Best ways to prepare for possible job loss

Best ways to prepare for possible job loss

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 resume, clean your social media, and make friends with a few recruiters. 

Outsource part of your prep
Don’t have time to spend on drafting a top-quality resume? It takes a practiced hand to showcase your key achievements and skills. Monster has experienced experts to write you a great one.

Visit the Monster resume writing service now. See why the combination of pricing and precision has made hundreds of thousands of customers rest easier.