Coronavirus pandemic has given a huge jolt to the human race. It has physically affected more than 17 million people in the world so far, yet it is still far from being over. Those who remained unaffected by the infection are dealing with its repercussions mentally, emotionally, and financially.
India was already facing an acute shortage of employment despite having a huge number of graduates and postgraduates; now jobs are at risk because of coronavirus even more than ever. The pandemic has left the job market very fragile.
Prepare Yourself for the Risk
Build a Contingency Fund
The best way to manage the risk of job loss is to build a contingency fund. Save as much as you can for the rainy days. Your contingency fund should have enough savings to help you through six months. If you have loans and fixed payments to worry about, then build your contingency fund for a year.
Get an Independent Health Insurance
Your employer may offer health insurance. However, it is advisable to get independent health insurance. You do not want to be tangled in medical bills when you are out of your job. Medical expenses can be massive and if you are not prepared, you might be forced to take a loan. One of the best ideas to manage the risk of job loss is by getting independent health insurance.
Understand Your Employee Benefits
The best way to prepare yourself for job loss and associated expenses is by understanding your employee benefits in detail. This will help you understand the benefits that you cannot avail of if you lose your job and prepare accordingly. Understand how much your severance package could be or how much you will earn out of your uncashed leaves to estimate how much money you will get in case you lose your job.
Supplement Your Income
If you have the slightest idea of a job loss during the pandemic, get the limit on your credit card raised. You should also look for alternate options for income generation. You can take up a part-time job or pursue your hobby to make up for the income.
Best ideas to survive if you lose your job
These are unprecedented times nobody anticipated. On one hand, it has led all of us to a chaotic and unpredictable future but on the other hand, it has given us a break from the regularity of life and a chance to think where we were going and also for course correction. We need to utilize this time better and be future-ready rather than being worried unnecessarily. This is how we can proceed to a more secure tomorrow and to survive on the risk of job loss
This pandemic has had ill effects on the job prospects of several people. Today all of us need to have skills that make us relevant in the job market. It was always wiser to keep upgrading your skillset to not go obsolete but COVID-19 has accentuated the importance of upskilling manifold. Platforms like Udemy, Coursera, Skillshare are perfect to do this. So instead of worrying about job loss, invest your time in upskilling yourself.
Considering the absence of physical presence due to coronavirus it has become necessary to fill the gap between you and your contacts through social media. Be visible and up to date with all that is going around. Reach out to new people and build your network. This can help you secure new job opportunities and the bailout of the loss of a job and income.
This is one field that has actually prospered at this time because of the significantly enhanced screen time everyone is spending on digital mediums like Facebook, Instagram, Youtube, etc. Blogs, vlogs, animated videos useful in any way are grabbing people’s attention and are new ways of making money online. Explore your creative side and this could help you manage the risk of job loss in ways you had never imagined.
If you have any skill to teach people, this is the best time to share it with the world and make a living out of it. One can easily connect with people online and start teaching from the comfort of home.
Coronavirus has affected jobs in the traditional sense but in a way, it has paved a way for a world that is much more accessible and connected with each other through technology. Nobody was ready for this but as it is said desperate time needs desperate measures, people have pushed themselves to go digital in desperation. Those who are yet to explore the digital world should start moving towards it soon as it is a new reality and adapting to the new reality is the only key to survive.
Managing the risk of job loss during the pandemic is a scary idea. But you can manage your expenses by being creative and exploring newer ways of income generation.