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RETRENCHMENT
How to Survive and What Can You Do About It?
How to Survive and What Can You Do About It?
Some Practical & Effective Advice
RETRENCHED?
As much as nobody likes to be retrenched, when it happens to you, you must face it realistically. Here are a few positive measures to start with:
Don't Take It Personally
You must understand that it is not your fault that you are retrenched. Don't let it affect your self-confident and morale. Nor is it the company's fault - given a choice, no company wants to retrench any hard-working employees, especially those who have stayed with the company for so many years. All these are happening because of the changing economic situation and retrenchment of workers is one crucial step that many companies must take in order to cut down costs and to survive. Since it has happened, don't take it too hard. Come to terms with it. Face your future
This Is A New Beginning
It is not the end of the world. THIS IS ONLY A PASSING PERIOD for your family and you. You must face it with faith that all these happens for a reason. As much as it is a difficult period, nevertheless, you must look at the positive side of things. Consider it a second chance for yourself and make a friend of change. Sometimes, it might even open up opportunities you never thought of before. If you are able to maintain your faith and positive outlook, things can only get better. Remind yourself that as you are retrenched now, the future is now again in your own hands.
Your Future is In Your Hand
Eventhough nobody likes to think of themself being retrenched, when it does happen, you must face it with courage, knowing that you CAN definitely do something about it yourself. Get hold of yourself and do not panic. Sit down and discuss the current situation with your family and realistically list out how you are going to survive this difficult period. How well you cope with it depends to a large extend on your family and you.
This is a time for everyone to come together and face the future as one family. Apart from reassuring each other that all these will soon pass, the most important thing is to recognize that everyone must take stock of their lives and start making necessary changes to adapt to this new situation.
Among the most important things to do first are:
Don't be "forced" into making hasty investment or career opportunities. Despite of the pressure, remember that you still have a choice and make sure you are careful with every step you take. If you have faith and at the same time be alert to what is happening around you, you will soon overcome this situation and get on with a new life.
On the other hand, if your saving is substantial enough and other family members all can contribute towards the family expenses, then you should seriously consider attending some sort of courses to upgrade yourself.
Last but not least, remember that this is only a passing period and you can make a different on how it is going to affect your life and that of your family. Yes, you can control your own life, if you decide to do so.
As much as nobody likes to be retrenched, when it happens to you, you must face it realistically. Here are a few positive measures to start with:
Don't Take It Personally
You must understand that it is not your fault that you are retrenched. Don't let it affect your self-confident and morale. Nor is it the company's fault - given a choice, no company wants to retrench any hard-working employees, especially those who have stayed with the company for so many years. All these are happening because of the changing economic situation and retrenchment of workers is one crucial step that many companies must take in order to cut down costs and to survive. Since it has happened, don't take it too hard. Come to terms with it. Face your future
This Is A New Beginning
It is not the end of the world. THIS IS ONLY A PASSING PERIOD for your family and you. You must face it with faith that all these happens for a reason. As much as it is a difficult period, nevertheless, you must look at the positive side of things. Consider it a second chance for yourself and make a friend of change. Sometimes, it might even open up opportunities you never thought of before. If you are able to maintain your faith and positive outlook, things can only get better. Remind yourself that as you are retrenched now, the future is now again in your own hands.
Your Future is In Your Hand
Eventhough nobody likes to think of themself being retrenched, when it does happen, you must face it with courage, knowing that you CAN definitely do something about it yourself. Get hold of yourself and do not panic. Sit down and discuss the current situation with your family and realistically list out how you are going to survive this difficult period. How well you cope with it depends to a large extend on your family and you.
This is a time for everyone to come together and face the future as one family. Apart from reassuring each other that all these will soon pass, the most important thing is to recognize that everyone must take stock of their lives and start making necessary changes to adapt to this new situation.
Among the most important things to do first are:
- How much savings do your spouse and you have? How long can you survive
on it, if for example, you continue to stay unemployed? What are the ways
to build up this saving or how to stretch its usage? NEVER NEVER make the
mistake of spending your retrenchment benefits on holidays or some other
luxuries. Remember: This money is for you to survive the tough time and not
as though you have strike lottery!!!
* a recent research carried out in Singapore has uncovered the fact that most people have only enough savings to last them 3 months, if they ever lose their jobs!!!
- The overall life style must change. In short, live with the
basics and necessities only. All "luxuries" must be cut down or eliminated
completely.
- What are the measures you can take to cut costs? Is it really necessary
for your wife and you to own separate cars? Can you sell off one of them or
at least cut down on the petrol by using one car only, most of the time?
Why not also cut down on little luxuries like the weekend movies or monthly
shopping sprees? You might even consider cutting down on eating outside,
and cook at home more often.
Consider cutting down on utilities bills too. For example, don't talk too long on the phone unnecessarily and if you need to call your loved ones staying out-station, why not call them after 7pm, when phone charges are cheaper? Wash your clothes in the evening. Save up on the second and third rinsing water to wash your car, or for cleaning the floor.
- Why not turn a hobby or interest into a side-income business to get
some extra money? For example, if you like planting flowers, why not offer
to take care of your neighbors' gardens regularly for a sum? Or, if your
wife is good at cooking and loved it very much, why not offer to provide
dinner for young working couples around your area? Afterall, your family
need to eat dinner every night, so you just need to increase the quantity
that's all. And the children can all help.
- Make the best of your time. Instead of spending precious time watching
TV, why not do something worthwhile and get some extra money at the
same time. For example, you can offer to give tuition to children living
in your area or you might consider teaching part-time in a neighbourhood
institute. Afterall, during tough times, many people start to attend evening
courses and upgrade themselves. So, there is a market for teachers.
Sometime, back, Television Corporation of Singapore (TCS) showed a Japanese movie on how the whole family worked hand-in-hand to earn side-income, and did so successfully. When everyone is complaining about the terrible state of the economy, that particular family is making lots of money and their bank account is growing everyday. When they were critised by a relative for working "too hard", the husband just remarked: "Yes, maybe we are working too hard, compared to most people, ... but we have saved enough money to send our two children to universities and we could retire in 5 years time!!!"
Unbelievable? Not if you have watched it yourself. Then, you will know how they managed to do it.
- Don't invest unnecessarily. Especially beware of get-rich-quick schemes.
When times are tough, crooks become more daring and cunning, when it comes
to cheating what ever little money you still have!!! And, even people around
you or people you know well might be forced to cheat you too, in order to
survive. So, BEWARE.
Don't be "forced" into making hasty investment or career opportunities. Despite of the pressure, remember that you still have a choice and make sure you are careful with every step you take. If you have faith and at the same time be alert to what is happening around you, you will soon overcome this situation and get on with a new life.
On the other hand, if your saving is substantial enough and other family members all can contribute towards the family expenses, then you should seriously consider attending some sort of courses to upgrade yourself.
Last but not least, remember that this is only a passing period and you can make a different on how it is going to affect your life and that of your family. Yes, you can control your own life, if you decide to do so.
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