Get out of the retrenchment rut

There is no doubt that retrenchment is a difficult experience – and one that some of us have faced, or may have to, in future.

Retrenchment can happen to you irrespective of gender, income or age, so it’s best to prepare for it, even if you don’t see it coming. Here’s how you do that.

Accept the change

You will have to come to terms with the fact that there is going to be a change in your life. You will no longer wake up every morning to go to your familiar desk. You will no longer have your colleagues and, above all, the safety of your salary. The faster you accept this, the faster you will figure out your next move.

Don’t fall into the victim mentality and blame your employer; it doesn’t help. It doesn’t mean that you are a failure; the season for you to be in that particular job has come to an end. That’s all it means.

That said, you will feel bad. You will feel a sense of loss, and it is even healthy to go through a period of grief.

This is alright; you are letting go of an attachment you have had to a particular situation. But even though you may feel bad that this particular door has been shut it, is important to force yourself to see the windows that are being opened.

You now need to take the lessons you have learned so far and apply them somewhere else. Rather than seeing this through the eyes of loss, we need to see this through the eyes of opportunity.

Assess your position

This is a good time to come to grips with where you are financially. List all your financial assets as well as your liabilities. This can be a daunting process, but in order to figure out where you go, you must know where you are coming from. You may realise that you are not too badly off because you have some investments e.g. shares, property, bonds, retirement fund and so forth.

Make sure you include any payout you are getting as part of this assessment. Understanding exactly what you still owe will also give you clarity as to the obligations that you still need to service.

You may feel worried because you are unsure where income will come from, but in spite of the worry, this exercise ensures that you do not exist in a state of denial.

It actually helps to keep your mind focused on what you need to do and may provide the sense of urgency you need to give you impetus. The second part of this assessment is non-financial.

What are the skills talents that you have accumulated? What resources do you have? What are the things you always wished you had more time to do? Networks, skills, talents and passions can be translated into opportunity.

This can only happen if you take the time to write down and be grateful for what you have. Once you have listed them you will be able to quickly identify how you can leverage them.

Get your expenses right

You will have to spend money differently. This is the time to identify your needs and wants. Spend money on needs and minimise the wants.

This is important to note because the temptation in our state of grief is to actually spend money on what will temporarily make us feel better.

New shoes, drinks, a new gadget may have that effect, but will only add to our troubles. Just bring your expenses down to rent, food, school fees, etc. If you have received a payout of some sort, you want to make it stretch as far as possible.

If you live on needs plus wants, maybe your payout may be enough for five months. But if you live on needs alone, it might stretch to eight months.

Do not succumb to the temptation to spend money on maintaining your image. It is time to let go of what other people think and be realistic with yourself on what you can afford until you have identified your next source of income.

Always give yourself tasks to do

There is nothing more depressing than having nothing to do at this point. You now have time: What are you going to do with that time? You have been going to work every day so it is important that you give yourself something to do. Maybe you have always wanted to farm; your first step is to do the research. When and how are you going to do this research? Maybe you actually need to call someone who farms and go see them.

Maybe you need to get help and write out a CV, or you might want to get in touch with a head hunter. You may need to get the first client for your prospective business opportunity. Maybe this is the time to take a course.

Not all your tasks have to be work-related. Perhaps this is the time to take your children swimming like you have always wanted to.

Do not sit at home and watch TV. Make sure you are accomplishing defined tasks everyday just as you would at work.

This will not only help you identify your new opportunities but also give you a sense of purpose, which is extremely vital in this time of transition.

Waceke runs programmes personal financial management and entrepreneurship. Find her at [email protected]| twitter @centonomy