Just how secure is your job? You work your pants off to ensure you do an excellent job and receive recognition but could the company close down…? Nah, it’ll never happen to you.
But it could.
Your job security is not based SOLELY on your ability. There are many other reasons an office can shut down or you can be laid off. But whilst you got your job let’s take a look at some of the things you can to ensure you are prepared for a job loss.
1) Face reality that a job loss CAN happen to you and probably will at least once in your lifetime.
You may have the best work ethics in the world but it can still happen to you. It’s the same as a car accident. “It will never happen to me.” Consider if the company decides to relocate to another country? Or what if they decide to relocate to another state? Are you willing to move? Take a look at your company and consider the possibilities. If your company is an international company then there is a good chance they can relocate to another country.
2) Create a back up plan.
While it may be difficult to have another job lined up in case of a sudden job loss, (wouldn’t that be great?) there are other steps you can take. Firstly, how much money do you need to survive monthly? How much in savings do you have? How long would you survive without a paycheck? Set out a plan on what you could do while you aren’t in tears from being told you are being let go. Set up a savings plan first and for most.
3) Live normally and never in fear but smartly.
Some things are uncontrollable but control the things you can. Don’t overextend yourself by buying a car you can barley afford on your current wage. Think of the consequences if you do lose your job? Live within your means by all means or I’d go further to say live below your means so you can save for any type of emergency including a sudden job loss.
So, there you have it. Just a simple guide for planning for a sudden job loss while you still have your job. I haven’t gone in to much details because only YOU can figure out the details of a back up plan. These are pieces of advice I wish someone would’ve given me (okay, probably my grandma told me a couple of these…) before I experienced a sudden, unexpected job loss. I will talk about that in detail later including the aftermath.