Companies are cost-cutting, big time! And no, it's not just people in the aviation and banking sectors that are affected. It could happen to you too! But now is not the time to panic. It's time for Plan B. In case you don't have a Plan B, we have just the thing you need – a survival kit to get you through a lay-off.
On the personal front...
Jobs and careers are important, but they don't determine who you are.
Dr Rajiv Anand, Psychiatrist who conducts seminars on 'Fear and Panic Management', 'Obsessive Compulsive Behaviour' and so on, says, "Don't take your job loss too personally. It only magnifies the problem."
It is natural to feel like isolating yourself. But in fact, this is the worst thing you can do. You need people who care about you to help you get through the tough time.
Do not distance yourself from friends and family because loneliness leads to fear, rejection and then depression.
"Keep your mind calm and don't dwell on negative thoughts and worst case scenarios," Dr Anand advises.
While it is normal to have feelings of rejection, low self-esteem, isolation, anxiety, dejection and even resentment after being laid off, it is important not to let these emotions get out of hand.
If you experience any of the following symptoms, it would be advisable to get professional help.
- Disturbed sleep or insomnia
- Loss of appetite
- Loss of interest in activities you once enjoyed
Ignoring them might lead to depression, leaving you unfit for your next job.
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Financially speaking...
How am I going to recover what I lost in the stock market? How am I going to make my EMI without a salary? How am I going to meet my daily expenses?
This is the time when your savings and emergency funds come of use. After all, that’s what you kept that money aside for.
Ameet Patel, a chartered accountant and partner at Sudit K Parekh & Co, Chartered Accountants says, "At the present moment, you really need to be cautious when it comes to spending, saving and investing. Don’t be callous."
He gives you some smart money guidelines to help you get through the recession.
Real estate prices are going to drop. Builders are going to face difficulties and as the liquidity problem continues, they will be forced to slash property rates. Also, banks are going to stay away from liberal lending as they are not sure of whether they will recover the money.
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Career-wise...
"There is a major financial crunch and companies are forced to cut costs. A lay-off in the present situation doesn’t reflect badly on your performance and is not the end of the world," says Anita Shantaram, Director, Grid Consultants Pvt Ltd that conducts seminars and workshops for the likes of Infosys, IDBI Capital, Reliance Industries, Bajaj Auto, Crompton Greaves, Hinduja Hospital to name a few.
She tips you off on the immediate options after losing your job.
- Capitalise on a hobby Did you give up your hobbies when you passed out of college? Well, how about reviving them to make some good money? Say you've always had an artistic hand. Why not try selling your paintings to an art dealer or host a small art exhibition for the people in your neighbourhood? You could also sell your paintings online.
- Brush up on your skills Use this time to better yourself by sharpening your existing skills or learning a new one. Here are a couple of skills that could help enhance your professional life: - Learn a new language or perfect an old one. - Sharpen your computer skills and Information Technology (IT) knowledge. - Pursue a lucrative hobby class. E.g. learn to cook, play a musical instrument, make candles etc.
- Study further Treat the lay-off as a sabbatical to gain an added qualification, preferably something that will add value to your career. An MBA or other post-graduate course wouldn't be a bad idea.
- Consider shifting industries
Too big a step? Well, what have you got to lose?
For instance, if you are a marketing professional in the aviation sector, you could consider a marketing position with a well-established Fast Moving Consumer Goods company. They are always doing good business and considering the relatively low cost of their merchandise, will not be affected so badly by the recession.
You could also change your profession. May be, you got into investment banking for the money prospects but your dream was to make it big as a fashion designer. Pursue your dream. The timing couldn’t be better.
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