5 Steps to manage sudden unemployment and get a new job

If you suddenly fall out of the job market, these few tips could help you manage your situation and get a new job soon.

By NM Personal Finance

Becoming unemployed can happen to anybody. With the country’s current recession, many companies are laying off their employees, therefore increasing the rate of unemployment in the country.

While some people become unemployed because of their lack of skills or unproductivity, many are victims of circumstances. The causes of unemployment can be categorized into three;

• Frictional Unemployment: This is when employees leave their job in search of a better one.
• Structural Unemployment: This is when the employees’ skills or income requirements no longer match the jobs available.
• Cyclical Unemployment: This is also known as demand deficient unemployment. It is when there are fewer jobs available compared to the number of applicants. Cyclical unemployment is the major cause of unemployment in Nigeria.

If you suddenly become unemployed due to any of these reasons, there are some things you need to do to get yourself back in order and land yourself a new job in no time. Keep reading to find out.

1. Do a self-review: Ask yourself why you lost your job, what you did wrong and what you could have done better. That is the only way you will know what to improve on. A self-review would help you to do things better and get a good job in no time.
2. Check your mental health: Losing your job and source of income can significantly impact your mental health. The majority of the people that get fired or laid off end up feeling like they are not good enough, and having this thought affects their mental health. If you recently became unemployed, you should see a therapist if need be, to make sure your mental health is in the right state. Making sure you are fit mentally would go a long way in helping you get a new job.
3. Review your finances: Now is not the time to spend anyhow, at least not until you find a new job. Cut your spending, avoid taking loans and create a new budget to fit your current pocket. You can also look for other income sources like getting a menial job to do while you land your next big job or starting a small business. Reviewing your finances would help you stay out of debt.
4. Network!: The best time to network and build your connections with people is now. Your network is your net worth, and if you want to land a new job soon, you have to make the right connections.
5. Look for a new job: Reevaluate your career choice, update your resume and cover letter, improve your skills, learn new skills, write necessary professional exams and get back into the job market. Looking for a new job should be your top priority when you lose your job.

No matter the field you are in or how skilled you are, sudden unemployment can happen to anybody; however, it is not the end of the world. If you ever find yourself in this unforeseen circumstance, follow the tips discussed above to manage your situation, and get a better job.