What to do if you lost your job due to the Corona Virus?

Photo by Toimetaja tõlkebüroo on Unsplash

It happened, you lost your job to the Corona Virus. You are not alone. Unfortunately, this is just the beginning as analyst expect over 15% of US household will have someone who has either lost their job or lost hours due to the Corona Virus. Those in the service industry or retail are facing the deepest hit now but expect this to worsen across other segments as well. Finding a job during the Corona pandemic won’t be easy but can be done.

What is even more concerning is that most people are not prepared for this sudden change in finances. In fact, nearly 38% of American’s don’t have at least $500 in their bank accounts to prepare for something like this. It’s easy to let fear and anxiety swamp over you especially if you watch or read anything anywhere right now. Know you are resilient and will be able to overcome this as well. We have outlined 5 key steps you should to if you lost your job to the Corona Virus.

File for Unemployment

The first thing you should do is file for unemployment and file right away. There will be many people filing and limited people working so get your forms in fast. It likely that there will by system issues, delays, or hold ups so make sure you are making this a priority. Even if you feel you are not qualified still apply. What is even better is that the government is enacting unemployment relief for many people impacted by the Corona Virus. Don’t wait at all. File now.

Readjust Your Budget

The next step is to look at your budget. Yes, we know this is not a financial blog but you need to get a better grasp on what and where you are spending your money. If you don’t have a budget, get one. There are many sites like Mint or YNAB that can help you get started. And if you do have a budget start scrubbing it. Ask yourself,

“Where can I cut down on? And what is not needed?”

Do you really need cable right now? Can you cancel your subscriptions for Hulu or HBO? What are needs and what are want? Get a better grasp on your finances as money will become tight if you are not financially prepared (i.e. emergency account). The sad thing is studies show that most Americans don’t even have $500 in their accounts. Now dive into your budget and make the necessary adjustment. One great tip: reach out to your utility or mortgage company and let them know your situation. There are more than likely programs in place to help you through this process.

Update Your LinkedIn Page

Okay now down to business. Take the time to update and perfect your LinkedIn page. Now you may be wondering why we are not talking about resumes. Now more than ever, your LinkedIn Page serves as the first intros to recruiters or companies. It serves as your 30 second elevator speech in this digital world. In fact, many more jobs are filled via LinkedIn alone than ever before.

Spend time going through the tasks and roles you had in the last few years and begin articulating them in a tangible way which can be translated into your LinkedIn page. Not sure how to start, search people in your network and leverage their pages to help develop your style.

Oh, and don’t forget to add a professional photo on your page. Trust us it makes a big difference. Not sure how to craft the right LinkedIn page? No worries, ask our coaches here!

Begin Networking

This is where platforms like LinkedIn comes in handy. Despite losing your job there are many sectors such as grocery chains, healthcare, and even e-retailers that are hiring. Connect with old co-workers, friends, or family and let them know you are looking for a job. We are sure they are willing to help.

Prior to the Corona Virus, there were job openings and during and after there will still be job openings. Tab into your network to help you find your next job. Building relationships are imperative to help move your career along especially when searching for a new job. Best place to start is LinkedIn.

Stay Positive Stay Connected

Above all else, stay positive and focused after you lose your job. It may feel like it but losing your job is not the end of the world. It will be easy to let fear and anxiety engulf you. Stay the course. It sounds clichés but this is only temporary. Lean into your family and friends for support. Schedule time to check-in with them to keep you motivated. Don’t go silent! Let them know how you are feeling. It's best to not go through this transition alone. And that is what this is a transition, temporary. Keeping a positive mentality will help you view your situation as just that a situation which does not define you.

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