[Assam] What to do when one loses job? (The Assam Tribune, 09.02.2009)

[Buljit Buragohain]

What to do when one loses job?
 By Devajit Mahanta

 November-08 saw the biggest number of job losses in nearly 30 years.
Economists have always said that the unemployment figure is a ‘lagging
indicator’, but historically hiring picks up only well after a
recession has ended and business regains confidence about the future.
Darwin wrote: “It is not the strongest of the species that survives,
nor the most intelligent, but those most responsive to change”. Every
change brings new opportunities; our challenge is to find and
capitalize on these new opportunities.

But all of that is a
small consolation if you or a member of your family lost job and can’t
find work? If you or anyone of your family has lost a job due to the
ailing economy, you may be wondering what to do next to keep your
finances afloat. Here are a few practical suggestions into surviving
this job crisis. Hopefully, you will not need to use most of these.

Diversify:
Diversification is not only for investment; it also pertains to income
generation. So, if you’ve got talents and skills or that perfect hobby,
you may think about leveraging these things into money-making ventures
and alternative income streams.

Temporary employment: To
figuring out your next step, you might consider freelance work in your
respective fields to bring in some extra income as well as open the
doors to permanent opportunities by introducing you to new people and
companies.

Calculate timeframe: The average person is currently
taking four months to find a new job. Plan on taking six months. To
adjust your lifestyle and move into survival mode you have to save
unneeded luxuries like maid service, gardeners, add-on convenience
services like caller ID, call waiting, premium cable channels and
importantly on your food budget.

List of liquid assets: Make a
list of your liquid assets, including stocks, bonds, credit lines,
savings and pawnable items like electronics, jewelry and other items of
value. Depending upon your savings situations, monthly expenses and
your calculated timeframe to get the reemployment, you may need to
liquidate these to survive.

Leverage online job resources: Based
on the type of work you do, try contacting recruiters in your area by
making inquiries at job boards and job sites. Rather than feel
out-of-sorts when job search takes longer than you expect, you may have
a leg up with your colleagues and ex-colleagues for your job search.
It’s important to stay persistent through and keep spirits up because
tomorrow may just be the day you land something.

Even those who
still have jobs I suggest them to pay down their debt. May be you are
not worried about your job but sometime it may come from out of the
blue and when it comes, it seems you are never really prepared for it.
Cutting down of expensive lifestyle will help in using that money to
eliminate your debt. Eliminate all credit card debt that you can’t
repay in a month or two. Pay off your car loan rather than go for new
car with a larger loan.

Instead of taking too much loans and
debt, keeping little for a rainy day, a little initiation for saving
habits would surely save such tragic situations.

Of course many
people are struggling to stay even, but who knows who’ll be next to
lose a job which can have a devastating effect on your ability to live
and your self-esteem.

Losing a job is definitely not a welcome
situation. If it does happen, take it as a challenge; more importantly
think of it as a chance. Layoffs are happening mostly because of the
troubled economy, not because these employees have been bad at their
jobs. Many times in your life you may have thought of making a change
but was afraid to take that step on your own. Now is your chance and
make the best of this opportunity.

Readers can send their feedback at devajitmahanta at gmail.com




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