Is holding down two jobs the new normal? A Singaporean father is facing financial anxiety because he is afraid of relying on one job, as his whole family is dependent solely on his income.
He says he has not built up a huge financial buffer and is afraid that any loss of income may affect his family’s well-being adversely. Father says that he has seen his friends slip into financial mess when they were laid off.
Some companies in Singapore do not offer comprehensive retrenchment benefits when laying off their staff, but the larger MNCs are known to give one month’s salary for every year served. So, if you’ve served a decade for one of these larger MNCs, you’ll walk away with almost 10 months’ income.
If you’re lucky, you’ll get one month’s notice, but the smaller fly-by-night operators are often down to their bones and have no buffer to offer any form of compensation.
“This fear comes from experience. I was retrenched once before, but because I had a second job, I managed to land a new role without a break in income, though it took thousands of applications and a lot of hard work,” he wrote.
“I have former colleagues, some of them sole breadwinners, who were laid off at the same time and are still jobless. Seeing their struggle really affected me. I felt devastated, even with a backup job; I can’t imagine what they’re going through.”
The hidden cost: burnout
Holding down two jobs is far from easy and should be avoided if it means working more than 12 hours a day, leaving little to no time for family, rest, or social life. While having multiple income streams may offer a sense of financial security, the real risk often lies in burnout and stress-related illnesses.
What you can do to future-proof yourself:
1. Agentify your job
If you fear your job is going to be taken away by AI, then make sure you agentify your job beforehand, especially if your second job is something that doesn’t require you to be in the office. Use automation and AI tools to help you cope with the workload.
2. Invest adequately
Saving the first 100k is the hardest, but once you have that first 100k that you can use as an investment into equities or bonds, you’ll see your money compound immediately. Invest your savings in a smart and consistent way.
3. Learn a new skill
Go back to university and learn a new skill. If you graduated two decades ago, then it is time for you to upgrade your skills. The local universities offer good programmes for mid-level executives to upgrade their skillsets.
4. Start a side business
Run a small cash flow business. This comes in handy to help you tide over the job winters that might come your way. Get a family member to help out so that the whole family is resilient and can bounce back when you’re down.
These are four practical steps individuals can take to better future-proof their careers and income in an increasingly uncertain job market.
