The number of jobs lost due to COVID-19 continues to escalate, as more companies fall under the weight of the prevailing uncertainty. In the US alone, well over 20 million jobs have been lost in the past three months. This left the unemployment rate at a staggering 14.7%, the highest in the country in about a century. Worse still, experts estimate that 2 out of every 5 of these jobs lost during this pandemic have no guarantee of coming back.
So many people now find themselves in unfamiliar territory, where a paycheck is not forthcoming. How can you survive these precarious times?
How to Reinvent Yourself After Job Loss
Job losses are becoming the order of the day across the world. Perhaps losing your job in this way is a little easier to stomach compared to being fired. You don’t have to ponder what you could have done better or be angry at that hard-to-please boss. You can dust yourself quickly and strategize on how to keep afloat no matter how the situation turns out.
1. Cut Down on Spending
Now more than ever before, you need to stretch every buck to the furthest it can go. Do not be embarrassed about downgrading. Move into a smaller apartment. Trade-in your car for a smaller one. Retain just one car as a family and sell the rest. Buy ingredients and prepare your own food. Grow a kitchen garden. Install energy-saving bulbs to save power.
Do whatever is in your ability to minimize your expenses. Involve everyone in these decisions, including the kids, so they can understand why these changes are necessary. Every coin saved will ensure that your remaining savings push your family for the longest possible time.
2. Register With a Staffing Agency
One of the ways that the surviving companies are cutting down their expenditure is letting go of their permanent employees and hiring temporary staff instead when the need arises. Registering with a temp agency enhances your chances of being hired on a contract basis when your skills are required.
Such placements often morph into permanent jobs, although that sounds farfetched with the prevailing circumstances. Either way, such contracts expand your network and showcase your skills, so you stand a better chance in case a long-term opportunity arises.
3. Develop Your Hobby
What’s that activity that you always enjoyed doing after work? It could be cooking, drawing, painting, gardening, fashion design, or anything else. Now that you have more time on your hands, you can give that activity more attention. To begin with, it will keep you busy and stir up your positive energy. That will keep stress at bay, which is good for your self-care. With time, you can explore ways of monetizing your hobby.
If you’re into baking, for instance, you can start selling your pastries. Develop your online platforms as well; you could get hired as an influencer for related products. As long as you have a significant social media following, you can earn advertising revenue from your online platforms.
Is the work environment going to get back to normal, or are we going to carve a new normal? Nobody knows for sure. However, you can still make the best of this situation. The above are just some of the tips that can help you navigate this unfamiliar territory.
Keep your mind active, keep learning, and take advantage of online courses. If your previous line of work is no longer viable, be flexible enough to see what is available. The path you chart during this period could ensure that you do not need to be employed ever again.