No matter your life stage, experiencing sudden job loss can be daunting.
Perhaps you were caught in an unexpected retrenchment exercise or had to terminate your employment due to a long-term illness, injury, or accident. Whatever the circumstances, know that you are not alone and help is readily available.
In dealing with the sudden loss of income and job security, the following questions might cross your mind:
- What are my financial needs for the months ahead?
- How should I move on with my career?
- How should I remain relevant and attractive to employers?
If these thoughts weigh heavily on you, this curated list of resources in Singapore can provide the support needed to chart your next move.
Planning for your financial needs
Without a steady stream of income, the coming months could take a toll on your finances. To tide through this transition period, first take a good look at your financial obligations, and compare your monthly expenses with your emergency savings. Some of these could include:
- Housing-related payments, such as mortgage, rent, utilities
- Debts or loans like personal loans, education loans, taxes
- Insurance and/or investment payments
- Dependent needs, including education fees, living expenses
Once you have a clear picture of your personal finances, evaluate and make appropriate lifestyle changes – you will likely need to prioritise needs over wants during this time.
Try to be more intentional with your spending and consider cutbacks where possible. For instance, you might choose to cancel subscription plans you don’t require, commute more via public transport, and choose home-cooked meals over dining out.
You can also check with your insurance providers for premium holidays that allow you to take a break from payments, so that you can ease some of the financial stress without forfeiting the benefits provided by your insurance policies.
If you require more help, you may also access financial aid with a new support scheme. Eligible Singaporeans can look to the SkillsFuture Jobseeker Support scheme (JS scheme), which provides temporary financial support of up to $6,000 over six months to involuntarily unemployed individuals.
To qualify for payouts, you will need to actively participate in job search activities that help ease your reentry into the job market. Each activity earns you points, for example:
- Attending career coaching sessions or advisory services (4 points)
- Enrolling in a training course listed on MySkillsFuture (2 points)
- Attending a job interview (4 points)
You will need to accumulate a minimum of 10 points per month for the first three months, followed by five points per month for the next three months. These activities will ultimately provide you with a good head start and greater focus when it comes to your career planning.
Navigating your next career move
Look at this as an opportunity for a much-needed career reset. And while you’re at it, consider evaluating your current skillset and the career goals you hope to achieve.
The following questions can help guide your decision-making process as you plan your next career move:
- Do you wish to pursue something in the same industry as your last role, or something new?
- Do you have a key understanding of the current developments, trends, and skills required for the industry and role you wish to apply for?
- Are you well-equipped with the required skills?
It’s perfectly okay if you identify a skills gap that needs bridging – every one of us can afford to expand our knowledge in one way or another. Upskilling or reskilling helps keep you up to date with industry happenings and employment requirements. Your experience with such programmes and courses could even be a talking point during your interviews.
For example, in many industries, especially finance and tech, familiarity with generative AI tools is a sought-after skill. Beyond surface level discussions about ChatGPT, an upskilled or reskilled worker well-versed in AI would be able to offer discussions about the techniques and ethical considerations when integrating it in your field of work.
By actively taking part in upskilling courses, you not only increase your value as a candidate but also broaden your career prospects. To begin, you can check out relevant SkillsFuture courses to expand your knowledge and competencies.
If you are unsure about where to start, you could take the first step by completing a Skills and Training Advisory where a Skills Ambassador can recommend the necessary skills you need to upskill or reskill in. Alternatively, you can also attend a SkillsFuture Advice workshop to learn more about growth industries and in-demand skills that you could pursue for a mid-career pivot.
Re-entering the job market
While you may be eager to return to the job market, it’s important to understand that job-hunting is never an easy feat, regardless of your qualifications or work experience. The process may take longer than you expect, which could drain you both mentally and physically.
Thus, remain resilient and channel your energy into taking small, actionable steps that advance your job search. For example, you could set a goal to send out five job applications a day to be consistent in delivering high-quality and tailored submissions.
For additional help, the following are free and accessible resources to aid in your process:
- Career Coaching and Job Search Advisory services
- Volunteer Career Advisors
- CareersFinder
- Self-help articles on CareersCompass by MyCareersFuture
The myriad of support is designed to help jobseekers like you find tailored advice, resources and programmes to increase your employability. So be sure to also make full use of resources to continuously grow and improve your skills and knowledge – your future self and employer will thank you for it!
Remember: The job search is ultimately shaped by your actions. Pace yourself, adopt a positive mindset, seize opportunities, and seek support when needed.
