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Unemployment…….How bad is it really?

Unemployment…….How bad is it really?

Many of you reading this, don't need articles to answer that question! The reality is that you will know at least 2 people including yourself who have become unemployed as a result of the Corona virus and that's only in the UK, we dare not imagine how many people we know globally that have been let go due to this global pandemic.

However, it's still important to get an idea of what the stats are currently looking like to give you an insight about how to prepare yourself for the next chapter.

In the UK more than 2 million people claimed unemployment benefit in April 2020, as the coronavirus lockdown began to take its toll on jobs. According to the latest figures from the Office for National Statistics, there was a 69.1% increase in Jobseeker’s Allowance claimants and Universal Credit claimants “searching for work” between March and April 2020.

Although that increase is high, it is important to note that due to the Coronavirus Job Retention Scheme the unemployment figures would be considerably worse! The scheme has allowed for employers to respond with pay cuts as opposed to large-scale redundancies. However, Totaljobs CEO Jon Wilson said: “While the ONS labour market figures don’t show the full impact of Covid-19, we know that there are more people looking for work than before the outbreak and we are entering the employer-led market for the first time since the financial crisis of 2008.

How bad is it? Well, unfortunately we wish we could have a happy ending to this story but unfortunately we don't. The effects are yet to be fully understood and realised as employers and businesses are not yet back to work fully. Many businesses will simply not be able to recover from this, the bigger scale employer will potentially have to work with a smaller workforce to survive.

HOWEVER, if you find yourself unemployed and unsure what to do with your career and perspectives, we are are advising through our coaching sessions the following:

  1. Ensure that you try as much as possible to look after your mental wellbeing,  seek help if required, as this can be a very stressful and anxious time.

  2. Use this time to dust off your CV and upskill yourself with the various free resources currently available

  3. Consider whether you would like to change industries and see what transferable skills you have that could be useful and develop any skills gaps you identify 

  4. Keep applying for roles, do continue to put in applications, there are still some organisations hiring 

  5. Keep a lookout at the new industries, roles, jobs that have been created as a result of the pandemic and see if there is something for you there.

Keep safe, Look after each other, Show Kindness in any way you can.

TMR Career Advisors.

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