Thread by @greaterbayo

After A Job Loss, What’s Next?- 3

The first thing most organizations do when their profitability projections don’t work out again is to cut their cost. The major cost for many businesses is cost of operations and a big sub-heading is staff cost.

This is why there were so many job losses post-COVID. The stats for recent job cuts due to COVID are really dire:

Turkish Airlines cut pay by 55%
Deutsche Bank started a redundancy programme
Uber cut 3,700 jobs and shut 45 offices
Airbnb cut 25% of its global workforce

Bombardier cut 2,500 aviation jobs
British Airways cut 12,000 jobs

In Britain, the number of finance professionals seeking new jobs rose by more than 40% in the first quarter of 2020. I read a Forbes report that said 42% of all coronavirus job losses will be permanent.

Nigeria has just come out of another recession.

What can you do to either prepare in advance for or adjust to a job loss?

7. You may need to develop new skills.
It’s a new world. The world has changed. The skills required for the world of work today are no longer what was required previously. You may need to upskill. To remain current and relevant, you may need to get some new certifications.

Sometimes last year, I had to pay to attend an Advanced Excel Class. It was important to me that I upskilled. Data is the new oil. So many years ago, I had to attend a Project Management Certification training.

You can’t have your CV remain the same it was a year or two ago. You must strive to always ensure it is updated with new skills and certifications. The varied or diverse the skills you have, the more your chances of securing a job.

Let me give 5 reasons why you need to upscale your skills

1. To increase future career prospects.

You brighten your prospects when you come to the table with an array of skills. Many employers are looking out for skills rather than paper certificates.

You increase your mobility or ability to pivot.

2. Secure the job.

This will always give you an edge during interviews. You stand a better chance than someone who is not as skilled as you are.

3. Reduce redundancy.

You will always remain relevant in your organization thereby reducing the risk of job loss or redundancy.

4. Try new things.

Sometimes you just want to pivot.

5. To command higher reward or compensation
When you’re highly skilled, you command a greater compensation. Your service will be in high demand and the force of demand and supply will be in action. Too many employers will demand your skill especially if such is scarce.

How do you improve or acquire these skills?

If it’s a skill, it can be learnt or improved.

1. Training.

Attend a workshop or take a course. Invest in yourself.

2. You can learn online.

So many resources are online for anything you want to learn. At the time I took the advanced excel course, I actually solved one of the problems I was given by looking it up on YouTube.

3. Get a mentor.

You can ask someone to teach you.

I will continue tomorrow.

Bayo Adeyinka

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