Our Worst nightmares became a reality in the second wave of the Pandemic. We were caught off guard and unprepared. The Pandemic has left us emotionally bereaved and people are yet to talk about the economic aftermath of the second wave. Should you be worried about your job? what should you do? what should you not do?
Let's find out!
The losses are not due to lockdown alone, and both urban and rural jobs have been affected. All the major sectors have shared the losses however aviation, tourism, automobile, and real estate seem to be most affected.
The idea is not to be pessimistic but to adjust your sails. Here is what you can do about it.
- Do Not Panic
No good can come out of it. Do not believe in rumors, do not jump into making decisions. Remember some people can benefit from your panic. This too shall pass and we need to be patient.
- Saving is more important than before
Savings used to be an inseparable part of our culture, Indian households could recycle literally everything and get the best bargain for everything. We need to bring those habits back. In difficult times, savings not only bring security but peace of mind as well. How many months can you go without your salary? if you are not satisfied with your answer, you need to do things about it.
- No more loans
Until for severe emergencies, it is not the right time to be taking loans. Credits cards too are a kind of loan. If you splurging on things you do not need, you might want to stop that. With increments and bonuses becoming difficult and rare, paying off the credit card bills and personal loans is not going to be easy.
Just imagine how burdensome these loans would be if you lost your job?
- Invest Prudently
Stock Markets have surprised everyone by being strong in such difficult times. However, avoid volatile investments. Try to invest in assets that can be liquidated easily. In short, try to play as safe as possible.
- Be More Aware
It is best to be aware so that you are not taken by shock or surprise. You should start being more attentive to news related to your sector, your competitors, and your company. I am not asking you to stress over rumors or grapevine communication. Just be aware, it helps a lot.
- Be Prepared
Not suggesting you to quit your job and start applying everywhere but there is a lot of preparation that goes into changing jobs, isn’t it?
Here is what you could do.
- Update your resume and your LinkedIn
This takes time too, why not start right away? you should anyways update your resume as often as possible so that you don’t miss anything. Your LinkedIn is not just a platform to be registered on. It helps you to connect and interact with previous colleagues and employers and land the best opportunities.
Brushing your skills and knowledge for an interview takes time, why not start it anyways. Also, look for opportunities to upskill in your relevant niche. There is nothing to lose, right?
- Start a side hustle
A skill that you want to monetize or start from scratch learning and monetizing a skill by using extra hours and weekends could be a great way to insure your monthly income. In fact, it could not just complement but even exceed your monthly income.
This could very well be the best way forward in such horrid times.