Tuesday, September 30, 2008

How to face Lay offs ?

Question : My company is planning to reduce the staff ? I am not sure whether my name figures in the list of employees who will be asked to let go ! How to face a situation when i am asked to leave ?

Raghav :
This is becoming a pretty common scenario these days in many companies that are not able to sustain their business in view of the overall economic slow down.

My advise is to not wait till the obvious happens, start your trails today why wait till the last minute ? The following article will help you to face with this kind of situation.

The following points will go a long way in surviving in the turbulent times :

Discuss :
Your family is the first to be affected if you are pink slipped. Your close friends are the ones who will stand by you in the thick and thin. Go ahead and talk to them openly about the turbulence you are facing. Seek support and i am sure you will get their sympathies.

Finances :
Plan your recurring expenses per month. Keep a cushion for the next 2-3 months, till you get into a job make cash available to pay that loan - home, vehicle, personal or others. Encash your fixed instruments and stay on cash.

Network :
To stay afloat one has to cultivate and nurture a professional network. This will keep you in good stead to take care of any surprises on the career front.

Re-skill :
May be it is time for you to catch up on those things which you do now know. Join up a course which will help you enhance your professional knowledge. This will help you to expand the scope of your job search.

Compensation :
Assess the market and price yourself properly. If you have a gut feeling that you are currently over paid have a relook and be prepared to take a cut in the salary and benefits if this is a stumbling block and is keeping you away from the next job.

Relocation :
The place you want to work - there may not be good opportunities. Keep your options open with respect to the job location. Yes it would be difficult if you have a family and school going children. It is a proven fact that people who have relocated have grown faster and reached top quickly than those who are immobile and stay put in the current location !

You can add more points which could help the needy !

Founder HRinIndia
Indias Biggest HR Network
HR Guru & Strategist
Bangalore, India

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