How to Handle Being Retrenched

We can’t take the sting out of being retrenched but we can help you bounce back.

1. Deal with the emotions. You’re probably going to have a huge sense of ‘what now?’, as you try to make plans to cover your rent and bills once your package runs out. Apart from the shock, you might also feel a little embarrassed.

Related: Your Personality Affects How Much Money You’ll Make, helpless and depressed.

2. Realise that it’s not all about you. One look at the economy will show you that things just aren’t easy for companies at the moment. Many of them have to take drastic changes, and most of them are based on cold strategies rather than personal decisions. Unless you’ve had repeated warnings during your performance appraisals, you can take comfort in the knowledge that your retrenchment had more to do with how the company can save money than how well you do your job.

Related: 4 Tips To Get You Your Corner Office

3. Make a financial plan. Obviously, your aim is to get a new job as soon as you can. But you need to be cautious, money-wise, in the meantime. Consider consulting an expert who may be able to guide you through the next few (possibly lean) months – or, if you think that paying rent may become an issue, find out if it’s possible to move back in with your parents or with a friend. Try pooling rides to save money on petrol and save where you can – goodbye, lattes.

Related: 7 Debt Do’s and Don’ts

4. Get your CV looking amazing. When the job market’s tough, you can be sure the competition is going to be cut-throat. Take an honest look at your CV – where do your skills need improvement? Try to upgrade where you can.

Related: Why Haven’t I Been Promoted Yet?

5. Be kind to yourself. A retrenchment is a trauma, no less than a break-up. Take a few days to wallow, if that’s how you feel.

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