Rising Above Retrenchment
July 05, 2023
Facing the pandemic caused a great deal of anxiety, prompting us to adapt with the unfamiliar. However concerning this is, we try our best to be optimistic and be grateful of what’s available in front of us.
As we adapt with the new normal, some have had the rare opportunity to work from home and spend more time with loved ones while avoiding the hassle of everyday commute. However, there are also those who had the misfortune of losing their jobs due to retrenchment leaving them baffled and helpless with an overwhelming question of “what’s next for me?”
As a jobsite with malasakit, we want to help by identifying the next steps should retrenchment happen to your career.
What is a retrenchment?
First thing to do is step back so you can look at the situation as a whole. You need to realize that the company’s decision is not personal. Receiving a retrenchment notice can feel like you are not good enough as employees, but its main purpose is actually clear and objective - a retrenchment is an option if a company would like to reduce cost due to economic difficulty. The COVID-19 pandemic has put the world on lockdown including a lot of businesses and most companies had to do restructuring to adapt to economic changes. Reducing the number of employees would help them minimize company losses and cut down operation expenses specifically on salaries and wages. Retrenchment, regardless of how cruel it is, is usually the last resort a management does to save their business.
You might ask, “Why is this information important?” Because understanding this can load off a significant amount of stress on your part, enough to make you focus on your next career move, peacefully.
Be knowledgeable of retrenchment benefits
Your next course should lead you to a better grasp of retrenchment benefits provided by your company. In a press release by the Department of Labor and Employment (DOLE), it is stated that, “The employer pays the retrenched employees separation pay equivalent to one month pay or at least ½ month pay for every year of service, whichever is higher.” This is to compensate their workers for the loss of employment. This lessens the burden and compensates enough time to assess their situation and ponder their new options.
Know your priorities
If you are among those who were discharged due to a company retrenchment, your morale may seem a little low at the moment. It’s normal to be a bit discouraged in times like these but keep your head up high and shake off that self-doubt. Life may have brought you back to square one but know that you have the right skillset to get back on your feet again. The key is to get your priorities straight and identify the things and emotions you may set aside before making important decisions about your next move.
Track your finances
Now that you’ve gathered back your confidence and are aware of retrenchment benefits, you can move forward and determine where exactly you are at the moment. You can track your finances and focus on your budget. Make sure to keep a record of all your purchases, avoid credit card debts, cut back on impulse buying and create a spending plan to maximize your savings. Consider all these while searching for the best new source of income that can compensate you with better perks and more attractive benefits.
Choose the right employment portal
If you are actively looking for work, job hunting can be challenging with today’s competitive hiring requirements. At Xcruit, we make it easier for you by creating an employment platform where you can create a jobseeker profile, conveniently update your experiences while enjoying the benefits of job hunting with our E-Card! Our jobsite has thousands of job vacancies from across different industries where you can explore employers requiring physical office work or those open for a remote work setup.
Create a concise resume
Once you found that job opportunity, make sure to update your CV / resume with relevant skills and experiences by creating concise description of your previous jobs and highlight your accomplishments. It’s impressive if you have a long list but trim it down to use those marketable and proven skills that are highly relevant to the position you are applying for.
Check out our Career Tips page on workbank.com and Thinktank Episodes available on our Facebook page. Our free virtual trainings on resume writing shares tips for a visually appealing yet straightforward resume and boost the chances of being considered by hiring employers. You may also explore templates provided by one of our partners – Canva, to create that eye-catching updated CV / resume. You’ll never know where a nicely formatted resume can take you!
Finding a good job reference can be an instant build up on your application. Their impression of you, especially if you have a great work ethic, is a good steppingstone that can help you land the job you’re applying for. It could be your recent bosses, your former co-workers, professors, or colleague turned friends who work in the same company you’re eyeing, or people from any place you did volunteer work.
Take trainings and webinars
Xcruit will not only connect you to new opportunities but also provide you with access to resources to upskill and refine your strengths through The Workbank Academy.
Grow with our training partners with the likes of Emovation which focuses on your emotional intelligence, StackTrek who develops IT Technical talents, Chimes Consulting that facilitates IT and Marketing webinars and other academy training partners such of Ygoal, Acuerdo, ESME and Personiv.
It’s a competitive world out there. These online trainings and webinars are easily accessible in the jobsite. Including these completed trainings in your resume reflects your determination and willingness to improve as you embark a new career journey.
If you have been retrenched or if you are looking for a new job, consider the recommendations above. If there is one more thing we can all appreciate despite the new normal - is the power of technology enabling us to connect virtually not only with our loved ones but also as a bridge to new career opportunities.
Workbank is here to help you cope up with the stress of retrenchment. All you have to do is sign up for a more efficient and exciting job-hunting experience.