How to deal with Retrenchment

Dealing with Retrenchment|Retrenchment
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Retrenchment
Retrenchment Singapore

With an uncertain economic outlook facing Singapore and other countries, more and more companies have embarked on retrenchment and headcount freeze in 2016. For those of us with little financial commitments and still staying with our parents here, there’s little to worry about – you might even welcome the break to do more of what you love. However, those with family commitments and a mortgage loan to service may find it an extremely stressful situation. Not only is a retrenchment financially damaging, it can affect you mentally and emotionally as well. Here’re some tips for you to stay sane and keep yourself afloat during such tough times:

Cope Emotionally

Stay sane. Remember that retrenchment is not against you in a personal way; it is a business decision. Companies can always find a way to replace a job function or delegate certain scope of your work to several other people. Speak to your loved ones and gather their support. You’d need to stay calm and not get into a blame game since this will likely show up when you go for your next job interview.

Get A Grip Of Your Finances

If you haven’t been on top of your bills and budget, it’s a good time now to take a good hard look. Find out the fixed costs you need to pay out per month – home loans, utilities, telco bills…etc. Then have a look at how long your emergency funds can sustain you. Plan out a budget to cut down on unnecessary expenses as well – some ideas can include temporarily stopping your commercial gym membership, less eating out and not shopping for extra stuff that you don’t absolutely need. Rope in your partner for a discussion as well so that both of you are on the same page.

Look For A Job

Getting a job from sending your resume to working in a company can easily take a few months so try not to be complacent about it. If you haven’t updated your resume for a long time, it’s now time to brush it up and fill in with the relevant experiences you have gained over the years. Other than job portals, you can now try social media platforms such as Linkedin, as well as be active in reaching out to recruiters.

While you continue to send resumes and attend interviews on the side, you might want to think about getting a part-time job or something that can earn you a side-income.Some of these suggestions include driving part-time with Uber, teaching tuition or going on a freelance job board to see if you have some untapped skillset to use – freelance writing, virtual assistance, or data entry.

Make Good Use Of The Extra Time

Some people may decide that they want to use the time off from work to pursue something they’ve neglected – a hobby, spending time with kids and family or simply to relax. If there’s no financial pressure on your side, this would be great. You can use the time to finally do what you’ve been putting off, be it to start an exercise regime, spend time honing your skills at drawing or finally going for that sabbatical you’ve thought of for a long time.

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