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The Ultimate Guide To Coping If Pandemic Redundancy Looms

The pandemic of 2019/2020 will go down as a historic moment that will define our generation. Covid-19 hasn’t just brought health issues with it, but it has also made the world venture into an uncertain economic time like never before. The world has shifted immeasurably. Just six short months ago, you would have been looking forward to the dawn of a new year with optimism and lots of plans. Now, you are more concerned about keeping your job, paying the mortgage, and having savings in the bank.

Pandemics don’t come around too often thankfully, but when they do, they hit hard. Globally, people are working out how to adapt to a new normal. The western world has been hit particularly hard. Travel, tourism, retail, and food sectors have been hit by a wall of closures. Seemingly overnight, shops and restaurants were told that they had to shut their doors in an effort to contain the virus and stop its spread. Even though we are starting to emerge from lockdown, the virus is still here, and businesses are not simply able to pick up where they left off. Societal attitudes have changed towards eating out, catching a movie, and socializing. Pandemic anxiety has set in, meaning that people are happy to stay at home a little while longer.

If you are working for a company that sees layoffs in its near future, you need to begin planning for the worst and hoping for the best. Redundancy, even when expected, can be a real knock to your self-esteem. Your confidence may be sapped and you might worry about the future. However, it really isn’t all doom and gloom. Take a look at this ultimate guide to help you cope with the threat of pandemic-induced redundancy.

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It’s crucial that you are able to prepare for your financial future as much as you can. If your employer is giving clear warnings that your job is at risk and they have given you a timescale, use the weeks or months to begin topping up your savings. With lockdowns being enforced across the world, we are not heading out to eat, socialize, or spend so much money, so this should make it easier to put away more of your wage. Head out to get your groceries in the same way as you usually would, but look out for those buy one get one free offers and consider buying in bulk. Washing powder, detergent, and toilet roll will always be utilized so buy larger quantities so that the unit price of each product is less.

Consider how much you can afford to save. With everything that is going on at the moment, you don’t want to live like a pauper. It’s vital that you can enjoy some of the little joys in life. If you have a garden, it’s ok to buy some new plants, do some renovations to the shed, and enjoy a barbecue or two. However, you should try and save at least a third of your pay packet if possible. Redundancy will result in a payout of some sort. Depending on the terms you may end up with up to a year’s pay tax-free. For many, the payout will be much less resulting in little more than a month’s pay. You need to give yourself as large a financial cushion as possible when redundancy does strike.

Financial pressures can result in anxiety, depression, and stress, meaning that you struggle to cope with the new normal. Instead, budget to within an inch of your life. Think about creating a personal spreadsheet detailing your incomings and expenditure, and work out what you can shave from your outgoings. The chances are you don't need your gym membership anymore while they are closed, so consider canceling. You can probably live without your golfing magazine subscription. And, you definitely don't need to be buying the finest caviar for your blinis every week! While tedious, you could find yourself living quite comfortably for six months or more without feeling the pinch. This will give you some breathing space without having to worry about money.

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Think About Your Options

Many people slip into their careers rather than committing to them because of a passion. If you were in a role habitually rather than because of a love for it, think of redundancy as an opportunity to change your professional life for the better. You don’t have to get back on the job hunting bandwagon to try and seek out an equitable position just because that’s the usual thing to do. Instead, you could consider what you are really passionate about. You spend eight hours a day working, so don’t remain in financial services or education if you want to start your own business selling custom-made jewelry or if you want to become a gardener.

Starting a business may seem like a risk during a pandemic. However, sometimes there is no better time to go for it. When you appear to be down on your luck, you may spot a niche to be targeted. If you have a great business idea, you can make it into a money-making venture, no matter the economic climate. To maximize your new brand’s exposure, think about outsourcing your advertising and digital presence to a marketing agency that can drive your online marketing with analytics, SEO, and market research.

Write a business plan that considers your funding and finances. The cash injection you need to set up and launch may need to come from external investment. The business plan that you write will be the cornerstone of any decision that a bank manager or business angel makes. Make sure that you know your gross from your net, and that you can discuss your venture with passion and enthusiasm. You must expect to be scrutinized on your ideas and financial forecasting. Now, more than ever, investors need to know that you can run a profitable venture.

When pitching to potential investors, make sure that you are suited and booted, and have a haircut. You need to look professional, ooze confidence, and be ready to answer questions. You need to show your responsible borrower credentials, so demonstrate how committed you are to your startup idea.

If starting your own business doesn’t float your boat, you do need to consider what else you can do to earn money. If you are keen to venture away from your current career, think about retraining. Many career switchers move out of the corporate world to do something more active. Many people choose to learn a trade such as becoming an electrician, a plumber, or a plasterer. If you want to work with your hands and do something more practical, learning a trade that benefits the construction industry can help to futureproof your income.

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Mental Health

When you lose your job, even if you are forewarned of it, you will feel like you have been kicked in the stomach or have had the rug pulled from beneath your feet. It can make you feel worthless or like your efforts haven’t been valued. You need to remember that redundancy is never personal. You haven’t been dismissed because of misconduct, poor performance, or absenteeism. The company that you work for needs to cut jobs in order to survive, and you are in the unfortunate position to lose your role.

This doesn’t make it any easier to cope with. Rationalizing your situation is very difficult when you are at the center of it. To protect your mental health, take a step back, and don’t consider your options straight away. You will need to get used to losing your office colleagues, the positive working environment, and the love you had for your job. Many people grieve their job loss so give yourself time.

After a few days of reflection, do something that will help take your mind off your job worries. Consider a staycation, go for a hike, spend some time in the garden, or go fishing. Think about learning a new language or taking up the piano. Do something new and focus your mind on something different. It doesn’t matter what it is that helps you to remain calm but you should seek it out. Meditate, do some yoga, or complete some mindfulness activities.

If you are feeling lost, putting too much pressure on important decisions will lead to the wrong one being made. It’s vital that you consider all of your options and follow the right path for you. In these surreal coronavirus days, our mental health can be suffering. Add to this the risk of redundancy and your anxiety could become chronic, you may begin suffering from insomnia, and you may struggle to manage your emotions. Draw out your options, talk them through with a pal, make a list, write, paint, or develop your ideas in whatever way is most suitable to you.

While redundancy is a shock, you can morph a negative situation into a more positive opportunity. Follow this guide and you can excel even when pandemic redundancy looms.

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