Wednesday, July 8, 2009

Handling a Possible Layoff while Still in Employment

Although the severe recession time is over, the risk is not all clear. It will take some more time for economy to get stable and recession to be wholly out of scene. So, along with knowing about how to keep your job safe during financial crisis, you must also be prepared for a layoff. Here are some ways to tackle with this grave problem.

Create an Emergency Fund: Keep some of your money aside to cover your basic living expenses for about six months. This should include paying your rent or mortgage, buying monthly supplies of food and repaying loan premiums. It will be wise to keep them away as short-term deposits so that you earn interest as well as they are available in the near future without any loss on interest.

Cut Back on Your Expenditures: Refrain from buying expensive items that are not basic to your living. In fact, this way you'll save money for your emergency fund too.

Keep Away Your Credit Cards: Don't be tempted with those credit cards. Debts call stress and they are complete “no no” when you are seeing layoff in the near future. If you have to use these cards, do it cautiously.

Enlarge Network: Try to get known to as many people as you can in your field of work. A lots of friends and contacts in industry means a better chance of finding work quickly in case you lose your job.

Enhance Your Skills: Use your downtime (when you are not working) as an opportunity to develop your skills and knowledge to a higher level. This can even help in making changes in your job profile- some other work that hasn't got affected by recession.

In these tough times, layoffs can come across anyone's way. Know how to talk to a friend who's been laid off. This may result in your friend helping you in your tough times!


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