Colin Ong

This has been the hardest article for me to contribute as I have hoped that it will not be relevant. Unfortunately, with the current global economic slowdown, I feel that it could be one of my most important piece of writing.

It has been reported on Sina.com that China will adopt an “active fiscal policy and moderately easy monetary policy to support fast but steady economic growth by expanding domestic demand.” It continues further by quoting “In response to changing conditions, the government shifted efforts from fighting overheating to seeking sound and fast development.”

This action by the Chinese government emphasizes the seriousness of the current economic slowdown, in part fuelled by the financial turmoil of major developed economies. Which fuels the next discussion about the various ways in which a worker handles retrenchment.

Here are some tips to face a retrenchment:

1) Don’t take it personally.
Your retrenchment should not lower your self-esteem. You have to pick up your confidence, as your family needs your financial contribution. A job does not define the true worth of a person.

2) Find out more about the industry.
Do some research and learn about new developments within the industry of your competencies.

3) Improve your skills.
After researching, you should find out more the available courses to upgrade yourself. It is never to late to improve.

4) Pick up new skills.
If you want to switch to a different industry, you can use the retrenchment exercise as an opportunity to make the switch.

5) Taking a part-time job.
In the midst of searching for a full-time job, you can take on a part-time job. It will help in your current cash flow.

6) Manage your finances.
The time lag to your new job may pose a strain for your expenses. Get your family together and have an open communication about the situation. It is advisable to plan a family budget and eliminate non-essential items.

7) Call up your friends.
Your friends may provide fresh information about new job openings.

8) Join online communities.
There are a number of HR online communities that advertise job-openings.

9) Exercise regularly.
Job seeking in this current climate needs a lot of stamina. Don’t neglect regular exercise and healthy eating.

10) Volunteer.
Helping other people who may be more needy than yourself will help you put things in perspective and dispel constant self-pitying. You will be more confident when you approach the job-market.

11) Improve your communication skills.
Use your spare time to improve your communication skills. This will help in your next job interview.