5 Ways To Be Ready For Job Loss In A Highly Globalised World



Many professional workers are being displaced, even those who are performing. It’s no longer a feeling of if you are going to lose your job it’s now a matter of when. Being made redundant can shake your stability can prove to be traumatic if you are ill-prepared. Here are 5 ways to be ready for job loss in a globalised world.

5 Ways To Be Ready For Job Loss In A Highly Globalised World

1. Learn Healthy Habits

Most professional workers are used to working more hours than they get paid and often find it hard to invest in healthy habits like eating right, staying fit and investing in their spiritual life. When the job goes, it can be very easy to slip into depression and anxiety and your even more vulnerable to these feelings if you’ve not been living a healthy lifestyle. Prevention is better than cure and so it’s essential that you start to develop healthy habits now so that if you do lose your job, you will be in a better position to navigate the obstacles that lie ahead. It’s all about building resilience mentally, emotionally, spiritually and physically so that a setback like losing your job doesn’t disrupt your life too much.

2. Know Your Financial Position

The statistics aren’t great for the average Australian household when it comes to managing finances. One in 3 Australians report feeling financially stressed and with slow wage growth and significant hikes in the cost of essential services, these numbers are expected to climb. When you are busy working long hours often to impress your employer, it’s easy to not undertake a proper review of your finances, like setting up an emergency fund for a rainy day. Many people have a gut feel of how they are tracking with their finances partly because they prefer to not know where they stand financially.
It’s recommended that you should take a stocktake of your finances at least once a year to have the big picture of your financial position to ensure you have the insurances in place should health or other circumstances result in job loss.

3. Commit to Continuous Learning

Companies that are struggling financially rarely invest in developing the potential of their employees. If you have lost your job or can see it on the cards, chances are that you are working in an organisation that spends very little on your professional development and training in an attempt to cut back on operating costs. Every professional worker in the New Economy needs to have a resume that impresses with a broad skill set as the number of layoffs kicks in and more people compete for a single position.

4. Grow Your Network

We’ve all heard that the vast majority of jobs are never advertised so it pays to expand your network and make meaningful connections, which is not the same as having a lot of contacts on LinkedIn. One way to do this is to seek out some side projects while you are working full-time. There are now a growing number of gig platforms for professionals that give people a taste of contract work. Not only does paid gigs improve your CV but also any volunteer projects can strengthen your work experience and your mobility as you grow your network.

5. Get a Coach

Losing your job can have quite a destabilising effect, especially if you have a family to support and a mortgage to repay. Getting over the initial shock can be difficult and it’s tempting to take the next job opportunity that comes your way. However, if you are working in an industry that is across the board facing job cuts due to technological disruption and globalisation, you may be stepping into another landmine. A coach can help you look at your options given your work experience and the skill set you have accrued. This may mean going back into the workforce as a freelancer depending on the opportunities in the market. The most important thing is not to fret but to work with a coach to take a fresh look at your resume and a develop a clear vision for the next phase of your working life.

At the New Economy, we offer coaching services to support people through job loss and empower you with the tools to remain competitive in an increasingly digital workforce.

The New Economy