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How to Deal With Losing Job or Unemployment – Steps to Take

You may find yourself in an unusual situation after losing your work. It’s often a perplexing period. Financial stress, and future uncertainty can be too much for one to handle. By learning how to deal with a job loss, you can move on and discover the next ideal work opportunity. In this post, we define the term “job loss” and offer advice on how to proceed and enter the job market again.

According to research, losing your job might negatively affect your mental health. According to one study, those without jobs are more depressed, less content with their life, and more likely to report mental health issues than people who do have jobs. 

On the other hand, it can turn out to be a blessing in disguise. You might have needed it in order to achieve your goals and dreams in your work. Ultimately, your next step might really be to land your dream job. But, before we get into that, let’s focus on the difference between being fired and being let go.

Related Article: Preparing For a Layoff – Steps To Take

Layoffs vs. Firing

Despite the fact that there is a job loss in both situations, getting laid off and getting fired are not the same. The way the HR department delivers the news differs in both situations.

  • Being let go 
    A layoff typically occurs when a firm decides it no longer needs or can afford specific work roles. In some cases, the workers will be rehired if the business restarts operations. In other situations, the work termination might be irrevocable. 
  • Getting fired 
    Usually, when you’re fired, it’s because of how poorly you performed. Although they may still need someone to fill your position, they might not believe that you are the best candidate. You might not have the diligence or the necessary skills to do well at work. It’s possible that the management thought you were dishonest or unreliable.

Related Article: How To Bounce Back After a Layoff

Areas of Difference

If you are being laid off, human resources will inform you that your position is eliminated as a result of the company’s choice to cut back on staff. You might or might not get a heads-up about the upcoming layoff, and the company might be firing people besides you as well. If the business has the resources and you worked there for a long time, they might give you a parting gift. The HR staff will let you know the precise grounds for your termination. 

Related Article: Getting Laid Off – What to Do & What it Means?

Coping With Job Loss

There are certain best practices for returning to the job market after you’ve lost your job. You may not know what to do next. Despite the high level of stress that losing a job may cause, there are several ways to process and cope with it. You can move on and discover the next ideal work opportunity by learning how to deal with job loss. This section covers advice to help you cope and move forward so that you can eventually return to the employment market.

1. Observe your feelings
It’s crucial to comprehend your feelings over the loss in order to heal and go on. Try to comprehend why you feel the way you do, rather than just acknowledging how you feel. Check to see if you’re feeling anything else, like relief. If you experience both relief and grief, it’s possible that your work obligations prevented you from finding the ideal work/life balance for your requirements. Therefore, losing a job doesn’t have to be a completely negative event. Instead, it could be a chance for you to reflect on what has happened and search for a better opportunity.

2. Turn to your loved ones for comfort
Your friends, family, and neighbors could provide you with consolation and emotional support while you work through your emotions. Your loved ones would typically be the best at supporting you during this time if you feel the need to talk about what happened. If you provide financial assistance for your family, consider discussing your job loss with them and how it might affect their lives, such as having to stick to a family budget or forgoing extracurricular activities.

3. Prepare your finances
Your financial situation may be one of the first concerns you have after losing a job. Your household income will inevitably decline after losing a job, but there are ways to mitigate this impact. Look into how to get unemployment benefits as soon as you can. State-wise requirements and specifics vary frequently. As you look for your next full-time employment, you may also wish to take up freelancing or side projects.

4. Spend some time on yourself 
Consider taking some time off after losing your work to explore new interests and pick up your old pastimes. To take care of yourself, make an effort to eat health-fully, drink lots of water, and get enough sleep each night. Because, maintaining a healthy lifestyle helps keep you active and in the best possible state of mind for job hunting.

5. Build a portfolio
To demonstrate your work from prior positions to a hiring manager or recruiter, put together a portfolio. You can create a presentation, upload your portfolio to a website, or print out examples of your outstanding work to include in a binder. Employers can see your actual accomplishments in a portfolio rather than just a list of bullet points on your resume. You might gain confidence in your skills by building your portfolio.

6. Choose the career you’d like next
Making a decision about the type of employment you want to pursue next is ideal right now. You can utilize this time to determine your ideal work environment. Your job loss helps you understand that your previous employment wasn’t the greatest one for you. This can entail looking for a new job where the culture is a little more in line with your ideals, or it might entail changing your profession entirely.

7. Start applying
The pursuit of a new position is the best course of action after losing a job. Narrowing down your options should be easier if you’ve given your desired position some thought. Even though the application process can be stressful, you might find it simpler to handle if you divide it up into manageable steps. If you’re not getting the results you desire from your job hunt, consider reevaluating your objectives and potentially altering your strategy.

Related Articles:
Steps to Take After Layoffs or Being Let Go
How to Answer Why You Left the Job if You Were Laid Off

Are You Paid If You’re Laid Off? 

Whether you receive compensation after being let go from your job depends not only on the employer, but how long you worked there, and the terms of your employment contract. You can be qualified for a layoff benefit at some companies that is equal to 50% of your basic pay and dearness allowance. They can sometimes make you sign a document promising not to sue the firm again or disparage it in the future in order to receive the severance package. 

Related Articles:
10 Most in Demand Jobs in India
Highest Paying Jobs to Look for in 2022
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Conclusion

Uncertainty over how the economy will rebound or when you’ll be able to obtain employment can easily make you feel overwhelmed. It’s crucial to realize that you’re not alone because many are currently experiencing similar insecurities. Along with the preceding strategies for managing the stress of losing a job, this article also covered actions you may take to better manage unforeseen circumstances. While losing your work can be beyond your control, how you respond to it is well within your control. Even during difficult economic times, convert adversity into opportunity to recover. Always keep your attention on the positive aspects of your circumstance.

Related Article:
How To Write a Resignation Letter – Tips & Samples

FAQs

1. What would happen if you remained unemployed for long?
The potential income unemployed people can earn on obtaining a new job and even their prospects of getting a new job will drop the longer they are out of work. This erosion, or “depreciation of human capital,” grows with time.

2. How to feel better when unemployed?

  • Take care of your mental health
  • Take good care of yourself 
  • Consider starting fresh
  • Keep yourself busy
  • Let yourself have fun

3. What are the top 5 things you can do to reduce the chance of losing your job? 
7 methods to manage keeping your job:

  • Recognize the priorities
  • Find out how to control your employer
  • Continuously and successfully market your identity
  • Recognize the culture
  • Play office politics well 
  • Continuously work to better yourself
  • Recognize that even little things matter
  • Always be ready for the worst-case scenario
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