Hello Readers!
The ongoing CORONA crisis, all over the world has impacted people's lives on a large scale. Almost everything is suffering, people’s lives, their lifestyle, country’s economy, and more. Included in this is, many people have also suffered or may be suffering the big problem of job loss.
Job loss during this hard time can prove harder for those who have no emergency corpus for these times, and it can be worse if they are the breadwinner of their family.
The corona crisis and a long-term complete lockdown have resulted in the job loss of many, while some are there who have been asked to go on indefinite leave without pay. For those who got a pay cut, uncertainty looms over the future of their jobs.
Well, if you have also lost your job during this COVID crisis, take the following steps to bounce back from your job loss.
DO NOT MISS YOUR TRUMP CARD, USE IT
If you are one among those who have been suddenly asked to resign from your job instead of receiving any written communication of termination by the company, then I suggest before resigning, stop and think for a bit. In case if the company fire you, it would have had to fork-out a compensation equivalent of three months of your salary. But in case if you resign, you will be packed-off in a month’s salary.
So, check your employment contract and be aware of financial compensation in cases where employees are fired.
While playing your trump card, do not forget to be humble towards your company, as you would also want to keep your options open. Try leaving the company with good relations as far as possible.
GET YOUR FINANCES IN SHAPE
In case you are planning to resign from your job, do check the financial compensation payable by the company in various forms like salary, bonus, gratuity, or EPF. Add the compensation received to your emergency fund balance. Calculate your emergency corpus, this will help you get a fair idea of the number of months of household expenditure you have in your emergency fund.
You have lost your job and your emergency fund is limited, it’s the time to conserve your expenses. For now, postpone if you have planned any big purchase like a car, bike, smartphone, or others.
In case if you have any kind of EMI’s to be paid, inform your lender. RBI has recently extended the moratorium on loan EMIs by three more months i.e. till August 31, 2020.
BE THOUGHTFUL, INTROSPECT YOURSELF
CORONA is already giving a hard time to survive, job loss at this time can lead to more anxiety and depression. At this time, we suggest you relax and chill, as being calm at this time can only help you reflect deeply on your career.
Well, if you were already planning to switch your job or sector, then this is the time. I suggest introspecting yourself and pitch those places where your existing skillsets and talents would be recognized.
TIME IS PRECIOUS, UTILISE IT
Time is precious, and it doesn’t come back when it passes. You won’t be getting this time back, so utilize it at its full. Use the available time to learn a new skill or get yourself more experienced and skilled with existing talent. This will help you prosper your career.
You can also find out the hidden talent of yours in this available time. Also, use the opportunity to simplify your finances by automating your investments and using digital platforms to pay all your bills.
SUPPLEMENT YOUR INCOME
Well, you can go supplementing your income by freelancing or teaching. Today freelance jobs are available, in areas like IT sector, content, e-commerce, advertising, and some financial services. Although this won’t bring a big amount to you, then you can pick more projects.
BE UPDATED
Be fully updated with the news regarding the economy and sectors that are relevant to you. Try learning new things and increasing your knowledge by attending online seminar talks or podcasts.
At the time of picking up, job opportunities do check which sector is doing well and which is going down. Explore opportunities even if they are of short-term nature in start-ups and small and medium enterprises.
Update your CV and be active on LinkedIn to sniff any job opportunities.
This time is hard for everyone, but we also know it is temporary and will pass. The economy will bounce back and businesses will start recruiting again. Till then stay calm, don’t let yourself and your self-confidence down, and wait for the good to happen.
For any kind of investment query, you can contact us at Shri Ashutosh Securities Pvt Ltd., we are here to help you in any way possible.
Happy Investing!
(Mutual Fund investments are subject to market risk Illustrations are for example only, there is no guarantee of returns. Past performance is not an indicator/guarantee to future returns).