If you have quitted a job on impulse, or just received the retrenchment letter - but are not ready to start your own business or retire - here are some helpful tips that might come in handy on getting back into the workforce:
1. Consider a pay cut-
Especially if you have been terminated from a high-flying position and now replaced by someone younger and "more cost effective". If you have been searching for over a year, and have no luck finding a role or pay to match your previous job's, consider a job with slightly lower pay unless you can afford to wait it out. But remember - the longer you stay off the market, the lower your market value as well.
2. Consider upgrading yourself-
Take a break if you can afford it. Take up some courses to upgrade yourself (WDA has alot as well), or a Master's degree, etc. By the time you are done, you have added new qualifications to your portfolio and the market might have slowly recovered.
3. Consider a change of industry-
Whether you are from a niche industry or have been in the same vertical for years, remember that no one industry prospers forever. Look at the oil / gas industry for instance. It might be the time now to think about joining another industry or trying out a different role - you never know your potential till you have explored
4. Consider a change of country-
Unless you have family commitments or medical reasons that prevent you from relocating, you might wish to explore a change of country to work in. Many roles are opening up now in neighbouring countries, requiring experienced talents like yourself to help them blossom.
5. Keep your options open-
If you have previously been poached by another company, or still have the name cards of ex-clients, ex business partners, now might be a good time to give them a call. You never know what doors may open, especially if you had been nice to them before.
6. Speak to a recruiting / head-hunting firm-
Don't be shy to approach these agencies. It doesn't always mean that the "jobless" or "unemployable" will approach the agencies for assistance - anyone is able to do so. With the recruiters' expertise and understanding of your experience, there is no knowing what good "lobang" they may have in-store for you.
7. Consider manual work-
Who am I kidding, asking you, an ex-CEO to drive a taxi or man a store? Well, but I am not joking. Firstly it keeps you from rotting at home and having your wives nag at you. Secondly you are bringing some dough in and not drawing on bank reserves. Thirdly, you never know - you might realize the potential of this trade and a year later, start your own little company in food, retail or whatever manual job you have been under-studying.
8. Taking on contracts / temporary positions -
Taking on one of these roles and hope that the companies will have full-time, permanent openings in time to come. Same point as above - keeps you from rotting at home and you still bring dough in.
9. Update your resume and status on job portals-
Are you registered on job portals such as Monster, JobsDB, JobsCentral, Jobstreet, Indeed etc? If you haven't, now may be a good time to do so. If you have, but also activated the "don't send me jobs matches" function, now may be a good time to log in, update your resume and activate the "send me job matches" functions.
10. Take something from the company and join a competitor
Sounds awful, yes, but your competitors might be very interested in a new idea or accounts under your care whilst you were with your previous employer. Just ensure that the idea or clients were yours, and that you are not stealing confidential company information for that could led you into legal trouble.
Good luck for your new endeavours.