How to Career Pivot During Uncertain Times

Even since the coronavirus outbreak, a sense of uncertainty has taken over our lives. 

Travel bans, restrictions over large gatherings, talks of recession, and the imposition of the mandatory 6-feet distance, can all make stress escalate with each passing day.

You have been forced to adjust to a new reality. You may feel greater concerns regarding work as well as the long-term impacts on the world economy. Companies going on a layoff spree may even cause you to feel the weight of unemployment.

It’s hard not to panic.

So what should you do?

Take stock of your financial situation

With companies going through layoffs and public places being shut down, it’s easy to see why finance should be your first and foremost priority.

You may not have a ton of savings lying around for something as unexpected as this, and it’s only natural to be anxious in the wake of calamity.

However, the best way forward is to be as financially proactive as you can.

Assess your current financial situation and prioritize your expenses. Things like food, housing, basic utilities, and insurance should be your top priorities.

Make three lists: Must Haves, Nice to Haves, and Can Definitely Do Without.

This is a perfect opportunity to look at your bank and credit card statements and see what unnecessary recurring expenses you’ve been paying for. Those things should be the first on the chopping block. (Yes, this includes the magazine subscription you never read and the streaming service you rarely watch.)

Research Unemployment Benefits

Now comes a scary step.

Do some research now on how you can access unemployment benefits.

“But Lauren, I’m not unemployed! Why would I be acting like I am?”

Because you want to be proactive and not reactive.

Unemployment is a real possibility even if you have a great job or don’t expect to be laid off any time soon.

As I like to say, “If you stay ready, you don’t have to get ready.”

It is far better to be prepared for the crisis before it happens (and hopefully never have to use your preparation), than it is to be caught up in the storm unawares.

So go ahead and put in the research.

Even if you’re on furlough, you can see whether you are eligible for unemployment insurance, how you would pursue it, and the steps you would take to stay afloat if you took the sudden cut to your income.

Actively monitor your budget

Review your income, and savings, and plan your budget accordingly. (Never planned a budget before? Don’t worry, there’s a first time for everything. And now is as good a time as any to learn.)

If you have an emergency fund set aside, make sure it’s liquid and readily accessible. You should be saving your emergency funds in a high-interest savings account in order to ensure that you can quickly withdraw your money while earning more interest than you would with a conventional savings account.

Plan, plan, plan!

I cannot stress this enough. The more informed you are about your own financial situation, the better decisions you can make.

When you're pivoting your career and getting used to this transition and the changes that come with it, having a financial plan will give you peace of mind and more flexibility.

Moreover, it will help you stay on track and not lose focus, no matter what your circumstances bring.

Take care of yourself

Your instinct may be to take in as much information as you can on COVID-19, throw yourself into work, and feel generally stressed and overwhelmed every second of the day.

As important as it is to stay informed and make a plan, it is essential to also disconnect from time to time.

Focus on your family, kids, friends, and the little joys life has to offer (like good sleep, a good book, or physical exercise).

As you find ways to make sense of it all and learn to adjust, it is important not to neglect your personal well-being or the well-being of those you love.

Don’t neglect your personal health in all of this! Taking care of yourself is essential, especially during times of stress and overwhelm.

Make time for yourself by disconnecting and recharging your energy. This could look different for everyone—whether it’s by taking a relaxing bath, reading a book, getting a cup of coffee, going for a walk, or working out.

Start incorporating healthy habits into your routine. Include physical exercise and a good diet in your schedule. Eating healthy, exercising, and getting enough sleep are all essential for your physical and mental well-being. So make sure you don’t compromise.

Make time for things you're passionate about. Pick up a new hobby, whether it's yoga, cooking, painting, or dancing. Get started and devote time and energy to it every day.

Not only will it give you a sense of purpose besides work, but it will also make you happier and more satisfied.

Finally, remember to connect with family and friends. Call your friends or video-chat your loved ones---just get in touch!

I’m a huge fan of virtual happy hours and host a regular one myself.

Socializing is just as important as recharging alone. So stay in touch and check in on those you care about.

1. Plan your financial budget and prioritize your spending. Review your savings account, Make sure you know how much income you have coming in and what expenses are going out. 
2. Do some research and find out if you are eligible for unemployment benefits or other funding packages.
3. Make time for yourself! Remember to disconnect, unwind, and de-stress. But also keep in touch with your family and friends.

Remember, we are in this together!

If you’d like more information on how to make a career pivot or transition, sign up for a free Career Transition Roadmap at www.TycheCoaching.com.