The Standard Group Plc is a multi-media organization with investments in media platforms spanning newspaper print
operations, television, radio broadcasting, digital and online services. The Standard Group is recognized as a
leading multi-media house in Kenya with a key influence in matters of national and international interest.
'A month ago, the firm I was working for hit me with a nasty surprise — they had made the decision to shut down some departments and sadly, my job was among those they were not planning to keep any longer. I've been in so much shock that I feel like a zombie. I have no idea where to start or what to do next. Please help!'
This was the plea I got a few weeks ago from a long-time friend. When we met for coffee to try and unravel what she felt was the end of her life — I can assure you losing a job is not the end of your life, just the beginning of another phase — I could see how distraught she was. When you find yourself in a position such as this, especially if you have a family, it can be disorienting. What are the immediate steps to take to regain control of your life?
First things first
It can be tempting, especially if you have received a severance package to jump into the first business idea that pops into your line of vision. Not so fast. If you have young children, it is important to think about their immediate needs, from formula milk, diapers or nappies, medical expenses, school fees, rent or mortgage and such for three to six months.
This is especially the case if you are an unmarried mother or if you're married but your spouse does not have access to say, medical benefits. The one expense that is impossible to plan for but can erode your savings faster than you can blink is medical bills. Make sure you have kept some funds for this aside before you launch into business or any other financial commitments.
Take stock
Do an honest evaluation of your debts or upcoming liabilities for the next few months. If, for example you have a loan, it is wise to get ahead of it by renegotiating terms instead of letting it lapse and having lenders following you, and adding to your stress. Find out if you have sums of money like dividends that you had banked or accessible pension funds. Don't plan to access these but it is important to know if they exist should you be pushed to the wall.
Restraint
My friend who sought my counsel, mostly because she was still in shock, had not done what a lot of us do when faced with a scenario like this — gone on a spending spree to numb the pain. Because she had all her money intact, we were able to formulate a financial plan without buyer's remorse standing in the way.
TIPS
- Negotiate to be kept on the organisation's medical cover for as long as possible after you are let go of.
- Avoid making any unnecessary purchases or going on holiday until you have a clear handle on where you stand financially, no matter how tempting it may be.
join