The COVID-19 pandemic has had a huge impact on the global economy, and the unfortunate consequence of this is that many employees who have been employed for a long period of time are now facing layoffs, or even temporary furloughs. The conditions of the labor market are changing drastically and what used to be a secure job can quickly become a shaky one. As a result, many people are looking for ways to navigate the consequences of the pandemic. In this article we will explore the many different options that are becoming available to individuals who have either been furloughed or laid-off due to the pandemic.
Evaluating Your Options
If you have either been furloughed or laid off due to the pandemic, it is important to take some time to evaluate your options. Firstly, you should assess your financial situation. Sit down and analyze your expenses, income, and the various expenses that you need to look out for; mortgage payments, rent, car loan payments, meals, electricity, and so on. Look closely and carefully at the items that you can cut back on and determine what needs to be done in order for you to survive in the long-term.
The next step is to find out what sort of support you are eligible for. Depending on where you live and the industry that you work in, there are a variety of financial support options available. It is important to find out what assistance is available to you, including any potential government-funded schemes, and the funding that may be provided by the company you worked for or your current employer.
You should also take a look at the terms of your employment contract and determine if you have any rights that you must adhere to before taking a certain action, such as filing for unemployment.
Remaining Positive
In times of stress and uncertainty, it is easy to become overwhelmed. We all experience emotional reactions such as anger, sadness and fear. The most important thing to remember is to remain positive and keep your eyes on the horizon.
Think about what goals you want to achieve and make a plan for yourself. Reaching out to friends and family for support is always a good idea, as this will give you the emotional boost that you need to stay positive and motivated.
Networking
Networking is a great way to not only stay in contact with industry professionals, but also to potentially open up opportunities for yourself as job leads and new contacts could be made. Social media sites can be utilized in this regard, as these are great platforms to network, reaching out to colleagues, former colleagues, and other industry professionals.
You should also consider networking with people in different industries with the same job search goals in mind. For example, working with others in different industries looking to help those that have been laid off could work to your advantage.
Looking for a Job
One of the most obvious ways to navigate layoffs and furloughs is to look for a new job. This can be a difficult and challenging process, but there are a variety of resources and strategies available to assist you.
Firstly, you should start with your current industry. Be sure to actively read industry-related news and trade periodicals, as this will help you stay up to date with the job market.
You should also look into registering with a temporary work agency. These agencies are designed to connect workers with employers who are in need of staff on a short-term basis. This can provide the flexibility you need, allowing you the opportunity to try out different industries and discover what career path you are best suited to.
You should also look into utilizing job search websites. These websites are great resources that can help you to find current job postings, as well as to view potential employers.
Exploring Other Avenues
Whilst looking for a job is an important option, it is also important to explore other avenues. For starters, you should think about taking on a contract or freelance work that allows you the flexibility to still look for a job whilst being able to make money in the meantime. This is a great way to get experience and build a portfolio, as well as to make money.
You should also consider starting your own business. With the current climate and laid-off workers, there are many opportunities to start a new business or to invest in one that is already established.
Finally, you should also look into the possibility of enrolling in additional education. This could help you to improve your current skill set and offer you additional prospects in the job market.
Financial Planning
Financial planning and budgeting is essential during difficult times such as these. You should sit down and work out your current financial situation and what your goals are. Use this information to create a budget that meets your needs and allows you to make your financial goals a reality.
You should also consider what emergency funds you have in place, such as savings and investments. Having money tucked away can help to support you in tough times and offer you some peace of mind.
Final Thought
The current pandemic has put many workers in the position of having to consider their options and make tough decisions. The good news is that there is help available and there are options to explore. Whether it is finding a new job, starting a business, or exploring other career pathways, understanding your options is key. Create a plan for yourself, stay positive, and keep your eyes on the horizon.
We hope that this article has been helpful in highlighting the various options available to furloughed or laid-off workers during this difficult time.
