This archive report was first published on 8 May 2020.
With the COVID-19 pandemic casting a shadow over the job market, many are left wondering how to prepare for the impending mass job layoffs.
According to experts, the reality is that job positions are never guaranteed, and it's becoming increasingly important to think up fresh ways of reducing our dependence on regular employment.
As employers make adjustments to manage costs, their revenue streams are no longer assured, leaving both employers and employees vulnerable to job loss.
However, with self-discipline and sound financial planning, individuals can make their jobs sustainable.
One way to achieve this is by saving for a rainy day or seed capital for an investment. It doesn't matter how much you earn; all you need to do is put aside a certain portion of your salary every month.
Setting goals, such as aiming to have profits equal your salary in five years, can help you focus. Additionally, exploring alternative sources of income, like freelancing or starting a business, can provide a safety net against job loss.
By identifying and growing an alternative source of income, individuals can cushion themselves against the shock and effects of a sudden job loss.
As the future belongs to those who embrace disruptions and are ready to take risks, it's essential to look at work in a broader sense. With the increased free time brought about by working from home, individuals can put their skills to good use and invest in their future.
