How to get back into the job market
How do you get back into the job market if you’ve suddenly lost your job?
Not all of us have training to do the emotional change-over successfully, so how can we be prepared to make the transition back to the workplace?
Firms recruit great recruits for a job but then expect people to stay long-term at what turns out to be the wrong role.
Financial worries are major obstacles to a successful career.
There is much that firms can do – though it can seem daunting – to give you the boost you need to convince them you’ll be a success, including:
Check your basic financial requirements
To start, check your basic financial requirements
Start by looking at your earnings and your future earnings
Always aim to earn between one and three times your salary
Have regular meetings with your employer to make sure you’re on the same page
Choose a career where you are likely to earn an annual income of between one and five times your salary
Never work for a company which has a pay structure so complex you can’t understand it
If possible, change companies or move from one major organisation to another with a more suitable pay structure
Manage your debts
Next, make a plan of how you plan to pay off your debts
If you have a large-scale loan, ask for a ‘payback plan’ outlining how you will repay the debt in as few years as possible
If you don’t have debts, organise an audit of your expenses and ensure you are not getting too much in credit
If you can afford to pay for it on your own, set up a property maintenance fund that you can draw upon to cover any home repair and maintenance
You need to show that you are serious about repaying your loan – don’t just apply for a ‘payback plan’ and leave it to it
Apart from a loan, establish a way to finance your repayment with debt
Do this by ensuring you get a pre-payment facility where you make regular repayments while still carrying on with your life, for example by remortgaging or agreeing to another loan, so you pay the interest on it over time
Mark Pearson is an adviser at Ashridge ESCP for over 40s, providing analysis of personal finances.