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Licensed Insolvency Trustees Guide on How to Overcome Job Loss Quickly

5 April 2017

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Although job loss can feel like a devastating experience, it is important not to let this setback discourage you from moving on and continuing to strive for success. For starters, it is a good time to assess your career path and consider both your current and future goals. You may also take the time to decide whether you want to stay in the same industry or use this opportunity to explore another passion.

Improve your Application

One of the most necessary steps is reviewing your résumé and cover letter, and tailoring both to the specific job for which you are applying for. Since not all roles will be the same, make the adjustments accordingly, highlighting all of your relevant experience and achievements. Do not embellish, but focus on the best aspects and approach each piece (your résumé and cover letter) as a challenge to convince whoever is hiring that you are undoubtedly the most qualified for the role. Furthermore, aim to use many of the same keywords from the job posting in your application as companies often use scanning software initially to weed through hundreds of responses.

Be Competitive

Unfortunately, since you are likely to be one individual out of hundreds applying for the same position, it is important to clarify just how well-suited you are. That means thoroughly researching the company―ideally in advance of even applying, in the event that someone spontaneously calls for a phone interview, and certainly before the in-person interview―and preparing intensively for any and all questions they may ask. Be confident and decisive when answering, and follow up after meeting with the individual or team to further demonstrate your enthusiasm. If you had positive experiences in other roles, try contacting past employers about writing you solid reference letters to provide.

Socialize and Network

Take advantage of any social situations while job searching, whether you are meeting up with friends or perusing on Facebook, to inquire if anyone knows of available, quality opportunities. There are also numerous events specifically designed to encourage networking among professionals, so seek these out and divulge the kind of job you are looking for. Attend job fairs and talk yourself up to colleagues and potential employers, without being overly boastful. You may happen to strike up a conversation with someone who is either directly looking to hire someone with your experience themselves, or who has connections to someone who is.

Work Part-time While Searching

Rather than wait until you find the perfect role and wallow in boredom and financial worry, use the time you are not spending on your job search to earn money from part-time work. Some of the most common opportunities include sales associate in retail stores, waiting tables or hosting at a restaurant, and cashiering at a grocery store. Alternatively, you may be able to find administrative or assistant work in an office, or get creative and apply to work at the front desk at a yoga studio or gym where you can take advantage of the equipment or classes to relieve stress. Although you will not make as much money as before, any of these temporary roles can help supplement your lack of a full-time job in the meantime and help you with expenses.

Consider Relocating

When job searching, many people tend to stick to limited parameters surrounding where they currently live. However, especially if you rent rather than own your home, it may be wise to expand the search by a distance of at least an hour or two and give yourself a lot more opportunity to score great employment. Although it may not seem ideal to many individuals, the bright side to relocating and simultaneously starting a new job is being able to make a fresh start and meet different people. By living close to your future work, you can also cut down on the time and costs involved in commuting.

Consider a Small Home-Based Business

If you can work from home in a small business where you have low or no overhead costs and use your existing talents, you may be able to earn an income quickly, at least part-time at first. Examples includes child care or elder care provider, tutoring service, freelance graphics designer, coder, online retail consigner (to sell your unwanted clothes, jewellery, accessories), Instagram consultant, writer, music teacher, college application advisor, business or life coach. There are many ways your small business can operate at low costs, including by saving you travel time and expenses.

Seek Out Harris & Partners Inc. for a Bankruptcy Trustee in Ontario

A bankruptcy trustee can offer guidance and support if your job loss and resulting financial problems become major stressors and you wish to have a professional viewpoint. Our Harris & Partners Inc. licensed insolvency trustees have met with many individuals who face an unexpected job loss where savings are limited. If your finances are already a problem, a licensed insolvency in Markham, Barrie, Brantford, Hamilton, Oshawa, Pickering, St. Catharines, North York, Brampton or Toronto can review debt solutions with you to make payments to creditors. Although stressful, seeing your current situation as a short-term hurdle rather than a long-term reality can help you overcome temporary unemployment. For help call 1-800-268-8093.