There is no manual that can tell you how to handle retrenchment. It is a difficult experience many people do go through. Retrenchment can affect everyone irrespective of gender, income, age etc. We have been running some sessions for clients who are currently going through this and here are some tips that you might find useful if you are going through or ever go through this transition.
- Accept the change. The main thing we have to come to terms with is that there is going to be a change in your life. You will not be waking up every morning and going to the all-familiar place. This is a kick out of your immediate comfort zone, which will even work to your advantage if you do accept the change. Don’t fall into the victim mentality and blame your employer. It doesn’t help. You will have to think differently or spend money differently. You may even have to learn something different. The season for you to be in that particular job has come to an end. That’s all it means. It doesn’t mean that you are a failure. You just now need to take the lessons you have learned so far and apply them somewhere else. Rather than seeing this through the eyes of loss, we need to see this through the eyes of opportunity. Please note that you will feel bad. You will feel a sense of loss and it is even healthy to go through a period of grief. It is OK to feel bad because you are letting go of an attachment you have had to a particular situation. But even though you may feel bad that this particular door has been shut it is important to force yourself to see the windows that are being opened.
- Assess where you are. There is a financial assessment as well as a non-financial assessment. This is a good time to come to grips with where you are financially. List down all your financial assets as well as your liabilities. This can be scary at first but it will pass. You may realise that you are not too badly off because you have some investments e.g. shares, property, bonds, retirement fund etc. Make sure you include any payout you are getting as part of this assessment. Understanding exactly what you still owe will also give clarity as to the obligations that you still need to service. You may feel worried because you are unsure where income is coming from, but in spite of the worry this exercise ensures that you do not exist in a state of denial. It actually helps to keep your mind focused on what you need to do and may provide the sense of urgency. The second part of this assessment is non financial. Your experience so far counts for something. What are the skills talents that you have accumulated? What are the resources that you do now have? What are the things you always wished you had more time to do? From our Centonomy classes we have seen people identify certain networks, skills, talents, passions and be able to translate this into opportunities. This can only happen if you take the time to write down and be grateful for what you have. Once you have listed them you will be able to quickly identify how you can leverage on them.
- Get your expenses right. You may have been spending money on needs and wants. This is the time to identify what are the needs and what are the wants. With your available resources spend money on needs and minimise the wants. This is important to note because the temptation in our state of grief is to actually spend money on the wants. On what will temporarily make us feel better. New shoes, drinks, a new gadget may have that effect but will only add to our troubles. With the resources you have, live only on your needs e.g. rent, food, school fees etc. If you have received a payout of some sort you want to make it stretch as far as possible. If you live on needs plus wants maybe your payout may be enough for 5 months. But if you live on needs alone, it might be 8 months. Do not succumb to temptation to spend money on maintaining your image. It is time to let go of what other people think and be realistic with yourself with what you can afford and what you cannot afford until you have identified your next source of income.
- Lastly and most importantly always give yourself tasks to do. There is nothing more depressing than having nothing to do at this point. You now have time. What are you going to do with that time? You have been going to work everyday so it is important that you give yourself something to do. Maybe you have always wanted to do farming and your first step is to do the research. When and how are you going to do this research? Maybe you actually need to call someone who farms and go see them. Maybe you need to get help and write out a CV or you might want to get in touch with a headhunter. You may need to get the first client for your prospective business opportunity. Maybe this is actually the time to take a course. Not all your tasks have to be work related. Perhaps this is the time to take your children swimming like you have always wanted to. Do not sit at home and watch TV. Make sure you are accomplishing defined tasks everyday just as you would at work. This will not only help you identify your new opportunities but also give you a sense of purpose which is extremely vital in this time of transition.