Losing Job - 3 things to do
Global Companies and Indian companies are all facing a recession and are all in the process of cutting jobs. We have seen companies like Jet Airways and Kingfisher not only removing staff but also cutting salaries. It is not only the airline sector but all the sectors are shedding staff to prepare better for the tough days ahead.
Global operations of Pepsi, Financial Companies and Banks like HSBC, Citibank, Fidelity Investments, Royal Bank of Scotland, Morgan Stanley, Tech majors like Sun Microsystems, Steel Comanies like US Steel and Arcelor Mittal, Telecom Companies like British Telecom and Nokia and vehicle manufacturers like Volvo, Ford and GM are all looking to cut staff costs.
In times of recession and slowing of business companies across the world do reduce their staff strength to save costs. So if you are a sacked employee or fear that you may get a pink slip in times to come, it time you plan you way through this crisis.
Whats “Pink Slip”? As per Wikipedia “Pink slip refers to the American practice, by a personnel department, of including a discharge notice in an employee’s pay envelope to notify the worker of his or her termination of employment or layoff”.
Here are 3 things you can do in a Pink Slip situation:
1. Get a decent send off financially from your company: Most companies would end up giving in the region of 3 - 6 months pay as part of the send off package. Make sure you keep this money carefully as it will take ayou some time to find a job in such tough times. In case you have some loans like a Home Loan or a Car Loan then make sure you keep provision to make sure you keep these payments going. You dont want to be hounded by loan collectors. Also, if you are expecting some problems - dont borrow. You also might want to find some bank who will restructure you loan if possible. You can also ask you parents or close friends for money if that is not going to spoil your relationship with them.
2. Start looking for a job well in advance: Here are some of the Job Sites that can be useful to find a job. The top job sites in India are Naurki.com, Monster.com, Clickjobs.com, Timesjob.com, Rediff Jobs and obviously Mybandra.com. Don’t hesitate to compromise on salary as your topmost priority should be have a job. Get a list of job consultants in your area and start meeting or writing to them. Spend some time and make a good resume to highlight you past experience and projects. Get help in making a resume if needed from your local job consultants. Get tips on how to handle job interviews and group discussions and update yourself by spending time reading.
3. Aggressively start reducing your expenses: Reduce your entertainment, rethink what and where you eat when you go out, what brand of alchohol to drink, can you walk instead of driving to the market, etc. Your next priority should be your grocery expenses. You should come down heavily on your socialising expenses including outings to hotels, multiplexes, vacations etc. Postpone all such expenses. Ask your maid to take a break for three months or till the time you find a new job. It is better you start doing your own laundry, utensils and ironing.
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