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Some things you should do to secure yourself financially are - build your cash
reserves or emergency funds right away. Do you have enough to see you through the
hard times that may be coming? Procrastination has never built a financial nest-egg.
Start planning for alternative sources of income especially for those who do not
have emergency funds. You may have to find temporary or part-time jobs to support
your living.
You may also have to reduce your personal spending and trim your investments like
selling some of the securities. If you do, let the laggers which have not delivered
anything go first. Keep the best performers until last. Talk to your financial advisors
if you are unsure.
If less spending and more savings is alien to you, it should be your motto now. If
you do not have the discipline to save, employ an automatic savings program. Deduct
a certain amount from your salary every month into a savings account.
Whenever possible avoid credit cards, use cash. You are less likely to carry excessive
cash and will be forced to spend less. Credit-card users tend to have the attitude
of "spend first and pay later" - which usually results in unnecessary over-spending.
You would not want to incur additional debt if you lose your job. High interest charges
on credit cards is another factor why you should dump those plastic cards.
While you still have your job, try paying off your debts as soon as possible. If
you have more than one loan, tackle the one with the highest interest rates first.
Then, work the rest with discipline.
Separate your needs from wants. Buy only what you really need. Do not maintain
an "image-conscious" wardrobe. Find cheaper source of entertainment Recognize
that you will have no choice but to change your previous lifestyles.
When you become part of the statistic shown in Table 1, you immediately become
annoyed and then panic sets in. What to do next? Rather than lash out at your ex-employers
or give up hope completely, try to think positively.
There are many things which need to be done. Do not get embarrassed at being retrenched.
You are not alone. Talk to friends who share similar problem - this could make you
feel better. You could find out that you are comparatively luckier than some of your
friends who have been without jobs for months.
Next, ensure you negotiate your retirement benefits with your employers. You should
not be forced to accept a raw deal. If you feel your employer has taken advantage
of you, seek legal advice. If you find out that you have been terminated discriminately,
report to the relevant authorities.
There are some employers who are offering a voluntary retrenchment schemes for their
employees. Find out more before you accept the offer.
After the initial shock, you are now ready to look for jobs more aggressively
if you have not secured one while still working. Apart from reading the advertisements
and contacting your network, you may contact employment agencies for fast results.
The bottom line is make sure the entire world knows you are available for jobs. Recall
all the tips that you learned before you go for the interviews. The golden rules
to follow include;
- Make it a point to learn as much about the company you are attending the interview
with.
- Get to the interview at least 15 minutes early
- Have at least few references to support your application
- A firm handshake helps and always pay full attention to what the interviewers are
saying
- Be polite. Remain standing until asked to sit.
- Get active in the conversation. Respond with more than "yes" or "no".
- Make sure you do not smoke
- Send a letter of thank-you after the meeting
Good luck and remember that behind every dark cloud there is a silver lining. Your
retrenchment may lead you to a better and more satisfying position. If you plan with
a clear head, you can and will pull through.
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