It’s an unfortunate situation, but there are things you can do to make the best out of the situation. Here are 5 must do when you get retrenched.
The last thing you should do is to beg for your job or make a scene. Neither of those things will work, and it will only make matters worse. The human resources personnel does not have the power to negotiate terms with you, so it’s not the most efficient way to go about things. However, you could try to negotiate for an early release, so you have more time to figure out your next step. Also, do not burn bridges as you leave. This means you shouldn’t be bitter and complain about the management or the company. It’s best to remain calm and leave amicably.
Wrap Up and Inform Colleagues
If you’ve just been retrenched, your work motivation is probably down the drain. As bad as you feel, do your best to concentrate on tying up loose ends at work. Review your remaining tasks and decide which ones you can complete and which ones you will need to delegate to others. Then, inform colleagues who would be taking over the tasks and those who are working with you on the project, so they know what to expect.
Time to Reap Those Employee Benefits
This is the time to use up any free dental plans or health screenings if your company offers any. Run through the employee benefits to see if there’s anything you could still benefit from. There might be subsidized rates for certain products or even holiday packages. Although this might not be the best time to go for a vacation, you can still check if your other family members would like to use that benefit. This is also the time to ask for referrals from your boss or the human resources manager. Do not wait until after you have left to ask for one.
Get Your Money and Intellectual Property
Make sure you get all your outstanding claims, overtime pay, and commissions you are entitled to. Apart from money, remember to take intellectual property that you have the rights to. Those past work you have done can act as work samples and beef up your portfolio for future jobs interviews. Don’t forget to save your contact list or database you have collected through the years. Those can be valuable resources for your next job.
Downsize Lifestyle Immediately
Make a priority list of expenses and figure which are the ones you can cut. For example, you can consider cutting out cable and magazine subscriptions. Amongst those you can’t do without would be items such as home loan, insurance, and food. Total up your must-have expenses, and you will get an idea how much you need to each month. Remember, it’s better to downsize immediately because the faster you cut back, the longer you can go without a job.
Retrenchment is hard for everyone but do not let it affect your confidence because it’s not a reflection of your capabilities. So, make the best out of the situation and move on. A whole new world awaits!