3 Ways People Can Manage Unemployment during the COVID-19 Crisis

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3 Ways People Can Manage Unemployment during the COVID-19 Crisis

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The coronavirus crisis has led to the unemployment of millions of Australians. The fatal disease, which has claimed thousands of lives in various nations across the globe, has impacted the people’s means of livelihood severely. In the United States, where millions of workers face the same dilemma of getting laid off, Boston College counselling psychology professor David Larry Blustein called the coronavirus pandemic as a catastrophe inside a catastrophe.

As the COVID-19 emergency pummelled the world, claiming young and old lives alike, workers lost their jobs in various ways. Some of them faced outright termination. Another way is that the employees got requested by their employer to take indefinite leave without pay. Finally, some workers lost their jobs but received some unemployment remuneration. The coronavirus crisis has, indeed, impacted the economy adversely as demonstrated by these situations that exhibit Australian workers dramatically finding themselves out of work.

Unprecedented Economic Fallout of COVID-19 to Australian Workforce

The coronavirus crisis caused massive adverse effects to the economy of Australia. In a May 4, 2020 report, Australian news outlet ABC News cited that nearly one million employees grappled with unemployment. These workers lost their means of livelihood since the Federal Government heightened social distancing protocols to restrict the dissemination of the coronavirus. In April 2020, the Australian Bureau of Statistics analysed payroll information from the tax office. The government unit discovered that the number of jobs in the country nosedived by 7.5 per cent. This slump recorded was between March 14 and April 18. Moreover, the Reserve Bank of Australia was reportedly expecting unemployment in Australia to take a 10 per cent hit.

3 Ways People Can Manage Unemployment during the COVID-19 Crisis

Matt Cowgill and Brendan Coates are economic researchers from the Grattan Institute. Their firm is a public policy research agency based in Melbourne. Cowgill and Coates remarked in their working paper that, due to the coronavirus shutdown, between 14 and 26 per cent of workers in Australia could be facing job loss. Furthermore, the Grattan Institute researchers estimated the unemployment rate in the largest country in Oceania to peak in the neighbourhood of 10 to 15 per cent. Coates and Cowgill referred to their economic approximations and relayed in their most recent analysis that Australia is facing the most detrimental economic decline in its history. They pointed out that a rapid “V-shaped” recovery is not possible, and that there could be another wave hitting the economy even after the coronavirus threat subsides. Finally, Coates and Cowgill affirmed that the global healthcare crisis would have a long-lasting effect on the national economy and the people’s jobs in the coming years.

3 Ways of How People Out of Work Can Aid Themselves on the Pandemic

The COVID-19 international healthcare crisis has led firms of diverse dimensions to see their earnings and revenues fall drastically. Furthermore, some of these companies closed temporarily or for more extended periods. The measures they took are mindful of the social distancing rules that the government had imposed to curb the spread of the virus. With employers showing millions of workers the door due to the immediate health threat, the employees who got laid off face financial challenges. Bills pile up, and so do their feelings of uncertainty. It is unsurprising that unemployed Australians who lost their sources of income suddenly can also struggle with psychological or mental health dilemmas. Unemployment stress can, indeed, take a toll on the people. It causes anxiety and depression, adding to the health worries that COVID-19 caused. However, pieces of advice on how to manage and deal with job loss are available. The following are among these helpful tips for workers. They emphasise on how to maintain both of their financial and emotional well-being:

1. Create a budget with a focus on income and expenses.

Employees facing unemployment will typically apply for insurance for workers who lost their jobs. Moreover, they would safeguard the continuity of their health insurance coverage. After performing these essential steps, unemployed workers should organise their finances. Creating a budget helps because people get to analyse how they will settle their income situation and the outlays while they do not have a job. Also, the financial plan facilitates unemployed people to find out if they have a cash flow shortage every month, and for how long. They can perform budgeting by listing their sources of income and their duration, as well as their present monthly expenses. Negotiating flexible payment schemes with lenders or landlords and forgoing non-essential expenditures are beneficial measures as well.

3 Ways People Can Manage Unemployment during the COVID-19 Crisis

2. Remain optimistic in one’s job search while preparing for re-employment.

During the coronavirus crisis, it is normal for unemployed people to feel frustrated, disheartened, and disoriented. The local and international news regarding the dismal developments can make these people who are out of work feel hopeless as well. However, they can help themselves feel better by reckoning the coronavirus pandemic as a fleeting occurrence. Furthermore, it would assist them if they keep in mind that they lost their jobs as a result of business decisions. Their employers did not terminate them as a personal attack. Editing and polishing one’s credentials help in preparing a person to get back to employment. While waiting for situations to return to normal, these unemployed staff of their former firms can also engage in networking. Job search means hard work, yet staying optimistic places a person in the best possible condition. Once employed again, the laid-off worker can carry on improving his situation. Plus, he should contemplate on how he made it during the challenging episode in his life. In this way, he can get more inspiration to move forward and get equipped on how to deal with forthcoming events, both negative and positive.

3. Reassure oneself that things will get better in the days ahead.

People generally view their jobs as their identities. Moreover, their employment is significant because it sustains their and their families’ fundamental needs. The coronavirus pandemic can be downright traumatic because it causes losses of jobs and income, leaving people to feel caught off guard. Too much stress can cause an unemployed person’s mental state to deteriorate in these unprecedented times. Hence, people should stay calm amid the self-quarantine protocols that are in effect. Also, they should remind themselves that the present unsettling times are temporary.

The coronavirus crisis is, indeed, a life-changing historical event. It caused substantial trepidation to humanity as people witnessed and learned about the immense number of human lives lost across the globe in a short period. Some people who lost their jobs due to the COVID-19 crisis felt a sense of damage to their self-worth. They experienced these negative emotions after seeing their steady means of livelihood get halted or lose their grip unexpectedly. Nevertheless, since a pandemic is a phenomenon that does not happen frequently, people can manage by believing that all of these unfortunate scenarios will conclude eventually. People can utilise self-motivation in staying emotionally afloat despite the financial costs of job loss. Furthermore, they can help uplift themselves despite their unemployment and hope for better days ahead through the assistance of family members, friends, the government, and local government units, among many other relevant entities.

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