As the COVID-19 pandemic continues to impact the global and local economy, it may be expected that there will be further retrenchment, layoffs and pay cuts. Same applies to new graduates who are also facing stronger competitions as they enter the job market.
The Singapore government has come up with various initiatives to boost employment, ranging from the Jobs Support Scheme to SGUnited internship and apprenticeship jobs, as well as upskilling opportunities under SkillsFuture. Prudential are participating in this: to apply, click here.
However, for many, job hunting remains a solitary experience, with unanswered applications and interview after interview with no offers. This can add emotional and financial stress on your life. Here are some recommendations from experts on how to start or restart your career during this period.
Believe in Your Own Value
It’s important to realise that retrenchment is not a reflection of your ability, but of the company’s challenges today. It’s also important to remember that your job does not define you. It’s just one aspect of your life.
Likewise, not getting a call back or job offer after an interview doesn’t mean your skills are not valuable to the world. So get out there and try again, for a different role or in a different industry. Meanwhile, you can maintain mental resilience during this process with these innovative solutions.
Keep Yourself Updated
Whether you’re a fresh graduate or in the middle of your career, your skills and resume should reflect your digital savvy and play them up according to the jobs you are applying for. If you need a skills boost, it’s a good time to upskill yourself with SkillsFuture or external knowledge providers such as LinkedIn Learning.
Prepare for Every Interview
Take time before each interview to research your potential employer, your interviewer and the job details. Find out what their vision and mission are, and how you can contribute to their goals. Don’t rush through your interviews and don’t be afraid to ask questions, like these ones. Even if the job market is difficult right now, it’s better to find the right company with values you share, than to be disappointed later.
Consider Each Opportunity
At this moment, employment offers are constantly changing. Some companies are hiring more contract or temporary staff, and others may focus on increasing manpower in certain departments. Your next job offer may be for a different role in the company you applied to, or a temporary position. It’s important to ask yourself if that is something you’d consider for now, instead of writing it off straight away.
Wait Out the Situation
If you can, reduce your monthly expenses as much as possible and try to wait out the current job market. At the moment, with hundreds of applicants for every job out there, it can be difficult to stand out. As the situation improves, job opportunities should also increase and your resume will be more prominent. Try to take on freelance gigs meanwhile, or pursue an interest or passion to strengthen your resume and network, or explore SGUnited internship and apprenticeship jobs for the transition. You never know how things might pan out.
This is an unprecedented period in history and each of us know people in our own circle who have been affected by the economic situation. Our Prudential Financial Consultants are here to help. Feel free to contact us if you need a listening ear.
This article is for your information only and does not have regard to the specific investment objectives, financial situation and particular needs of any persons. Please seek advice from a qualified Financial Consultant for a financial analysis before purchasing a policy suitable to meet your needs.