If Job Security is a Concern, How Should You Prepare for the Worst?

When we face hardships such as retrenchments or pay cuts, what sustains us through challenging times? Resilience. Here’s how to build some.

According to Psychology Today, resilience is defined as the psychological capacity to adapt to stressful circumstances and to bounce back from adverse events. Resilience is considered a process to build resources toward searching for a better future after potentially traumatic events.

Since some industries may continue to retrench more workers in the future, what can Singaporeans do to build resilience in the workplace?

Upskill to improve chances of employability

A UOB survey found that nine in 10 of those employed in Singapore believe they will need to reskill or upskill to stay competitive in the post-pandemic world. One way to approach upskilling is to think about your area of weakness, where there is potential for improvement. Alternatively, you may consider viewing the job requirements of positions that you aspire to be employed in during the new year and shortlist a few skills that would help your resume stand out from the crowd.

Whether that’s data analytics, finance, or cybersecurity, MySkillsFuture offers training courses as well as other resources including e-books to help you remain competitive in the workforce. The cost of a SkillsFuture course can range from free or a special rate, to S$2,500. In addition, Singaporeans can claim S$500 SkillsFuture credits to offset course costs to further develop and deepen skills and enhance employability.

There are over 60,000 jobs available on MyCareersFuture. Apply for your next job role here!

Build a strong support network

We’ve all heard the catchphrase, “It’s who you know, not what you know,” and, when it comes to referrals, that still holds true today. Reaching out to family and friends to make warm introductions at companies is one way to grow your network. Another, possibly more effective way to build a strong professional network is by updating your LinkedIn profile and connecting with senior-level executives, managers, and even recruiters working in your industry.

Besides being an avenue for newer opportunities and exchanging ideas with like-minded professionals, networking also enables you to build your personal brand. Sharing your creative portfolio or a thought leadership article that you’ve published can elevate your credibility and position you as an authoritative figure within your industry.

Save money for a rainy day

The idiom ‘saving for a rainy day’ means saving part of your monthly income for another purpose in the future, such as an unexpected medical emergency or a family member losing their job. How much you should save every month depends on your financial goals, but as a general rule of thumb, it’s advisable to save at least 20% of your monthly income. Another advantage of having a rainy day fund is that you will save on interest that you would have otherwise incurred from a loan to meet monthly expenses.

On average, the effective interest rate for personal loans in Singapore ranges from 11% to 14%, though some of the best personal loans in Singapore offer effective interest rates around 8% to 10%. With an interest rate of 10% on a personal loan, you would spend an additional S$415 per month on interest alone.

Read More: 5 Tough Interview Questions and How to Tackle Them Effectively

Be kind to yourself

In times of uncertainty, it’s natural to feel anxious and be critical of our downfalls, especially in a work culture that is high performance and target-focused. With companies adapting to the new normal, remote work arrangements can lead to an increase in loneliness. According to a survey conducted by Ipsos in 2020, one in four Singaporeans says they are not in good mental health.

Maintaining an unkind stance towards yourself during unpredictable times is likely to activate the fight or flight stress response, clouding the mind’s ability to remain calm and focused. If you’re feeling stressed or uneasy, be kind to yourself by giving yourself some “me time” to re-energise and find comfort. Forgive and accept your minor failures and cultivate your inner advocate to motivate you to keep moving forward.

Do you know that WSG regularly organises career-related events and workshops to help with your employment needs? Find out more.

Plan your career path and embrace change

Setting goals is the key to a successful career path. More specifically, SMART goals, that are specific, measurable, attainable, relevant, and timebound. To increase the chances of accomplishing your career goals, write them down and share them with a friend, family member, or coworker.

In fact, a study by psychology professor Dr Gail Matthews found that 76% of people who write down their goals and actions, and provide weekly progress to a contact, have successfully achieved their goals. This is 33% higher compared to people who don’t write down their goals. With SMART goals based on your career interests and skills, you’ll have a roadmap of what you need to do to get where you aspire to be.

This article is contributed by ValueChampion Singapore.

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