Animals can sense danger coming – strange behaviour in the animal kingdom before impending doom is something we have all heard of – dogs bark themselves hoarse before a big earthquake; birds act strangely out of pattern before a big hurricane; earthworms dig out of the ground before big floods. Human beings do not have such finely tuned sensors to detect impending doom, but certain things such as the end of a relationship or an imminent sacking often becomes obvious to one before it has happened.
If you have been noticing warning signals and think you may be about to get laid off, it is prudent to start preparing for it right now, whether it comes to pass or not. Preparing for unemployment is difficult enough for a single person; if you have people depending on your pay check, then you are heading for troubled waters. Consider the following suggestions on how to get ready for joblessness.
Save
The most important step to preparing for unemployment is to have a negligible rainy day fund. Negligible in this instance means enough money to last you three to six months without a job. There is no such thing as unemployment benefits in Bangladesh, so unless you already have emergency money set aside, there is no time like right now to start saving. You do not want to lose your job and find yourself without a safety net.
Stay within means
Being thrifty is not a process, it is a way of life, which makes it difficult to attain unless you are used to living within your means. If you know you are heading towards unemployment, stop spending money on things unless you absolutely need them, and cut corners at every available opportunity.
“Exploit” your contract
Fringe benefits such as medical insurance or coverage are often the last things on one’s mind before losing a job. However, if you know your dismissal is imminent, now may be the time to schedule any medical or dental appointments you have been putting off all these years. You do not want to be jobless and have to cover huge medical expenses!
Stop charging on your cards
Unless you absolutely need to, stop using your credit card now. If you lose your job today, it is just one more
extra payment to deal with tomorrow. If you can tell that your job is in
danger, stop charging anything on your credit cards.
Create a portfolio
Once you get laid off, you will no longer have access to your workstation or work email; start collecting samples of your work (such as written pieces, proposal drafts, presentations) on a pen drive or email the files to your personal account. When you look for a new job, they will want to look at samples of your previous work, and you do not want to find yourself without access to them.
Do not forget networking
Networking is not a one-off activity but a constant development. However, unless the job expressly requires it, it is common to fall out of the practice. When you are heading towards unemployment, you need to scurry towards your closest acquaintances and be on the lookout for opportunities. Keep an eye open for potential opportunities at all times, whether you are at a work event or a friend’s child’s birthday party.
Study your contract
Go through your employment contract thoroughly and figure out if you have any unused leaves left. It may be a good time to use them up before it is too late. Also look through the sections regarding dismissal and how long a notice your employer will have to provide, so you know how best to prepare for it.
Have the talk
Unemployment is a difficult and emotionally stressful time, not just for you but everyone who cares about you. If you are looking at an upcoming removal, have a talk with anyone who will be impacted by the loss of your job, such as your spouse, parents, children etc. Make sure you are on the same page, and most importantly, can start prioritising and setting financial goals together.
