Tips for Coping with Job Retrenchment and Unemployment

13 June, 2015

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Unemployment and job retrenchment is a real threat in today’s global recession. No one is spared from it, not even doctors.

“Many doctors, irrespective of whether they are in the government or private sector, are very keen to earn extra income these days.” (source)

It is important to hang on to your jobs but if the inevitable announcement comes, what can you do? Here are some tips to help you cope should you be retrenched or given a severance package by your company.

Talk To Your Family

Don’t hide it from your loved ones. Don’t cut them out. If you do, they will be equally powerless to help or support you. Although they may not be able to help financially, their solid support is equally important for your emotional strength which you will need to see you through this period.

Assess Your Financial Situation

Sit with your partner to discuss your existing financial situation. Discuss how best you can utilise your savings and investments to avoid defaulting on your mortgage. Plan how long your funds might be able to last you and where you have to start cutting back on. If your partner is working with a steady income, openly discuss how you can maximise that monthly stream of income to help tide this period over.

Don’t Be Afraid To Ask

Don’t let your ego cloud you from asking for help, if you need it. Ask. You may find your friends and family are ever ready to help and support you. Just sharing your frustrations and fear with someone would be better than bottling it up inside.

Be Prepared To Do Anything

If you have been retrenched, you can’t afford to be picky about future opportunities. Take advantage of whatever job options you have, even if it pays a lot less than your previous job. Every new job will give you added confidence and increased self-esteem to rebuild your career again.

Think Positive

This may not be easy when your whole world seems dark without any hope. However, only you can motivate yourself best so search for your inner strength and start each day with a positive thought. Read positive and motivational books to fill yourself with positive feelings and thoughts. It will do wonders for your self-confidence.

Upgrade Your Skills

Part of the Malaysia RM60 billion Stimulus Package included the establishment and upgrading of new job centres. Make use of these facilities to upgrade your skills and to look for job opportunities. Make use of the retraining programmes offered by the Government in the same Mini Budget to make yourself more marketable.

Retrenchment and unemployment is something everyone hopes they will never have to face. However, if the axe has fallen, be positive and strong. You will be able to come out of it again.

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