How can I prepare for the impending mass job layoffs?

Q: I am very certain that even if I do not lose my job during this Covid-19 season, I will always be anxious about job security in future. I have seen the pain and despair that some of my former classmates display because they weren’t lucky to find employment. I am very scared of what’s coming and how my career trajectory will be affected. How can I prepare for imminent mass redundancies?

The reality is that although job positions are not and will never be guaranteed; it is becoming increasingly important to think up fresh ways of reducing our dependence on regular employment.

The current situation has affected both employers and employees. As employers make certain adjustments to manage cost, their revenue streams are no longer assured.

Therefore, employers can also easily find themselves jobless. We are all vulnerable, and this question must be reflected upon by both employers and employees.

If we are smart and creative, we can make our jobs sustainable, but that will require self-discipline and sound financial planning.

First, you must save either for a rainy day, or for seed capital for an investment. It does not matter how much you earn.

All you need to do is put aside a certain portion of your salary every month. Set some goals to help you focus. For instance, you could say, “In five years I would like my profits to equal my salary”.

SIDE HUSTLE

Look for other ways of increasing your income, like taking freelancing jobs or starting a business. If you need a helping hand, employ someone but ensure you stay in control of the business activities.

The aim is to identify and grow an alternative source of income to cushion you against the shock and effects of a sudden job loss.

Should you get to a point where you will be so self-sufficient that you can willingly offer yourself up for redundancy, take your severance package and reinvest as you ponder on your next steps. If need be, look for another job or start another business.

These tough economic times require us to look at work in a broader sense. If the last few weeks are anything to go by, it is clear that many of us can effectively work from home and save commute time and money.

The increased free time can certainly be put to some good use. The future belongs to those who embrace disruptions and are ready to take risks.