Steps to Take if You Lost Your Job Due to the COVID-19 Pandemic

The world today is shrouded by uncertainty. We are faced with a pandemic the likes of which has never been seen in modern history. All have struggled to adapt to the new way of the world and one of the areas hit hardest was the job market. 

In a recent study from NBC News, it was found that nearly 40 million people lost their jobs as a direct effect of COVID-19. Losing your job at any time can be a terrifying and stressful ordeal, let alone during a pandemic. With that said, if you find yourself in this unfortunate situation, rest assured knowing that there are steps you can take. 

Your livelihood is not over as you know it and you will bounce back from these troubling times. Using some of the steps below can help you prepare for the future of work.

Touch Up Your Skills

It may make you feel better to know that the majority of the workforce is going to have outdated skills in the near future. Traditional career paths are being uprooted by tech-based jobs and the new skills required are not the same as the old. 

For perspective, one of the careers that is rising at a rapid rate is web development. Truthfully, if you never studied web development in your life then you would not be able to simply switch to this career. Web developers use knowledge of programming to build websites and occasionally software for companies.

However, acquiring the necessary skills in coding doesn’t mean you have to go back to a four-year school. Some of the best coding bootcamps offer intensive courses that can prepare you for a variety of future careers in as little as a few months. You may be out of work for the time being, but this does not mean you can’t use this time to refine your skills and make yourself an indispensable asset for future job openings.

Attend a Trade School

Perhaps losing your job amidst the COVID-19 pandemic has ignited a fire in you to pursue a new path, but you have no idea what that path is. Attending a trade school while you get back on your feet is a great opportunity to graduate with a degree in a field you choose. The best part is that some trade schools can be completed in six to nine months.

Thinkful is an example of a school that offers tutelage in fields such as UX design, web development, product management, data science, and more. Given that you lost your job, it is possible that you may be worried about paying for such an education. Fortunately, some schools, such as App Academy, do not even charge student tuition until they land a job with a respectable salary.

Renewing your education and getting an accredited degree does not have to be a multi-year task anymore. Take advantage of the programs available and use this time to acquire a degree and knowledge that will be valuable in the future.

Reevaluate Your Career Path

As counterintuitive as it may seem, there is no better time to reevaluate the path you were on than after losing your job. This is your chance to look at the career you built and decide if you really enjoyed what you were doing. A study by Forbes at the tail-end of 2019 found that over 50 percent of Americans were unsatisfied with their jobs.

Technology is disrupting every industry and every aspect of the workforce. If you truly loved your career and the work you did, then you don’t have to quit the field. Technology will only streamline it and create new jobs, so adjusting your skills to match is the best path forward.

Alternatively, if after careful evaluation you found that you hated your job, exploring an entirely new path is what you should do now. Look on the bright side and recognize that you now have the freedom to choose where you want to work and what work you will be doing.


Losing your job is a horrible experience. Recognizing that millions of Americans and people around the world have experienced the same problem can help to ease the pain. However, don’t simply stop working. Build your skillset into something more impressive than before, become proficient in tech skills, and become a sought after employee when the pandemic settles. 


Recent publications

Interactive Wealth Advisors is a Registered Investment Advisory firm in the State of Oregon and Washington. The Adviser may not transact business in states where it is not appropriately registered, excluded or exempted from registration. Individualized responses to persons that involve either the effecting of transaction in securities, or the rendering of personalized investment advice for compensation, will not be made without registration or exemption.
Schedule a Call Today
Book now
Interactive Wealth Advisors are committed to helping you reach financial freedom. If you are in need of financial advice, please complete the form below.