Since the start of COVID-19 you will most likely have come across the term furlough. This temporary leave of employees helps businesses cut costs and retain talent during a crisis, while employees can keep their job but will usually receive lower or no pay depending on the country and scheme.
While we hope that your job is safe and you will return to work when the scheme finishes, there is no guarantee this will happen. Whether you’re waiting for things to revert back to normal (or the new normal), or identifying your options, read our key points you should be considering to help with your decision.
Should I wait until my furlough scheme ends?
For many workers currently on furlough there may be a sense that the company is doing well and when the scheme ends you’ll be back in work. However, with some countries the financial burden will increase. In the UK, employers will have to pay 10% of furloughed employees’ salaries – rising to 20% in October. Most businesses in high-risk industries will have lost revenue due to the negative impact COVID-19 has had on consumer spending and disrupting operations. This is expected to result in job losses.
Another situation to consider is that as it gets closer to businesses reopening and the end of furlough schemes, companies will not be able to survive without government funding. In October when the UK scheme ends, UK unemployment is predicted to worsen dramatically leading to a fiercely competitive job market, overflowing with jobseekers battling for open positions. According to a YouGov survey, over half of UK businesses warn they will be forced to lay off staff within three months after the scheme ends.
What can I do now?
We believe you can spend this time on furlough to prepare yourself for the worst case scenario – becoming unemployed. Hopefully this won’t happen and instead this time will help you redefine your short and long-term career goals.
1. Update your CV
If you haven’t updated your CV for more than six months you can review it to ensure that it’s as up-to-date as possible. Read our ultimate CV checklist which helps with how to write yours, what to include and what to omit.
2. Discover your skills and suitable jobs
You might want to understand what jobs you could be looking at/applying for based on your soft and hard skills not identifiable on your CV. We can help with that because in just three minutes our algorithm will use your CV and digital profiles to match you with the positions you’re most suitable for. Signup and try PitchMe now.
3. Upskill and reskill
Another option is to look at self-development by upskilling or reskilling. Even before the global crisis, we knew skills were changing due to technological advances. A 2019 study revealed that 87 percent of executives saw or foresaw skill gaps in their workforce. With a PitchMe account, we can recommend skills you need to suit jobs you can potentially work in.
No one can 100% predict what is going to happen in the next few months so use this time to think about your future, because when the ‘new normal’ of work resumes, it’s going to be very different.
We, here at PitchMe, want to help you any way we can. If you want to see your true skill set, identify suitable job opportunities and ways to upskill yourself, try PitchMe now.