|
COVER STORY: JOB CRUNCH
ANITA RAMCHANDRAN, CEREBRUS CONSULTANTS
What If It Happens To You
 Around
the world, job loss is a reality. Indians are waking up to this global
truth now. Restructuring and mergers and acquisitions are a part of business
today and have an impact on employees, and often without warning. Can
an employee prepare himself for this eventuality? More importantly, can
he foresee the lay-off coming? Here are some of the early signals you
should be on the lookout for: your company's profits, sales, investments
and, of course, signals of a cash crunch. Take notice of any sudden fluctuation
in the stock prices. Often the stock market gets wind of bad times first.
Watch for exit of key managers. Sudden and quick resignations are bad
news. Start meeting head-hunters if you hear of personnel records being
scrutinised and costs being reviewed actively.
But nothing to beat some planning well in advance.
Get prepared mentally and financially for any eventuality. Start thinking
about basic financial needs such as housing and children's education much
in advance. Save for the rainy day. It is essential for employees to have
financial staying power for at least six months. Without such financial
ability an employee may be pushed to make decisions which he may regret
later.
|
|
VOICES
|
|
|
|
| |
"In
the absence of structural reforms, consolidation in India is through
mortality."
Uday Kotak,
Vice-Chairman,
Kotak Mahindra
|
| |
|
| |
"The
job market has never been so bad for freshers as it is today."
Preety Kumar, MD,
Amrop International
|
What do you do when you are sacked? The first
thing is to mentally prepare yourself and your family. Taking your family
into confidence is important. Many managers insulate themselves and go
through the trauma alone, resulting in health loss. Families need to share
the burden together and think of practicalities such as being mobile across
cities, planning for education. Also, do not hesitate to ask for counselling
support. Get practical. You may have to shed the status symbols of yesteryears,
including cars and cell phones.
Do an inventory check. Think of latent skills
and abilities, so that your job hunt is on a wider canvas. Often an entire
sector tends to be in restructuring mode at the same time and hence you
need to get out of the sector rather than search frantically in the same
pool. The need to constantly upgrade and widen competencies is important.
Think like a trader to "cut your losses"
and move when the going gets bad rather than search for an elusive job
with 30 per cent salary increases and promotions. The thing to remember
is that in a depressed scenario the high increase in salaries may not
be forthcoming and soon there may be no job at all.
Stay networked across a wider circle than only
your office colleagues. Opportunities often come through informal sources
and unless you are networked you don't get to hear either about the job
opportunity or even the lay-off signal. Last but not the least, staying
in touch with placement consultants is a good idea.
|
METRO TODAY
Web
Exclusives
