Navigating the aftermath of a job loss may be challenging. Whatever the cause, it might be crucial for your personal and professional welfare to decide what to do next and how to handle the issue. You may comprehend how to go ahead, rebuild your confidence, and locate new career chances by knowing about the next actions to take.
The job market in Canada might be tough, but there are still openings. Knowing what to do after you lose a job can help you get back on your feet as soon as possible.
Take Your Time to Think about It
Job loss may be emotionally draining. It’s important to give yourself time to process your emotions and come to grips with the circumstance. This might include talking to a close friend or family member, keeping a diary, or seeking the assistance of a professional counselor. You may begin to concentrate on the next measures to take by giving yourself time to process
Examine Your Financial Situation
One of the first things you should do after losing a job is to assess your financial situation. Compute your monthly expenses and compare them to your savings and other revenue sources.
This will tell you how long you can go without working before you run out of money, start taking loans, learn co-borrower meaning, and all the accompanying “charms” of unemployment. Make required budget adjustments to guarantee you can satisfy your fundamental demands.
Update Your Resume
Prepare to re-enter the job market by cleaning up your CV. Include any relevant job experience you have obtained while working for your old employer in your resume as appropriate. Look for industry-specific buzzwords that can grab a recruiter’s attention. Create email notifications for job forums online. Examine your options for freelancing.
Apply for Employment Insurance
Employment Insurance (EI) is a program in Canada that provides financial support to those who have lost their jobs. Because there may be a waiting time before payments begin, it’s critical to file for EI as quickly as possible after losing your work.
To be eligible for EI, you must have worked a specified number of hours in the previous year and have been laid off due to no fault of your own. You can apply for EI either online or over the phone. Depending on the unemployment rate in your province or territory, you may often count on receiving employment insurance for 14 weeks to 45 weeks.
Discover More Income Streams
Canada gives jobless people several sources of income throughout their transition phase in addition to receiving money from their job loss insurance. Specifically, it would be advantageous for you to look for some temporary, casual, or part-time employment to earn some money while you are unemployed.
But keep in mind that income tax is still owed on non-permanent work regardless of the province, so it may have an impact on how much you may claim from your employment insurance.
Who seeks will always find – that’s what proverb is suitable for characterizing the labor market in Canada, which is constantly growing. According to statistics, from 2022 and 2023, a total of 0.2 million more workers (+1.02 percent) were predicted to be employed in Canada. In 2023, it’s predicted that there will be 19.78 million people. You can always find your place in the labor market if you show perseverance, strength, and patience.
Make a Budget and Plan
Planning your subsequent activities is the first step in making the situation better. You may plan out how much time you’ll spend looking for work each day, how long it will take, and how many positions you’ll apply for each week. Setting clear objectives enables you to keep track of your progress and maintain commitment.
Secondly, ask your employers about severance or termination money. These are your post-employment compensation packages. Even if you get severance or termination compensation, you still need to make changes to your present spending plan and living costs. Take into account cutting down on costs you can do without, such as memberships to various streaming services.
Think about Retraining or Updating Your Skills
If you’re having trouble obtaining work in your field, consider retraining or upgrading your abilities. In Canada, there are numerous educational programs and courses available to help you learn new skills or improve your existing ones. You may also be eligible for financial aid to cover training or education expenditures.
Expand Your Network
It might be challenging to put yourself out there to expand your network, particularly if you are an introvert. Yet one of the greatest methods to make new friends and get leads for your job hunt is via networking.
Although the majority of face-to-face networking opportunities are postponed due to the pandemic, there are plenty of online networking opportunities you may participate in from the convenience of your home office.
Limiting Potential Leads
A tailored job search might be more fruitful than a broad one, which is what some job searchers do while looking for work. You may improve the quality of your application materials and refine your job search approach by concentrating on one sector or career.
Focus on your credentials and the duties you’re seeking in your future job while whittling down leads. Benefits, business culture, and the length of your commute are further considerations.
Maintain Your Enthusiasm and Motivation
Ultimately, it is critical to remain happy and motivated during the job search process. Losing a job might be disheartening, but it is critical to stay focused on your goals and keep moving forward. Establish achievable goals for yourself and celebrate tiny victories along the way. Take care of your body and mind by getting enough sleep, exercising, and eating correctly.
Losing a job can be a terrible and stressful situation, but remember that it is not the end of the journey. You can regain control of your situation and find new employment or seek other options by following the procedures indicated in this article. Remember to take care of yourself throughout this time and to seek assistance if necessary. With perseverance and a good mindset, you can overcome this setback and achieve future success.