Big IT companies are all in the process of laying off their employees. Most of those who are taking a hit are senior and mid level professionals with 10 to 20 years experience. As the growth in the industry declines, even the lower level employees would be targeted.
Very recently, Cognizant has offered a ‘voluntary separation incentive*’ to its top-rung staff in India. It’s nothing but buying out employees to separate through resignation or optional retirement. Over 1000 employees at Infosys are expected to be laid off soon. Most of them belong to level 6 category, serving as leads and senior architects.
More of such cost cuttings are anticipated across IT companies, raising the fear of crisis in most working professionals. What if such a situation hits you? Are you prepared to deal with such an unexpected storm?
Though the preparation can be endless, let’s start with a few crucial points that will prove to be vital in the need of the hour.
Cut Down On Expenses and Save Up
Spend only for your basic expenses like food, utilities, housing, etc. Trim all your non-committed expenses and divert the money to savings and emergency fund. The funds could come in handy until you get placed elsewhere.
Get Insurance Cover
Health insurance offered by an employer, expires once you are out of the company. So it would be wise to buy a separate insurance policy that can cover your emergency medical needs.
Begin Your Search For New Job, Build Network
Build your circle for you to find a new job even before you are laid off. Just refresh your resume, join right social media groups, and attend networking events. Let people know that you are in search of a job. Make the use of the outplacement service provided by the company, if any.
Do not hesitate to opt for a part time role, even if it is not your stream. Do not turn up your nose to ‘less than ideal’ openings. Accepting a job for short term helps cover expenses and stay out of debts.
Get Your Complete Financial Planning Done
Get in touch with an expert like Arthayantra for complete advice on overall financial planning. Create a well-diversified portfolio for systematic investment planning and set up a systematic withdrawal plan (SWP) to generate a monthly fixed income source.
Thorough financial planning and timely investments across right channels surely helps you survive a layoff. Be wise, make investments through right channels, cover your risk profile and rest assured. In simple, make the most of the money you earn today.
