Best ways to prepare for possible job loss

When people are being downsized in a crisis, take steps to prepare for change.

Best ways to prepare for possible job loss

Prepare for uncertainty.

Before COVID-19 hit, 60% of Canadians reported some job security jitters. So said Monster’s 2020 State of the Candidate Global Report.

In France and Italy, it was worse. Three-quarters of respondents there wondered if their employment would last. Now almost everyone everywhere is worried about losing their paycheques. 

Being pre-emptive can help lessen your employment-loss fears. You can concentrate on dealing with the present more calmly once you’ve readied for the worst.

Straighten out at work

Don’t give the company a reason to sack you. Tackle any lingering doubts from when you took the blame for a colleague’s oversight. Or that time you missed an important deadline.

The problem is managing negative perceptions. What your boss and coworkers think of you matters. Accept their criticism gracefully. Take action to show how keen you are to learn from workplace errors. Complain less, produce more results. 

Lessen your debt

The stress of job insecurity is often increased based on financial worries. How will you afford to keep your home and feed your family if unemployed? Will the government and other supports be enough? What if it takes forever to find another job?

These are legitimate concerns, especially for people carrying burdensome loans. Your credit history could even affect your re-employment prospects. Look into a debt consolidation loan. It could help your credit rating by avoiding missed bill payments.

If you aren’t already drowning in debts, maybe apply for a revolving line of credit. It comes in handy when money’s tight, and it’s tougher to qualify for when out of work.

Build a re-employment lifeline

Another job uncertainty stressor? Not knowing enough people who could open doors for you. Now’s the time to tap into the hidden job market by leaning heavily on all of your contacts.

Even if you’re restricted to telecommuting, you can still network and build your circle of professional connections online

Consider attending a virtual meeting of your industry association. Introduce yourself to other attendees and exchange contact info. Follow up with a thank-you email to stay in touch.

Learn how to hunt 

One more statistic from the Monster report: 71% of Canadians were either somewhat or very worried about the economy beforehand. Another solid reason to start making yourself more recession-proof

Step 1: Become extra valuable to your employer. Save them money creatively. Pump up your productivity. 

Step 2: Put aside dollars for a rainy day. Simpler said than done, of course. But having no cash reserve is a recipe for insomnia.

Step 3: Prepare for a possible job loss. Shine up the old CV, clean your social media, and make friends with a few recruiters. 

Need some help building job prospects? Join Monster for free today. As a member, you get job alerts emailed right to your inbox, which cuts down on the amount of time you’d spend searching through ads. You can upload up to five versions of your CV—each tailored to the types of jobs that interest you. Recruiters search Monster every day looking to fill top jobs with qualified candidates, just like you.