Have you lost your job recently? I am aware that adversity may be a debilitating and unpleasant experience. We seem to be approaching a recession, and economies are suffering. In this context, losing your job might be a source of enormous anxiety.

You fought hard to maintain this position, but things don’t always work out. However, that does not mean you cannot recover from this desperate situation, you can bounce back from a job loss only If you are mentally preapared.

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First things First: Your Mental Health

Coping with the stress and anxiety of unemployment can take a heavy toll on you. For many of us, losing a job doesn’t only represent a loss of income but also a core part of our identities. 

Some people have jobs, some people have careers, and some people have callings. When they lose that, they lose a lot. Unsurprisingly, that feeling may be magnified for those who invest a lot in their jobs, whether that be through time, education, or energy.

At times like these, an existential crisis is inevitable. The magnitude of grief is so huge that it can blind your vision. So start by allowing yourself some time to grieve and try not to blame yourself. When your feelings are settled down, then only it will be possible to start looking out for the road ahead.

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A 5-step plan to bounce back from a job loss

Although it’s perfectly normal to grieve, the longer you wait to begin to make a plan, the more difficult it may be to get back into the workforce. So here’s a practical 5-step process that you should follow if you have recently lost your job.

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1) Restructure your budget and finances.

Losing your job can be a nightmare, but readjusting and reorganizing your finances could even be worse. It is essential that you pick yourself up, brush yourself off, and begin working on a plan to reduce your financial stress during this difficult time.

Do you have a budget that will allow you to survive until you find a new job?

Do you have an emergency fund for your life?

If not, begin by creating a strict budget and classifying all expenses as either necessities or luxuries. Consider making your family a financial ally in order to reduce your expenses. It will greatly assist you in allocating your resources to maintain liquidity and increase your savings.

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2) Assess your marketable skills and milestones.

You have lost only your employment, not your experience and skill sets.

Losing a job is a major setback, but it is also an excellent opportunity to reinvent yourself and how you wish to be perceived. You are the product you sell, but you must take the initiative to remain competitive. Evaluate the significant landmarks in your life.

How did you capitalize on your successes? How did you overcome your low points? Assess the compatibility between your responsibilities and your strongest abilities. This will aid you in narrowing down your ideal role.

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3) Re-evaluate your career goals and aspirations.

Now that you have some time to yourself, why don’t you start it by spending it on re-evaluating and re-structuring your career goals and aspirations?

You have been in a routine for so long that it is possible to stray off of your original vision and aspirations. What is it that you want from your next job? How will it help you attain your personal and professional goals? It would help greatly if you have clarity on the goals, as it is very difficult to score a goal when the goalpost is moving and is not clear to us. Or, if things seem stagnant and you don’t know how to continue, consider seeking a mentor or a coach who will help you re-evaluate your goals.

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4) Re-imagine your career trajectory and make an actionable plan.

Now that you are rather sure about the big picture start with mapping out your trajectory.

Would you want to re-route to a completely different field? Or do you want to continue climbing the ladder in your current vertical? After you’re done figuring that out, decide what types of positions you’re interested in applying for. Having a clear plan will help you look for relevant opportunities. 

Keep in mind: while hunting for a job following the loss of a job, it’s not wise to apply for every single post you find. You need to seek out jobs that are a perfect match with your qualifications so that you can shine and ascend. The more specific you are, the higher your chances of landing a job that caters to your set of skills.  

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5) Utilize your network pool and keep adding to it by reaching out to relevant individuals.

The most important thing you get out of your experience (after your skillset) is your network.

This is the time when you tap into your network. Why not utilise this opportunity to its fullest?

Then, where do you even begin? You should reach out to recruiters by scheduling meetings with them, going to networking events, and contacting both internal and external hiring managers. Calling, emailing, and visiting with everyone who might know of a job opportunity is a good idea. Make sure you can sell yourself in 30 seconds by practising your “elevator pitch.” It will be a challenging procedure, but it will propel you forward toward your objectives.

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Are job cuts coming?

Given the worldwide predicament we are in, the recession and job losses might persist for the time being.

But if you have the correct assistance, navigating through it is not tough. You will find it much simpler to safeguard your goals for both your personal and professional life through these trying times if you have a good action plan in place.

Having said that, I have assisted numerous professionals from a variety of industries in advancing their careers by providing them with a Personal Business Plan that takes into account both their professional and personal goals. Contact me at kurt@promotinglife.no if you need assistance navigating through your goals or vision. I would be delighted to help you on the road to success!