Overcome challenges of employment loss with confidence

Countries around the world have experienced employment losses over successive eras due to various factors. Economic downturns, rapid technological advancements, pandemics, competition driven by globalization and international trade, shifts in government policies, market trends, and internal instability are key causes of unemployment.

Everybody needs to work to earn an income for their socioeconomic well-being and to maintain self-confidence in society. Losing a job is one of the worst experiences in a person’s life. Job termination affects a person’s career reputation, financial stability, and self-respect. Moreover, unemployment directly impacts family security and health conditions.

A 2024 survey by the World Health Organization predicted that 15 per cent of adult workers struggle with poor mental health. Due to depression and anxiety among workers, countries worldwide lose approximately 12 billion working hours and about US$1 trillion in productivity annually. Unsafe employment, discrimination, inequality, and excessive workloads can negatively impact workers’ mental health.

In reviewing past events, the COVID-19 pandemic disrupted many jobs worldwide, pushing over 100 million workers into poverty. As a large number of companies reduced their workforce, implemented work-from-home plans, and increased reliance on digital platforms during the pandemic, they faced financial problems and different challenges and difficulties based on various reasons. Although the current employment situation is better than it was before the pandemic, the global unemployment rate remains around 5 per cent, according to the International Labour Organization.

Rising unemployment rates in a country can harm its economy due to the underutilization of the workforce. This issue can lead to extended periods of inactivity and depression among the unemployed, resulting in various social problems. Furthermore, the mental health of those who lose their jobs can be significantly impacted. Therefore, unemployment can adversely affect not only the economic, social, and health conditions of individuals but also those of society as a whole.

Whatever the cause, the development of the era and the evolving needs of consumers can drive changes in employment trends. Although some individuals may lose their jobs for various reasons, new employment opportunities often arise in quick succession. Although jobless individuals should focus on managing their emotions related to job loss, they should reassess their financial plans to be able to operate their daily life in the long-term plan, make efficient use of their free time, review their career paths, and enhance their skills to secure current employment or seek better opportunities.

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