What to do if you lose your job

I was asked to appear on TVNZ’s Breakfast show recently to give people advice about what to do if they lose their job in a recession.

This was in advance of the latest GDP figures being released. Fortunately the economy was in better shape than predicted – so no recession – but there are still fears of job losses as businesses struggle, and with an election looming and major public service cuts promised should the current opposition party win on the day.

So while I wasn’t available to speak to the Breakfast show that morning, it was a good question – what should people do if they lose their job?

Here are three tips on how to respond in the short term:

1. DON’T PANIC.

Try to only apply for something you wouldn’t mind doing. If you apply for jobs you don’t actually want, it will show in the interview. Too many unsuccessful applications due to this will take its toll on your confidence.

2. DO THE MATHS.

Do the maths on your financial situation so you know exactly what your options are. Work out the minimum you could earn and still be fine (this isn’t your target, but important to know what the options are), and also how long you could afford to go between jobs or contracts. When you do the maths and have a realistic figure, you are less likely to make rash decisions based on assumptions.

3. KEEP THINGS IN PERSPECTIVE.

If you don’t have the luxury of time based on your need to earn, know that your next job doesn’t have to be your dream job – seeing it as an interim move can help broaden the scope of what you can look at.

If you feel the need to take a job below your current salary or seniority level, or in a different field of work than you had planned your career trajectory around, don’t let this cause you too much anxiety. You get to front foot the narrative about your various roles and reasons for them, so just be clear on your narrative for future interviews. Ideally whatever you do in the interim will have exposed you to new experiences and opportunities to pick up new skills and knowledge.

Finally, whether or not you have lost your job unexpectedly, the fact remains we are living in a very changing world of work and there are some things everyone could do to help themselves to be more resilient in the long term.

For example, you’ll be better able to navigate a changing world of work if you are really tuned into what matters to you and if you have defined what career success looks like for you (see earlier blog post: Get back in the driving seat of your career by redefining success.

Getting clear on what matters and understanding the environment in which you would thrive means you’re better able to spot or create the right opportunities and be confident in your career decisions.

That's the sort of work I help people with through my six session one to one online coaching programme. If you're worried about how resilient you are and want to gain some confidence to back yourself and your choices, get in touch.