Technology and automation have encouraged development in the corporate world like never before. And with the worsening economy, organisations across the globe are under constant pressure to cut costs and improve margins. Coupled with fluctuating GDP rates, inflation and other such factors, job loss due to cost cutting has become an acceptable plan of action. "Employees today need to be aware of the economic uncertainties, and be prepared to face an unfortunate event. Being prepared includes, building on the savings for a little runway, ongoing training and education, networking and most importantly being aware of the workplace environment. The first thing to do is retrospect, evaluate skills, leverage network and explore options including alternative career options. Many a times, a job loss could force an individual to a better and brighter future. There are times when people have lost jobs and have started a successful business or made a fortune in a different startup," says Navin Chugh, MD and SVP, First Advantage, India.
When a person's job ends involuntarily due to budget cuts, it is normal to feel a sense of loss and the need to take some time to begin to heal. Even though the job loss is due to budget cuts or reorganisation and is not your fault, it is common to feel insecure. It can also be hard to tell your friends and family. Ronnie Dias, head HR, Nalco, An Ecolab Company advises, "It is important to understand the financial payments and support package put by the company. Most companies put together out-placement programmes for displaced employees - take advantage of them. Assess your immediate financial needs and keep aside expenses that can be put off. Break the news to your family; let them be there for you.
Ask for a recommendation from your previous supervisor on the work you have done in the company. This will substantiate that you were truly a severance related to cost cutting. As painful the job loss is, over time, the experience will lead you to be a stronger person."
Manage the stress
1. Give yourself time to adjust
2. Allow yourself some time to absorb what has happened, deal with the initial emotional reactions of yourself and significant others.
3. Be open to support from and discussions with those at work.
Don't be ashamed
The one good thing about all the jobs that have been lost in the last decades is that there are fewer stigmas attached to losing your job due to economic factors. It is not a matter of personal failure anymore.
Community and networking resources
Reach out and use everything that is offered to you by the communities you are a part of. A crisis like this gives you the opportunity and permission to get help.
Dixon Jose, head - HR and admin, Hyundai Construction Equipment India Pvt Ltd advises, "Begin with looking out for opportunities in nearby or with competitor firms, where similar skill sets may be useful. Get in touch with your contacts in the industry, speak to people who you think will give you a lead. In the meantime, ensure all the final settlements and legal dues are properly settled by your ex-firm, including severance package, if any, so that immediate requirements are met. It is important that you do not get demotivated and lose hope. Believe in your abilities and keep looking out for any opportunity. While looking for new job, do not restrict yourself to very specific demands from prospective employers like a particular salary, a particular city, a particular industry, etc."
These situations are hard, embarrassing and could be depressing. An individual must look at this as an opportunity for a change, and a break. Stay positive. This could also be a time for travel, a break needed to spend time with family, and seek strength from friends, family and the network, or go back to school for an MBA, law, or film making course to pursue your dreams.
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