Temporary Downsizing and COVID! Here is What to Do

COVID-19 has badly impacted the economy. A lot of companies have reported a loss in their revenue, while few of them have seen a rise in revenue. This has led to the slashing of salaries or downsizing people in the short term. Looking at the bigger picture, businesses need to survive to employ people in the future.

So, if you have lost your job, suffered a salary cut, or are on unpaid leave, it is a wonderful idea to utilize the time and upskill during this period. Constant upskilling and reskilling has helped employees stay relevant and productive for years now. Not to mention 50% of such employees are already utilizing online learning platforms to either upgrade their existing skillsets to the next level or learn new skills that will help them grab better opportunities once organizations start welcoming new hires.

Let’s see a few of the immediate steps you should take in case you have lost jobs or received any economic blow from your recruiter during COVID

Stay Connected with Your Employer

But, in order to do that, you need to improve up on your skills, even though your performance was not the reason you were laid off. Maintain a professional and healthy communication window open with your employer.

Even in case, your organization is temporarily or permanently closed, you’ve got to stay in touch with them. You can also negotiate being laid off with leave without pay or even work from home options if available. In case your departure is confirmed, do check policies on the financial benefits you are entitles in case of a termination initiated by the employer.

Seek outplacement services

Many organizations usually provide support for finding a job after they are relieved. Outplacement firms are used to do so. So, if you are relieved recently, you must write to the HR team and seek information on whether outplacement services are available to be used in your case. Considering the fact that jobs are not readily available in the market, outplacement forms will be better prepared to help professionals who don’t have a job now.

It’s not the end of world for you

Maybe this is the right time to devote all your time to look into alternative sources of income. Something you couldn’t have done due to your hectic work life. Maybe this is the long vacation you always wanted and was not approved.

Start using the years of experience you have gained during those years with your organization. With the internet and your laptop by your side, you can explore plenty of opportunities that match your expertise.

Few of the immediate solutions can be:

• Get paid for creating content or start a “domain expert” blog
• Be a freelancer and use your expertise
• Start your online teaching course
• Become a virtual assistant in your domain