Maybe it came as a shock to you, or maybe the writing on the wall’s been there for a while now. Either way, the end result is the same: due to unfortunate circumstances out of your control, you’re being laid off by your company.
Unfortunately, retrenchments aren’t just for more senior or unfavourable employees. In fact, not only can it happen to just about anyone, but they’ve increased in frequency as more companies downsize and restructure amid economic downturns. Notably, a 2023 report found that the number of retrenchments more than doubled that year compared to 2022.
The most difficult part about getting retrenched are the uncertainties about your future that come with it. Questions like what should you do now, will your finances be okay, how long will it take for you to get a new job, and why is this happening so early into your career, can definitely be a challenge to answer. To start, here are a few things you can do if you find yourself retrenched.
1. Keep calm and professional
As cathartic as it might be for you, throwing an emotional fit as a response will not only change nothing about the situation, but you’ll also be left with burned bridges and a tarnished reputation. With this in mind, avoid letting the bad news affect your relationship with your employer and maintain a civil relationship with them. That means no bad-mouthing, being uncooperative during the process, making a huge scene in the office, or attempting to slander your company to others!
2. Know your (retrenchment) rights
Once you’ve accepted the news, your next step is to look through both your employment contract and termination letter, which needs to be codified in accordance with the Ministry of Manpower's regulations. If you didn’t receive an official document upon your notice, do request one from HR to keep everything on the level, and don’t hesitate to clarify anything that you’re unsure about. The information on this document is crucial for ensuring the termination process goes smoothly, so be sure you know exactly what’s on it!
After you’ve received the letter, review the information to ensure everything is correct, and check in with HR about the company’s policies on employee termination. This will help you figure out if you’re able to receive any retrenchment benefits or compensation.
For example, depending on how long you’ve worked with the company, you may be eligible for a severance package, with the recommended amount being between two weeks to a month’s salary per year of service. However, this is only eligible for those who have worked with the company for two or more years, though some employers may offer payments or other benefits out of goodwill. It never hurts to ask, especially if you’ve had a good relationship with your employer and have contributed much to the company’s growth.
3. Get your finances in order
Being retrenched might immediately bring about stress regarding your financial future. After all, with a loss of a job comes a loss in stable income, and whatever money you have now will have to last you until you get another job, which may not be so soon.
This is where a thorough review of your monthly expenses can come in handy. Start documenting your spending if you haven’t already done so; this will help you identify where you can cut down or reduce any unnecessary expenditures.
Doing this will allow you to stretch your dollar and provide an overview of your finances to help make decisions, like whether you need to take up part time jobs to supplement yourself during this downtime.
4. Take care of yourself
As you deal with the fallout, don’t neglect your emotional and mental health either. After all, you’ll likely be feeling a myriad of emotions in the wake of such a devastating situation, especially if you were attached to your job. Even after the initial shock of the moment fades, those feelings could morph into prolonged periods of anger, guilt, and depression, before acceptance eventually sets in.
So give yourself plenty of time to process things, and take it one step at a time. No one makes good decisions when they’re distressed, so the sooner you’re able to compose yourself and come to terms with everything, the more prepared you’ll be to plan your next steps.
5. Get ready for a new job hunt
Once you feel ready enough to get yourself out there, it’s time to get your professional life together. Update your resume to include the latest skills you’ve picked up in your most recent job if you haven’t done so, and set your LinkedIn profile to ‘Open To Work’, which will let everyone know that you’re open to new job opportunities. You can also use this chance to reach out to your professional network to see if there are any immediate positions you can apply for, and rummage through job portals too!
Now’s also a good time to reflect on your current career journey, and decide where you want to go next. For example, while you could look for jobs similar to your previous position, you could also take a leap of faith and jump into a new industry you’re interested in.
Moving forward
It sucks to lose your jobs for reasons outside of your control, especially when it happens early on in your professional career. But while it’s fine to feel disheartened, don’t take this experience personally; this isn’t by any means an indicator of your value as an employee, and one setback now doesn’t mean that you’re doomed for the rest of your life.
So while things might be hard right now, the best thing you can do for yourself is to accept the hand you’ve been dealt, pick yourself up and keep moving towards new opportunities. After all, while you might have to close the door on this chapter of your life, the silver lining is that there’ll always be other new doors waiting for you.
