Blog Post --- Last Updated on August 30, 2022

4 Ways to Smartly Prepare for a Layoff

4 Ways to Smartly Prepare for a Layoff 4 Ways to Smartly Prepare for a Layoff

Layoff or termination of employment can be experienced by anyone. As reported recently, a number of startups in Indonesia have laid off many of their employees. As a Jagoan, you can prepare for a layoff.

How to Prepare for a Layoff

1. Start an emergency fund

Building an emergency fund is the first way you can do to prepare for a layoff. Actually, an emergency fund can be used not only when you are laid off, but also when other unexpected events take place.

Given the important function of an emergency fund, actually having more emergency fund is better. However, if you are just starting to build an emergency fund, then try to have an emergency fund of at least 3 times your salary, certified financial planner Annisa Steviani advises.

In addition, it is also important to keep your emergency fund in a safe place that doesn’t allow you to dip into it unless it’s an emergency. If you are not someone who is easily tempted, you can save your emergency money in Jago’s Saving Pocket. However, if you are someone who is easy to dip into savings, you can save your emergency money in Jago’s Locked Pocket, which offers a locking period of as short as 14 days.

Also read: Differences Between Saving Pocket and Locked Pocket

2. Find out as much information about the company as possible before joining

The second way is actually more of a preventive one. To avoid being laid off, before joining a company, you can find out as much information as possible about the company.

What kind of information? For example, you need to know whether the organization or company is strong and has a good reputation. How long the company has been established and who the founder of the company is. It is also important to find out what the company is engaged in, whether that sector will survive in the future.

3. After joining, avoid focusing only on work

Focusing on your duties and responsibilities within the company is a very good thing, Jagoans. At the same time, make sure you are also updated about the company's situation, especially the company's financial situation.

You can chat with employees from other departments and pay attention to various things happening in the company. For example, when your leader asks you to start implementing cost-saving measures, when an employee resigns but the company doesn't look for a replacement, etc. If there are indications that employees will be laid off, then you can start looking for a new job.

4. Develop yourself by upgrading/adding skills

Enriching yourself by upgrading the skills you already have or even learning new skills is an important thing to do in anticipating a layoff. To be able to compete with other employees, you must be good at 'selling' yourself.

It's best if you ask yourself, what is it that you want to do? Where are your plans for your career? Not only in the short term, but also in the medium and long term. Some of you may want to start your own business or pursue a higher study. Whatever it is, you need to plan carefully because all this concerns your future, not the future of others.

Getting laid off may be one of life's events that can cause worry or stress. However, there are steps we can take to anticipate it. From starting an emergency fund to developing yourself, let's start doing them. If you don't get laid off, then having an emergency fund and adding skills are already great things.

And, don't forget, Jago can help you manage your finances and build an emergency fund. The Jago application can be downloaded here for those who don't have it yet.

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