If you are employed and working for a wage, your next paycheck is never guaranteed. With automation, downsizing, outsourcing, and other forms of operational streamlining a potential job loss is a possibility that everyone should prepare for no matter what industry you are in. These are some ways to get back on your feet while also preparing for a loss of income.
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Freelance
Do you work in a career where it would be possible for you to freelance? Find opportunities through UpWork. Upwork is great for those that are looking to make money on a flexible schedule. Employers like Microsoft and Airbnb use Upwork to hire people for short-term and long-term projects. Doing this will keep your skills fresh while looking for long-term employment.
Another method is reach out to your personal network via LinkedIn and make a post reflecting your skills and what type of work you are looking for. If you are in a position to do so, consider offering to work for free for a specific amount of time. By offering to do work for free you are gaining the opportunity to network with people and gain knowledge that may turn into a full-time opportunity. Think of it as creating your own unpaid internship. Remember to have a fixed time period that you are willing to work for free. You do not want potential employers taking advantage of your generosity!
Have a time horizon
Job searches typically vary depending on the state of the market and the industry that you are working in. If the market is strong, the opportunities for new roles may be abundant. With lots of opportunities you can be selective and very intentional in your job search. If the market is slow or in a recession, you may need to be willing to take a job out of your industry or be willing to take a pay cut. Have a plan on how to appropriately pivot when the time is right to transition from a role that is not ideal.
You could also consider volunteering in your community while looking for new opportunities. Employers do not like to see gaps in your employment history so be sure to do something productive with your time while you are looking for work. Volunteering can be an opportunity to build soft skills and make new friends! Make the most of the time since many volunteer opportunities are not as feasible while working full-time.
Network with others
Remember to utilize your network when looking for potential opportunities. Put feelers out with connections at other companies to see what opportunities are out there. Make sure your LinkedIn profile is up to date. Do information interviews with potential employers to gain connections and learn more about other companies. Put a post on LinkedIn about your skills and what you are looking for and encourage your close connections to share it with their network. If you don’t know someone to reach out to in your network, your alma mater’s career services department may be able to put you in contact with a recruiter or another alum in your industry.
Many colleges offer career services counseling to their alums for life. Don’t hesitate to send them your resume to review, request a mock interview, or ask for advice on how to move forward with your job search. Having a non-biased professional look at your resume is always a plus. It can be difficult to look at your own resume objectively after spending so much time working on it.
Mock interviews are great if you are out of practice doing interviews. Different employers will ask different types of questions and you can inform you’re alma mater’s career services team of the type of job you are looking for and they should know which questions to ask. If your college doesn’t offer this, and you already have an idea of what type of questions are going to be asked, print them out and give them to a family or friend for a mock interview.
When preparing for interviews you should be comfortable answering questions using the STAR Method. The STAR Method stands for Situation, Task, Action, and Result. The purpose of this interviewing style is to get more context about your accomplishments and the potential value you bring to an organization. Practice the STAR method when answering interview questions on your work experience.
Location
How is the job market in your location for your industry? If there is not much opportunity, you may want to consider widening your scope or relocating to a different area. Is it possible for you to do your job from home? If so, look for full-time virtual opportunities. More and more virtual positions are popping up all over the world. This can make a huge different in your lifestyle because you can potentially move to a much more affordable area and cut down on commuting costs.
Savings
How much do you have saved and how long will it last until you get back on your feet? You should have an emergency fund that should last you a few months while looking for another job. Remember that your emergency fund is only for necessities so you may need to scale back on discretionary expenses like Starbucks and Uber Eats! Make sure that you have a bare bones budget in the case of a job loss and stick to it.
Don’t Let Desperation Blind You
You should be looking at an employer with the same level of scrutiny that they are evaluating you with when determining if you are the right fit for a role. Research the organization and ask questions about their benefits and culture. Ask specific questions about the department that you will be working in. The dynamics of a department are just as important, if not more important than overall culture of the organization. If you jump on the first job that you are offered in haste without asking these questions, you may join an organization that is not the right fit for you.
These are hard questions but by facing the situation head on will allow you to be more prepared for the worst case scenario. Having a plan will give you more peace of mind and allow you to think farther ahead than tomorrow. If you are currently looking for a job, stay diligent and don’t get discouraged, and don’t take not getting a job personally. These types of situations are only for a season and then the choice is yours on what happens after.
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