The current economic conditions have caused companies to cut down their expenses, resulting in loss of jobs for a lot of individuals. Layoffs may cause financial and emotional distress, uncertainties, changes in lifestyle, confidence issues, etc. Surviving a lay off can be difficult and making a plan may seem counter-productive but it would be helpful to think ahead to make the journey a bit easier and to come out of it stronger.

Here are some pointers to make it through this difficult journey:

Monitor your mental health

Check in with yourself. See how you are feeling. If your mental health is okay, you can pass through this time with relatable ease. The following methods can help to make you feel okay.

1. Consult a mental health professional: You do not have to be feeling your worst to consult someone. Deal with feelings such as the loss of self-esteem, shame, and fear head-on. It might not be necessary, but keep in mind you always have the option of consulting a mental health professional. If you feel that you cannot afford one, look for free or affordable counselling options.
2. Take care of your body: Exercise, diet and sleep are ways through which we take care of our body. How you treat your body will reflect on how you feel. Rest is not a reward, it is essential.
3. Nurture yourself: Every day, keep some time apart for yourself. Do something you like, an old hobby, perhaps. It can be as simple as listening to music, taking a walk, painting, etc. You can try different things each day. Try to choose something other than mindless browsing. Social media is addictive and anxiety-inducing. However, you do not have to avoid screens altogether. If you want to watch a video or watch a movie, do it. Set time aside for cultural and social activities so that you are not burnt out by the job search. 
4. Be mindful of your thoughts: Be mindful of how you are talking to yourself. You may be feeling self-critical. We might think that self-criticism makes us work harder but it might not be as helpful. We all have self-critical thoughts but it is harmful when it is persistent and excessive. Replace self-criticism with self-compassion. Be kind to yourself as you would be to a friend in this situation. Be honest to yourself about your fears. Self-compassion is a skill you may need to practice over time.
5. Talk to people: Talk to your friends. Some people enjoy their own company or might, at times, feel like sitting with oneself than talking to anyone. That is also fine. However, do not self-isolate. Talking to someone will be a breath of fresh air. Your friends are not sitting to judge you. If you do not want to talk about something, you can tell them that openly.
6. Meditation and Mindfulness: Meditation and mindfulness exercises can be relaxing. Do a body scan, bringing your attention to different parts of your body to notice any sensation or tensions. You can also try progressive muscle relaxation exercises. This can relax your body and your mind, and can help you to think clearly and make decisions. Meditation and mindfulness are learned skills that requires practice. So practice whenever you can.
7. Journaling: Write down your thoughts. You can release your thoughts onto a paper. This creates space in your brain for new thoughts. It helps you to organize your mind. There are many types of journals and journaling. You can do a basic research and start with something that seems best suited for you.
8. Have a Routine: You need not follow your old routine. Try to follow a routine, nevertheless. A routine can help you get things done, especially if you are not feeling motivated. It is a way to take control. You are actively deciding what to do throughout the day without just letting things happen to you. This can boost your self-esteem. 

Saving up and surviving

1. Apply for benefits: Look through your company policy and apply to receive any money that is owed to you. Is there a severance package? Have they paid you everything they owe you, apart from your salary? Are there any government schemes for unemployed persons? Do some research, talk to people and do the needful.
2. Budgeting: Take stock of spendings in the previous months. You can look through your bank statements, credit card bills, etc. See where you can cut down. Take into account all the recurring payments debited from your accounts automatically. Cancel any subscriptions you can do without. Prepare a budget and stick to it. Make a plan on how to repay your debts or loans while keeping in mind the nature of the dues and how soon you have to pay each of them. Look into your emergency funds. Do not do anything in a rush but assess its use in the light of changed circumstances. 

If necessary, liquidate assets you can easily let go off – a piece of art, gold, scrap, etc. No amount is too small. However, over a period of time, these small savings can add up to a considerable sum. The point of a budget is to plan ahead so that spending is not spontaneous and without thought. 

You do have to deny yourself everything. You can allocate a little bit of money for your ‘wants’ as opposed to your ‘needs’, though it may be a little less than what you were used to. That is okay. Mindful spending will make you appreciate it more. Just make sure your budget is sustainable. Borrow money wisely and if necessary. If you cannot repay it and you are forced to borrow more, it can accumulate and become unmanageable. Budget for emergencies and unexpected expenses also.

Skill building

1. Introspection: Since looking for jobs will occupy a considerable amount of your time and mind space, think about what you liked and disliked about your previous job, what kind of team and employer you would like to work for next, what kind of compensation you expect, whether you want to work remotely or in-person, what geographic location you’d like to work in, what compensation you expect, etc. For each of these, set a non-negotiable threshold beyond which you would be unwilling to compromise. See how your existing skills can be transferred across industries.
2. Learn: You can upskill through various forums. It can be online classes, workshops, conferences, etc. Being up-to-date in the field that you are pursuing is useful and something that a potential new employer would be interested in. Develop an interest towards learning itself. Whatever happens in the future, you need to adapt and learn new skills. 
3. Networking: Expand your network. Let people know your skills, what you are looking for, etc. It might be helpful to stay in touch with old co-workers and support systems. It might also be helpful to discuss your strengths with your former colleagues to bring them into sharper focus for yourself.  Joining a professional association, attending workshops, conferences are good ways to network. You are not just looking for people who will employ you but people who can put in a good word for you, let you know of any new developments or who will recommend you. 
4. Update your resume: Tailor your resume for each job application. Highlight skills that would help you in the new role that you are looking for. You can seek the help of your friends to review your resume. Create or update your profiles in online platforms like Linkedin, so that employers can look at your experiences and skills.
5. Be organized: Once you’ve been applying to jobs for some time, start setting time aside to learn about the organisations you have applied to and understanding their interview processes. After you’ve been interviewing for a while, it can become difficult to keep track of all your applications. From the beginning make sure to track the status of your applications using tables, charts, or apps (such as teal, huntr, careerflow.ai., etc.) created for this purpose.

Preparing for future uncertainties

It is always better to be prepared to face the financial uncertainties that may occur in the future.

1. Build an emergency fund: Set money aside every month into an emergency savings account – enough to cover 5-6 months of living expenses. This will provide a cushion while you plan next steps and apply to new jobs, without the need to dip into long-term savings.
2. Plan, save and invest: Financial planning involves updating your budgets, investments, and savings as your family structure, financial circumstances or future plans change. Create a budget and try to remain within the outlines you create for spending. Healthy returns and distributed risk can soften the blow in a crunch.
3. Acquire necessary insurances: Regularly paid insurance premiums can make sure that expenses (for example, medical bills) are covered, even if you are struggling financially.

Layoffs are an unavoidable reality of our times. Sound financial planning and solid support systems will be essential in coping with the resulting emotional and economic turmoil. Leverage your networks, build strong foundations, take care of your body and mind, and most importantly, reach out for help in difficult times; as Ram Dass days, “We’re all just walking each other home.”

Useful links: 

• Turn self-critical thoughts into self-compassion

https://thiswayup.org.au/turn-self-critical-thoughts-into-self-compassion/#:~:text=Self%2Dcriticism%20can%20be%20defined,doubt%2C%20failure%2C%20and%20guilt.

Article by: Gauri Anand, Manju Elsa Isaac

With inputs from Team Bodhini