Losing a job can be a very traumatic experience. No one wants to lose his or her source of income, no matter how little it may be. A job loss means there are no more pay cheques, at least for now, yet the bills will not stop coming. The rent will fall due. School fees will come if you have kids.

This is a period when many fall into depression and don’t know what to do. However, losing a job should not be the end of the world. There are certain actions one can take to handle this temporary situation well.

A job may end, but your ability to create value doesn’t. Discover how to reposition yourself after a setback. Share on X

1. Take stock of your current finances

Do an inventory of your financial picture. How much do you have saved? What liquid assets do you have? Liquid assets are things you can easily convert to cash. What other assets do you have?

What bills are going to fall due within the short term and long term? If you’re married, do this with your partner and consider their own income too. Are you on a health insurance plan? You want to be sure you can handle any unexpected medical emergencies.

What about your pension contributions? Can you draw from it? Take steps to take control of your finances. Stop any unnecessary spending. Plug any hole immediately.

2. Take stock of your skills

What skills do you have? There are three major categories of skills employers look for:

1. Employability skills
2. Transferable Skills
3. Technical Skills

Employability skills are basic skills without which it is very difficult for you to navigate the workplace. They are the skills one requires irrespective of the sector or job role. They are foundational in nature and critical to your job-readiness. A few of them are good communication, motivation, initiative, reliability, following instructions, teamwork, patience, resilience and emotional control, among others.

A job loss may slow you down, but it doesn’t define your future. Start by understanding your finances and rediscovering your skills. Share on X

Transferable skills are areas of expertise that are useful across various jobs and industries. This means the skills are the same even if one employee moves to another company. Examples are research and analytical skills, problem-solving, critical thinking, strategy, numeracy, written communication, time management, work ethics and multitasking.

Technical skills help you perform specific tasks. They are often practical and relate to IT, mechanical, scientific tasks, etc., but are not necessarily technological in nature. Examples of technical skills include knowledge of a programming language, software proficiency, project management and data analysis, among others.

I will continue with the second part next week.