You switch the TV on and the news channels are "breaking news" about some company laying off people or some company shutting down (3 days a week or permanently), be it Dunlop in Kolkata or be it a personal loan division of a finance company or some IT company in Bangalore. Finance minister has asked India Inc not to cut jobs and instead take a hit at their bottom line (although he will not reduce fuel prices or tax), chances are his dictum will not be followed, and the layoff process has just begun.
SECTORS LIKELY TO BE AFFECTED THE MOST:
1. Investment and finance.
2. Automobiles and ancillary.
3. Construction and real estate.
4. IT.
5. Textiles, gems and jewelry.
SECTORS LIKELY TO BE LEAST AFFECTED:
1. Pharmaceuticals.
2. FMCG.
3. Telecom.
4. Education (schools and colleges wont be affected but computer education institutes might be affected).
SECTOR WHICH WILL NOT BE AFFECTED: Government employees and politicians.
After a layoff one might get a new job, change career, or go back to school. The time for this change maybe a few days, weeks, months or even more and going through this process of transition might be hard and involves change.
The process of change involves 4 stages. Denial (job wont be cut, India will grow at 8.5%), resistance (not me, I am indispensable for the company), exploration (start doing background work) and finally commitment (it is coming and I have to get prepared).
Do Not Blame Yourself: The layoffs in this scenario has nothing to do with a person’s skill set or performance, mostly it is on the principal last in first out.
Plan For The Event: If a job cut affects you it is always better to be prepared mentally and keeping a plan B in place. Remember tough times do not last tough people do. Plan B might be changing career in a sector which is going to be least affected by the slow down or take a course where getting a job in those sectors becomes easy or get a higher education.
When you lose a job, you do not just lose the pay and the benefits. You also lose self-esteem, dignity, social status, and loss of control of life.
The stress of losing job is like losing a dear one from the family or even more. The best way to deal is perhaps the realization that it is real (although painful) and making a plan for the future (getting plan B into force).
WHAT A LAYOFF MAY LEAD TO:
1. Increased stress (symptoms includes anorexia, insomnia, depression, anhedonia etc).
2. Anger. Being frustrated by the pain it often leads to fights in the house and outside the house. Anger will make the transition to a new job even more difficult and one has to control anger and accept the truth.
3. Suicides. The feeling of worthlessness can lead to suicide.
4. Increased alcohol intake (to wash away the sorrow).
5. Taking your kids off from a premier school to cut costs.
6. Mental breakdown and admission to mental hospital.
7. Anger may lead to do some unlawful activity and thus lead even to imprisonment.
MAKE A PLAN:
1. Make a financial plan (6 months expenses should always be kept in bank accounts or liquid funds). Also, remember the LIC premiums and/or EMIs. Take a medical insurance if you do not have one.
2. Do not spend on unnecessary items and credit should be strictly taboo (although classical economist will say one man’s expense is another man’s sale and thus the best way of getting out of recession is spending).
3. Retraining or self-employment; make a plan.
4. When looking for a job stay persistent and present your experience in good light (remember packaging is very important to get the first look).
Sourav Ganguly was laid off from the Indian cricket team (on multiple occasions), he fought back into the team and so can you. Remember, when the going gets tough, the tough gets going.
Getting prepared will not save your job but will help you to control your life better and the transition to plan B easier.
SECTORS LIKELY TO BE AFFECTED THE MOST:
1. Investment and finance.
2. Automobiles and ancillary.
3. Construction and real estate.
4. IT.
5. Textiles, gems and jewelry.
SECTORS LIKELY TO BE LEAST AFFECTED:
1. Pharmaceuticals.
2. FMCG.
3. Telecom.
4. Education (schools and colleges wont be affected but computer education institutes might be affected).
SECTOR WHICH WILL NOT BE AFFECTED: Government employees and politicians.
After a layoff one might get a new job, change career, or go back to school. The time for this change maybe a few days, weeks, months or even more and going through this process of transition might be hard and involves change.
The process of change involves 4 stages. Denial (job wont be cut, India will grow at 8.5%), resistance (not me, I am indispensable for the company), exploration (start doing background work) and finally commitment (it is coming and I have to get prepared).
Do Not Blame Yourself: The layoffs in this scenario has nothing to do with a person’s skill set or performance, mostly it is on the principal last in first out.
Plan For The Event: If a job cut affects you it is always better to be prepared mentally and keeping a plan B in place. Remember tough times do not last tough people do. Plan B might be changing career in a sector which is going to be least affected by the slow down or take a course where getting a job in those sectors becomes easy or get a higher education.
When you lose a job, you do not just lose the pay and the benefits. You also lose self-esteem, dignity, social status, and loss of control of life.
The stress of losing job is like losing a dear one from the family or even more. The best way to deal is perhaps the realization that it is real (although painful) and making a plan for the future (getting plan B into force).
WHAT A LAYOFF MAY LEAD TO:
1. Increased stress (symptoms includes anorexia, insomnia, depression, anhedonia etc).
2. Anger. Being frustrated by the pain it often leads to fights in the house and outside the house. Anger will make the transition to a new job even more difficult and one has to control anger and accept the truth.
3. Suicides. The feeling of worthlessness can lead to suicide.
4. Increased alcohol intake (to wash away the sorrow).
5. Taking your kids off from a premier school to cut costs.
6. Mental breakdown and admission to mental hospital.
7. Anger may lead to do some unlawful activity and thus lead even to imprisonment.
MAKE A PLAN:
1. Make a financial plan (6 months expenses should always be kept in bank accounts or liquid funds). Also, remember the LIC premiums and/or EMIs. Take a medical insurance if you do not have one.
2. Do not spend on unnecessary items and credit should be strictly taboo (although classical economist will say one man’s expense is another man’s sale and thus the best way of getting out of recession is spending).
3. Retraining or self-employment; make a plan.
4. When looking for a job stay persistent and present your experience in good light (remember packaging is very important to get the first look).
Sourav Ganguly was laid off from the Indian cricket team (on multiple occasions), he fought back into the team and so can you. Remember, when the going gets tough, the tough gets going.
Getting prepared will not save your job but will help you to control your life better and the transition to plan B easier.
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