Coping after redundancy & Available Opportunities
.jpg) After accepting the fact of job one must move to action, in order to ensure that the income stream is maintained. Doing nothing is not acceptable and so one must decide what to do next, and this needs proper planning and in many instances benefits from seeking advice.
The available actions can be (1) starting a new job; (2) starting a business; or (3) investments. This was discussed in the article “Coping after redundancy – deciding on the best course of action”.
But what are the opportunities available, especially in a market that is experiencing a recession. After all the current economic crisis the world is facing does not mean there are no opportunities. What it means is that the opportunities may take a different form from in a booming economy. This means in many instances changing our skills (improving or looking at a new skill) and/or changing our approach to work, business, and investments.
Employment
If one chooses new employment as the way forward, it is important to note that in this changing economy the nature of, and skill requirements, are changing. As companies downsize and restructure it is going to mean that employers want people who are creative, multi-skilled, and ready to work more on performance for pay schemes. This means that those seeking jobs must be prepared for these changing demands required by employers.
It is therefore very important that as one prepares to get back into the job market that one is prepared, which includes that your resume layout is consistent with this new requirement. Employers will be looking to fill positions that add value to the organization.
There are of course some jobs that will always be in demand, and these include:
- Finance and accounting
- Research / Business Analysts
- Software design and implementation
- Network / Systems Administrators
- Nursing / Health
- Sales Representatives (on performance pay such as commission)
- Education
- Agriculture
In the final analysis one’s value to an employer is dependent on their approach to work and how amenable someone is to constantly upgrading their skills.
Business
If one chooses to go into business, then you should choose an area where there still exists good demand or you are certain you can create a competitive edge. The following considerations should be made:
- Offer a product / service that is not available
- Think about offering outsourcing solutions, as many businesses will choose this over permanent employment
- Agriculture
- Think about products / services that offer value for money such as wholesale and non-luxury items – e.g. affordable restaurants or cheaper entertainment
- Replacing imported goods with cheaper local products offering same or better value
Investments
There are still good investment opportunities available but they must be carefully selected. These include:
- Currency positions – it is fairly simple to read the long term movements of currency
- Equity – look to specific stocks based on proper value analysis
- Exchange Traded Funds
- Look at real estate options when prices go down
The important consideration about investing is to use professional advice.
See other articles on in the Coping after redundancy series:
1. Support groups
2. Famous people who lost their jobs
3. Deciding on the best course of action
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