So Covid19 happened and there is now a real possibility of you losing your job.
Don’t worry, where there is crisis, there is also opportunity. Here are some steps to consider implementing if you know your job may be affected in the coming months:
1. Assess your financial situation:
Understand your required monthly funds needed to survive, Cut out the non-essentials based on your circumstances; What is non-essential will differ from person to person. A person with family will probably have more financial commitments then an unmarried person.
Assess your savings and see if it can cover at least 9 months of unemployment based on the monthly fund required; The idea here is to limit the costs to make your savings last longer. Of course, feel free to keep things that you feel you need to keep your spirits up but know that its a balance between how long you want your savings to last.
Consider fund raising activities if it can’t;For example, now might not be the best time to sell a property asset but it will likely be better now then in Q4 2020 or Q1 2021; Also, do you really need all that stuff in your house? Use apps like Carousel to get rid of it.
Keep an eye out for unemployment benefits and the stimulus package too. You may qualify. See HRDF, SOCSO and Ministry of Finance's websites.
2. Consider refinancing your assets to benefit from a lower monthly commitment fee.
Most banks’ interest rates have gone down and you can reduce your commitment significantly if you are holding on to old loans; There are even ways where you can try to get cash back if your property is of a significant value and that can help build your cash savings to tie you over;
IMPORTANT: Do this before that pay cut or severance package comes into play. Banks will not entertain this if you don’t have a job / or lower earning power.
3. Manage your expectations, the job market will be tough at least for the next 3 to 6 months.
While I believe that there is no going to the old normal until a vaccine is found (which reports indicate at best is in Q1 2021), that does not mean the new normal will be the worst thing in the world;
People forget that while a vaccine might not be possible, we may find out how to 99% cure someone when he/she gets it. That in itself would be enough to get the economy started in a bigger way that expected. Either way be prepared to wait a few months before any prospects come in and to be unemployed for at least 6 months to 9 months.
Review the 2019 market salary outlook to understand how much people were paying and be prepared to take a 20% to 30% discount (Look at Kelly Services, JobStreet, Glassdoor etc); If you check, you might be surprise that you are actually under paid and might not have that hard of a time to make that jump and keep your salary. However, be prepared to justify that figure.
4. Update your resume.
You probably have not touched it in years but don’t procrastinate; Realistically consider what positions your skills will allow you to apply for and consider the industry/sector you are apply for. The worst is yet to come for companies in certain sectors.
There is no point sending out resumes to stuff that is isn’t even relevant to you. We all have been guilty of pressing that easy apply button on LinkedIn. Take the time to really customise your application to stand out; But if you are applying for a job outside your skill set or industry, be prepared to justify it in a damn good cover letter or through reaching out to people in that organisation.
5. In the short term, look to upskill yourself.
There are a lot of webinars and online courses going for free right now. Look into it. See sites like Coursera, edX, Khan Academy etc; However, don’t just pick everything. Consider how this course benefits your resume and the possible jobs you are applying for; Where possible, look for the ones which provide certification from a creditable institution.
6. Reach out to your network and let them know you are looking for opportunities.
You would be pleasantly surprise how many would be willing to help; Even if they aren’t, that’s fine too. At least word is out there that you are available; If you are a bit shy, reach out to associates that you were close to in your career and leverage friends and family as a start.
7. Assess how you can make money freelancing or through a side gig
Consider what skills you have that can potentially earn you some cash during this time; Check out stuff like Freelancer.com; glowmalaysia.com; movemeon.com etc to get started or to find opportunities. Look at earning through cryptocurrency options as well. e.g. Hive posts.
8. Set a scheduled routine
Don’t let being stuck at home set you back and let you get complacent; Set weekly goals and targets for all of the activities above and stick to it; You should be hungry mentally and not only do this when you are actually hungry from lack of earnings.
9. Lastly, be kind and generous even when things are down for you.
Be open about helping others; Don’t see people as competition because you never know how things will turn out; A kind word and helpful gesture here and there can lead to unimaginable consequences. Good luck, stay safe and all the best out there.
Special note on SOCSO/PERKESO and the Employment Insurance System scheme (established under the Human Capital Development SRI of #NTP - Malaysia). If you have been contributing to EIS for at least a year, you can get max RM10,000 over 6 months among other benefits. Check out: https://www.perkeso.gov.my/index.php/en/employment-insurance-system
See the original article that I had posted in LinkedIn:
https://www.linkedin.com/pulse/9-tips-surviving-job-lost-covid19-crisis-amir-isyam-abdul-rahim/