After A Job Loss, What’s Next? (Part 3)

This piece is the concluding article in a three-part series. You can read the first part here and the second part here.

The first thing most organizations do when their profitability projections don’t work out is to cut their costs. The major cost for many businesses is cost of operations and a big subheading is staff cost. This is why periods of economic disruption usually come with waves of job losses.

We saw this clearly after COVID-19. The numbers were alarming:

• Turkish Airlines cut pay by 55%
• Deutsche Bank started a redundancy programme
• Uber cut 3,700 jobs and shut 45 offices
• Airbnb cut 25% of its global workforce 
• Bombardier cut 2,500 aviation jobs
• British Airways cut 12,000 jobs

In Britain, the number of finance professionals seeking new jobs rose by more than 40% in the first quarter of 2020. I read a Forbes report that said 42% of all coronavirus job losses will be permanent. 

So, what can you do to safeguard yourself or recover if you ever experience a job loss? In the first two parts of this series, we explored six practical steps. The seventh step is one you cannot afford to overlook: develop new skills.

Job loss can feel overwhelming, but it doesn’t have to stop your progress. Upskilling opens new doors and helps you rise again. Share on X

It’s a new world. The workplace continues to change and the skills required today are no longer what they used to be. To remain current and relevant, you may need to upskill or acquire some new certifications.

I’ve had to do this myself. At some point, I paid for an advanced Excel class because I knew I needed to improve. Years earlier, I attended a Project Management Certification training for the same reason.

Your CV shouldn’t look the same year after year. Updating it with new skills and competencies shows progress, versatility, and readiness for new opportunities. The more varied or diverse the skills you have, the higher your chances of securing a job.

Here are five reasons why upgrading your skills is essential:

1. Enhance your future career prospects: You brighten your prospects when you come to the table with an array of skills. Many employers are looking out for skills rather than paper certificates. You increase your mobility or ability to pivot. 

2. Secure the job: This will always give you an edge during interviews. You stand a better chance than someone who is not as skilled as you are. 

3. Reduce redundancy: You will always remain relevant in your organization, thereby reducing the risk of job loss or redundancy.

4. Room to explore: Sometimes you just want to try new things. New skills make it easier to pivot into fresh paths.

5. Higher earning potential: When you’re highly skilled, you command greater compensation. Your service will be in high demand, and the forces of demand and supply will be in action. Too many employers will demand your skill, especially if such is scarce. 

Your CV shouldn’t look the same year after year. Growth shows readiness, and readiness attracts opportunities. Share on X

So, how do you start improving or acquiring these skills?

The good news is that if it’s a skill, it can be learnt or improved in many ways:

1. Training: Attend a workshop or take a course. Invest in yourself. 

2. You can learn online: So many resources are available online for anything you want to learn. At the time I took the advanced Excel course, I actually solved one of the problems I was given by looking it up on YouTube. 

3. Get a mentor: You can ask someone to teach you.

For more practical guidance on staying visible, valuable, and employable, read my book, How to Stand Out and Get Hired. You can order a copy from RovingHeights Bookstore and have it delivered to your doorstep.