Career Testing
Career Testing
Career Testing
UNEMPLOYMENT / JUL. 14, 2014
version 6, draft 6

How to Quit your Job in a Bad Economy

disappointment lost job
istock

Gone are the days when a country would single-handedly suffer a bad economy. When we consider the rise in multinational companies and regional economies, it then doesn’t come as a surprise that a bad economic situation can extend from several regional countries to the entire planet. In addition many countries today have diversified nationalities in their workforce which makes a localized argument obsolete. Thus, in a bid to quit your job, you’ve got to consider global and local job market factors on the ground and carefully assess the consequences you’re likely to face. Which begs the question, how does one quit their job in a bad economy?

#1 Weigh out the suitability of your current preoccupation against similar jobs worldwide
For some of us, our current jobs are unfulfilling, underpaying and overworking us. This automatically creates the impression that there must be better options available locally and abroad. However, in a bad economy, your industry may have experienced shake-ups which consequently meant retrenchment and staff cuts in many companies. If that’s the case, then chances are, you might actually be one of the best paid countrywide in your respective preoccupation. But still you might also want to consider moving to a different country altogether. But how much will you actually earn once the taxes are deducted from your salary? How about the hefty work permits as governments do their best to discourage immigration? In fact, as we all know, many governments result to ’internal borrowing’ as austerity measures against economic slumps. Such factors will help you consider the suitability of your current job against similar preoccupations worldwide.

#2 Consider a range of entrepreneurial contingency measures
Qatar Airways recently held a recruitment drive at Intercontinental Hotel, Nairobi. They were seeking to hire some flight attendants. The turn-out was so big that the recruitment drive ended in thirty minutes. I got a chance to speak to an experienced flight attendant who told me that he had quit his job at Kenya Airways about a year ago. He also told me about a catering entrepreneurial business venture he was currently dealing with in Nairobi as a contingency measure against unemployment. We’ve also got careerists who opt for underemployment as interns or freelancing to keep them going. Such contingency measures will guard you against full unemployment and keep you afloat in an unfavourable job market.

#3 Have a financial back-up plan in case things go south
The most common financial back-up plan is of course monthly contributions to a pension scheme. However, such funds can only be accessed after retirement which means that more financial contingency measures have to be considered. To begin with, you’ve always got to be on the lookout for investment opportunities with handsome monthly returns. That way, your pockets won’t be empty even when you’re in the unemployment phase. Moreover, as insurance firms diversify their products, you can make contributions to a suitable insurance package in advance which will guard you against financial calamity in case of an extended period of unemployment.

#4 Consult widely
In a bad economy, competition for job vacancies is tough. In addition, many companies nowadays are opting to use connections as a means of hiring staff since cases of overqualified candidates turning out in overwhelming numbers for interviews have become prevalent. Thus, you wouldn’t want to quit your job without a bridge connecting you to another job since you’re likely to be trampled on if you depend on the usual channels of job seeking. That’s why it’s important to ask around and find out from your career peers, mentors and acquaintances as to whether your services might be needed in their respective companies. That way, you’ll keep tabs on job vacancies in advance before they reach the public domain.

#5 Research on long term prospects for your current pre-occupation
Prudent careerists will always stay informed on how their industries are likely to perform in future. Sadly, if uninformed, you’re likely to quit your job thanks to a rash conclusion that the bad economic season is here to stay. Good example is the global economic crisis of 2008. Several industries have risen up from the ashes ever since and performed beyond our expectations. For instance, in the telecommunications sector, many phone makers in America thought that their jobs would be lost since phone sales were on a sharp decline and cheap fakes from china were selling like hot cakes. However, with sophisticated phones came a global market gap yearning for quality phone applications. Soon enough, even Chinese and Indian phone manufacturers began to use Android and Windows 8 operating systems on their phones. This levelled the playing field since the cheap Asian phone makers soon realised that a new taste had emerged. They therefore had to produce standard quality phones like their American counterparts. And as we speak, Asian phone brands like Tecno Mobile, Samsung and Alcatel are as expensive as Nokia and Apple.

#6 Be ready to change your career as a final resort
A bad economy may lead to imminent industry collapse. This means that jobs are likely to be lost and careers are likely to disappear after being made obsolete by modernity. While some careerists prefer to anticipate for the inevitable, others would rather quit in advance and change their careers altogether. This might mean taking another vocational course or starting an entrepreneurial business that’s foreign to your initial academic credentials. The bottom line remains that you must be open minded and psychologically prepared for such a radical shift in your career as a final resort.

Even as we consider quitting our jobs in a bad economy, we should always have our personal objectives and career goals in mind. Yes, there might be a slight deviation from the career roadmap that we had initially planned on, but that doesn’t mean that we should dismiss our career goals altogether. Similarly, we can’t dismiss our personal ambitions simply because they’re likely to come later than anticipated. Ultimately, it’s always important to soldier on with purposeful direction despite rampant unemployment in a bad economy.

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