Jobless and Unemployed? 5 Ways to Handle Unemployment
With a renewed focus on economic growth and innovation, recent market projections suggest a steadily bullish outlook for the US economy. Advances in technology and significant investments in renewable energy and infrastructure are driving optimism.
Meanwhile, the future of the Singapore economy appears promising. Yet, unemployment has hovered between 3 – 3.1% in early 2024, reflecting ongoing economic adjustments since the pandemic. In 2021 – 2023, there was a lot of support from the government in Hiring, Jobs Support Scheme, Jobs Growth Incentives, etc. The technology sector also over hired as a result and since second half of 2023, there has been more pronounced retrenchments that includes Lazada and Property Guru in Feb 2024. This trend has been particularly notable over the past 12 months where 16000 retrenchment notices were put up to Ministry of Manpower in the last 5 years .
These unprecedented times have prompted us to share our thoughts on dealing with unemployment.
Understanding Unemployment
Frictional Unemployment
Let’s delve into the realm of natural unemployment, delineated into two distinct categories: Frictional and Structural unemployment.
Picture frictional unemployment as a dynamic pursuit, akin to a game of hide-and-seek between job seekers and employers, while structural unemployment presents as a puzzle with pieces that don’t seamlessly interlock.
Historically, securing employment resembled a daunting quest, marked by prolonged periods of search, exacerbating frictional unemployment.
However, contemporary advancements have ushered in a new era. Platforms like Citadel Search and LinkedIn have streamlined the job hunt, while governmental initiatives in Singapore bolster educational and career guidance.
Structural Unemployment
The real concern is the second group of natural unemployment, which is a mismatch of workers’ skills against the needs of companies. Structural shifts in industries result in possibly permanent massive unemployment.
With the intensity of global competition amping up, and being a tiny red dot that punches above its own weight at the frontier of technology, Singapore is distinctively more susceptible to the tectonic shifts brought about by disruptive innovation.
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While you may think that all these are irrelevant to you, you should not be complacent just because you currently have a nest to roost.
The plague of a skill mismatch is ever present, and strikes anyone at the unlikeliest of times. In today’s uncertain world, an iron rice bowl is certainly a misnomer!
To combat and cope with unemployment, here are 5 unemployment tips you could consider.
Handling Unemployment
Tip# 1 Upgrade Yourself
Handling retrenchment is never easy. Unemployment stress coupled with mental pressure could make you lose your sense of purpose.
However, being jobless is not hopeless, it is important to stay positive and upskill yourself so that you will be able to find work in this ever-evolving job market.
In line with the Smart Nation initiative, the Singapore government continues to roll out various programs to enhance technological literacy among its citizens. One of the newer initiatives, the Digital Academy, launched by GovTech, aims to reskill and upskill public officers, particularly those in the Infocomm Technology & Smart Systems sector. This program offers a variety of courses to help deepen digital skills, with a target of training more than 6,000 officers.
Additionally, the GoBusiness platform is another key component, providing businesses with easier access to government e-services and resources. This includes the GoBusiness GovAssist e-Adviser, which helps businesses navigate available government assistance schemes. These efforts are part of a broader strategy to create a robust digital infrastructure that supports Singapore’s vision of becoming a Smart Nation, emphasizing the importance of industry collaboration and innovation in achieving these goals.
Hence, our career advice to combat unemployment is to upskills yourself and make your job search process smoother.
Tip# 2 Be Open To Contracting
Do not hesitate to take up temporary or contract work in your job hunt.
The key to securing job offers is to demonstrate you have valuable competencies and skills; achievements such as the completion of mission critical projects will be good to have in your CV.
Through such experiences, you will also gain new skills that could diversify your current opportunities. Moreover, if the employer likes the work you have produced, they could convert you to a FTE (full time employee).
At Citadel Search, we try to change the mind-set of individuals to appreciate contract jobs. Often, people shy away from contract jobs thinking they aren’t as good as permanent jobs or entail a lack of security or appeals to lower-mid jobs only.
We see a rise in retrenched workers, over the last 2 years, rejecting proposed contract jobs due to these preconceived notions. There were some who preferred to stay home and not have a job than take the contract work! Thankfully, however, there were some we were able to successfully convince. Contract jobs exist for a good reason and offer you opportunities to extend yourself in places you would not have considered if the traditional mind-set prevailed.
Volunteerism is also a good way to spend your time and employers also look to such activities as proof of a productive use of time. This will improve your chances, it also builds up connections and a sense of meaning and purpose.
Who knows, you may even find a prospective employer while volunteering at the museum or F1 event!
Tip# 3 Polish Your Resume and Interview Skills
Learn about the hottest new jobs that are currently in demand. The IT, E-Commerce & Innovation and HealthCare industries are booming and demand for workers is high.
New economy jobs now require multi-disciplinary skills, such as statistics and marketing, engineering and finance etc., therein lies the challenge of going beyond the traditional parameters of your current job.
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Take this time to polish up your resume to ensure that you are using achievement-oriented language in your resume.
When we say this to candidates, they often go ‘What is that’?
What we find is that candidates often write their resumes in task-oriented language for their job application e.g. ‘Responsible for Profit and Loss’. That means nothing!
What you want to be able to do is write in achievement format. Tell the recruiter what you have achieved in driving profits or reducing costs through ABC management, supply chain transformational projects, etc. Learn how to write better resumes by using achievement oriented language.
Additionally, increase your presence professionally on social media. Do tailor your resume for individual positions, and include words from the job descriptions. Do this and your resume will come up higher in employer searches. We see candidates every day and we know what the employers want!
Tip# 4 Flexibility Matters
At the May Day Rally 2024, Deputy Prime Minister Lawrence Wong stressed the importance of Singaporeans being open to new job opportunities and embracing lifelong learning. He highlighted that in a competitive global landscape, innovation and continual skill enhancement are essential. Union leaders supported this view, underscoring the need for skills upgrading to ensure economic resilience and equal opportunities for all workers. They encouraged workers to take up courses and reskill, recognizing that while balancing work and training can be challenging, it is crucial for long-term career growth. If offered a job, it is important to consider it carefully, weighing the potential for growth and alignment with personal goals and market demands.
Tip# 5 Patience And Mental Health Is Key
A job search to find the most suitable role for yourself takes an average of six to eight weeks, but there may be times where it is longer and this wait differs for different job levels and the status of the economy.
Do not be disheartened if time stretches by and you are still unemployed. Understand that as much as you are searching for an ideal job, perhaps another company out there is also searching for someone like you. Mature employees, do not think your age is a disadvantage, be willing to take up roles of smaller job sizes but yet optimise your skills you have gained.
Prioritise your mental health and maintain a positive mindset. Be kind and patient to yourself so that you can sustain and navigate this journey of search.
Losing a job can be incredibly challenging, but again, it’s important to remember that being jobless does not equate to being hopeless.
Maintaining a positive attitude, a structured daily routine, and engaging in proactive job hunting are essential. Seek support and career guidance from friends, family, and online resources.
Utilize job application tips, explore various job markets, and consider temporary work to stay active. By staying positive and seeking support, you can effectively handle unemployment and find new job opportunities.
Do keep in contact constantly with a recruitment firm, such as Citadel Search, as we will be able to help you refine your job search.
Get ready and apply these 5 tips to empower yourself and embrace employment once again!
If you like this article, watch the following video.
Watch this video: Mr. Oscar Perez shares his experience in dealing with unemployment back in 2016.
Oscar Perez’s story from unemployment to entrepreneurship is all about bouncing back and finding new paths.
With his richness of experience in leading teams around the world, Oscar’s openness about his tough times and his bravery in trying new things have inspired many.
He found strength in cycling, which added a new side to his personality and helped him keep going when things got rough. Now, he shares three key tips for mature employees facing unemployment: stay positive, keep trying, and use what you know to find new opportunities.
Today, Oscar’s success as a business leader shows that tough times can lead to great things if you keep pushing forward. If you want to learn more about Oscar and his journey, you can find him on LinkedIn at Oscar Perez’s LinkedIn profile.
To get the latest job updates, check out our job listing and follow Citadel Search on LinkedIn.
Whether you are one of our fine candidates or an established client or prospect, we hope you enjoyed this article. If you are interested to learn more on how we can aid your job search, do visit our website or contact us at 6222 2687.