14 Tips For Coping With Job Loss

Being cut from your banking job isn’t great, whether that’s through redundancy or any other form of job loss. And in such an ever-changing industry, we should be prepared. It can impact everything from your net worth to your self-worth.

Don’t assume that things will be easy. It can be tough being a banker out of work. But you can choose to wallow in the negatives in the loss, or you can seek to take ownership and get ahead through applying some positive approaches and strategies.  

So if you’re seeking a path to help you adapt to your life changes, consider the following step-by-step ideas to cope with job loss:

Embrace What You’ve Got

We spend so much time trying to ‘fix’ things and add new things, we sometimes don’t fully appreciate what we have.

If you have a skill or talent, acknowledge it. In fact, sing it from the mountain tops. You’ve spent a lot of money on some good stuff in the past, so enjoy it. You’ve got your CFA? Maybe you’re a fluent linguist? Don’t hide it.

Remember, there are things about you that others could only dream about having. It’s important to remember that when you look to sell yourself.

Dress the Part

The old adage, “Don’t dress where you are, dress where you want to be”, goes a long way. It also applies to when you’re not working. Don’t let yourself go.

And that also includes all forms of grooming. Is your hair more surfer than CEO? Is your make-up more vamp than VP?

Do you want to represent a certain way of life? Are you ready for when you get an interview? It’s up to you.

Read

We all know that many successful people had to come through unspeakable hardships to get to where they are now. So why not read about them?

Their biographies can act as part inspiration, part model of how to apply yourself in life. If they can conquer career and life problems, why can’t you? They have faced untold hardships that your average banker would never face.

You should also be looking around for insights from thought leaders. Here is a list to consider.

Listen

We all learn differently, and reading may not be everyone’s bag. So how about watching or listening instead? And I’m not talking about stuff related to the banking industry.

If you can’t stretch your hard-earned cash to watch personal development gurus Tony Robbins or Wayne Dyer in person, then why not buy one of their programs?

Or cheaper still, simply go onto YouTube for inspiration. And there are so many tips on finance there as well. If it works, it works.

Be Nice

A smile and a compliment don’t cost anything and can go a long, long way. The financial services industry isn’t known for such.

It will be good for you as well as the recipient.

Be Helpful

Remember, ‘getting ahead’ isn’t just about you. Banking isn’t just about chasing media, even if the media portrays it as such.

There are over seven billion of us sharing this rock and every act of kindness helps in our interconnectedness. It’s the butterfly effect. It’s good for the soul.

Keep Good Company

It’s been said that we are the average of the five people we spend most of our time with.

Think about that. Are the people you surround yourself with lifting you up, keeping things stable or dragging you down?

Are they going to inspire you to a better career path? It’s your call as to what these people mean to your past, present and future.

Be Positive

It’s obvious, really, yet we forget that thinking and acting positively is far better for us than thinking and acting negatively. It’s hard when you’ve been laid off but you have to make the effort.

If you need a reminder to be positive once in a while, set an alarm in your phone to pop up, “I’m just amazing”, or whatever takes your fancy.

Note Down the Good Bits

It’s good to record your successes.

Big ones, little ones, money ones, personal ones, communal ones, national ones. Any that move the dial inside of you. Those aligned with your career are even better.

One strategy is to find an empty jar, write any success that you may have on a piece of paper and then place it in the jar.

At the end of the year, open it and see how amazingly successful your year actually has been. It doesn’t have to be career-related either.

Filter Out the Bad Bits

We all know that consuming unhealthy stuff isn’t good for us. And ‘consuming’ relates to eating, drinking, watching, listening and so on.

We are bombarded with negative images and influences, and we are all in a position to decide what to absorb. There’s no need to wallow in job loss conversations. Bankers lose jobs all the time. Don’t let that drag you down.

The less of the bad stuff that encases us, the more the good stuff can get through.

At Least You Tried

Not everything you turn your hand to will succeed. That’s the way life works. Not all banking job applications will work out.

We try, we fail, we learn, we adapt.

But as long as we take on board the lesson from it not working, well, we haven’t really failed. You’ve lived and learned. It’s just another stepping stone from a banking job loss. This is particularly important if you are looking to career pivot.

Get Out There

No man or woman is an island.

You need to stay connected. You may not feel sociable but you need to interact with people that can move you forward.  

And you need to realize that you alone won’t get you to the Promised Land. So network, join clubs, make new friends.

From a career perspective, consider a coach or a mentor. Move on from where you already are, basically. A job loss shouldn’t define you.

Little By Little

Rome wasn’t built in a day and all that. Not all change has to come via big sweeping actions. In fact, little habits, actions and behaviors can go a long way.

If you implement small changes every single day, you’ll be surprised at how far you can advance.

Be Authentic

It’s a phrase we’ve all heard but don’t always know how to apply. Basically, it’s about being real. Being real in your interactions with others, being real with how you choose to live your life, being real about walking the walk, being real about what you want to represent.

Being real to yourself. It can be tough when you’re surrounded by bankers making tons of money – real or imagined.

Keeping up with the Jones is not being authentic. Saying you want to retire at 55 but spending like you’ll retire at 85 is not being authentic.