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Next Steps After Losing Your Job Due to Covid-19

Published

4 years ago

6 minute read

This post has been submitted to Todayville by Artur Meyster, Founder of Career Karma

Losing your job at any point can be a disheartening and worrisome event, let alone during a global pandemic. With that in mind, however, try to focus on the fact that there are still steps you can take to ensure that you reenter the workforce as an asset to the future of work. Technology is changing everything about how work is performed, as evidenced by the rise in remote work, and more jobs will be disrupted before the pandemic calms.

On that note, the next steps after losing your job due to Covid-19 should be preparatory steps that can help you thrive in this coming future. First and foremost, however, it is important that you remember to breathe and stay calm. The world may seem chaotic right now, but that doesn’t mean your life needs to be as well.

Reevaluate Your Skills

Regardless of the reason you got fired, it is important that you completely break down and reevaluate your skillset. Unless you were in an intensive tech-based career already, it is unlikely that your skillset will be perfectly aligned with the future of work. 

A study by CNBC found that some of the most prominent skills for the future of work will be based on coding or programming. Jobs won’t necessarily be specifically structured for these skills, but rather careers of all types will begin requiring experience with coding as computers begin to dictate business. 

To acquire this soon-to-be important skill, it may be worth looking into top-rated coding bootcamps that can give participants a beginner’s knowledge of coding languages. However, this is not the only tech skill that will be needed in the future. Perform research during this time while you look for a new job, and determine what you are capable of and what interests you.

Reflect on Your Career Choice

Now that you’ve lost your job, it may be worth considering whether or not your career was really right for you. If you don’t believe it was, take an extra minute to ensure that it was the career that bothered you and not the specific job. 

Perhaps your career was the perfect choice for you and you do not regret entering the field you did. If so, you are one of a lucky few. Realizing that you were in the wrong career, however, is actually beneficial if you just lost your job. This means you are aware that you made the incorrect career choice and can rectify that decision by tackling a new field. Unfortunately, it can be difficult for many who are passed the age of a university student to change careers, but certainly not impossible. 

To that end, identifying and pursuing some easier online degrees can be a perfect choice for someone who just lost their job. There are a number of career options that can provide growth in the future as technology takes control of the workforce, many of which now accept online degrees as an accredited source of education.

Consider Attending a Trade School

On the topic of online degrees, there is likely no better path after losing your job than attending a trade school. This form of education, sometimes called a vocational school, is a quick and efficient method of changing careers as they offer specialized courses that prepare students for a specific career.

The Atlantic covered a study that discusses how trade school attendance has risen to levels that rival traditional education enrollment. This option has become respected by employers around the world, and the fact that some trade schools, such as App Academy, don’t charge tuition until you’re hired make them attractive paths.

Technology and the pandemic are changing everything about the work world, but they are also changing education. In today’s day and age, you are never too old to consider a new career path and enroll in some form of online education. 

Conclusion

Losing your job does not mean that the world is crumbling down around you. Treat this event as an opportunity to revamp both your skills and your career. While it may not seem like it now, doing so can set you up for success in the future. Dealing with the loss of your job, whether it was held for a long time or just began, is a difficult task, but making the best of it and growing from this loss can help you to become an even more valuable asset to any company in the future.

 

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Alberta’s fiscal update projects budget surplus, but fiscal fortunes could quickly turn

Published on November 21, 2024

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From the Fraser Institute

By Tegan Hill

According to the recent mid-year update tabled Thursday, the Smith government projects a $4.6 billion surplus in 2024/25, up from the $2.9 billion surplus projected just a few months ago. Despite the good news, Premier Smith must reduce spending to avoid budget deficits.

The fiscal update projects resource revenue of $20.3 billion in 2024/25. Today’s relatively high—but very volatile—resource revenue (including oil and gas royalties) is helping finance today’s spending and maintain a balanced budget. But it will not last forever.

For perspective, in just the last decade the Alberta government’s annual resource revenue has been as low as $2.8 billion (2015/16) and as high as $25.2 billion (2022/23).

And while the resource revenue rollercoaster is currently in Alberta’s favor, Finance Minister Nate Horner acknowledges that “risks are on the rise” as oil prices have dropped considerably and forecasters are projecting downward pressure on prices—all of which impacts resource revenue.

In fact, the government’s own estimates show a $1 change in oil prices results in an estimated $630 million revenue swing. So while the Smith government plans to maintain a surplus in 2024/25, a small change in oil prices could quickly plunge Alberta back into deficit. Premier Smith has warned that her government may fall into a budget deficit this fiscal year.

This should come as no surprise. Alberta’s been on the resource revenue rollercoaster for decades. Successive governments have increased spending during the good times of high resource revenue, but failed to rein in spending when resource revenues fell.

Previous research has shown that, in Alberta, a $1 increase in resource revenue is associated with an estimated 56-cent increase in program spending the following fiscal year (on a per-person, inflation-adjusted basis). However, a decline in resource revenue is not similarly associated with a reduction in program spending. This pattern has led to historically high levels of government spending—and budget deficits—even in more recent years.

Consider this: If this fiscal year the Smith government received an average level of resource revenue (based on levels over the last 10 years), it would receive approximately $13,000 per Albertan. Yet the government plans to spend nearly $15,000 per Albertan this fiscal year (after adjusting for inflation). That’s a huge gap of roughly $2,000—and it means the government is continuing to take big risks with the provincial budget.

Of course, if the government falls back into deficit there are implications for everyday Albertans.

When the government runs a deficit, it accumulates debt, which Albertans must pay to service. In 2024/25, the government’s debt interest payments will cost each Albertan nearly $650. That’s largely because, despite running surpluses over the last few years, Albertans are still paying for debt accumulated during the most recent string of deficits from 2008/09 to 2020/21 (excluding 2014/15), which only ended when the government enjoyed an unexpected windfall in resource revenue in 2021/22.

According to Thursday’s mid-year fiscal update, Alberta’s finances continue to be at risk. To avoid deficits, the Smith government should meaningfully reduce spending so that it’s aligned with more reliable, stable levels of revenue.

Author:

Tegan Hill
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Alberta

Alberta fiscal update: second quarter is outstanding, challenges ahead

Published on November 21, 2024

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Alberta maintains a balanced budget while ensuring pressures from population growth are being addressed.

Alberta faces rising risks, including ongoing resource volatility, geopolitical instability and rising pressures at home. With more than 450,000 people moving to Alberta in the last three years, the province has allocated hundreds of millions of dollars to address these pressures and ensure Albertans continue to be supported. Alberta’s government is determined to make every dollar go further with targeted and responsible spending on the priorities of Albertans.

The province is forecasting a $4.6 billion surplus at the end of 2024-25, up from the $2.9 billion first quarter forecast and $355 million from budget, due mainly to higher revenue from personal income taxes and non-renewable resources.

Given the current significant uncertainty in global geopolitics and energy markets, Alberta’s government must continue to make prudent choices to meet its responsibilities, including ongoing bargaining for thousands of public sector workers, fast-tracking school construction, cutting personal income taxes and ensuring Alberta’s surging population has access to high-quality health care, education and other public services.

“These are challenging times, but I believe Alberta is up to the challenge. By being intentional with every dollar, we can boost our prosperity and quality of life now and in the future.”

Nate Horner, President of Treasury Board and Minister of Finance

Midway through 2024-25, the province has stepped up to boost support to Albertans this fiscal year through key investments, including:

  • $716 million to Health for physician compensation incentives and to help Alberta Health Services provide services to a growing and aging population.
  • $125 million to address enrollment growth pressures in Alberta schools.
  • $847 million for disaster and emergency assistance, including:
    • $647 million to fight the Jasper wildfires
    • $163 million for the Wildfire Disaster Recovery Program
    • $5 million to support the municipality of Jasper (half to help with tourism recovery)
    • $12 million to match donations to the Canadian Red Cross
    • $20 million for emergency evacuation payments to evacuees in communities impacted by wildfires
  • $240 million more for Seniors, Community and Social Services to support social support programs.

Looking forward, the province has adjusted its forecast for the price of oil to US$74 per barrel of West Texas Intermediate. It expects to earn more for its crude oil, with a narrowing of the light-heavy differential around US$14 per barrel, higher demand for heavier crude grades and a growing export capacity through the Trans Mountain pipeline. Despite these changes, Alberta still risks running a deficit in the coming fiscal year should oil prices continue to drop below $70 per barrel.

After a 4.4 per cent surge in the 2024 census year, Alberta’s population growth is expected to slow to 2.5 per cent in 2025, lower than the first quarter forecast of 3.2 per cent growth because of reduced immigration and non-permanent residents targets by the federal government.

Revenue

Revenue for 2024-25 is forecast at $77.9 billion, an increase of $4.4 billion from Budget 2024, including:

  • $16.6 billion forecast from personal income taxes, up from $15.6 billion at budget.
  • $20.3 billion forecast from non-renewable resource revenue, up from $17.3 billion at budget.

Expense

Expense for 2024-25 is forecast at $73.3 billion, an increase of $143 million from Budget 2024.

Surplus cash

After calculations and adjustments, $2.9 billion in surplus cash is forecast.

  • $1.4 billion or half will pay debt coming due.
  • The other half, or $1.4 billion, will be put into the Alberta Fund, which can be spent on further debt repayment, deposited into the Alberta Heritage Savings Trust Fund and/or spent on one-time initiatives.

Contingency

Of the $2 billion contingency included in Budget 2024, a preliminary allocation of $1.7 billion is forecast.

Alberta Heritage Savings Trust Fund

The Alberta Heritage Savings Trust Fund grew in the second quarter to a market value of $24.3 billion as of Sept. 30, 2024, up from $23.4 billion at the end of the first quarter.

  • The fund earned a 3.7 per cent return from July to September with a net investment income of $616 million, up from the 2.1 per cent return during the first quarter.

Debt

Taxpayer-supported debt is forecast at $84 billion as of March 31, 2025, $3.8 billion less than estimated in the budget because the higher surplus has lowered borrowing requirements.

  • Debt servicing costs are forecast at $3.2 billion, down $216 million from budget.

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