subject: Coping With Unemployment - Is There Life After Layoff? [print this page] Coping With Unemployment - Is There Life After Layoff?
Economists and financial experts are still conservative with their predictions of possible turnaround of the economy this year. In fact, latest reports released indicate that unemployment rate remains at 8.5%. In absolute figures, the report shows that unemployment is still behind by 323,000 jobs from the highest employment levels set in October of 2008. Despite the encouraging signs we observe in various sectors, we are not expecting any dramatic shift in the near term. Even the traditionally stable industries are going through some tough times, and we are still seeing job cuts across all sectors.
Though majority of Canadians have been spared by these unemployment onslaught, the specter of tough times still looms in the horizon. This means that we are still going to see the usual events that preoccupied us last year - relatives and friends losing their jobs or getting reassigned to less than enticing job positions or getting relocated to cope with the tight business climate. The last two scenarios are the better options considering the limited opportunities in the job market. But still, you have to contend with the stress and difficulties that result to these sudden changes in the workplace.
Is there anything that you can do to mitigate the impact of this permeating problem not only in the job market but in the economy as well? The most important thing that you must do right now is to "cover your flanks" and increase the level of your preparedness. Be the proverbial ant and look for opportunities to stock up for the "rainy days." There is not much we can do right now but to ride the tide until this crisis finally blows over.
What you can do is to moderate the impact by considering your worst case scenario. This means that if you suffer the consequence of job cuts in your company, it is important that you are able to make a soft landing. Here are some of the more important things that you can do right now:
1. Grow your emergency fund portfolio
The name of the game is savings. It is important that you have financial safety nets in place in case the worse thing happens. Your stowed away funds must be sufficient enough to pay you financial obligations for at least six months. This does not mean that you put your money on high yielding investment instruments such as stocks. What you are after is a savings vehicle which is safe and secure and from which you can draw money from when the need arises.
2. Expand your social network
This is probably the first thing that you must do right now. You don't have to wait for the time when you are going to need those connections for possible job leads. Set up your account with LinkedIn, Facebook, Twitter and other social networking sites. Start building strong relationships with experts as well as other key personalities in your field of interest or specialization. Even your personal friends and buddies from high school and former colleagues can provide you with useful information when in the hunt for your next job.
3. Overhaul your budget
Let you current budget go through serious scrutiny. Assess your spending behavior for the last six months. Separate those expense items which fall under your wants and desires categories. Decide on your priorities and see what things you can do without. Instead of looking at how much you can spend, focus your analysis on how much you can save.
These are just some of the things that you can do to better manage your situation amidst these lingering financial difficulties that we are in now. There are a lot other things that you can do over and beyond what have been listed here. That being said, you must remember the basic survival rule - be prepared for the worst case scenario. Your preparation will help soften the impact of anything that may come your way.
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