What to Do If Your Job Is Disappearing
Is it possible that your job may vanish? According to an Oxford Economics study, there is a chance. In a 2019 report, the global economic forecasting firm found that automation would put tens of millions of jobs at risk over the next decade, particularly in sectors like manufacturing and service. Automation occurs when software, advanced robotics, and other technologies replace human workers with cheaper, faster, computerised counterparts.
However, robots aren’t the only ones that may put your career in jeopardy. Economic downturns and outsourcing, for example, may both create an insecure environment for employees in general or in particular sectors.
However, if you believe your career is in jeopardy, you may be more concerned with what to do next than with why.
How to Make a New Career Plan
Here’s how to make a strategy to help you stay afloat as you switch careers:
1. Take a look around and assess the situation.
According to a Federal Reserve study, 40% of Americans couldn’t come up with $400 for an unexpected expenditure, despite financial experts recommending maintaining three to six months’ worth of spending in an emergency fund.
So don’t blame yourself if you don’t have enough money in the bank to cover months of expenditures. Instead, determine your position. Find out whether your previous company will provide severance compensation and if you are eligible for unemployment benefits. Make a simple budget by adding up your income and expenditures and finding any gaps.
2. Make Money Immediately
When you’re jobless, it’s a smart idea to look for methods to earn money in the near term rather than waiting for another full-time job. This is especially essential if you’re uncertain about the future of your profession as a whole.
Look into all of your alternatives to earn money fast while you sort out your longer-term goals, including:
- Temporary or seasonal employment may help you bridge the cash gap while also keeping you engaged in the job market.
- On-demand applications allow drivers, grocery shoppers, movers, babysitters, virtual assistants, and others to work from home.
- Gigs are usually simple to accommodate around other jobs or obligations, which is a plus.
- Jobs that make use of transferrable abilities include: Finally, just because your present profession has a bleak future doesn’t mean you’re out of luck in terms of full-time work.
3. Find a Temporary Solution
When transferrable abilities and job experience are insufficient to bridge the gap, certification may be the solution. A certificate program may help you obtain a career as a web developer or court reporter, among other high-paying professions. These programs usually last a few months and are less expensive than an associate’s or bachelor’s degree.
4. Create a long-term strategy
Longer-term, returning to school to get further degrees or certificates may make sense, or you may be able to learn new skills on the job. Whatever path you choose, it is important to devote time to develop a professional strategy.
The following steps are included in the career-planning process:
- Self-evaluation: In order to select the best profession for you, you must first understand as much as possible about your interests, aptitudes, and values. While a career counsellor can help you get started, you may do it for free by completing online tests.
- Research: It’s time to do some homework once you’ve created a list of potential professions. To discover more about potential career options, use free resources such as the Bureau of Labor Statistics (BLS) Occupational Outlook Handbook. You’ll discover information on income possibilities, job development, and educational requirements, as well as information on similar professions that may be of interest to you.
- Exploration: Arrange informative interviews and job shadowing opportunities via your professional network to learn more about what it’s like to perform these professions in the real world. Feeling hesitant to reach out? You’ll be amazed at how generous most individuals are with their time and knowledge.
5. Get Ready to Grow
It’s difficult to tell how often individuals change professions, but according to the Bureau of Labor Statistics, persons aged 18 to 52 have had an average of 12 jobs throughout their working life.
Given the current economic climate, it’s fair to assume that many of those job and career transitions are unintentional.
To succeed in this environment, you must be ready for both abrupt career changes and gradual changes in needs.
It’s possible that the abilities you need to perform your work now may be outdated tomorrow. Your best chance is to continue acquiring new skills—and to plan on learning and developing for the rest of your life.
Every profession will change, even if it does not happen suddenly, therefore be prepared to adapt to it.
