5 ways to prepare for job cuts
Now is the time to consider sideline money-making ventures. The biggest problem that comes with losing your job is that bills and mortgage repayments keep flowing in. Having more than one stream of income will provide a little relief in any interim period. One place to start is by learning more about investing. There are a plethora of books to assist you, and yourmoneymag.com.au continues to offer daily news and information on personal finance.
2. Reflect on your current job
Spend some time thinking about your current skills and abilities. What do you need to do to improve in your field, and what actions are required to accomplish this?
Now may be the perfect time to dust it off and update your more recent professional and personal achievements. Seeing your personal achievements on paper will help you take stock of what you’ve accomplished and help keep the current climate in perspective.
Touch base with your personal referees, or if the ones you had are out of date, think about whom you could list. As the saying goes, it’s not what you know, but who you know. That can be true in many ways, so it’s well worth considering expanding your network of contacts. Find out about seminars, professional conferences and community events that you could attend. These are great places to meet new people and make new contacts.
If you feel you’ve been a little left behind by the onset of new technologies, now is the time to update your skills and generally widen your knowledge. Having the latest skills set combined with experience may give you the winning edge.
ANZ economist Ivan Colhoun said the latest jobs data released by the ABS in July, showed the economy was only creating about 3,000 new jobs a month - well below the 10,000 level needed to stop unemployment rising.
Yet, the most recent data from the treasury in Canberra tips unemployment to fall back to 4.75%, where it sat for the first half of this year.
Your Money Magazine says it’s not time to head for the hills just yet, follow independent financial advice to put yourself in the best possible position- and sit tight.
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