When you experience a job loss, it can be difficult to see the silver lining in the situation. You will most likely jump to the worse case scenarios, especially tied to your finances. If you have a family, the impact directly on them will most likely be top of mind. Remembering to still follow your self-care routine during times such as these can be extremely difficult. Your thoughts are preoccupied with finding the next job.
You’re likely experiencing an emotional rollercoaster: panic, anger, sadness, confusion, and maybe even happiness. This last one may surprise you, but sometimes, a major loss such as this can actually feel good if you were not happy where you were working. If you do experience a little contentment, you may even feel guilty for feeling good about it. But all of your feelings are valid. The best way to recover from a job loss is to take time to reflect, create new goals, prioritize self-care, and be mindful of where you go next.
The Spiral Of A Job Loss
Most people dread losing their jobs. Often, they worry about what colleagues or friends may think. Who cares what others say! They are not going to help carry you through until your next role starts. Your internal critic may kick in calling you a failure triggering a blame-game. Any mistakes or challenges you faced recently could resurface, making you spiral into rumination, and self-doubt. “What if…I should have…I knew I screwed up…”. Stop. It will not change what has happened. With markets being so unpredictable, anyone can easily lose their job. It is not necessarily a reflection of your performance.
What is in your control is how you respond. Take those perceived mistakes or failures as lessons to improve in the future. But ruminating doesn’t land you your next role. Furthermore, if your identity was tied to your job, this will hit you harder than you think. And that’s okay, it’s a learning to take away with you. Be grateful for the realization that this is something to unpack and grow from.
The Silver Lining Of Being Temporarily Unemployed
As hard as a job loss can be, it is also a chance to reflect on where you are in life, and figure out what you would like to do. Not what you think you should be doing, but what is important to you now, in the present. What are the things you were putting off because you were too busy working? This is the chance to spend some time evaluating goals, values, and your identity outside of the job you once thought made you who you are.
This is a time to tune in to your body and soul. What are they longing for? Focusing on self-care during this time is vital. Through establishing your self-care routine, you can rebuild your life. Work should only be one piece of the puzzle, not what you live for.
After a job loss, don’t let the panic set in. Many rush to get employment immediately, only to realize quickly that it was a mistake. Take a little time to think through what is happening. What type of job or company would be a good fit moving forward? Where will you thrive? Are there day-to-day tasks that can excite you?
A job loss can help you break out of an industry and pivot to something new. If you were not enjoying your previous job, you will most likely not enjoy the same type of work at another company. On the flip side, if you enjoyed the job, then moving on can be hard. Is there a company that provides similar opportunities? Have you always wanted to try something different, but for some reason never did? Consider if now could be the time to take the risk and test it.
Evaluate Your Finances After A Job Loss
Navigating the transition post job loss can be challenging because of your finances. If a job loss is due for reasons out of your control, you may qualify for benefits or a severance package. Depending on where you live, legislation will dictate minimum entitlements. When the job loss is due to a fireable offence that you committed, you may not be eligible for any financial compensation.
If you are struggling financially, don’t be afraid to ask for help from friends and family, if they can help they will. There may be some community resources available, and you may also be eligible for some short term government programs. The best way to get through this is to learn what your rights are. Don’t be afraid or ashamed, anyone can experience a job loss. It is not a reflection of who you are or what you are capable of.
Financial Planning
The best way to prevent finances affecting a job loss is to be prepared before it happens. Have a nest egg set aside for emergencies, you can give yourself the time you need to find your next role. It’s recommended to have at least three (3) months of essential expenses saved up. This includes your rent or mortgage, utilities, food, transportation, out-of-pocket medical, and any other necessary expenses that are recurring for you. Having a rainy day fund is part of financial self care.
A job loss is a new beginning.
A job loss can give you the luxury of spending time with yourself resting, rebuilding your self-care pillars, and reflecting on who you are outside of work. Job loss is one of the biggest stressors in life, particularly when it comes to finances. The uncertainty can be overwhelming, focus on what you can control.
Use this opportunity to explore new employers or alternate career paths. Some use this time to upskill or start their own business. Consider environments that will be conducive to you living your best life. Lean on your support network, the journey to becoming employed can be long. Change is hard, be compassionate with yourself.
IMAGE CREDIT: Pexels | Ron Lach.