Most people's reality has been altered by the effect of the pandemic either mentally, emotionally, or even financially. A lot of companies were affected negatively, and the ripple effect caused salary reductions, job losses, and the worst case, the company folding. According to quartzafrica, “In Nigeria, the unemployment rate came in at 27.1 percent just in the second quarter of 2020, which is the highest on record so far.”.
If you’ve been lucky enough to hold on to your job, you have to take strategic steps to keep it. More importantly, prepare your finances for the unexpected. The workforce is always vulnerable to cutbacks due to unpredictable economic downturns, but by improving your professional stability, you can weather any unemployment storm. These steps can also help protect you.
Grow your professional Network
There are long-term benefits in growing and maintaining a professional network. While nepotism can be seen as a foe to many, building positive relationships with people in your field can help get your foot in a door that may otherwise be closed. This step can be considered being proactive, and the internet age has made it easier to connect with professionals using social media platforms like LinkedIn and Twitter. Take advantage of this opportunity.
Make yourself indispensable
Companies are looking for strong leaders, and the only way you can become one is by practicing good work ethics. Show up on time, be a team player, and do your job to the best of your ability. Focus on contributing positively to the company and showcase your value. By surpassing the “model employee”, your chances of being laid off will be low, especially when unemployment starts lurking. It may sound like additional pressure, but it will pay off.
Make saving a priority
Saving money in Nigeria with the current economic situation can prove to be a difficult task, but building up your cash reserves right now is paramount. Beef up your emergency fund and find ways to cut your expenses. It is vital to have constant periodic savings to protect your finances. If you struggle with saving consistently, take advantage of the digital savings platforms in Nigeria and put it on automatic.
Invest, Invest, Invest
Investing here goes beyond your personal finance. While it is always advisable to build a diverse investment portfolio in a safe, high-yield investment vehicle like overwood.ng, the best investment has always been in knowledge. Any amount spent on training is an investment in your best product, yourself. Take classes to improve your qualifications. Examine your options and determine the right move for you. Invest your time and money in upping your skills, so you're more employable.
Start a side hustle
Another way to protect yourself from unemployment is to ensure financial stability by starting a side hustle. With this, no matter what happens, you’re not solely reliant on your job for income. Start with finding a part-time job or monetizing your passion. Take advantage of the information available to help turn that idea into a money-making engine. Earning extra income opens the door to the possibility of unexpected success, which is great for your financial health.
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