There is bad news everywhere amid Covid 19 crisis which has led most employed to fret about job loss or salary cuts. Various industries hit the most including aviation has announced no pay-outs for April, May month. At the same time, the IT industry says that there will be no fresh hiring this year.
Though providing a sigh of relief, there was news doing the round that unemployment rate has improved but it was because more people moved out of the labour market because of the trust deficit factor. And people moving out from the job market willingly are not taken into account when computing the unemployment levels.
Now, the question is how one should prepare oneself for such hard time and any likely exigency that can come up their way. Here are some ways listed that you can look up to:
1. Upskill yourself; go an extra mile improve your performance
While at personal levels, this untoward pandemic might have taken a toll on you too, for the sake of your own and company's welfare, you need to go an extra mile and support the economy by further upping your performance. At a personal level you can opt for some upskilling during hard times that can further enhance your resume.
2. Control your discretionary spends:
Times are certainly uncertain and while the lockdown situation might have curbed your impulsive purchases, the need of the hour calls for you spending only on the essentials and save an extra amount for the rainy days. If you are new in the workforce, you can even consider reducing your rental accommodation costs.
3. Do not withdraw from retirement funds:
These funds through compounding benefit accumulate a sizeable corpus for you for your sunset years and pulling funds from them to tide over a temporary crisis is not indeed a good idea.
4. Create probably sources of other income:
These hard times make us again pay importance and heed to the aspect of having more sources of income than relying on one income source. Now, as there may be more time to your side as you might be saving on commute time etc., if your situation allow can look up for other freelancing opportunities.
The time can be just to even montetise your hobbies and skills and probably you can even ask your partner to help you by may be again joining the workforce. There have been reports that BPM industry is considering women back who may probably want to work for few hours or few days in a week.
And as it is the culture of work from home will now gain further importance in such unprecedented times.
5. Revisit your insurance needs as well as you can add to your emergency funds:
If you are not hit by the salary cut or similar situation, the best way forward is to further add to your emergency corpus, may be you can put the extra money at hand in some of the bank's savings account that offer a good deal or can take position in liquid mutual funds that are as liquid as the amount in banks saving account.
Another thing, you need to do is to revisit your insurance needs, considering the pandemic times we are into, as on the quantum that could suffice and support your family in your absence and even the health insurance requirements.
Also, if you have some investments for term short term discretionary goals and are not able to service them, you can still defer such investment options.