Financial Hacks

Here's how you can successfully bounce back from a layoff

13 December, 2020

Share

Here's how you can successfully bounce back from a layoff

It was a beautiful morning when Vikram walked into his office with a cup of steaming hot coffee. He worked for a tech startup, and that morning there was going to be an important announcement. The employees were expecting the founders to reveal the destination of their next offsite. But they were in for a surprise!

The founders instead revealed that the funding they were banking on didn’t come through, and hence they would have to let go of a few key people. As it turned out, Vikram was one of those people. When he heard the news, it didn’t make any sense to him. He was just given a promotion a few months ago, and the founders had spoken to him about a great future at the company.

But now he had to deal with the reality of the situation. After the initial shock, panic set in and he didn’t know what to do. Questions such as what next, how to find a job, etc. started swirling in his head. He was also embarrassed about the situation. This is when his partner stepped in and helped him take a step back, relax and tackle the situation.

If you ever find yourself in Vikram’s situation, here’s what you should do:

Manage your emotions

Such a piece of news is never easy to handle. Remember, it is not the end of the world. Try not to freak out, or rant to other employees. This will only show you in poor light. Get a grip on yourself and stay calm. Just as no employee is indispensable, no company is either. You will find another well-paying job that will help take your career to newer heights.

Be honest and transparent

This is the time you need a support system around you. Share with your friends and family how you feel. These people will play a key role in keeping your morale up, self-esteem intact, and ensure that you don't engulf yourself in self-pity or become a loner. These things happen, and there is nothing to be embarrassed about such situations or incidents.

Take time to breathe and relax

Think of this as a well-deserved break, even though it was not voluntary. This is your time to breathe, relax and give yourself some time to regroup. Don’t rush into planning mode yet. Meditate, spend time with your family and pets, visit friends…slow it down a little bit.

Revisit your budget

After you have had some time to yourself, revisit your budget and savings to see how you can optimise your expenses as well as meet your liabilities. Sit down with your partner and chart out how you will pay for your house expenses, bills, fees, home loan, car loan, or any other such expense in the interim period till you find your next job. Dig into your savings – this is the rainy day you have been saving up for.

Remember to assess your credit card debt and plan wisely for its repayment. If you need expert tips on how to manage your credit card debt smartly, visit Chqbook.

Systematically plan ahead

With a level head, start looking at your job options. Talk to friends in the industry, consultants, former bosses, etc. to get the word out. Narrow down on a few companies and aggressively pursue them. Meet as many people as possible as you never know what may click when.

Travel

While you start your job hunt, there is no point being cooped up at home waiting to hear back from companies. This is an excellent opportunity to take that vacation you never seemed to get time off for. Book your tickets and take off. Travel solo if you can. It is a great way to heal, feed your soul and re-energise.

Rediscover your interests

Pick up the book catching dust in your bookshelf and read, join a photography class, plant a garden, get a hold of your cricket bat or wear your dancing shoes – rediscover your interests and do what makes you happy. Life is too short to let it just pass by in a blur.

Being laid off is not ideal, but you can turn it into a life-changing experience that might help you connect with yourself and your loved ones. Who knows, you may tell someone a few years down the line the story of how getting laid off was the best thing that ever happened to you!

Read More

Why You Should Take A Home Loan Even If You Have Money To Pay Upfront

Most people prefer not taking a loan because it only adds up to be one of the many burdens (bank paperwork, timely payment of EMIs and et cetera) which a person has to carry

..read more

Most people prefer not taking a loan because it only adds up to be one of the many burdens (bank paperwork, timely payment of EMIs and et cetera) which a person has to carry

..read more

Home Loan
2 min read

Important Tax Saving Schemes In Our Country

All governments collect taxes from their citizens. This is a crucial process that lets Government function. It spends the taxed money on various things that benefit the nation as a whole.

..read more

All governments collect taxes from their citizens. This is a crucial process that lets Government function. It spends the taxed money on various things that benefit the nation as a whole.

..read more

Saving Tips, Tax Saving Tips
3 min read

CIBIL Score & Credit Advice: Chqbook

The Credit Score section addresses the Frequently Asked Questions (FAQs) on credit score CIBIL reports, and informs you of how your credit score impacts your credit card and loan eligibility.

..read more

The Credit Score section addresses the Frequently Asked Questions (FAQs) on credit score CIBIL reports, and informs you of how your credit score impacts your credit card and loan eligibility.

..read more

Saving Tips, Credit Score, Business Loan
3 min read