Dear All,
As I read the daily reports of retrenchments and further recessions happening in and around us. Fear grips me and i do have few questions in my mind that I'd like to share with you all and also seek answers.
1)When experience candidates themselves are facing the risk of losing jobs, what would happen to all the lakhs and lakhs of fresher's from different streams right from Arts to Professional courses?
2)If someone is planning to start up a company is it wise now? Or what sector can he/she be concentrating now?
3)What is the best idea/suggestion given to those people who have lost their job now? What can one do after losing their job?
4)How long would this recession be? Would there be further disasters or would it end?
Regards,
Arsha
From India, Madras
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1As I read the daily reports of retrenchments and further recessions happening in and around us. Fear grips me and i do have few questions in my mind that I'd like to share with you all and also seek answers.
1)When experience candidates themselves are facing the risk of losing jobs, what would happen to all the lakhs and lakhs of fresher's from different streams right from Arts to Professional courses?
2)If someone is planning to start up a company is it wise now? Or what sector can he/she be concentrating now?
3)What is the best idea/suggestion given to those people who have lost their job now? What can one do after losing their job?
4)How long would this recession be? Would there be further disasters or would it end?
Regards,
Arsha
From India, Madras
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PEOPLE SERMON GYAN ON DRESS CODE AND MARRIAGE OR CAREER ETC HERE ON THIS SITE BUT HARDLY YOU WILL FIND ANY INTELLECTUAL WHO CAN DISCUSS THIS SOCIAL AND HR ISSUE.:no: :no: :no:
From Saudi Arabia
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From Saudi Arabia
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Hi Arsha and bad looser,
I don't think that you should write such unethical language on this site. The people associated with this site are very dedicated to solving and answering everyone's queries and helping others. If you can't help, at least don't talk like that. People on this site really think intellectually.
From India, Delhi
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I don't think that you should write such unethical language on this site. The people associated with this site are very dedicated to solving and answering everyone's queries and helping others. If you can't help, at least don't talk like that. People on this site really think intellectually.
From India, Delhi
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1) When experienced candidates themselves are facing the risk of losing jobs, what would happen to all the lakhs and lakhs of fresher's from different streams right from Arts to Professional courses?
Whenever a slowdown occurs, the top management is the worst affected. Companies can save more costs by shortening the hierarchy. Freshers and junior staff are the actual revenue generators. They are the last to go unless they have no work to be allotted at all.
2) If someone is planning to start up a company, is it wise now? Or what sector can he/she be concentrating on now?
Well, it depends. Honestly, the Indian economy is quite insulated. The market crashed as foreign investment was withdrawn followed by panic. Experts are still positive. The growth has slowed down, not ended! :)
3) What is the best idea/suggestion given to those people who have lost their job now? What can one do after losing their job?
If you have the potential, don't lose hope. This is a time to experiment. Leave the mental block of the market slowing down behind. There are plenty of jobs for you. Optimism is the key.
4) How long would this recession be? Would there be further disasters or would it end?
Difficult question. It depends, though I feel the effects would be controlled soon. These are my views... I feel we can look forward to some rapid growth starting next financial year.
From India, Mumbai
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Whenever a slowdown occurs, the top management is the worst affected. Companies can save more costs by shortening the hierarchy. Freshers and junior staff are the actual revenue generators. They are the last to go unless they have no work to be allotted at all.
2) If someone is planning to start up a company, is it wise now? Or what sector can he/she be concentrating on now?
Well, it depends. Honestly, the Indian economy is quite insulated. The market crashed as foreign investment was withdrawn followed by panic. Experts are still positive. The growth has slowed down, not ended! :)
3) What is the best idea/suggestion given to those people who have lost their job now? What can one do after losing their job?
If you have the potential, don't lose hope. This is a time to experiment. Leave the mental block of the market slowing down behind. There are plenty of jobs for you. Optimism is the key.
4) How long would this recession be? Would there be further disasters or would it end?
Difficult question. It depends, though I feel the effects would be controlled soon. These are my views... I feel we can look forward to some rapid growth starting next financial year.
From India, Mumbai
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Well! "BAD LOSER" name itself sends wrong signals about you and your thoughts. Anyway, coming to the point, no one can stop this crisis from happening, and no one knows how long it will take to end. But I don't think the world ends here for those who lost their jobs.
The reasons why people worry about the crisis is because of their overlooking or overconfident nature. People fail to do some of the below and repent later.
1) Your education and jobs should not just fetch you good positions and money but also make you learn life skills and the ability to overcome difficult situations.
2) The old saying - "Save for a rainy day." When you join a good and high-paying job, you only think of parties, bikes, cars, houses, and other luxury gadgets first. Savings should be last on the priority list.
3) Once you hit a high-paying job, your learning curve stops, and you neglect to upgrade your skills. When learning stops, your professional growth stops.
4) It's a person's overconfidence and selfish thinking that if the company wants them badly, then the company will train them on higher skills. This mindset can cost you your job during a crisis.
5) Here comes the issue of job hoppers. If you are a frequent job hopper, you are likely the first to be sacked, and no one thinks about this until they are fired. Loyalty pays off, even if you get a lower salary, but staying longer saves you for sure.
These are just a few from the sea of reasons that you ignore, leading to panic and becoming a victim of a crisis.
Here are a few things one can do to beat the odds and overcome the crisis:
1) Don't keep hopping jobs frequently. You should not have changed jobs twice in 10 years. Loyalty and integrity pay off.
2) Keep the learning curve growing if you want your career to progress. Why wait for the company to sponsor you for a training program? Try to learn new skills and technologies on your own.
3) Do an organization scan and keep in touch with HR about new or existing projects in your company. Conduct a gap analysis by matching your skills with the skills required for other projects, then start working on filling the gap by joining relevant courses and certifications. When the company scans for skilled employees to fill new projects, you will be given priority. How can you be laid off then?
4) Start saving for crisis days and always be positive about your job. However, that doesn't mean you should stop considering worst-case scenarios. Being prepared will keep you alert and help you save yourself from a crisis.
5) Concentrate on improving skills and learning curve during the first 5-8 years of your career. Salary should be the last thing on your mind during this period. This period should help you gain the trajectory required for a successful career later on and bring stability in life.
6) If you have lost your job, don't panic. This can be a good period. Utilize any savings you have for the rainy day during unemployment to learn the skills needed to fill the skill gap. Simultaneously, look for new opportunities and expand your professional network to secure a new job.
7) It's not a bad idea to own a car or a house, but introspect on your finances and job situation before making such decisions. Ensure you are financially sound before making big purchases.
8) Utilize your weekend offs for learning new skills instead of going to pubs, parties, or outings.
I hope the above points will address some of the fears you have regarding the crisis. I wish that bad times will be over soon, and good times will prevail for everyone, with no one being sacked mercilessly.
Regards, Kishore Chelluri
From India, Hyderabad
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The reasons why people worry about the crisis is because of their overlooking or overconfident nature. People fail to do some of the below and repent later.
1) Your education and jobs should not just fetch you good positions and money but also make you learn life skills and the ability to overcome difficult situations.
2) The old saying - "Save for a rainy day." When you join a good and high-paying job, you only think of parties, bikes, cars, houses, and other luxury gadgets first. Savings should be last on the priority list.
3) Once you hit a high-paying job, your learning curve stops, and you neglect to upgrade your skills. When learning stops, your professional growth stops.
4) It's a person's overconfidence and selfish thinking that if the company wants them badly, then the company will train them on higher skills. This mindset can cost you your job during a crisis.
5) Here comes the issue of job hoppers. If you are a frequent job hopper, you are likely the first to be sacked, and no one thinks about this until they are fired. Loyalty pays off, even if you get a lower salary, but staying longer saves you for sure.
These are just a few from the sea of reasons that you ignore, leading to panic and becoming a victim of a crisis.
Here are a few things one can do to beat the odds and overcome the crisis:
1) Don't keep hopping jobs frequently. You should not have changed jobs twice in 10 years. Loyalty and integrity pay off.
2) Keep the learning curve growing if you want your career to progress. Why wait for the company to sponsor you for a training program? Try to learn new skills and technologies on your own.
3) Do an organization scan and keep in touch with HR about new or existing projects in your company. Conduct a gap analysis by matching your skills with the skills required for other projects, then start working on filling the gap by joining relevant courses and certifications. When the company scans for skilled employees to fill new projects, you will be given priority. How can you be laid off then?
4) Start saving for crisis days and always be positive about your job. However, that doesn't mean you should stop considering worst-case scenarios. Being prepared will keep you alert and help you save yourself from a crisis.
5) Concentrate on improving skills and learning curve during the first 5-8 years of your career. Salary should be the last thing on your mind during this period. This period should help you gain the trajectory required for a successful career later on and bring stability in life.
6) If you have lost your job, don't panic. This can be a good period. Utilize any savings you have for the rainy day during unemployment to learn the skills needed to fill the skill gap. Simultaneously, look for new opportunities and expand your professional network to secure a new job.
7) It's not a bad idea to own a car or a house, but introspect on your finances and job situation before making such decisions. Ensure you are financially sound before making big purchases.
8) Utilize your weekend offs for learning new skills instead of going to pubs, parties, or outings.
I hope the above points will address some of the fears you have regarding the crisis. I wish that bad times will be over soon, and good times will prevail for everyone, with no one being sacked mercilessly.
Regards, Kishore Chelluri
From India, Hyderabad
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Great answers, Kishore. One thing everyone should follow is always saving money for emergency situations. When you think of a recession, the first thing that comes to mind is where do you get the money to run your family and fulfill your necessary needs. If you have an emergency fund of 5 to 6 months' salary, you won't panic, and you can concentrate on job searching.
From India
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From India
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Hi,
There is a solution for everything. Where there were job openings, people received high salaries, and they didn't worry about why they were paid that amount. However, when the recession hit, they started to worry instead of thinking about a solution. Just as there are ups, there will also be downs, and when there are downs, there will be ups. Therefore, instead of solely discussing the recession, people should focus on finding solutions. The recession will come to an end soon, so until then, people should persevere.
P.S: Arsha and Bad Loser - If you believe people lack intellect here, then perhaps you should refrain from posting topics and seeking answers here. It is easy to label others as unintellectual, but we should first reflect on our own intellectual capacity.
From India, Madras
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There is a solution for everything. Where there were job openings, people received high salaries, and they didn't worry about why they were paid that amount. However, when the recession hit, they started to worry instead of thinking about a solution. Just as there are ups, there will also be downs, and when there are downs, there will be ups. Therefore, instead of solely discussing the recession, people should focus on finding solutions. The recession will come to an end soon, so until then, people should persevere.
P.S: Arsha and Bad Loser - If you believe people lack intellect here, then perhaps you should refrain from posting topics and seeking answers here. It is easy to label others as unintellectual, but we should first reflect on our own intellectual capacity.
From India, Madras
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Hey, hats off to the guys who took the time to reply! Thanks! 😜 But I don't understand one thing... Why are we now blaming BADLOOSER? And also including me in the blaming list... My God, what's happening!
BADLOOSER saw that there were almost 60+ views and not a single reply. That's why the comment. Moreover, I didn't find any foul language there. Does "INTELLECTUAL" mean anything foul? 🤔
A dictionary word, INTELLECTUAL, means "An intellectual (from the adjective meaning 'involving thought and reason') is a person who tries to use his or her intelligence and analytical thinking, either in their profession or for the benefit of personal pursuits."
Would any intellectual just view it and ignore this happening issue and think, "WHO CARES!! IT'S NOT ME, BUT SOMEBODY WHO IS SUFFERING, WHY SHOULD I BOTHER???" 🤔
Honestly speaking, I currently hold a good job. But I felt really pity and wanted to seek answers for others who might be in this situation. Today it's someone's fate. Who knows what fate might bring for them. 😞
So stop blaming around him/her/me and start giving a proactive solution! Still, if you carefully view this case, it is our problem. A social and human issue. 306 views and hardly 4-6 replies!
Stop, analyze, proceed, and don't just blame him/her and put down one and think highly of oneself. 😞 None is going to take high priority unless and until he/she learns to be humble first.
Thanks to all who genuinely wanted a correction! 🌟
Regards, Arsha
From India, Madras
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BADLOOSER saw that there were almost 60+ views and not a single reply. That's why the comment. Moreover, I didn't find any foul language there. Does "INTELLECTUAL" mean anything foul? 🤔
A dictionary word, INTELLECTUAL, means "An intellectual (from the adjective meaning 'involving thought and reason') is a person who tries to use his or her intelligence and analytical thinking, either in their profession or for the benefit of personal pursuits."
Would any intellectual just view it and ignore this happening issue and think, "WHO CARES!! IT'S NOT ME, BUT SOMEBODY WHO IS SUFFERING, WHY SHOULD I BOTHER???" 🤔
Honestly speaking, I currently hold a good job. But I felt really pity and wanted to seek answers for others who might be in this situation. Today it's someone's fate. Who knows what fate might bring for them. 😞
So stop blaming around him/her/me and start giving a proactive solution! Still, if you carefully view this case, it is our problem. A social and human issue. 306 views and hardly 4-6 replies!
Stop, analyze, proceed, and don't just blame him/her and put down one and think highly of oneself. 😞 None is going to take high priority unless and until he/she learns to be humble first.
Thanks to all who genuinely wanted a correction! 🌟
Regards, Arsha
From India, Madras
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Hey, hats off to the guys who took the time to reply! Thanks! 😛 But I don't understand one thing... Why are we now blaming BADLOOSER? And also including me in the list of blame? My God, what's happening!
BADLOOSER noticed that there were almost 60+ views and not a single reply. That's why the comment. Moreover, I didn't find any foul language there. Does "INTELLECTUAL" mean anything foul? 🤔
The dictionary definition of INTELLECTUAL is "An intellectual (from the adjective meaning 'involving thought and reason') is a person who tries to use his or her intelligence and analytical thinking, either in their profession or for the benefit of personal pursuits."
Would any intellectual just view it and ignore this happening issue, thinking "WHO CARES!! IT'S NOT ME, BUT SOMEBODY WHO IS SUFFERING, WHY SHOULD I BOTHER?" 🤔
Honestly speaking, I currently hold a good job. But I felt really sorry and wanted to seek answers for others who might be in this situation. Today it's someone's fate... Who knows what fate might bring for them. 😞
So, stop blaming others and start providing proactive solutions!
If you carefully view this case, it is our problem. A social and human issue... 306 views and hardly 4-6 replies. Stop, analyze, proceed, and don't just blame others and elevate oneself. 😞
No one is going to take high priority unless and until they learn to be humble first!
Thanks to all who genuinely wanted a correction! 🎉
Regards,
Arsha
From India, Madras
Acknowledge(0)Amend(0)
BADLOOSER noticed that there were almost 60+ views and not a single reply. That's why the comment. Moreover, I didn't find any foul language there. Does "INTELLECTUAL" mean anything foul? 🤔
The dictionary definition of INTELLECTUAL is "An intellectual (from the adjective meaning 'involving thought and reason') is a person who tries to use his or her intelligence and analytical thinking, either in their profession or for the benefit of personal pursuits."
Would any intellectual just view it and ignore this happening issue, thinking "WHO CARES!! IT'S NOT ME, BUT SOMEBODY WHO IS SUFFERING, WHY SHOULD I BOTHER?" 🤔
Honestly speaking, I currently hold a good job. But I felt really sorry and wanted to seek answers for others who might be in this situation. Today it's someone's fate... Who knows what fate might bring for them. 😞
So, stop blaming others and start providing proactive solutions!
If you carefully view this case, it is our problem. A social and human issue... 306 views and hardly 4-6 replies. Stop, analyze, proceed, and don't just blame others and elevate oneself. 😞
No one is going to take high priority unless and until they learn to be humble first!
Thanks to all who genuinely wanted a correction! 🎉
Regards,
Arsha
From India, Madras
Acknowledge(0)Amend(0)Over here Nipuna...!! You took time to blame BADLOOSER and ME too!!! :confused: ...!! But not even a single-line reply to the postings....!!! Why?? Why finding faults only...!!! Didn't you think for one second why none replies and you take time to reply...!!! :( I've posted not to initiate an argument but to find lots of solutions...!!!
From India, Madras
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Hi Arsha,
Don't worry, it's just a bad phase. It will end soon. I can see you feel strongly about this, but there is nothing you can do on a large scale. A lot of my friends have been sacked, but you know what? They have got new jobs within, let's say, 3 months. A company does not sack you if it's going through a bad phase. If you're a talented individual, we must all focus on becoming that instead of being a spare for the company. And truly speaking, many multinational corporations are starting operations in the Asian region to lower their operating costs, and new projects always require recruitment.
Secondly, a company only sacks mass employees when they recruit in excess of future growth needs, which doesn't happen in case of a market downturn. Even then, they don't sack loyal, hardworking, and result-oriented employees. It's not as bad as the media portrays it to be. A lot depends on the U.S.A, and it will be better now since Obama has come. I'm sure he'll do something worthwhile.
Cheers... I hope this lessens your anxiety. If yes, do reply. If not, I'll try better next time. :-P
From India, New Delhi
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Don't worry, it's just a bad phase. It will end soon. I can see you feel strongly about this, but there is nothing you can do on a large scale. A lot of my friends have been sacked, but you know what? They have got new jobs within, let's say, 3 months. A company does not sack you if it's going through a bad phase. If you're a talented individual, we must all focus on becoming that instead of being a spare for the company. And truly speaking, many multinational corporations are starting operations in the Asian region to lower their operating costs, and new projects always require recruitment.
Secondly, a company only sacks mass employees when they recruit in excess of future growth needs, which doesn't happen in case of a market downturn. Even then, they don't sack loyal, hardworking, and result-oriented employees. It's not as bad as the media portrays it to be. A lot depends on the U.S.A, and it will be better now since Obama has come. I'm sure he'll do something worthwhile.
Cheers... I hope this lessens your anxiety. If yes, do reply. If not, I'll try better next time. :-P
From India, New Delhi
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Arsha, I just wanted to tell you one thing. There is no need to get tense or excited about what people have said. Your frustration about the recession is evident, but nothing significant will happen due to frustration. Another thing to note is that people will reply only if they have any idea about it. You can ask them to reply, but as you mentioned, the word "intellectual" is not wrong, but the way it is used here is incorrect. Nobody on a professional site is going to engage in non-intellectual discussions unless necessary. Therefore, nobody is here to blame anybody, and we are all here to help each other.
From India, Madras
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From India, Madras
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Excellent answer, Kishore. You are 100% right; if we do not upgrade our skills, we are like a knife that is rusted. It is very important to save a portion of your salary for rainy days like this.
Kind regards,
Sree
From United Arab Emirates, Dubai
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Kind regards,
Sree
From United Arab Emirates, Dubai
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Dear All,
Here s some of the thoughts that I have come across with about the retrenchments,,
1) People should not give up at such a stage as there are still openings in many organizations.
2)There are organizations that are still in full recruitment swing , as markets are down etc They would prefer hiring freshers than experience candidates.
3)those who have lost their job - they need to prepare themself well and come out of the fear and look ahead only,forgetting the past..
4)This recession may not affect India to a very bad extent..It will take a month or 2 for it to go up again..
I hope this was useful..for everyone..
regards
anish
From India, Surat
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Here s some of the thoughts that I have come across with about the retrenchments,,
1) People should not give up at such a stage as there are still openings in many organizations.
2)There are organizations that are still in full recruitment swing , as markets are down etc They would prefer hiring freshers than experience candidates.
3)those who have lost their job - they need to prepare themself well and come out of the fear and look ahead only,forgetting the past..
4)This recession may not affect India to a very bad extent..It will take a month or 2 for it to go up again..
I hope this was useful..for everyone..
regards
anish
From India, Surat
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Monday, November 10, 2008
10 tips to survive a layoff, financially
Prasanna D Zore
Tough people last, tough times don't, right?
And tough times indeed are upon those Jet Airways employees who were laid off recently and also for others who fear their turn is coming soon.
In times of recession, companies do pare their staff strength to improve their profits. They are accountable to their shareholders and stakeholders.
Similarly, if you are a sacked employee or fear that you may get a pink slip in times to come, isn't it time you become accountable to yourself and think what's next instead of cribbing about the fate that has befallen upon you?
Here's what you can do to survive your layoff / expected layoff, financially.
1. Negotiate with your employer to get a good severance package.
In the case of the Jet Airways employees, it is reported that the company is willing to pay them a year's salary. This can indeed be good news if it is true.
If you too are laid off, negotiate aggressively with your employer. After all, you are already sacked, and they can do you no more harm. But remember to keep your aggression polite, for the same employer may want to hire you when the wheels of fortune turn. Never slap an opportunity, ever!
Getting to hard numbers, let's assume that a company sacks 10 percent of its employees and promises to pay 12 months' salary in advance. Also, let's assume that on average these employees earn Rs. 20,000 per month. This will help them get Rs. 2,40,000 in advance. This amount, if planned and spent productively, can help them cope financially until they get another job.
2. If you have a debt of any kind -- home loan, personal loan, credit card payment, etc. -- make provision for that first from the money that you can squeeze out from your ex-employer. There is no point in defaulting on your debt as it may come to hound you later -- via your credit rating -- when your financial condition improves.
For those who fear a layoff in the near future, it would be a wise decision to pay off their dues when the going is good rather than waiting until the last moment. Also, postpone your decisions to buy a home or borrow money for some other purpose.
However, if you are neck-deep in debt, it would be better that you seek advice from a debt counselor. Bank of India's Abhay, ICICI Bank's Abhay helps people with financial counseling and how to cope with debt.
3. In the meanwhile, try to search for a job, even if on a temporary basis, matching your skills and profile. Don't hesitate to compromise on salary, as your topmost priority should be keeping the engine well-oiled so when the real opportunity knocks, you can race ahead of the others.
There are websites like Jobs On Temp that list a number of temporary jobs available in various sectors. You can also look out for India's best cities for 'temp' jobs in case you are open to moving out from where you last worked or are working right now.
4. Your next priority should be your grocery expenses. You have to eat to survive and be shipshape to go out in search of another job. Visit your nearest discount stores and check who sells your items of daily need cheaper. This exercise may help you save some dimes, but if you are laid off or fear a layoff, every penny should count.
5. There is no need to tell you that when you are laid off or are expecting the same, you should come down heavily on your socializing expenses, including outings to hotels, multiplexes, vacations, etc.
6. Try asking your parents and friends for some money in case your severance package amount fails to meet your monthly expenses. After all, a friend in need is a friend indeed. Of course, your parents, if they are financially sound, wouldn't think twice about helping you with money. Make it a point to ask your parents first for money. For borrowing money from your friends can sometimes spoil a friendship.
7. If your severance package is good, make sure that you keep at least 20 percent of this money in an emergency fund. Put this amount in a fixed deposit that will earn you at least 7 to 8 percent post-tax. Due to rising interest rates, most banks are offering attractive fixed deposit rates. Also, this amount will come in handy in case of any medical emergency. Of course, you will have to forego the interest amount if you withdraw your fixed deposit before the tenure is over.
8. If charity begins at home, cost-cutting too should begin from home. Ask your maid to take a break for three months or until the time you find a new job. It is better you start doing your laundry, utensils, and ironing. You may feel a bit odd in the beginning, but the amount you will save every month will come as a huge relief.
9. Spend most of your time fine-tuning your resume, preparing for interviews, adding new skill sets related to your job profile (at lower cost if possible, but without any compromise), and networking with people (both online and offline). This will not only help you find a new job but also keep you busy and away from any mischief.
10. Finally, don't forget to make a plan about your future as you will have enough time to ponder over your finances and career. Take a hard look at what you would want to do in life and how your career is shaping up. Make sure that such an eventuality should not ever befall you, and if at all it does, then you should not struggle as much as you struggled during your first layoff.
From India, Hyderabad
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10 tips to survive a layoff, financially
Prasanna D Zore
Tough people last, tough times don't, right?
And tough times indeed are upon those Jet Airways employees who were laid off recently and also for others who fear their turn is coming soon.
In times of recession, companies do pare their staff strength to improve their profits. They are accountable to their shareholders and stakeholders.
Similarly, if you are a sacked employee or fear that you may get a pink slip in times to come, isn't it time you become accountable to yourself and think what's next instead of cribbing about the fate that has befallen upon you?
Here's what you can do to survive your layoff / expected layoff, financially.
1. Negotiate with your employer to get a good severance package.
In the case of the Jet Airways employees, it is reported that the company is willing to pay them a year's salary. This can indeed be good news if it is true.
If you too are laid off, negotiate aggressively with your employer. After all, you are already sacked, and they can do you no more harm. But remember to keep your aggression polite, for the same employer may want to hire you when the wheels of fortune turn. Never slap an opportunity, ever!
Getting to hard numbers, let's assume that a company sacks 10 percent of its employees and promises to pay 12 months' salary in advance. Also, let's assume that on average these employees earn Rs. 20,000 per month. This will help them get Rs. 2,40,000 in advance. This amount, if planned and spent productively, can help them cope financially until they get another job.
2. If you have a debt of any kind -- home loan, personal loan, credit card payment, etc. -- make provision for that first from the money that you can squeeze out from your ex-employer. There is no point in defaulting on your debt as it may come to hound you later -- via your credit rating -- when your financial condition improves.
For those who fear a layoff in the near future, it would be a wise decision to pay off their dues when the going is good rather than waiting until the last moment. Also, postpone your decisions to buy a home or borrow money for some other purpose.
However, if you are neck-deep in debt, it would be better that you seek advice from a debt counselor. Bank of India's Abhay, ICICI Bank's Abhay helps people with financial counseling and how to cope with debt.
3. In the meanwhile, try to search for a job, even if on a temporary basis, matching your skills and profile. Don't hesitate to compromise on salary, as your topmost priority should be keeping the engine well-oiled so when the real opportunity knocks, you can race ahead of the others.
There are websites like Jobs On Temp that list a number of temporary jobs available in various sectors. You can also look out for India's best cities for 'temp' jobs in case you are open to moving out from where you last worked or are working right now.
4. Your next priority should be your grocery expenses. You have to eat to survive and be shipshape to go out in search of another job. Visit your nearest discount stores and check who sells your items of daily need cheaper. This exercise may help you save some dimes, but if you are laid off or fear a layoff, every penny should count.
5. There is no need to tell you that when you are laid off or are expecting the same, you should come down heavily on your socializing expenses, including outings to hotels, multiplexes, vacations, etc.
6. Try asking your parents and friends for some money in case your severance package amount fails to meet your monthly expenses. After all, a friend in need is a friend indeed. Of course, your parents, if they are financially sound, wouldn't think twice about helping you with money. Make it a point to ask your parents first for money. For borrowing money from your friends can sometimes spoil a friendship.
7. If your severance package is good, make sure that you keep at least 20 percent of this money in an emergency fund. Put this amount in a fixed deposit that will earn you at least 7 to 8 percent post-tax. Due to rising interest rates, most banks are offering attractive fixed deposit rates. Also, this amount will come in handy in case of any medical emergency. Of course, you will have to forego the interest amount if you withdraw your fixed deposit before the tenure is over.
8. If charity begins at home, cost-cutting too should begin from home. Ask your maid to take a break for three months or until the time you find a new job. It is better you start doing your laundry, utensils, and ironing. You may feel a bit odd in the beginning, but the amount you will save every month will come as a huge relief.
9. Spend most of your time fine-tuning your resume, preparing for interviews, adding new skill sets related to your job profile (at lower cost if possible, but without any compromise), and networking with people (both online and offline). This will not only help you find a new job but also keep you busy and away from any mischief.
10. Finally, don't forget to make a plan about your future as you will have enough time to ponder over your finances and career. Take a hard look at what you would want to do in life and how your career is shaping up. Make sure that such an eventuality should not ever befall you, and if at all it does, then you should not struggle as much as you struggled during your first layoff.
From India, Hyderabad
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Dear All,
Firstly, it's great knowing that all who have participated in this discussion are genuine in their remarks and they really care, which for me is the most important thing. Hats off...!!!
Now coming to the discussion point, I feel Kishore and Navin have been very comprehensive and precise in their explanations. The need of the hour is certainly to remain optimistic, not only now but always. Though we all hope and pray that we experience better times ahead, but even with further crises, we should not disintegrate and trust in our capabilities and, most importantly, ourselves.
Guess, all of us can facilitate that fact and induce confidence in every demotivated individual we come across. This, I am certain we all will do, which would be an effective need of the hour...
Cheers, Deepak
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Firstly, it's great knowing that all who have participated in this discussion are genuine in their remarks and they really care, which for me is the most important thing. Hats off...!!!
Now coming to the discussion point, I feel Kishore and Navin have been very comprehensive and precise in their explanations. The need of the hour is certainly to remain optimistic, not only now but always. Though we all hope and pray that we experience better times ahead, but even with further crises, we should not disintegrate and trust in our capabilities and, most importantly, ourselves.
Guess, all of us can facilitate that fact and induce confidence in every demotivated individual we come across. This, I am certain we all will do, which would be an effective need of the hour...
Cheers, Deepak
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Hi,
People who are above the age of 35 years would certainly have a problem finding the right opportunity for themselves because companies typically only look for top management positions once you are above that age bracket. So, getting the job of your choice in the right company would be a challenge. There is hope that the situation will start improving by the end of Q1 2009. Therefore, until that time, be patient and do not worry. It's a testing phase.
From United Kingdom
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People who are above the age of 35 years would certainly have a problem finding the right opportunity for themselves because companies typically only look for top management positions once you are above that age bracket. So, getting the job of your choice in the right company would be a challenge. There is hope that the situation will start improving by the end of Q1 2009. Therefore, until that time, be patient and do not worry. It's a testing phase.
From United Kingdom
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Hi,
People who are above the age of 35 years would certainly have a problem finding the right opportunity for themselves because it's only the top management that companies look for once you are above that age bracket. Therefore, getting the job of your choice and in the right company would be a challenge. There is hope that the situation will start improving by the end of Q1 2009. Until that time, be patient and do not worry; it's a testing phase.
Thank you for the reply. I have heard a lot about freshers and those with 1-3 years of experience losing their jobs because their company does not have ongoing projects. I feel terribly sorry for them, even in my concern. People are being asked to resign or put down papers.
Please let me know if you need any further assistance.
From India, Madras
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People who are above the age of 35 years would certainly have a problem finding the right opportunity for themselves because it's only the top management that companies look for once you are above that age bracket. Therefore, getting the job of your choice and in the right company would be a challenge. There is hope that the situation will start improving by the end of Q1 2009. Until that time, be patient and do not worry; it's a testing phase.
Thank you for the reply. I have heard a lot about freshers and those with 1-3 years of experience losing their jobs because their company does not have ongoing projects. I feel terribly sorry for them, even in my concern. People are being asked to resign or put down papers.
Please let me know if you need any further assistance.
From India, Madras
Acknowledge(0)Amend(0)1)When experience candidates themselves are facing the risk of losing jobs, what would happen to all the lakhs and lakhs of fresher's from different streams right from Arts to Professional courses?
I believe life is always functioning in a process of cycle it was an employer market then an employee market now again an emergence of employer market
a) In the current environment there is very little about experience if the output doesn't match upto expectation, but in my view it is a loss of job of unproductive people be it experienced or inexperienced
2)If someone is planning to start up a company is it wise now? Or what sector can he/she be concentrating now?
If you put in your efforts and a worthwile project and good revenue model, returns would be there but it depends on other factors. There is no sure money spinner
3)What is the best idea/suggestion given to those people who have lost their job now? What can one do after losing their job?
Skilled professionals can think about giving guest lectures. India is a huge market this is a recession wouldn't be an end to India but it is going to much better after the period keep accumulation knowledge
4)How long would this recession be? Would there be further disasters or would it end?
Regards,
I see this is just the beginning, another couple of quarters need to be surpassed to make it more evident but i think if its bad it would be till mid of 2010. Hope so it isn't
Regards
Tiji Mammen
From India, New Delhi
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Hi to all. These questions are really true questions that are roaming in the mind of each computer professional, especially at the fresher's level. I am a final year MCA student who got placed in some well-known company but still afraid of what they will do if the situation continues like that. Many companies are refusing offers; it's a really difficult situation for freshers. When it will stop, nobody knows, but time never stops for anyone.
From India, Tumkur
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From India, Tumkur
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Dear Rajeev,
As you rightly said, none knows when this crisis will end. But time will not stop for anyone. Try getting into whatever job related to your education initially, even if it means no salary or very little pay. I know it's very difficult after spending so much on studies to work for nothing or very little. But we are living in a reality that poses a threat even to experienced hands. Experience counts more. All the best for your job search. To tell you honestly, we haven't been paid our 3 months' pay till date. I am just continuing because of gaining experience and learning.
Regards,
Arsha
Hi to all,
These questions are really true questions that are roaming in the mind of each computer professional, especially at the fresher level. I am a final year MCA student who got placed in some well-known company but still afraid of what they will do if the situation continues like this. Many companies are refusing offers; it's a really difficult situation for freshers. When it will stop, nobody knows, but time never stops for anyone.
From India, Madras
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As you rightly said, none knows when this crisis will end. But time will not stop for anyone. Try getting into whatever job related to your education initially, even if it means no salary or very little pay. I know it's very difficult after spending so much on studies to work for nothing or very little. But we are living in a reality that poses a threat even to experienced hands. Experience counts more. All the best for your job search. To tell you honestly, we haven't been paid our 3 months' pay till date. I am just continuing because of gaining experience and learning.
Regards,
Arsha
Hi to all,
These questions are really true questions that are roaming in the mind of each computer professional, especially at the fresher level. I am a final year MCA student who got placed in some well-known company but still afraid of what they will do if the situation continues like this. Many companies are refusing offers; it's a really difficult situation for freshers. When it will stop, nobody knows, but time never stops for anyone.
From India, Madras
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Loyalty is dead: yes,it is experts say. Businesses are into a phase of creative disassembly where reinvention and adjustments are constant. Hundreds of thousands of jobs are being shed by GE, Chevron, Sam's Club, Wells Fargo Bank, HP, Starbucks etc. and the state, counties and cities. Even solid world class institutions like the University of California Berkeley under the leadership of Chancellor Birgeneau & Provost Breslauer are firing employees, staff, faculty and part-time lecturers through “Operational Excellence (OE) initiative”: last year 600 were fired, this year 300. Yet many employees, professionals and faculty cling to old assumptions about one of the most critical relationship of all: the implied, unwritten contract between employer and employee.
Until recently, loyalty was the cornerstone of that relationship. Employers promised work security and a steady progress up the hierarchy in return for employees fitting in, accepting lower wages, performing in prescribed ways and sticking around. Longevity was a sign of employer-employee relations; turnover was a sign of dysfunction. None of these assumptions apply today. Organizations can no longer guarantee work and careers, even if they want to. Senior managements paralyzed themselves with an attachment to “success brings success' rather than “success brings failure' and are now forced to break the implied contract with their employees – a contract nurtured by management that the future can be controlled.
Jettisoned employees are finding that their hard won knowledge, skills and capabilities earned while being loyal are no longer valuable in the employment market place.
What kind of a contract can employers and employees make with each other?
The central idea is both simple and powerful: the job or position is a shared situation. Employers and employees face market and financial conditions together, and the longevity of the partnership depends on how well the for-profit or not-for-profit continues to meet the needs of customers and constituencies. Neither employer nor employee has a future obligation to the other. Organizations train people. Employees develop the kind of security they really need – skills, knowledge and capabilities that enhance future employability. The partnership can be dissolved without either party considering the other a traitor.
Let there be light!
From United States, Walnut Creek
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Until recently, loyalty was the cornerstone of that relationship. Employers promised work security and a steady progress up the hierarchy in return for employees fitting in, accepting lower wages, performing in prescribed ways and sticking around. Longevity was a sign of employer-employee relations; turnover was a sign of dysfunction. None of these assumptions apply today. Organizations can no longer guarantee work and careers, even if they want to. Senior managements paralyzed themselves with an attachment to “success brings success' rather than “success brings failure' and are now forced to break the implied contract with their employees – a contract nurtured by management that the future can be controlled.
Jettisoned employees are finding that their hard won knowledge, skills and capabilities earned while being loyal are no longer valuable in the employment market place.
What kind of a contract can employers and employees make with each other?
The central idea is both simple and powerful: the job or position is a shared situation. Employers and employees face market and financial conditions together, and the longevity of the partnership depends on how well the for-profit or not-for-profit continues to meet the needs of customers and constituencies. Neither employer nor employee has a future obligation to the other. Organizations train people. Employees develop the kind of security they really need – skills, knowledge and capabilities that enhance future employability. The partnership can be dissolved without either party considering the other a traitor.
Let there be light!
From United States, Walnut Creek
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