6 Tips To Survive A Layoff
Life is uncertain. So is your job. With the recession hitting hard, here are some actionable tips to help you survive a mass layoff.
11,833 Indian startup employees were laid off in 2022. The situation is grim worldwide. On November 9th 2022, Meta announced that they would be firing 13% of their workforce. One week earlier, Twitter fired over 50% of its staff as a part of its cost-cutting measures.
Layoffs are unexpected. They happen anytime, especially with the looming threat of recession. And job loss can be quite stressful. You might feel hopeless and lost, but that’s not the end of the world. Here are some practical tips for surviving a layoff.
1. Keep Calm! Don’t Panic
Easier said than done, but panicking wouldn’t improve your situation. Try to remain calm and assess the problem with a clear mind. When you stay composed, you can deal with the situation better.
Pro tip – Confide in people you trust before sharing the news with others. This will make you feel lighter and give you direction.
2. Take Time To Reflect
Remember that layoffs are a part of business cycles. When a company enters a cycle where it can’t sustain itself for long or raise more funds, they look at layoffs as an immediate measure for cost-cutting.
Layoffs have nothing to do with you or your personal skills. However, you should take time to reflect and see what you could do better. Perhaps pick an industry that is not so volatile. You can also sit down and try to understand why you were picked from the lot. Once you do that, work on your weaknesses, if any and make yourself indispensable.
You can then list your skills that can be monetised. Think about whether you want to use these skills in your next job or start freelancing. You might even want to start your business. In that case, what are the possible sources of funding you can rely on?
When you ask yourself these questions, you’ll get a clear idea of what you wish to do.
3. Upskill Yourself
The competition is getting stiffer every day. You have to develop new and useful skills to survive in the super competitive job market.
Developing allied skills is a great idea. For instance, if you are an engineer, you can learn copywriting or digital marketing skills. If you are a copywriter, you can try graphics design. Cultivating skills that increase your market worth will make you irreplaceable.
There are several free resources online. You will easily get recorded video lessons from experts.
Pro tip – Don’t go for a paid course and block your money. You can learn a lot from the free resources.
However, don’t forget to apply your knowledge after that. You can work on some mock projects to test your learnings.
4. Avail Unemployment Benefits
There are several unemployment schemes of the Central and State governments. Check if you are eligible for them.
Don’t hesitate to apply for these benefits. They will help you cope with the situation better. You will be able to meet some basic needs till you find a new income source.
5. Keep Emergency Fund Ready
You never know what the future has in store. While it may seem lucrative to spend all your money, it’s never too late to have an emergency fund.
If you have a job, the first thing you should do is create your emergency fund. If you want to know more about emergency funds and other avenues to invest, read this article.
Tip - Save and invest at least 30% of your income if possible.
6. Get a health plan
Your employer might provide you and your family with health benefits. But what if you get fired? You can’t risk the health of your loved ones. Your group health plan stops protecting you the moment you’re fired from your job.
After all, you never know when health emergencies come up. And it’s hard to pay for them from your pockets. So, getting a health plan is key to getting a peaceful sleep every night.
Moreover, OPD costs like doctor’s fees, lab tests, and medicines are part of your regular expenses. You can’t just skip them during a financial crisis. So, you need a health plan that covers your OPD expenses too!
Kenko covers it all
Kenko covers all your OPD costs, like doctor visits, medical bills, and lab tests. Moreover, it transfers benefits to you instantly. Plans start only at ₹ 299/month. So, why are you waiting?