Thu. Jan 28th, 2021

9 Tips to Handle Post Retrenchment Life in Pandemic-hit Economy 

Retrenchment

For those who are not familiar with the word retrenchment, it’s the reduction of cost through various measures in response to an economic slowdown. 

 

 Are you the one who is facing the hard blow of retrenchment or under the fear-mongering atmosphere of a possible retrenchment soon? If your answer to this question is yes, then nothing to be ashamed of or feel low. You are not among the few, there are millions of job-deserving and able people like you who have lost their jobs. 

 

 With the adverse effect of the COVID-2019, many sectors have almost shut their shops. And some of the sectors are still clueless about when their business will start again, leave aside earning revenues. This is the scenario of almost all nations across the globe barring a few.

 

 So, what will happen next? How to carry on in life? These questions must be troubling you. Isn’t it? And believe you, these questions are bothering almost all including the mighty political leaders, head honchos and even top billionaires of the world. By saying this, the article is not trying to ignore the criticality of your problem though. 

 

 These tips are wonderful for those who have been affected by retrenchment – directly or indirectly.  

1)Don’t Take This Personally

This may not reflect your skills or lack of it. Often these are dictated by external market conditions that you have no control. The recent job losses due to COVID-2019 were completely unprecedented and some sectors have been hit disproportionately. Even people like Oprah Winfrey and Steve Jobs have at some point in time lost jobs.

 

 2) Breath Easy

 Allow yourself to calm down – don’t keep this bottled up. Meditate, chant or do yoga. Talk to people. 

 

3) Do Negotiate

An exit package, some referrals, testimonials, encashment of dues that may not otherwise be monetized. You may have some leverage here – no company enjoys messy retrenchments.

 

4) Leverage Your Network

 Build “non-transactional relationships” throughout your working life and help others out, they will help you when you need help. You have nothing to lose. 

 

5) Think Strengths

 Think of your strengths and past successes. Be able to articulate your strengths with instances of having used them. List these down.

 

6) Take Time Off

 Do not rush into blind actions. Reflect and plan well before your next job search or career plan. 

 

7) Use Social Media

Build a professional LinkedIn profile – headers and keywords matter. Use professional help if required. Connect with people. 

 

8) Reskill

Keep learning and invest in new learning while you are idle. It will trigger off new thoughts and perspectives. 

 

9) Interim Opportunities

 Be open to short interim roles. Keep up the money-flow go on. The GIG economy may expand exponentially. 

 

It’s always easier said than done – that’s true. But what has happened, happened. One has to move on in life. Sometimes, we need to take a pause to accumulate our positive energy and wisdom to see that silver lining in the cloud. 

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