The world has changed immeasurably since the emergence of the novel coronavirus. While it directly affects people’s health and we have seen hundreds of thousands of people contend with respiratory issues, fever and fatigue, it is the secondary factors that come along with a pandemic that do the most damage. As the R rate of infection slowly comes down (in some countries) and people are eager to get their lives back to normal again, we can feel trapped. Lockdowns have occurred to try and stem the growth of Covid-19 and these can only be eased gradually. As such, businesses that have been shut for months are not able to open with customers flocking to their doors.
Retailers, large and small, restaurants, hairdressers, and logistics companies are all struggling to see how they can return to a profitable position. While they may be able to take advantage of a furlough scheme at the moment, this will be phased out in a few months time, leaving employers to foot a full wage bill once again. If revenue was back to normal, this wouldn’t be an issue. However, businesses are struggling to see how they can cope, and redundancies will inevitably happen. Many forecasters have suggested one in eight individuals of working age will be unemployed as a worst-case scenario. This will cause a strain on the benefits system like we have never seen before.
However traumatic redundancy is, it doesn’t have to be wholly negative. While you may have to live through an uncertain period and your finances will take a hit, you can weather the storm. If redundancy does hit you, try and maintain a positive outlook and force your mind to focus on solutions and the future. Take a look at how one door closes, but another better door can open when redundancy strikes.
Shift Your Priorities
If you can see redundancy on the horizon because your industry sector has been hit hard, start living a little more frugally now. Put some extra money in your savings account and change your shopping habits. Living frugally doesn’t mean living like a pauper, it means altering your choices. Rather than shopping at the niche supermarket, go for a more wallet-friendly alternative. If you are venturing out for meals again, go for the two-for-one main meal chain restaurant rather than the Michelin starred eatery. All of your financial choices will empower you to worry less about your bank account to help you focus on your future prospects.
Think about what is important to you. You may adore your job already and simply want to find a like-for-like position elsewhere. If this is the case, you can begin job hunting immediately. However, for many people, redundancy can force people to take stock and address their priorities. If you have been working for a decade or more in the financial sector but you want to explore your creative side a little more, it might be time to switch careers. If you have always had an idea that you think you can morph into a money-making venture, perhaps there is no better time to launch your own startup.
If you are keen to change your career, think about your transferable skills. If you can work effectively in a team, you have an analytical mind, or you can manage people effectively, you need to consider the sorts of roles that you can transfer these skills to. It doesn’t matter what role you are looking to fill, you need to think about whether you have the experience and qualifications required. Head onto job sites and check out the person specifications that will list the sorts of certifications you will need to change careers. Any qualifications that you need can be taken in your own time.
Many jobs require specific qualifications. If you are keen to swap the education sector for the health sector, it’s crucial that you look at a health information management degree or some on-the-job training by shadowing a current professional. Many people have found the Covid-19 crisis has made them question their job satisfaction requirements. Some are now eager to get out from behind the laptop to embark on a more caring career path. Breaking into the health sector can help you to achieve this.
Start A Business
If you are eager to say goodbye to the corporate world and you no longer want to be an employee, it’s time to have a go at implementing your money-making idea into a business venture. This can empower you to become your own boss. The transition from employee to boss can be tricky to manage so focus on your business plan to hone your future forecasting.
Consider the sort of things you could do to earn money. Think outside the box and go for something niche that few others are offering. Can you hand carve wooden spoons? Do you enjoy restoring old typewriters? Can you offer yoga lessons for pregnant women? Follow your passion and you will remain engaged and enthusiastic about your new role.
Starting a business requires time, effort and commitment. There will be days when you wonder what on Earth you are doing trying to launch your own startup rather than slip back into the world of work. However, once you have honed your time management skills and you’re comfortable being the finance boss, the marketing guru, the advertising honcho, the social media manager and the MD, you will be able to see the wood for the trees. You will craft a business vision and attract potential customers through your effective use of social media, your online presence and your digital marketing. Never assume that you will earn a fortune overnight, but you will be able to network, develop a following, and grow as the world emerges from the pandemic.
While you might not be able to scratch any wanderlust itch just yet because of Covid-19 travel restrictions, you can use your redundancy as an excuse to start planning a travel adventure. Many people have been in the same roles for years with very little holiday. When you finally get some breathing space, you might be keen to see a little bit more of the world. Take some time to consider where it is that you’d like to go. Perhaps you fancy a jaunt to South America to trek the Inca Trail in Peru. Or perhaps you’d prefer to take a trip to the Far East to take in the temple sights of Kyoto, the historic city of Hiroshima, and the futuristic cityscape of Tokyo. You can begin to plan a multi-stop tour and take sabbatical away from any sort of career.
You may need to get your finances in order before you set about traveling to another country. Think about how long you want to go for. Will you be heading off for two months or a year? The longer you are away for, the more prep you will need to make. If you are a homeowner, consider letting out your pad for the long term to fund your travel abroad. A monthly rental yield will help fund flights, accommodation, and trips to tourist hotspots. You also need to consider your credit cards and bank accounts. If you do have any debt, clear it before you set foot on the plane. You don’t want to the burden of debt to be hanging over you when you are trying to enjoy immersing yourself in new cultures, trying new cuisine and enjoying unique vistas.
We often think that we need a full-time job to pay the bills. However, more people than ever are starting to take on many different side hustles to create a monthly income. Going freelance allows you to work in a professional industry part-time while following your passions which can also make money on the side. For example, some millennials are choosing to be self-employed social media managers, while also doing a spot of freelance writing, as well as selling their custom jewelry creations on Etsy. Their lives are fulfilled because they are earning enough money to be comfortable without being stuck on a career belt that they cannot bear.
Coronavirus has seen the whole world flip on its head. The Covid-19 pandemic has touched every area of our lives, and there is still more change to come. We need to live with this new normal for the foreseeable future. Many people say the world will never be the dame again. While you may have been concerned about the flashy car in the driveway, your big house and getting your next promotion, you are now more bothered about spending quality time with your family, enjoying your free time, and having fun partaking in your hobbies.
While redundancy can always come as a shock and hurt your self-esteem, you shouldn’t wallow in your own disappointment. It’s time to see redundancy as an opportunity and enjoy what the future has to bring.
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