It no longer news that thousands of people are being laid off from their jobs because of the economic crisis brought about by COVID-19. So it is possible that you ar someone you know have lost their job. This can be really painful. Just few days again, Access Bank PLC (a popular bank in Nigeria with branches nationwide) announced that it has started laying off 75% of its workforce and closure of 430 branches nationwide. Here is what the bank MD said:
If there is one thing that has come out of this while lockdown period is the fact that digital is the way forward. “We do not need the same complementary staff to take to where we are going. It also shown that job essential services particularly outsourced staff will not necessarily be at the levels that would be required. “We probably don’t need as many security men as required, even to the fact that we are not going to have all our branches open between now and December. Source
And to prove that this is not a Nigerian thing, here is another job cut from Rollsroyce as reported by the BBC
COVID-19 has brought so much economic pressure on organizations that some of them had no choice than to cut staff strength. So if you have been caught up in this job loss chaos, how can you regroup and make sure the situation does not get out of hand? Here are a few practical suggestions.
1. Dont Panic: Really, its easier said than done! I agree it can be difficult to keep your cool when you got the sack. But then, panicking does helps noone. In fact, your inability to put yourself together could bring more harm than good. You have to buy that mental strength to put your head on the ground and collect yourself together. Controlling your anger, feelings of helplessness and disappointment is a positive step towards recovery. Only when you are the right frame of mind can you think of productive ways to counter the economic and emotional effects of a sack. If you have someone that you can confide in, do so. Whatever is necessary to put your negative feelings back to where they belong should be done as quickly as possible. When you have become calm and cool, then you can think of the next steps.
2. Analyze your spendings: Honestly, you spend money confidently when the income is steady and assured. Sometimes, you even buy what you don't need. Now is the time to really set a clear boundary between needs and wants. Check your budget very well and cut down on unnecessary spendings. For those things you actually need, you still have to make a scale of preference so that urgent important needs are taken care of first with your limited resources. There are many ways to cope with job loss, maintaining your previous lifestyle is certainly not one of them. When you cut down on non-essentails and focus on your needs first, the economic pressure on your small purse will also be lessoned, giving you some room to clear your head.
3. Check alternative income streams: While you look for another job (which is clearly difficult in this period of the pandemic), it makes sense to check alternative means of income that you have been overlooking since. Can you start an ecommerce business or drop-shipping? Can you float a small business in your neighborhood? How about selling your skill online? You can also consider freelancing and other ways to sell your skills. The truth remains that if you really check well, you might see an area or two where your skills or services might be needed. That could be a business opportunity. When you are able to quickly set up something from which you are able to make some earnings, then your job loss will not hit you as hard as it would.