Better to be safe than sorry.
Studies have shown that financial crises occur every 7 years or so.
Remember the last economic downturn? It was in 2008. 6 years ago, companies in Singapore were told to cut costs to save jobs. Will we have to go through periods of uncertainty come the next downturn? Not necessarily if we are prepared for it.
Here are 5 tips on how you can survive the next downturn in 2015*.
1. Take up a second skill
Does it have to be related to your job or can it be something you enjoy doing in your free time? There is no hard and fast rule on this one. What do you see yourself doing in the next few years? Look forward and plan backwards. Good with languages? Take up translation courses. Interested in flower arrangement? Sign up for a course and grow green fingers. For a start, check out some of these really cool courses.
2. Set aside 6 months worth of salary
The golden rule to investing is to first have at least 6 months of salary stashed in your savings account. This is to ensure that you have ready funds that you can depend on if you ever find yourself unemployed. Having some support is better than none.
3. Connect with people around you
It is not what you know, it is who you know. Make new friends and connect with old friends or people whom you’ve worked with. Meet up for regular coffee sessions. Or if you’re too busy, connect over Facebook. Leave comments on their Facebook posts. Don’t forget, effort counts in maintaining a relationship.
4. Strive to be a better worker
Employers value workers who take pride in their work. Go beyond what you are expected to do. Differentiate yourself. Show why the company needs you more than you need them. Be nice to your colleagues. Succeed together as a team. Agree to disagree. Be responsible. Smile more.
5. Join a union
Union is like insurance. You might not see the importance of it until something unfortunate happens to you. If a company decides to retrench its staff, at least the union can still fight for retrenchment benefits or provide other forms of assistance for the workers. Remember the Five Stars Tour closure earlier this year? The Singapore Manual and Mercantile Workers’ Union (SMMWU) stepped in to help the workers who lost their jobs. According to The Straits Times, the union provided $600 worth of vouchers to each of the affected union members to help them with the purchase of daily necessities, especially since it was during the Chinese New Year period.
Lastly, keep calm and carry on.
*Disclaimer: Predicted based on assumption that financial crises occur every 7 years or so.
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