The global economy has experienced a significant downturn since the world reopened in recent months. Employees across numerous sectors, particularly technology and communications, face the genuine prospect of being laid off. This is partly due to companies cutting costs and restructuring their workforces following massive hiring periods during the pandemic.
Unfortunately, the recent retrenchment figures in Singapore aren’t too positive – with 460 people in tech losing their jobs just between July and September 2022. Knowing how to navigate this situation can help you bounce back as soon as possible. Check out these six tips for staying positive and motivated following a retrenchment.
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1. Give yourself time to reflect
While it’s tempting to dive straight back into the workforce following a layoff, sometimes it’s best to take some time to reflect on your current position and whether you’re moving in the right direction. Depending on your financial status, it might be wise to use this time to decompress and ponder your next step.
After successfully clearing your head, you’ll feel better prepared to look for work or make a big decision regarding your future. By thinking carefully about your place in the workforce, you might discover renewed motivation to drive towards a specific goal or even make a long-awaited mid-career switch.
2. Know your financial situation
Layoffs are naturally stressful for most people, but the situation can become even more anxiety-inducing if you don’t have a clear picture of your financial health. Rather than avoiding the question, create a budget that accounts for your immediate expenses.
Then you can use this information to plan a well-earned break or determine how long your job hunt can last before your finances become overly stretched. This step can provide a sense of security and give you a slight push to explore new opportunities or kickstart your work search.
3. Surround yourself with positivity
It’s only normal to feel down after losing your tech job. However, don’t let this take control over your professional future. Instead, turn to the most positive people in your life to ensure you receive the support and encouragement you need to get back on your feet.
Whether you’re talking about former colleagues, friends, family members or mentors, these people can offer an optimistic perspective that convinces you to take action. With a few close companions reminding you about your past successes, you’ll feel driven to make the next step in your career.
4. Take care of your mental health
Even if you’ve never experienced an issue with your mental health, remain vigilant after getting laid off from work. Considering how easy it is to get down during this confusing period, staying mindful of your emotional state helps you overcome the blues.
For example, some people find positive self-talk to be incredibly useful. Rather than letting your self-esteem slip due to a setback, a positive pep talk can help you recognise that countless people go through the same situation and successfully rise above it.
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5. Don’t hide your job status
Many people experience shame or embarrassment after being laid off. Sadly, these powerful emotions can drive some to mislead their closest friends, family and colleagues about their employment status. While this response is understandable, being deceptive harms your self-esteem and relationships.
Staying honest about your job status is a much wiser decision. This way, those who care about you can provide emotional and career support as you return to work in a stronger position. Meanwhile, openly discussing the situation on platforms like LinkedIn means recruiters know you’re looking for work.
6. Explore fresh opportunities
Keeping an open mind is crucial for maintaining momentum after a tech layoff. You might think your skills are only relevant to a specific role, yet most times, your talents are more than transferable to different positions or even entirely new sectors.
This period of unemployment is also perfect for expanding your industry knowledge. By keeping in touch with former team members, you can stay aware of issues making waves in the industry. Plus, you can join professional associations to expand your network.