Survive the Recession! Our tips on how to protect yourself and overcome Job Loss
Recessions have a significant impact on Indians.
Did you know that even a mild US recession can slow down India’s domestic growth by 1.5-2.5%?
During a recession, many companies may face financial difficulties and may have to reduce their workforce. This can result in job losses for employees and higher unemployment rates, making it more difficult for people to make ends meet. The impact of job loss in India can be especially severe for low-income workers who may not have savings to fall back on. Additionally, a recession can also lead to a decrease in consumer spending, which can further hurt the economy and result in further job loss in India
However, it is important to note that the impact will likely be different for different industries and regions. Some industries, such as technology and healthcare, may be more resilient and may continue to provide job opportunities even during a recession. On the other hand, industries that are heavily dependent on consumer spending, such as retail and hospitality, may be more vulnerable to the impacts of the expected recession.
Since recessions can have a significant impact, it is important for individuals to prepare for the possibility of a recession by building up their savings and seeking out job opportunities that offer stability and security.
Here are some of our top tips to overcome job loss and protect yourself from a recession:
- Take Stock of Your Finances: Make a budget, evaluate your expenses, and see where you can make cutbacks. Create a financial plan that takes into account your monthly expenses, debts, and any severance package you may receive.
- Update Your Resume: Start working on your resume and make sure it is up-to-date with your latest work experience, achievements, and qualifications.
- Network: Reach out to your professional network, attend events, join industry groups, and connect with people on social media platforms like LinkedIn. Networking can lead to job opportunities and help you stay current with industry trends.
- Up skill: Take online courses, attend workshops, and gain new skills. This will make you more marketable to potential employers.
- Stay Positive: Keep a positive attitude and remain optimistic. Remember that redundancy does not define your worth or abilities.
- Consider a Career Change: If your industry is struggling, consider exploring new career options. You may have skills that are transferable to other industries.
- Stay Active: Stay active and maintain a routine. Exercise, eat well, and get enough rest. This will help you maintain a positive outlook and improve your overall wellbeing.
- Seek Support: Reach out to family and friends for emotional support. Join support groups and seek professional counseling if needed.
- Be Proactive: Don’t wait for opportunities to come to you. Be proactive in your job search and reach out to potential employers. Be persistent and keep a positive attitude, even if you face rejections along the way.
At Select Global Solutions, our clients across Africa, Asia and the Middle East are continuing to hire, so keep an eye on our Linked In page for updates on new opportunities in the Emerging Markets!
To find the latest jobs, go to www.selectglobal.co.in/jobs