While retrenchment is a difficult process to go through, it can be a helpful learning curve
Liberty’s Claim Statistics for 2017 show that retrenchment claims were the main cause of claims from Young Achievers. Retrenchment also featured as a top reason for claims from Young Parents. Statistics SA released figures in the third quarter of 2017 showing a third straight quarter of job losses.
Retrenchment is extremely stressful as it affects your financial security and self-worth, but it can also be an opportunity to learn a great deal and seek a different purpose.
If you have the right income protection cover in place, retrenchment is a good opportunity for you to revaluate your life.
Be mentally and emotionally resilient
It’s a natural reaction to doubt yourself after being retrenched, but don’t dwell in this space for too long. Make a list of your achievements – going all the way back to primary school – to remind yourself what you’re capable of. It’s also helpful to make a note of everything you learnt in your previous job, so that you can utilise it in your next role. Update your CV accordingly.
Take the time to revaluate your goals
This is an opportune moment to think about what you would like to do in life. Perhaps it is time to change the course of your life, to pursue a different career, or business that you enjoy.
“You need to first trust in what you know then find out if what you know is still relevant and in demand for your market,” says Career Development Services (CDS).
Boost your skills set
Being retrenched means you have more time on your hands, so if there’s a course you’ve always wanted to take, but never got the chance – and if you can afford it – go for it. “Learning new skills can give you the edge over your competitors,” says CDS.
Rework your finances
With no regular income you need to be careful with your spending, so tighten your budget. Divide your expenses into essentials and luxuries and cut out the latter. Use your severance package wisely.
Maintain a network of people
Spend time with positive people who will lift your spirits when you’re feeling down and keep an eye out for employment possibilities for you. “Keep enquiring with your close networks about new job opportunities that have become available anywhere they are aware of,” advises CDS.
Networking also extends to online platforms. Ensure your LinkedIn account is up to date and be specific about the type of work you’re looking for. If you don’t have an account, sign up for one.
Always be honest in the information you add to your CV and LinkedIn profile because there are ways for HR practitioners to verify it.
Are your income protection cover in place? If not contact one of your Ultrafin consultants to advise on the matter.