Dealing with Retrenchment

Job Hunting

It has been a tough year for many South Africans due to the effects of Covid-19, with many losing their jobs in the process. The virus has not only threatened our lives but our livelihoods furthermore, its effects will be felt long after it has passed.  

Figures released by Statistics SA in November 2020 showed that the country’s unemployment rate spiked from 23.3% to 30.8% in the third quarter. This is the highest unemployment rate in the country since 2008. 

Retrenchment is an unfortunate situation that you cannot control and, in most cases, has nothing to do with you or your skill, especially during these covid-19 times. You are still capable and marketable and will find another job.  

Below are some tips on how to navigate life after retrenchment.  

  1. Brush up your CV

Now that you are in the job market, it’s time to brush up your resume. Very importantly, you need to include a cover letter to your resume. A cover letter gives you an opportunity to sell yourself to an employer in a narrative way. Your CV will give details of your experience and skills and your cover letter will give you an opportunity to articulate who you are. When it comes to your resume, check the format you’ve used, make sure it is not outdated or it is a format commonly used by many employers and recruiters like PDF or Microsoft Word. Research is important, go online and read up on your field as to avoid using outdated terminology in your resume especially if you’ve been out of the job market for a while. A tip that is always helpful is visiting job portals or career sections of your intended employer and look at the terminology they use to describe certain roles and update your resume according to their jargon. You’ll find that in most cases, different companies use different descriptors for the same roles and the skills required are the same. Don’t make your resume too cluttered, try and keep your resume at least two pages long. Visit some free resume sites online for free templates.  

  1. Apply for Unemployment Insurance Fund (UIF)

To alleviate some of the financial stress you’re feeling, apply for the Unemployment Insurance Fund (UIF); provided you and your employer have been paying into the UIF monthly, the earlier you start this process the better. In most retrenchment cases the retrenched employee will be eligible for twelve months of UIF assistance and for this you will require a formal notice of retrenchment from your employers. There are two ways to apply for UIF, online and going to the Department of Labour branch near you to apply. Visiting a branch has proven to be more effective than online as there are some forms you will be required to submit. It’s better to submit them in person than via email, to put your mind at ease. When visiting a branch, be prepared for long lines, wake up early, wear your mask, bring water and a snack. Should you wish to apply online you will require to have the following: 

  • 13 digit ID number 
  • Email address 
  • Cell phone number

If you opt for visit a Department of Labour branch you will require the following: 

  • ID
  • UI19 form (provided by employer)
  • Salary schedule (provided by employer)
  • Bank form (provided by the Department of Labour)

All forms must be signed and stamped by required parties.  

  1. Inform your credit providers

Contact your credit providers as soon as possible. Unbeknownst to many, some of the loans we have come with insurance to cover us from situations where we cannot earn an income. Find out from your lenders if you have such cover in place to allow you breathing room while you look for new employment. Many credit providers have offered credit relief to people who have been affected by Covid-19 and find themselves temporarily unable to pay back their debts. It’s very important to get in touch and make arrangements as soon as you know of your retrenchment.  

  1. Redesign your budget 

Now that you don’t have a monthly income, structure your budget to reflect all your monthly expenses. Find what you can pay off with the money that you have and remove from your list responsibilities. Cancel subscriptions you can live without, the small amounts add up and use more money that could help you elsewhere. The first month is an adjusting month so don’t be too hard on yourself, keep on working on your budget on a monthly basis until you find a rhythm. Make projections for yourself based on how long you think your current finances will carry you while looking for a new job. As stressful as this may be, it’s important to plan ahead. Read here for tips on how to save money <<link to saving article under business>>

  1. Turn your hobby into a business

While you’re still looking for a job, consider starting your own business. A lot of people fear starting a business because they don’t have capital. However, some businesses can be started with little or no capital at all. Do some research, see how you can turn your hobby or talent into a business opportunity. For example, if you enjoy cleaning, offer these services to friends and family first to start you off for a fee and then expand. Not all our hobbies can be turned into a business however we will never know until we research and then try.  Find an entrepreneur and ask for guidance on how to get started, and what the best practices are to starting your own business.  

In June of 2020, B Mavundza observed that “Although the lockdown restrictions are starting to ease, the pandemic continues to create major economic and financial distress for the South African economy and consumers alike,”  

It is for this reason that we encourage our readers to constantly find ways to manage their finances. Due to household income shortfalls it is advised that working together to ease the financial pressures in the household will assist in stretching the income coming in. 

Tips on How to Spend Wisely

South Africans were under severe financial strain even before the Covid-19 outbreak and are now increasingly cashing in their long -term investments for immediate survival, this is according to a Debt Busters report from the first quarter of 2020. 

It is important for us to be mentally strong, plan ahead, prioritise on what to spend on and using resources efficiently is crucial to the financial stability for many families. 

A few tips on what you can do from the comfort of your home to save:

  • Always write a grocery list and stick to it
  • Join a lift club adhering to the COVID 19 regulations
  • Minimise car travels and find creative activities to do at home
  • Cook at home
  • Avoid unnecessary spending on clothing, shoes, make-up
  • If you must shop keep an eye and ear out for specials or promotions
  • Cancel subscriptions you won’t be using eg: Gym, DSTV etc
  • Move back home and avoid bills 

South Africans are revaluating their bills during the coronavirus crisis. The unpredictable nature of the Government regulations and this virus has left people changing their spending habits. 

In June of 2020, B Mavundza observed that “Although the lockdown restrictions are starting to ease, the pandemic continues to create major economic and financial distress for the South African economy and consumers alike,”  

It is for this reason that we encourage our readers to constantly find ways to manage their finances. Due to household income shortfalls it is advised that working together to ease the financial pressures in the household will assist in stretching the income coming in. 

Unconventional Means To Generate An Income during Covid-19

Opinion Piece

Nowadays, we live in a world where everything has to be instant from noodles to EFT’s. But have we perfected a means to create revenue in an instant as well?

It may be a new year however, the demons of the past still haunt us today. As much as we choose to live our lives, it is difficult to ignore the restrictions we are forced to live under due to legislation passed by the government which constantly changes due to the evolving virus that has plagued the world.

Which forces us to find different avenues to generate an income that will not only sustain our livelihoods but save our lives. A few examples of the ventures we could pursue are:

Sport Betting: If you are a sports fan with no idea of what to do with the knowledge you have garnered over the years and have money to spare, sport betting is the way to go. What makes this an option to consider is that the risk is completely dependent on the user, therefore if the risk is high so is the reward and vice-versa. Another feature is that bets can be customized according to your needs and preference. It is truly worth a shot if you have nothing to lose.

EasyEquities: If you want a stabilized approach to making money, investment in shares is another opportunity you could make use of. There is an app called EasyEquities that allows you to invest in shares either for short term or long term purposes from the comfort of your phone.

What makes investing in shares so attractive at the moment is that due to Covid ravaging through the stock market, most of the shares listed are either underpriced or underperforming and this creates the perfect conditions for you to invest. As they say, when there is uncertainty in the market that is the perfect opportunity for you to invest.

Forex: Another method that involves investment is Forex which is quite renowned for either making money quickly or losing it as quickly. However, as forex is based on investment in currency, it is especially risky on any given day but somehow the risk has heightened due to volatility of the markets caused by Covid-19. Although, volatility could either work for you or against you it just depends on how you maneuver the market. In this case, opportunity arises from chaos.

Youtube Channel: The most commonly used avenue in the world but least used in South Africa. Creating a YouTube Channel is easy, however publishing content that appeals to the masses is much harder than most people think but if you do find your audience, it can also be a rewarding experience. However, with this avenue investment in equipment will be essential to the success of your YouTube Channel. This avenue may take time to establish but once you get the ball rolling, it never stops.

Please be advised that all methods suggested are avenues that can be used to make money in a short amount of time but due to this, the risk increases in proportion.

However, the question we need to ask ourselves is were these methods born from necessity or was it just the natural progression of things to come? Is there really a way to make money instantly or is it just another scam we were taught to believe?

Finding your dream job is a click away

At the moment, there are more unemployed people than there are vacancies. Ensuring that your CV lands up on the top of the pile, getting that interview and knowing what you are up against can be difficult if you don’t know where to start. The South African Government website gives you realistic guidelines to compiling your CV, where to start the search as well as useful information for when you start your dream job.

Find a job in the City of Tshwane

If you are looking for a job in the City of Tshwane, look no further than the City’s very own website. There you will be able to register and apply for vacancies at the municipality . Another great site to peruse is the Department of Employment and Labour site. The ESSA (Employee Services of South Africa) is a portal for job-seekers as well as recruiters looking for opportunities in the workplace.

How to put your best foot forward when looking for a job during tough times

Recruitment in 2020 has become a very difficult task for both employers and job-seekers. With so many people losing their jobs due to covid-19, the markets are saturated with people desperately searching for work.

Here are a few ways in which you can put your best foot forward to finding the right job.

Apply for the job you want

By tailoring your CV to the spec of the job, you are able to highlight your best qualities that the specific job requires. If you are applying for an administrative-orientated position, highlight those capabilities instead of listing irrelevant competencies such as graphic design for example.

Don’t apply for every job you see advertised

Many recruiters are seeing people applying for each and every job they can find from specialised vacancies such as strategy for example to computer programming and reception work. By doing this, the applicant is diluting their talent and capabilities and makes the recruit sceptical about what their competencies really are. Stick to what you know.

Believe in yourself

Not every set-back means failure. Losing one’s job for whatever reason can leave you feeling rejected, demotivated and worthless. Understanding that you are great at what you do, taking the time to evaluate what you really want and then going out to get it is a massive step toward getting that job.

Be open to change

The way in which business is conducted today is quite literally not the same as it was just yesterday. By being adaptable and willing to go out of your comfort zone, you will find that you will learn a lot more, grow a lot faster and even pick up a few hidden talents you never knew you had.