Handling job losses

It has surely been harrowing for the industry with job losses hitting an all time high since recession thanks to COVID-19. Over 400 million jobs have been impacted across sectors, with some sectors that have seen a higher rate making these tough times. The future is always unprecedented, and it is always good to be future proof and careful with planning and taking precautions to secure work and income.

As communicators and marketers, we do have an edge over other sectors as during tough times, the need to communicate more and to stay ahead, our skills are paramount.

Here I have tried to outline what can be done professionally and financially to protect the future and then to deal with such an instance. While I am not a financial expert, I am just sharing the logic I have been taught and now having worked in the BFSI space, my two cents connecting the dots of these scenarios.

Protecting your professional footprint and space:

  • Always have a plan-b for work
  • Activate and stay engaged with your professional network
  • Keep abreast and stay ahead with your skills and constant upskilling
  • Take on projects that will add to your work repertoire
  • This will give you a wider spectrum of work to operate in
  • Be open to freelancing

Protecting your financial footprint:

  • Always have a minimum of one year’s salary in the bank, if not at least 6 months
  • Have small easy to take out investments that can be accessed
  • Ensure to have a low debt and low EMI’s
  • Conserve cash on a regular basis
  • Don’t get into large or risky transactions
  • Learn simple financial management
  • Cut out credit cards
  • Get personal and family health insurance

If in case you are dealing with a job loss here are some things you can do…

Professionally:

  • Tap into your network for connections
  • Update and spruce up your resume and work profile
  • Build your profile and showcase the best work
  • Make connections who can help you with freelance gigs
  • Take on short term paid projects
  • Manage your mental health as this will define your interactions
  • Develop your career and widen your skills
  • Volunteer your time for projects that will help
  • Re-evaluate your career options
  • Get in touch with recruitment agencies

Financially:

  • Conserve cash
  • Cut out all un-essentials and cut back expenses
  • Make conscious choices to help adapt to a comfortable lifestyle
  • Do not take impulsive decisions
  • Assess the situation, put all the cards on the table and then plan
  • Try finding ways of getting multiple incomes
  • Dip into your savings pool wisely
  • Take a personal loan to tide over the times
  • Assess your assets

In tough times, it is important to surround yourself with strong and positive people who can be supportive without being toxic, so invest in good relationships and have friends and mentors and family you can talk to and share.

There is always professional help available who can guide and help in context of career, finances, and mental health, make sure to reach out and get it if you feel or think you need it.

Every obstacle can be learning, and every door closed does not mean it’s the end of the road.


The views and opinions published here belong to the author and do not necessarily reflect the views and opinions of the publisher.

Shreya Krishnan
Vice President - Marketing and Communications at Anviti Insurance Brokers
Shreya is a CSR Specialist and Corporate Grooming Consultant. Her interests lie in Activism, Dance, Theatre, Poetry, Blogging, Modelling, Acting. She considers herself an Earth Warrior and is an Event Anchor and Trainer. She is a Pageant Winner and public speaker.

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