Facing retrenchment is a reality for many South Africans. This can be an overwhelming time that’s filled with uncertainty. With the South African economy under a lot of financial pressure, it’s only realistic to be prepared for retrenchment. Many South Africans have already lost their jobs and even more people will likely be retrenched. Listed below are just some ways that you can be prepared should you face retrenchment.
Understanding the Signs
it’s important to see and understand the signs. Some of these signs could include rumours, a decline in revenue, or a possible change in business leadership. Keep an eye on the economic patterns in the industry, the company’s financial position, and changes in management to get an understanding and overall sense of what might be happening.
Reviewing your Finances
You must evaluate your finances and determine how long you can live without a job. Analyse your savings, investments, and any other sources of income to understand your financial situation. Have a look at how much debt you have and how you can reduce expenses. It’s important to know if you’re able to downscale your car and possibly your home. Start a budget and stick to it to ensure that you manage your finances well. You should also consider starting an emergency fund. This will help you should you face retrenchment soon.
Updating Your CV and LinkedIn Profile
Your CV and LinkedIn profile are crucial in the job search – so ensure that it’s updated. Customise your CV and your LinkedIn profile to apply for the type of job you want to apply for. This will increase your chances of finding a new job and potential recruiters contacting you. Networking and building relationships are something you should also consider. Attend webinars, industry events, and even meetups with former colleagues etc. Be open to new opportunities.
Researching your Options
Before you find yourself facing retrenchment, it is essential to research your options. See what jobs are available in your industry or if you should consider a career change. In recent years, there have been several new jobs that have emerged, so your current skillset may not be as in demand anymore. You may want to consider a job that pays more or has more flexibility. Find out what skills and qualifications you need to transition into a new career.
Upskilling and Reskilling
Retrenchment is an opportunity to change directions in your career. You can do this through upskilling or even reskilling. You need to look at what skills you have that are in demand and what is transferable. Are there other career paths you’d like to transition to? Now may be a great opportunity for you to upskill or learn a new skill that is in demand and potentially pays more. A new career that is in demand could give you a better quality of life and more job security too. As stressful as retrenchment can be and something that nobody wants to experience, it’s important to be prepared. Financially, this can be a very overwhelming time and you may not know where to start. That’s okay – we have a Retrenchment Webinar that can help you get your ducks in a row to overcome retrenchment.
IIY’s Surviving for Retrenchment webinar:
Date: Wednesday, 27 September 2023
Time: 12:00 to 13:00 and 18:00 to 19:00
Duration: 1 hour
Cost: R395.00 (Early Bird: R276)