As the Covid-19 pandemic shows no signs of slowing down, the world’s economy has taken a hit. This has led to many companies downsizing or even closing down and as a result, some roles have been made redundant in order for the companies to cut costs.
Getting retrenched at any age can be a pretty traumatic experience. Many of us depend on our careers for a big part of our identity and can feel a sense of loss or purpose when we suddenly find ourselves jobless.
While we tend to think of retrenchments and layoffs as an “older person’s problem”, with COVID-19 still ravaging across the globe, the reality is many Millennials and Gen Zers’ job stability might be affected too. In fact, Singapore faces its highest unemployment rate in 10 years, rising from 3.2% to 3.5%.
But the “good” thing about being retrenched at a younger age is the ability to bounce back quickly. You’re likely to only be at the beginning to mid-way of your careers, and can even contemplate a career or industry shift. You’re also less likely to have huge financial commitments such as children or a looming mortgage.
If you’re currently facing unemployment due to the COVID-19 crisis, and are in need of advice, we speak to Sabrina Ho, founder and CEO of Half The Sky Asia ®, a career and headhunting platform connecting female professionals with equal opportunity employers, on what are the next steps we can take.
Sabrina herself has had her own tough experiences with retrenchment and rejection in a volatile market. During the last global financial crisis in Hong Kong (where she was based at the time) she was retrenched three times in a year. She has since gone from strength-to-strength and is now currently the successful owner of her own recruiting platform.
Here she answers all your questions on what do if you’re dealing with this situation for the first time.
