Laid off? Your guide to upskilling after retrenchment

Person with earphones sitting by a cafe window, surrounded by books.

Being retrenched can feel like the ground shifting beneath you – one day you’re working towards the next milestone, and the next, you’re left wondering what comes after. While it’s natural to feel unsettled, retrenchment can also be a turning point: a chance to step back, re-evaluate, and invest in the skills that will shape your future career.

In today’s job market, where industries evolve quickly and new technologies reshape the way we work, upskilling is one of the most powerful ways to stay competitive and open new doors. By reviewing your strengths, identifying gaps, and building capabilities that employers value, you can transform a career setback into an opportunity for growth.

Here are some practical steps to help you focus on upskilling after retrenchment – and set yourself up for the next chapter of your career.

1. Perform a stocktake

For many of us, climbing the career ladder means to focus on a specific path and map out the skills you need to reach the next higher rung. That is part of the reason why retrenchment can be a disorienting experience – suddenly, there are no more rungs to reach for.

After the initial shock, however, it is important to assess the skill sets that you have acquired over the years. Ask yourself these questions: what skills have I picked up so far? Which ones are transferable to the next role? What do I still lack?

The first step is to take an honest look at the skills you already have. Think about your hybrid skills (those that combine technical and interpersonal ability, such as data storytelling or customer success), your transferable skills (problem-solving, communication, teamwork), and your job-specific skills (for example, programming languages, accounting standards, or sales systems).

Once you have this overview, compare it against the job postings you’re interested in. Do you notice certain requirements appearing repeatedly? Those are your skill gaps – and identifying them gives you a clear direction for upskilling.

2. Keep up with the trends

These days, employers are less concerned with how ‘tall’ your career ladder is, but rather how many of them you have stacked up against the wall at the same time. It is the depth and breadth of experience that they are looking for here. As such, diversification of your skill sets is extremely important.

Take some time to observe where your industry is heading and consider the complementary skill sets you need to enhance your effectiveness or add value to the work.

This is why keeping up with industry trends is critical. In finance, for instance, skills in fintech systems, regulatory technology, and ESG reporting are increasingly sought after.

In technology, cloud computing, artificial intelligence, and cybersecurity are high-demand areas. In healthcare, the rise of digital health platforms means demand for professionals with both clinical and digital expertise.

Lean into your existing network, talk to those inside and outside your industry and make connections that were otherwise nonexistent before. This helps because staying within the same role and/or company can sometimes be an isolating experience, and reaching out broadens your knowledge and perspective.

Your network could also include mentors from the same field. Since they’ve worked their way up to the positions they are currently in, talking to them saves you the trouble of going through trial and error.

If all else fails, there are numerous podcasts, webinars and live events to consume – some of them are free! – which should give you good indications of where the holes are and how to plug them.

3. Upskill with purpose

According to research from Deloitte, the lifespan of a specific skill set is growing shorter every year. In fact, the consulting firm says that even as careers now span 60 years and beyond, the half-life of learnt skills is falling to only about five years.

As such, when you are looking for formal courses out there to acquire new skills, it is important to make sure that the curriculum is still relevant to your industry in the first place.

Not all courses or certifications are equal, so choose your learning carefully. Focus on training that is relevant to the skill gaps you’ve identified, recognised by employers (such as AWS certifications, CFA, or Scrum Master), and practical, giving you tools you can apply immediately at work.

Even short courses or micro-credentials – through platforms such as LinkedIn Learning, or Coursera – can boost your employability and show employers that you’re proactive about growth.

What matters most is demonstrating to hiring managers that you have invested in building capabilities that align with market needs.

4. Gain experience through contracting or projects

Upskilling doesn’t only happen in the classroom. Consider taking on contract roles, freelance work, or project-based assignments. These opportunities can expose you to new industries, different systems, and diverse challenges – all of which accelerate your learning while keeping your CV active.

Angela Chan, Director at Michael Page Hong Kong, explains that periods of uncertainty mean that it is difficult for businesses to make long-term decisions – such as hiring permanent staff and increasing headcounts. As such, contractors, especially those with relevant skill sets and are available on a moment’s notice fit the bill perfectly.

She adds, “A lot of people misunderstand that, because there’s a slowdown, they want to be a permanent staff because of the stability. However, the cost of hiring a permanent staff is way higher compared to a contract staff.”

Besides cost, Angela added that contract professionals tend to have shorter interview and onboarding processes, because they already have the necessary skills to jump on board and fix problems. This means that contracting allows you to build new skills on the job, expand your network, and sometimes even turn short-term roles into longer-term opportunities.

Turning retrenchment into renewal

Your most valuable asset isn’t your last job title – it’s the skills you’ve developed and the ones you choose to build next. By stocktaking your capabilities, tracking industry trends, learning with purpose, and gaining experience through contracting, you can turn retrenchment into a chance to reset, grow, and step confidently into your next chapter.

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Will Chin

26/08/2025