What You Do When You Lose Your Job!

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You should dig a well long before you are thirsty.
By Olodu Keonyedi

 

If you are not the owner of the place where you are currently working or your father owns the company or you are a major shareholder of the organisation then you should have it in back of your mind that one day you will leave the company either through retirement or termination of your services.

There are certain things you ought to have put in place before you leave your present job; you should never wait until you are sacked or retired before you start putting things in place.

Losing a job often is a traumatic experience. It’s normal to feel lost, hurt and overwhelmed as you try to get a handle on what you should do after this major change. It’s important to act from a position of strength and knowledge, rather than reacting emotionally to the loss.

We will be discussing on things we should have done before we leave our current job or things we should do after we lose our job.

 

THINGS YOU DO WHEN YOU LOSE YOUR JOB


Emergency protection fund: This is a fund saved for the raining days when an unexpected interruption of your monthly income flow occurs. You should be able to have saved up to six months of your salary (or the amount equal to six month of your monthly expense).

This will create in you a peace of mind knowing that you will not be in the street when sudden misfortune hit your income, set aside 10% of your income to build this fund until you grow it up to six month of your salary (or sell a property/cars that you are not currently using) to build up your emergency protection fund.

Keep that emergency protection fund in an account e.g money market, interest bearing account, Save 10% of your income until it get to the monthly expenses and grow it to 6month amount.

Build your own house: Whether you’ve got a mortgage or you pay rent, your home is probably your biggest expense every month and that won’t change when you’re out of work. While you are still at your job; try by all means to build a house for yourself no matter the location of the house.

 

Figure out Health Insurance: Even if at present your company takes care of your health insurance; it is still very good to look into the process of getting your own individual health insurance plan. But in case you lose your job, you still have the option of applying for your own individual health insurance plan. Even if you are perfectly healthy, you have no control over what life may throw at you, and it’s better to be insured than having to pay insane medical bills should something happen to you.

You can always inquire from any National Health Insurance Scheme (NHIS) office nationwide to get more information on it.

 

Increase your circle of network: If in your present circle of network you’re the smartest in the group or the one everyone goes to for help or if you can’t call at least five contacts from your phone and get help from them then you need to increase or change your circle of network to include people that are smarter than you.

Research shows that about 80% of jobs are secured via networking. Start connecting or reconnecting with your family, friends, professors, former colleagues, and recruiters. There’s no shame in reaching out to these contacts to let them know you’re looking for something new. You can also build professional relationships by attending events put on by organizations within your industry.

 

Looking for a job is now your job: It may take a lot longer to find a new job than you think it will. It may take about six months or more to find a new job. You might have to settle for less. We’re in a tough economic climate and the dream job you want might not be available for the next few years. Some jobs leave the market and never come back, and you may be facing that reality.

Don’t get discouraged. Remember, even in a bad economy, there are always jobs for good people. The initial loss of a job is stressful, and it often makes us lose our clarity and focus on planning the next steps. But you don’t have to descend into an anxiety spiral. There are always options, and the key is to let yourself have the time and space to determine what those are. You won’t be able to move forward without a clear head and an open mind.

 

Develop your talent/skill: Treat yourself like a one-man business, Find your “customers” (places or people you might want to work with), and then come up with a list of 10 or more ideas for each customer that can make them pay money for your experience/talent/skill. “Pitch your ideas to that customer if you can. If you can’t, move on to the next customer.”

 

Losing a job can be a huge kick in the gut regardless of whether it has anything to do with your performance or not. Finding a new gig can mitigate these negative effects, and the good news is there’s a way to get there easier and faster: by having a plan. Start your plan today.

 

 

Olodu keonyedi is a trained engineer and by passion and personal development a public/motivational speaker, a business coach and human capacity developer, he has a B.Eng degree in Civil Engineering from the University of Nigeria Nsukka, he is a member of Nigeria Society of Engineer and a COREN registered Engineer.

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