Retrenchment is a process where companies let their employees go because of redundancy or the company’s inability to keep their staff because of financial challenges. Retrenchment happens every day in the modern world, and it has increased its rates recently due to the Covid-19 pandemic. Retrenchment does not only happen to people around you; it might happen to you too. It would be great to sit down and think about what would happen to your loved ones if you lost your job or source of income. Retrenchment is different from being fired from your job; it occurs due to factors beyond our control. Such factors include job functions like moving overseas, the decision by the management, economic climate, among others.
The Singapore Counselling Centre says it has a 40% increase in people seeking counselling due to retrenchment. Most clients have mixed emotions after losing a job mainly because they have lost;
- A daily routine and lifestyle
- A social connection with their workmates
- A sense of identity and purpose
- Financial security
Most of these clients lose hope and see that life has no meaning after these events occur, but our team of experts makes sure they brush off any evil thoughts away from them. So, you will know how to deal with all these negative issues if you face retrenchment in Singapore.
How to deal with retrenchment
1. Keep looking for a job.
It would help to look for a job if you still want to put your past days behind you. Avoid the thought that you might end up losing that job, too, like most people. It would be best to remain positive and know that it is not your capabilities that got you retrenched but the market demands.
2. Work on your brand
You might feel like your skills and knowledge are not relevant after retrenchment, but you should avoid those thoughts. Instead, it would be great to trust your talent and check to see if it is still helpful in the market.
Suppose you see any gaps and have financial freedom, then you can take up a course to get more enlightened. This enables you to meet the market demands and go all out when looking for a new employer.
3. Have strong networks
Retrenchment knocks your confidence significantly, and it is at such a time when it gets essential to keep open-minded people close to motivate you. It would also be great to keep your networks at heart, including people with job opportunities or well-connected people. So please keep inquiring from your friends about new job openings and look out for jobs yourself
Retrenchment is the last thing you would want to happen to you; it is a process whereby a corporation or administration decides to cut off its employees to avoid financial strains. However, with the proper guidance, you will go back to your everyday life.
The above article is armed with tips to help you see through this challenging period and bounce back to the working world like you never left. Such include having strong networks, rebranding yourself, among others.