LAY-offs have become synonymous with today's corporate culture. Secure jobs are a thing of the past. It matters little whether you have been employed for two years or twenty, or whether you're an executive or a secretary. When cutting costs is the mantra, anybody's head could be on the chopping block.
A pink slip brings with it a package of emotional ramifications. It causes denial, anger, trauma and frustration, and is a major stress-inducing situation. In this uncertain scenario, being prepared helps. Here are a few pointers that will buttress your morale should a pink slip come calling.
Acknowledge the possibility: Bear in mind that no one is indispensable. `It cannot happen to me. I am working for Microsoft', will not grant you an immunity shield. Accept the fact that you might get a pink slip one day. It will help you face the worst possible outcome and bounce back easily.Keep your eyes open for a slowdown, severe losses or other employees losing jobs in your company or the industry.
Stow a nest egg: According to a survey, less than 20 per cent of employees are able to support their families, even for a very short period, if they are shown the door. So, save some money for this contingency. Have emergency savings that can tide over your living expenses for 6 to 12 months. This safety cushion will minimise the financial fallout till you land a new job.
Put the brakes on your expenses: A moderate lifestyle is a virtue these days. Cut back on non-essential spending. Plans that will make a big dent in your income should be kept on the backburner. Pay off existing debts and keep new ones at an arm's length. Remember, severance packages are a rarity rather than the norm.
Be primed for the move: Your résumé has probably gathered a few cobwebs by now. Update it by filling in the new skills and achievements you have acquired on the job. Keeping it ready will help you kickstart the job search. Try to spruce up your skills and keep them updated either via the Internet or by distance learning. Also, maintain an active network of contacts while you are working.
Be on the lookout: Look on the brighter side. Getting dismissed is not the end of the world. Toby Stephenson, partner at PKF, says, `A job loss often can seem like a massive blow, but often it is the catalyst for very positive and sometimes radical changes in a person's life. What is important is to know what your options are.'
Getting the pink slip can be a blessing in disguise. It bestows an option to move on from an unsatisfactory employment. You can choose to go in for a complete career change and start preparing for it even while you are gainfully employed.
Foresight pays rich dividends. It is human nature to delay dealing with problems till the last possible moment, but some advance preparation can help cushion the fall. And, even if you do not face the axe, there is no harm in being prepared, is there?
A pink slip brings with it a package of emotional ramifications. It causes denial, anger, trauma and frustration, and is a major stress-inducing situation. In this uncertain scenario, being prepared helps. Here are a few pointers that will buttress your morale should a pink slip come calling.
Acknowledge the possibility: Bear in mind that no one is indispensable. `It cannot happen to me. I am working for Microsoft', will not grant you an immunity shield. Accept the fact that you might get a pink slip one day. It will help you face the worst possible outcome and bounce back easily.Keep your eyes open for a slowdown, severe losses or other employees losing jobs in your company or the industry.
Stow a nest egg: According to a survey, less than 20 per cent of employees are able to support their families, even for a very short period, if they are shown the door. So, save some money for this contingency. Have emergency savings that can tide over your living expenses for 6 to 12 months. This safety cushion will minimise the financial fallout till you land a new job.
Put the brakes on your expenses: A moderate lifestyle is a virtue these days. Cut back on non-essential spending. Plans that will make a big dent in your income should be kept on the backburner. Pay off existing debts and keep new ones at an arm's length. Remember, severance packages are a rarity rather than the norm.
Be primed for the move: Your résumé has probably gathered a few cobwebs by now. Update it by filling in the new skills and achievements you have acquired on the job. Keeping it ready will help you kickstart the job search. Try to spruce up your skills and keep them updated either via the Internet or by distance learning. Also, maintain an active network of contacts while you are working.
Be on the lookout: Look on the brighter side. Getting dismissed is not the end of the world. Toby Stephenson, partner at PKF, says, `A job loss often can seem like a massive blow, but often it is the catalyst for very positive and sometimes radical changes in a person's life. What is important is to know what your options are.'
Getting the pink slip can be a blessing in disguise. It bestows an option to move on from an unsatisfactory employment. You can choose to go in for a complete career change and start preparing for it even while you are gainfully employed.
Foresight pays rich dividends. It is human nature to delay dealing with problems till the last possible moment, but some advance preparation can help cushion the fall. And, even if you do not face the axe, there is no harm in being prepared, is there?
Payal Agarwal
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