Being jobless is a situation nobody wants to be in, or even think about. However, with news continuing to circulate concerning high unemployment rates, massive layoffs and the collapse of the main industry leaders, unemployment is something that can happen.
Even though the unemployment rate in Singapore is relatively low, at 1.9%, according to Trading Economics, you need to be prepared for unemployment no matter what your career situation is; unemployment anxiety can result in depression, binge drinking and financial stress when searching for new employment.
Coping With Unemployment
The following are 6 recommended ways in which to cope with job loss and recover after unemployment successfully:
- Coping with Unemployment #1: Care For Yourself
Self-Care is essential to bounce back. Continue to maintain a healthy schedule while job hunting and focus on the goal of obtaining new employment, rather than on the previous loss. Ensure that time is made for relaxation, even during this emotional period, to keep from falling into depression.
- Coping with Unemployment #2: Create An Action Plan
Research also suggests that an action plan will assist an unemployed individual in staying on track. This should include updating or creating your new resume and cover letter, and researching job openings online. Consider this a time of opportunity and write, or rewrite a five-year plan that includes professional and financial goals.
- Coping with Unemployment #3: Ask For Assistance
Organisations exist that can assist in finding the right employment for your specific job skills and experience. During times of long-term unemployment, filing for benefits will assist financially. Remember that you are entitled to unemployment benefits after periods of work and these benefits will help in reducing the pressure placed on a spouse to cover all daily expenses.
- Coping with Unemployment #4: Stay On Budget
This may including cutting back on some luxury expenses during times of financial stress. Utilise coupons, sales and other money managing tricks to keep from falling too far behind. Use the help of Non-Profit Organisations that offer groceries or assistance in catching up utility bills if overdue.
- Coping with Unemployment #5: Manage Your Finances
Financial Recovery typically entails paying off debts that have occurred during times of job loss, rebuild savings before increasing spending habits and in many cases, the need to adjust to a lower income. Continue to stick with the budget used while unemployed until all debts and bills have been caught up and savings have accumulated.
- Coping with Unemployment #6: Be Flexible
Explore new career paths with more positive outlooks to find a job with a reduced chance of unemployment in the future. Career centres contain a wealth of knowledge on career exploration and new job fields open consistently in a changing economy. A new career provides opportunities to follow passions not previously explored and could lead to increased job satisfaction.
Keep in mind that this is only a temporary down period. Daily Finance also suggests thinking like a trader on the market to keep spirits up during financial stress. Traders have up and down days but understand that it’s the long-term effects that are of the greatest concern. Unemployment can be emotionally and financially difficult, but these are temporary setbacks that can be overcome with the right strategy and positive thinking.
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She was nominated and selected for FORTUNE Most Powerful Women conference in 2016 (Asia) and 2015 (San Francisco, Next Gen).
Anna has 10 years of experience in the financial sector and is currently a Director in Tera Capital. Her previous work experience includes positions at Citigroup, United Overseas Bank, a regional role in Business Monitor and a boutique private equity firm based in Shanghai. She graduated from Singapore Management University (Finance and Quantitative Finance).
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