How to Prepare for and Survive Job Loss in Botswana

job loss

It’s not easy to prepare for and survive job loss in Botswana. However, you’re not alone – and there are steps you can take.

Unemployment figures for Botswana

Unemployment in Botswana has breached the 20% mark. According to Statistics Botswana, the number of people unable to find work is 3.1% higher than it was three years ago.

A wide cross-section of industries, from mining to airlines, have slashed jobs and more are likely to follow.

Steps you can take to prepare and survive unemployment

Create a slush fund

Start saving while you have a steady income. Ideally, save enough cash to cover household expenses for six to eight months.

If you lose your job, this gives you time to find a new one.

If not, the savings will continue to grow and contribute towards your retirement fund or other expenses.

Cut costs while you can

When retrenchment is a possibility, it’s a good idea to cut costs now.

Give up your gym membership, cancel DStv and reduce your insurance and medical aid cover.

In a worst-case scenario, you may have to consider downsizing to a smaller home or selling assets.

Revive your networks

Take time to reconnect with former colleagues, uni buddies and old friends.

When jobs are scarce, the old adage “it’s not what you know but who you know” is never more pertinent.

The more you network, the more likely you are to hear of job opportunities before they’re advertised.

Make sure your profile on social media platforms and business networking sites like Facebook, Referral Key and LinkedIn are up to date.

Keep an eye on the job market

Make a daily habit of browsing through online job portals in Botswana.

That way, you’ll know which industries are hiring and the skills you need to be considered for an interview.

Start with job sites like Glassdoor, and Careerpool.

Find a second source of income

Brainstorm ways to generate a second income.

It may be as simple as walking the neighbour’s dog, house sitting or renting out a room in your home. Or, it could be starting a home-based business.

Maximise your skills

One of the keys to surviving retrenchment lies with how you use your free time.

Improve your existing skills or learn new skills by signing up for an online course. You’ll be surprised how many are free.

Udemy, Future Learn, EdX and Wits University all offer online courses covering a wide range of subjects.

Get a loan if you need it

We know how difficult it is to prepare for and survive job loss in Botswana. It’s stressful mentally and financially.

At lamna Botswana, we offer fast, discreet loans against the value of a wide range of assets, from luxury watches and jewellery to vehicles or valuable works of art.

Especially if you’re unemployed, you may struggle to qualify for a bank loan.

The asset-based lending model we use means that if you own an asset of value, you can unlock this value quickly and easily. You don’t have to sell the asset, either.

For more information about using an asset to secure a short-term loan, contact us on 71 388 088 or simply complete and submit our online application form.

Complete our Online Application Form