6 Things To Do Immediately After Getting Retrenched
Retrenchment is difficult. No one likes being let go – especially after spending all that time and effort on their jobs. However, this year has seen a record number of people losing their jobs due to the pandemic.
Until November 2020, 90,470 Malaysians had reported losing their jobs and applied for financial support due to job loss with Socso (Social Security Organisation) under the Employment Insurance System (EIS).
Retrenchment can happen for any number of reasons especially in this current economic climate, but that’s a discussion for another day. If you find yourself in a position where your company has to let you do, do not get discouraged or feel like it’s all over. Here are a few things you can do almost immediately:
1. Stay calm
There’s no reason to wreak havoc when you lose your job. Understand that letting you go was probably just as hard for your company. No one wants to voluntarily let go of someone they spent years training and shaping. Unfortunately, circumstances can be difficult at times – and your company has to let you go.
Do not lose your calm or make a scene. Do not burn bridges. You might see or even work with the same people again in the future, especially if you’re going to be in the same field.
Finish up whatever you have to do, thank everyone for their support while you were there, and then just leave gracefully.
2. Get your CV and referrals in order
Update your CV and LinkedIn page immediately and let recruiters know that you are looking for a job. In fact, tell everyone you’re looking for a job. Put it on Facebook, Instagram, and other social media pages that you’re active on. While you’re at it, use hashtags like ‘vacancy’ to see who is hiring and if you fit the bill. There are plenty of vacancy posts on Facebook and Twitter. You can also join groups like “KL Job Vacancy” or “Job Vacancy Malaysia” and increase your chances of finding your next job.
Be sure to update your CV and get it in order while you are on the lookout for new employment opportunities.
Ask around and see if anyone knows someone who is hiring – they probably do. A good friend will put in a good word for you. People are more likely to hire someone through recommendations instead of walk-in interviews.
3. Make a priority list
Check your bank account balance and start prioritising.
If you have already started building an emergency fund earlier, it will be useful now as your financial safety net. A good rule of thumb is that you should have at least three times your monthly salary stashed away for moments like this.
Cut back on your expenses and be prepared to downgrade your lifestyle if you’re jobless for more than a couple of weeks. Start cooking your own meals at home, cancel your gym membership, and don’t be afraid to decline outings with friends. That new iPhone can wait. Spend only on what you truly need.
4. Claim your EIS
Most Malaysians are unaware of this amazing benefit that not only provides temporary income replacement but also helps retrain workers as well as provide opportunities for new job placements.
Managed by the Social Security Organization (Socso), the EIS (Employment Insurance System) scheme was introduced to help retrenched workers get by while they look for a new source of income.
If you’re let go or have to resign abruptly from your company, the EIS will pay you a percentage of your monthly salary for six months. On top of that, you will also be eligible for a monthly allowance of up to RM600 for up to three months.
It’s not much, but this should be able to help you to make ends meet while you look for another job.
5. Figure out what you want
Ask yourself if you still want to be in the same industry, the same line of work, and the same type of job – or if you want something different.
Perhaps you’re ready to take on a leadership position. Perhaps you always knew you’d do better in public relations instead of just being a copywriter.
This is your chance to make that change. You might have to take a pay cut to switch paths, but it might be just what you need to add that spark back into your life.
You can also tide over this dry job spell by learning to earn side income online or start freelancing to keep up to date in the job market while you look for a more permanent appointment.
6. Speak to people
You are not alone in this. Retrenchment happens and there are people out there who have gone through what you’re experiencing right now. You might be tempted to isolate yourself, but that doesn’t do any good.
Speak to members of your family or close friends. They might just be able to point you in the right direction or make you feel a bit better about things.
There’s no telling how long you’ll be without a job. It could be a couple of days, or it could be months before anything turns up. Due to this, you need to start preparing for the worst from the very start.
We’re not saying that you shouldn’t take time to sit down and mope a little about losing your job. We’re just saying that you need to take care of a few things before you can start crying.
This article was first published on February 13, 2019 and has been updated for freshness, accuracy and comprehensiveness.
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