Think you may lose your job? Not sure how to prepare yourself for job loss?
Are rumors circulating throughout your workplace that there may be downsizing, a lay-off, or a merger? Are you scared and don’t know what to do?
These 5 tips can help you feel more in control of your financial situation before your job loss :
1. Take a long, hard look at your monthly bills.
Are in up to your neck in debt? Now is the time to tighten your belt and try to get a handle on the interest rates you are currently paying. Can you pay down some of your debt right away? Transfer to another, lower rate credit card? Should you refinance your mortgage or home equity loan? Now would be the time to take care of this, not after you’ve received your pink slip.
2. What can you trim in your monthly budget?
Stop buying those lattes every morning and save about $80 in one month. Rent a DVD instead of going to the movies. You are the only one who can decide what you can and cannot live without, but these are two good examples of the latter. Cut back on your dining out and you’ll see more green in your wallet right now, when you need it the most.
3. Be more aware as you pull out your wallet for every day expenses and decide if you really need to buy that item.
Now is not the time for a shopping spree to cheer you up. Instead, make an effort to be more aware of where your money goes every day, every week.
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4. With gas prices sky-rocketing, should you consider buying a hybrid car, or at least one that gets better mileage?
Do it now, while you’re still employed. See if the dealership offers any customer incentives such as a rebate or lowered interest rate on the loan.
5. Do you know what benefits at work you are entitled to?
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Take the time now to ask the Human Resources department what benefits you’re currently enrolled in. If you have health insurance, be sure to get any physicals or medical tests now to make use of this benefit. Take advantage of any dental or vision coverage you may have- get those eyeglasses or contact lenses updated now or schedule a visit for a check-up at the dentist. Those co-pays are a whole lot cheaper than paying full-price later.
Being aware of the situation, planning and taking action makes you feel more in control of your life. Sure, you can’t do anything about being laid-off and in most cases, (unless you committed gross misconduct on the job) it’s not your fault. It’s a management decision that will probably wind up changing your life for the better. See this as a new opportunity, not as a loss, and your positive attitude will help you find a new job soon.
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Your Job Is Not Necessarily For Life. Should You Switch Careers (job loss)?
Executive search firms regularly come across people who have decided to switch careers. There was a time where you chose your profession and stuck with it until retirement and many people still follow that path. An increasing number of people, however, are deciding to give up their first choice and try something new. For many, it is a move to a new country or an exploration of a new skill, but for others, it’s moving the skills they already have to a new sector.
If you’re taking the plunge and switching careers, can you convince an executive search agency that it’s all for the best? How do you demonstrate that you haven’t lost any of your abilities?
Switching careers is a brave thing to do. It can affect your income, your working hours and even where you live. It’s not a decision that people take lightly, and it’s one that’s viewed differently by everyone. If you take a career break (switch careers) to travel or to study, you should be prepared to turn that experience into positive ways you can contribute to your new company.
Executive search firms look for the right candidates for the job. If you have switched careers or taken a break and want to sign on with an executive search firm, then it’s a good idea to make an appointment to go and see them. This will allow you to sit face-to-face with the consultant and explain why you took a year out, or why you decided to change from medicine to law. Whatever your experience, you should be able to use elements of it to illustrate how you could be valuable to a company in a senior position.
For example, if you spent your time volunteering for a charity and working in Africa, you will have gained better communication and diplomacy skills than most people. If you were involved in a building project, you can illustrate how you managed to project, getting people to work together as a team to achieve a common goal. Whilst sorting out a problem business area isn’t the same as building a school, the things you learned from your project can be applied in any situation.
It’s not whether you have changed careers that interest an executive search firm; it’s why, and what you’ve learned that could benefit their clients. It could be that your career switch gives the client exactly what they’re looking for. It’s up to you to turn it into the positives that could win you your next job.
Don’t switch careers without securing your next career