. Do not short yourself in this step, include all your key achievements and accomplishments. Proof-read your CV and have someone else look over it too to spot any errors or areas for improvement. Add connections with recruiters and people in your network on LinkedIn. 
  4. Keep your skills sharp. It’s so easy to get out of the swing of things and let your skills diminish. For example, if you are an office worker and you use Microsoft Excel a lot in your work, keep practicing regularly. You won’t believe how quickly you can forget how to do a v-lookup.  
  5. Consider upskilling to boost your CV. You can invest in yourself and take a course on a topic that will enhance your skillset. Link websites
  6. Start looking for and applying for jobs. Use job websites online, get in touch with recruiters from a couple of different recruitment agencies, and even more importantly reach out to people in your network. Using connections you already have can often lead to job opportunities, a referral is one of the most common ways people get positions. Think of people in your community, previous colleagues, managers, clients, and associates. I have written some articles that might be really helpful as you are going through the recruitment process.
Check them out here:
  1. Update your budget based on your new income. If you have lost a significant source of income your budget will definitely need updating. Consider if you need to dip into your emergency fund or redundancy payment.
  2. Cut unnecessary spending from your budget, in particular any luxury items. In terms of spending, make sure you prioritize housing, food, light & heat, transport, and health costs for you and your family.
  3. Make sure you manage stress and mind yourself. This can be a hugely stressful time so prioritising your mental and physical health needs to remain a priority. Keep to a routine, it is important that you maintain a regular wake and sleep time. Get dressed and get out of the house every day. Prioritise exercise, self-care, and talk to your family and friends.

There you have it, 9 concrete actionable steps you can take if you lose your job. You may not be able to control the fact you have lost your job, but you can take action.

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