People losing jobs: What lies ahead?

These are quite disturbing times for sure. The impact of the recent economic recession has been quite greater than the previous ones. 42% of Nigerians lost their employment and it is such a huge number that it will certainly take formidable time and collective effort to recover. People who have always remained concerned about their situational factors have been wondering what might have gone wrong. 

For all the previous times they were made to believe about job security and there was always some sort of legal backing to these claims. However, they were found worthless during the pandemic situation and people had to face a reduction in their salaries or laid off from their jobs. Businesses couldn’t afford anything that would keep them in losses and it is a general rule of thumb that no one likes to operate in severe losses. 

Businesses had to do so and get rid of their extra employees as this would always be the first thought when trying to reduce business expenses. All those employee loyalties were put aside and business owners took decisions that would save them from potential losses. Although the profitability remained minimum all these times but going negative all out is never a welcoming situation for anyone. Specifically when this kind of stuff gets prolonged for months. 

Working on actionable strategies:

Well, individuals have been seriously thinking over their personal life strategies. Masses have become aware that they can’t rely on capitalist business owners to provide sustainable income for themselves. They need to put in a serious set of efforts that would pull them out of this situation. 

Keeping a job is recommended to keep the money coming in for sustenance but there is a dire need for multiple income streams. Economic challenges continue to grow with time and individuals need to rise to the occasion in order to thwart any financial threat. First of all, the savings mindset needs to be deeply rooted in our societies. Luxurious lifestyles should never be adopted until it becomes affordable at much better levels. 

Second thing is to try to diversify income streams. Putting in extra hours of work or using Weekend to good use should work. The digital world has too much to offer nowadays and everyone should explore how they can make a fortune for themselves through this. For instance, online trading is now far more relevant than ever before. People are vehemently involved in trading of cryptocurrencies with the use of bitcoinup and other respective platforms. 

There are many other lying opportunities too for each skill set. It is up to each one of us what they choose for themselves and diversifies their employable skills. There is always room for self-improvement and the thirst to acquire new skills should never die. Also, if you have got a nice job for yourself, learning new ways of doing things and bringing innovation to the table presents nice growth opportunities. 

Now it is greatly realized that things are not that straightforward as they have seemed like for ages. We need to be proactive in taking actions rather than always reacting to different situations. Thinking big is always a good idea and past experiences always play a great role in determining the actions that are required to be taken. Let’s not forget the lessons of recent months too.