Richa works as a Relationship Manager with a leading bank in India. Due to the current state of economy, her company has asked many of its employees to leave. Richa is one of the unlucky ones. On one hand she knows that getting a new job may be very difficult, and on the other hand she also does not want to stick around with a company that doesn’t want her anymore. Understandably, Richa is going through a really bad phase.
Who Gets Laid Off
In the current economic scenario, anyone can lose his/her job. Job security is not even a distant dream in the current scenario. Businesses are suffering and companies have no choice but to cut costs. Layoffs are just another means to achieve that! Having said that, how does a company decide on who to layoff and who to retain?
Performance: At the time of layoffs, performance on the job is a key factor in determining who goes and who stays. Non performers will obviously be the first to be laid off.
People Skills: If you have more enemies than friends at work, you are seen as a loner. Companies want team players. So they are more likely to retain people who have many friends in the organization, and are generally liked by everyone.
Relationship With Boss: Usually managers are asked to nominate people from their teams for layoffs. In such a scenario, wouldn’t it be great to be in the good books of the boss? If your boss hates you, she has the perfect opportunity to get rid of you!
These are the three major factors in determining who goes and who stays.
As already mentioned, nobody can be completely sure of his/her job security in the current economic conditions. So are you ready to face the challenge? Do you have a fallback option, in case you are shown the door at work? Will you be able to sail through these testing times with flying colors, or will you succumb to an emotional and nervous breakdown with the stress?
Prepare Yourself Mentally: You can avoid a lot of stress and nervous breakdown if you prepare yourself mentally for a layoff. You must accept the possibility that you may be asked to leave. Not only this, you should also share this information with your family members. You definitely need their support through this.
Don’t Blame Yourself: No matter what your boss tells you, you should not blame yourself. It is very important to preserve confidence and faith in yourself. Don’t forget that layoffs are a result of negative economic conditions.
Save: When the possibility of a job loss looms large in the face, you have to save every rupee that you possibly can. Make a written account of every rupee that your family spends. Identify the luxuries and unnecessary expenditures that can be curtailed. Draw a budget and stick to it.
Investments: Investments have to be made very carefully in the current economic scenario. Since you fear a job loss, you should have most of your money in liquid assets. This is not a good time to invest in fixed assets like land, because they are hard to convert into money. Though money can be made by dabbling in the stock markets, you don’t want to lock up all your savings here!
In our next article in the series, we will discuss ways to deal with an actual job loss. Till then, Be Positive!