Getting job after retrenchment: What will u do?

[Sgnick]

I know some people who got retrenched (and get some retrenchment benefits). Then they start to look for job, but as time drags on still have not find job due to high expectation, 6 months or more liao still no job.

 

Just want to know, if u r earning $XXXk a year, after losing job, will you rather take a long time to find another $XXXk job therefore suffering lost of income and eat into savings for extended periods, or will you settle for an immediately available but much lower pay job (say >30% paycut), and then in mean time while working continue to look for the high pay job?

 

2nd option pros is wont suffer as much lost of income and wont need to eat into savings for livelihood, but cons maybe become more difficult to go for interviews because need to work and new job under probation cannot take leave to go interviews.

 

Which is the better option? Consider that person have some savings but he is not very rich.

Edited March 2, 2010 by Sgnick

[Ngck]

depends on how desperate the guy is to get cash flow running again lor....

 

some ppl not worried until last cent is used up..

 

some lose job only panic liao...

 

got nothing to do with how much savings they have.... it really depends...

 

 

 

[Sgnick]

Thanks for your insight. But is it true that if start work (the low pay job) too fast, will be harder to find time to find the prefered job?

[Jman888]

depends on the job market and the demand for his expertise/experience, if the demand is there, you may not wan to bring the expectation too low. but if you have passed yor prime and fighting for the top 1% of the senior level, be realistic or can consider switching career.

[Sgnick]

His previous pay is really good, so only natural most people will try to find back the same pay, until reality sets in that the job market is not willing to pay him what he commanded previously.

 

But my initial question is really -> Instead of spending months jobless, is it better to quickly find a temp low pay job after retrenchment, then slowly take time to find the job he wants?

Edited March 2, 2010 by Sgnick

[Kingcopa]

I know some people who got retrenched (and get some retrenchment benefits). Then they start to look for job, but as time drags on still have not find job due to high expectation, 6 months or more liao still no job.

 

Just want to know, if u r earning $XXXk a year, after losing job, will you rather take a long time to find another $XXXk job therefore suffering lost of income and eat into savings for extended periods, or will you settle for an immediately available but much lower pay job (say >30% paycut), and then in mean time while working continue to look for the high pay job?

 

2nd option pros is wont suffer as much lost of income and wont need to eat into savings for livelihood, but cons maybe become more difficult to go for interviews because need to work and new job under probation cannot take leave to go interviews.

 

Which is the better option? Consider that person have some savings but he is not very rich.

 

Find a job first to tahan abit. Slowly find suitable job.

[Sgnick]

Will finding a low pay job first affect your market value or not?

 

Eg, b4 retrench earn $10K, after retrench get a $5K job first, then try to find back another $10K job. Will the hiring company say his current salary only $5K, so based on that he is not worth $10K anymore?

[Jman888]

His previous pay is really good, so only natural most people will try to find back the same pay, until reality sets in that the job market is not willing to pay him what he commanded previously.

 

But my initial question is really -> Instead of spending months jobless, is it better to quickly find a temp low pay job after retrenchment, then slowly take time to find the job he wants?

 

he should be aware of the big picture on the market demand for his type of position, what is the current trend or perhaps some hint from the headhunter, then about his age and the package he commanded compare to the starting package for the similar role. the sooner he can sort out these information then he can decide to wait or to take immediate action.

 

the job marke may be geting better but if he is over his prime (loss of contact or connection) to compete with the young, obviously he can't get back what he used to have.

[Joycechua]

Thanks for your insight. But is it true that if start work (the low pay job) too fast, will be harder to find time to find the prefered job?

 

actually it would be harder to get the X pay if X is the original pay and Y is current. Cos' some stupid companies will BASE ON the last drawn salary (Y Pay).

 

One way is to work part time so that your LAST PAY is still X (cos' that is the last Full time job)

[Jolie888]

It all depends on his age, at point of retrenchment.

 

In SG, if he is >40 years old, the odds of getting an equivalent job will be severely against him ..... unless he has a special skill set, or is of CEO material (e.g., he is already sitting in the board of directors of a few companies), or if he is one of the top honchos of the company that had just terminated him (the competitor companies would just love this kinda god-send).

[L_club23]

Will finding a low pay job first affect your market value or not?

 

Eg, b4 retrench earn $10K, after retrench get a $5K job first, then try to find back another $10K job. Will the hiring company say his current salary only $5K, so based on that he is not worth $10K anymore?

 

Sadly, that is the case in Singapore, even if your last drawn is below market rate, most companies will jump at the chance to question why you are asking for such a big jump from your last drawn even if its just to bring your pay to par..

Edited March 2, 2010 by L_club23

[Cheepo]

There is another option.

 

Consider striking out on your own business. Well, that is the longer term solution.

 

Even if you find another job that pays ok, history may repeat itself and you are getting older all the time.

 

Being retrenched is good time to rethink your life strategy.

[Ngck]

Thanks for your insight. But is it true that if start work (the low pay job) too fast, will be harder to find time to find the prefered job?

 

 

it depends on how you manage your time and how much you value the temp job......

 

of course there will be some restrictions as boss might not be too happy new hire take too much leave....

but if its a temp job, why care so much....

 

my friend 1 month into new job kena chop also because he took too much leave for interview (without temp boss knowing of course)

heng he got accepted into the job he interviewed for....

[Scoots]

Will finding a low pay job first affect your market value or not?

 

Eg, b4 retrench earn $10K, after retrench get a $5K job first, then try to find back another $10K job. Will the hiring company say his current salary only $5K, so based on that he is not worth $10K anymore?

 

Fact is:

Being retrenched, your last drawn = current salary = 0. So that's in an even worse off position for any salary negotiation right?

 

Take a job, have an income. When market improves (and that, being in the future, is an uncertainty) and the skill set value increases, look for better offer again

Edited March 2, 2010 by Scoots

[Peqasus]

if time and in no hurry, drive a taxi. there isnt a need to declare, you choose your own hours to keep things going.

 

or unless u hv better way to ROI ur time eg trading etc.

[Sgnick]

if time and in no hurry, drive a taxi. there isnt a need to declare, you choose your own hours to keep things going.

 

or unless u hv better way to ROI ur time eg trading etc.

 

Hmmm, drive taxi is an idea, but cant imagine seeing my high paid high lifestyle yuppy friend to drive taxi temporary, he probably cant take it, haha.

[Donut]

That's why retraining or upgrading is very impt.

 

you can earn $10k a month last time, but so what? when was the last time you graduated with a degree or certificate? 10 - 15 years ago?

 

even if u have a MBA, but if its 10 years ago, its no longer relevant in today's context.

 

What is the key factor that u wan to ask for the same or even higher pay than yr last salary? skills? what kind of skills? knowledge? what kind of relevant knowledge you can convince the company to hire you and still pay what you are asking for?

 

kena retrenched is nothing too serious. the most impt thing is you re-think your next move. Do you wan to go back to same industry/same job? Do you still to have some upgraded skills in the industry, in order to ask for same or higher pay?

 

you may be very successful in the previous job, it could be you are very comfy and there are bosses who support you as a person. It may not be your skills are relevant or good.

 

now u r looking for new jobs, nobody knows you. nobody cares about your previous jobs. companies only want to see what you can bring to the table.

 

if you r looking for new industry to go into, what kind of new skills or training you need? sometimes it may be better to go into new industry because of your maturity and skills from the previous jobs. But u still need to be trained in some relevant skills that are relevant in the new industry.

 

Combined your maturity, previous skills and new skills learned, you can better than other ppl who are freshies in that new industry.

 

in my own situation, i got job, quite comfy.... but i'm already upgrading myself with new knowledge through some formal training. better have something that is relevant in today's context. i never know when i need it. this formal training will even help me in my current job, if i wan to make the next move. it will be useful.

 

the key is NEVER get too complacent in the job. The job will NEVER always be there for you.....

 

[Watwheels]

His previous pay is really good, so only natural most people will try to find back the same pay, until reality sets in that the job market is not willing to pay him what he commanded previously.

 

But my initial question is really -> Instead of spending months jobless, is it better to quickly find a temp low pay job after retrenchment, then slowly take time to find the job he wants?

Ppl still in their comfort zone thinking things have not change much when in fact the job market is no longer what it used to be anymore.