Improving Your Portfolio to Avoid Unemployment in the Pandemic

Singapore has been known to be one of the most advanced economies in the world. It has been ranked as the number one country with the freest and most competitive economies globally. This only shows that government authorities, private sectors, and the citizens are doing a great job keeping the country afloat. Unfortunately, similar to other countries, Singapore is also experiencing an economic downturn because of the coronavirus pandemic. As a result, many businesses have closed down, leading to an increase in the unemployment rate.

According to a report from the Ministry of Manpower, unemployment for Singapore residents has increased to 4.5% last August 2020. Employees were laid off because of the economic crisis brought by the pandemic. Fortunately, the government has prepared various countermeasures to assist its residents. Wage subsidies have been given, and job opportunities remain open. This is probably why the country is slowly improving its economy once again.

Overcoming Employment Issues through Portfolio Building

Resident workers grow worried about their employment status amid the pandemic. Some of them even experience being laid off from work because of the downturns brought by the COVID-19 crisis. Others still have their jobs despite the situation. If you are lucky enough to keep your job amid the pandemic, you still need to stay cautious and ensure that you can remain employed. If you have been affected by retrenchments, you need to find a way to change your situation.

unemployed woman

Being unemployed can be stressful, leading to extreme anxiety because you feel worried about your situation. Indeed, anyone may lose hope if they feel uncertain about the future. However, you can always choose to change your mindset and focus on the right things instead. This means, instead of worrying over what happened to your career, you can focus your time and energy on looking for actual solutions. Thus, you can start developing strategies that will help build your portfolio and make sure you get hired by an excellent employer in the future. Here are a few tips that you can follow:

  • Consider accepting contractual jobs—Instead of feeling bad about your employment status, consider moving forward and look for other job opportunities. You can accept contractual, part-time, or temporary jobs while waiting for a permanent career option. This will help you avoid having an unemployed record on your resume, which is crucial if you want to get hired again.
  • Take classes that will help further your career—Find options to improve your knowledge and skills in a particular profession. If you are worried about the costs of taking classes, you can look for SSG-funded courses. You may even look for schools offering work-study options where you can earn money while earning money.
  • Use your time to volunteer and help your community—Stay productive, and try lending a hand to your community. If not, look for a nonprofit organization that accepts volunteers. Find time to help them in supporting their excellent programs. Doing this will also help you build an outstanding portfolio.
  • Try and start your own business—You can also consider starting your own business. If you have an extra budget, find a way to start a home-based business. You can ask for financial assistance from the government and other agencies offering to fund those who need business loans. Doing so will help you be your own boss and explore opportunities in becoming a business owner.
  • Stay updated about industry trends—Monitor industry trends, especially the sector affecting your employment status. You need to stay updated about the news and see if you can go back to looking for career opportunities in a particular field. If you plan to start a business, keeping up with the trends and the latest news will also benefit you in the long run.

The unemployment rate in Singapore is slowly decreasing, so you can expect an improvement in the economy for the next months. Thus, if you got laid off from work, you should avoid losing hope. Keep in mind that you can still pursue your dream career as long as the economy gets better and the situation takes a turn. This doesn’t mean you can do nothing and wait for excellent job opportunities to become available. Of course, you still need to do your part and ensure that your resume does not feature prolonged unemployment status. Ensure that you always make an effort to build and maintain a competitive portfolio. This way, employers will be encouraged to choose you if ever you apply to their job posts in the future.