5 Smart Ways to Survive a Company Layoff
As the Covid 19 pandemic crisis continues to wreak havoc, a majority of businesses have started undertaking extreme measures to save their businesses. While some brands have resorted to pay cuts, there are some unfortunate ones who had to resort to layoffs for their survival.
Thus, if you are among one of those unfortunate employees who has lost his/her job then this article will certainly prove useful for you.
Recognizing the emotional stress and financial pressure that you might be experiencing; we bring to you some solutions that will help you to survive these tough times.
Start working as a freelancer:
In comparison to full-time employees, freelancers prove to be a good deal for brands as their charges are lower than the salaries of full-time employees. Besides, in view of cost cutting, brands out there are actively seeking freelancers.
Leveraging this opportunity, you can pitch across to these brands as a freelancer till you manage to get a full-time job. This way, you will manage to reduce at least some of your financial pressure.
Initiate side-hustle for income:
A glance through the internet and you can find numerous ways in which you can ethically earn money. It can either be answering a survey or by becoming an online tutor; find the side-hustle that suits your skill set and start working on it.
By initiating side-hustle for income, gradually, you will secure your finances as you have alternative income sources at your disposal.
Cut down on luxurious expenses:
With a financial crunch, try to increase your savings by cutting down on luxurious expenses. To make it simpler, try to divide expenses as per your want and needs. If a particular expense is your want then eliminate it temporary.
Initially, this technique might test your patience but soon you will be thankful in future for eliminating such unnecessary expenses.
Seek help from your business network:
A majority of times, job referrals turn out to be a good approach to connect with a brand’s HR. While giving up is not an option, try to seek help from your business network to get job referrals.
Although it’s a slow process but you never know, you might just be successful in getting the job amidst this critical period.
Keep up with your mental strength:
The tough times are sure to take a toll on your mental health. However, try to stay strong as this is just a phase. Losing your courage or patience, will only add up to your problems.
Therefore, instead of cribbing, try to focus on finding solutions to your issues and soon your life will change for the better.
Having said that, we understand the tough times that you are going through. But remember, this too shall pass. So just hold on and apply the above-mentioned strategies to deal with a layoff.