Have you been laid off during this COVID-19 pandemic?
We are here to guide you through this turmoil.
First of all, for whatever value it may hold, understand that you are not the only one laid off.
As per a report by The Guardian, 3.3 million have filed for unemployment in the USA alone.
Here are a few things you should do if you are being laid off during COVID 19 pandemic.
1. Calculate savings and cut down on expenses
“The safe way to double your money is to fold it over once and put it in your pocket.” -Frank Hubbard.
In these troubling times, it's better to triple fold your money.
Get a hold of all your savings & plan its utilization intelligently. For example, a visit to the departmental store to buy household items is necessary.
However, what is necessary to buy from thousands of exotic products is an important call.
Here are some tips to cut down on expenses.
- Calculate the total savings you have in hand.
- Look for other sources, if necessary e.g FD’s, Bonds, etc.
- Make an exhaustive list of expenses incurring every month.
- Prioritize things that are an absolute necessity.
- Stick to the list religiously when you go out shopping.
- Do not spend on unnecessary things.
- Keep your individual expense to a minimum.
2. Check if your firm has a severance policy
Severance pay is simply the compensation or benefit which an employer pays to the employee at the time of resignation or laying off.
In India, it's known as the “retrenchment act” which is governed by the Industrial act of 1947.
Under this act, Section 25 F(b), the compensation should be 15 days wages of the last drawn salary multiplied by the number of working years in service.
Many employers also provide relief benefits as a goodwill gesture if they lay off their employees.
Trust me there is always a way!
3. Find if the Govt has any remedial plan rolled out
‘Of the people, for the people and by the people’, A promise emboldened in the constitution, engraved in its very first line.
A well-informed man sometimes can be wiser than a well-educated one.
Keep your eyes on the latest news on government financial plans. Stay updated with the latest schemes that are brought to light each day.
Read about these schemes & find ways, how they shall be beneficial to you.
4. See if the bank can temporarily restructure EMIs
EMI date coming right around the corner? Do not panic.
Currently, the Govt of India & RBI has rolled out a moratorium scheme for deferment of EMIs across all banks for the next 3 months (1 March 2020-3 May 2020).
If due to any reason, the scheme doesn’t suit you well, talk to your financial institution, request a moratorium due to the COVID-19 outbreak.
Financial institutions have the power to take such decisions if the reasons seem apt.
5. Explore freelancing options
We all remember Stephen King, right? At a very young age, he started sending his articles to magazines hoping them to publish.
All he received were dozens of rejection letters, which he would nail to his wall.
However, finally, Comics Review published his story “I was a teenage grave robber”, since then he never looked back.
The idea of telling you this little story is to make sure that you don’t lose that hope.
Whatever may be your profession, you can pull off success on your own in worst of times also.
Check out websites such as Upwork, Truelancer, and Freelancer.com.
Freelancing will not only help in paying your bills but also keep you busy with work while you are at home.
6. Send personalized messages to your professional network
In the world of random forwards, use technology to your benefit.
Make a list of contacts, draft a personalized employment requirement message & send it across to them.
Make sure every message refers to the receiver by name & clearly mentions the expectation you have from him/her in their professional field.
7. Focus on networking sites for leads & walk-ins
If you feel that no news is good news, then it’s high time you change your approach. Leads can come from anywhere.
Follow professionals & keep yourself updated with the happenings on professional networks such as Linkedin, Cutshort, etc.
Many professionals post job openings or walk-in details on these professional networks.
8. Reach out to the right people
Beating a drum about a job isn’t going to lead you anywhere. If everyone in the world could give jobs, no one would be seeking them.
Make sure you know the right people to reach out to instead of everyone crossing your path.
Approach the people who are in a position to help. Business Heads, Managers, VPs, Founders, HRs, etc.
9. Talk to your previous employers
Leaving on a good note leaves behind a good rapport with your ex-employer.
In times of despair, reach out to your previous employers and check if they have a position vacant for you.
They have first-hand experience of your potential.
That surely comes in handy.
10. Learn a new skill
This is something you must have heard from everyone around, so what makes us different?
Well, repeating the same thing does not lower its importance.
The world is changing at an unprecedented rate, from conventional jobs to the digital age. The sphere is drastic.
However, those who flow with the tide get to the shore first.
Research on the latest trends growing on the world forum.
Learn those skills from your home on websites like Udemy, Skillshare and many more.
11. Update your CV on all platforms
Of course, you know that a CV is an important tool in finding the right job.
The question is how to let that CV reach the right & larger audience?
Most acquisition teams use platforms such as Naukri, etc to fulfill their employment needs.
Make sure your CV is updated there & gives out all the relevant information required.
Also, send across CVs on the jobs section mentioned on websites of organizations & send emails to the HRs with your CV in them.
12. Sound eager to work but not desperate
Rising bills, expensive rents, financial burdens can make anyone hunched down.
Although we understand the worry, but let the world not see it.
Usually, if you sound too desperate for a job, you might get hired on harsh terms.
This may include fewer packages, long working hours, low benefits or worse.
Visit AmbitionBox & learn about the salary packages, benefits & much more about the company.
This shall give you an idea about what to expect from the organization.
Get a job on your skills & merit. Don’t compromise on things that you have earned through hard labor for all these years.
Be eager, not desperate.
We recognize the troubles all over, but don’t lose hope.
The universe shall have a great future in store for you.
All the best!
