Published July 10, 2023 • 3 Min Read
Losing a job can be one of the most stressful life events an individual can face, causing both financial and emotional anxiety. Whether the job loss was expected or a complete surprise, knowing what to do next can be difficult. Here are some ideas for navigating your next steps.
1. Seek different ways to earn an income
Whether you want some temporary work to fill new gaps in your finances or a longer-term freelance contract for a nice mix of stability and independence, the thriving gig economy makes it easy for those seeking non-permanent employment to find work.
Many marketplaces support freelance and gig work and help connect prospective workers to people and organizations looking for specific services across hundreds of categories. From house cleaning to tutoring, writing to gardening, web development to rideshare driving, there are many opportunities to work as much or as little as you want.
Recent studies reveal that gig work is the primary source of income for 1 in 10 Canadians in the workforce. The growing numbers have corresponded to increased government attention with respect to protecting gig workers through employment regulations — so it’s never been a better time to test it out!
2. Tap into your transferrable skills
There’s no rule to say that your next job has to have a similar title or mandate as your last one. In fact, 50 per cent of Canadian workers plan to make a career change in 2023. And of those who have switched, most of them (87 per cent)_ are happier about it!
When you consider the professional skill set you have today, there are likely many new types of jobs you might be qualified to do. Skills acquired through previous experience and education — like problem-solving, critical thinking, leadership, teamwork, communication and project management — go a long way, as they’re in demand across roles and industries.
3. Look at ways to upskill
And if you don’t have all the skills needed for the next job you’re eyeing? Consider ways of upskilling to become a more competitive candidate.
Depending on your area of focus, there are certification programs, open online courses, boot camps and post-secondary degrees that can boost your skills through education. You could also join a professional association to build your network and experience through volunteer opportunities in your desired industry.
4. Talk to a career coach
Not sure what you want your next move to be? Or not sure how to get where you want to go? A career coach can help you with essential next steps. An expert in all things employment, a career coach can help you identify the right role and employer profile you will thrive in, assist in a job search program and guide you into a new position quicker.
5. Get the word out
Losing your job is nothing to be ashamed of, so there is no sense in hiding your reality from others. In truth, many people have been in your position before and want to help. Social media is a great way to spread the word through your network that you’re looking for a new opportunity and ready to start.
Losing your job can create significant upheaval in your life as well as financial strain. While pursuing a new degree or taking some time for yourself may be the right move for your mental health, there is an economic impact you likely can’t ignore. As you navigate the next weeks or months, create a plan that covers your financial necessities, your career aspirations and the steps you need to take to achieve them.
This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.
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