How to get rid of the fear of layoff
But it’s something you must be prepared for. "You must realize that in a fast-growing economy and dynamic marketplace, termination is going to be a natural norm - whether you like it or not," says Nishant Agarwal, founder of the freelancing platform Toogit Solutions Pvt. Ltd.
The last one year has seen big layoffs in the information technology (IT), financial services, telecom, automobile and start-up sectors. Mint reported that over 10,000 people have lost their jobs in the Indian start-up ecosystem since August 2015. Tata Motors has cut up to 1,500 managerial jobs, while HDFC Bank let go of 4,581 people in one quarter. Job cuts in Indian IT companies are expected to be in the range of 175,000-200,000 per year over the next three years. So what should you do? Think strategically about your situation - this will help you deal with the stress and find a way out of the situation. We will suggest some ways to get you prepared before and after the lay-off.
Accept the reality
Yes, no matter what, you need to accept the harsh reality that layoff is eminent. You could be good at what you do, but you will get laid off if you don't fit in the current paradigm of your company. This can be proven really well by looking at recent lay-offs in Cognizant, TCS and similar companies. Both the companies cut-off their mid level management. Not all of them were poor performers. But, they were fired just because they were no longer needed. Bitter but truth. The sooner you accept it, better you will be prepared for the future.
Don't put all your eggs in one basket
This idiom is commonly used in investment markets. However, this is very well true in real life and with your career as well.
When you are working for someone and are totally dependent on their salary then you like it or not but you have put all your eggs in one basket. If your employer decides to fire you, you are doomed.
If you are an IT professional then why are you giving all your time to just one company. Just check out the portfolios of other successful professions like medical or lawyer or chartered accountant. They do not limit themselves to just one employer. They serve and earn from many at a time. So, why are you limiting yourself.
Learn time management
Even if you are doing a full time job you spend 8 to 9 hours in office. Still you have 15 to 16 hours to plan out things and improve your life.
Hence, it's important to learn time management and utilize it carefully. If you can spend 7 PM to 10 PM of your time in doing something productive instead of watching TV then you can remove your dependency on job and can safeguard your future. Learn new things, think ideas and work on them. Get out of your comfort zone before it's too late.
Start Freelancing
Still cannot think of anything better to do along with your job? We will suggest an easy way out, start freelancing. Freelancing is something which we all do but never realized that it is freelancing. Our plumber is a freelancer. Our Electrician is a freelancer. Everybody does it in some way or the other. We just need to understand it and work on it to earn from it.
To start freelancing you do not need any big investment and it can be started any day. According to estimates more than 70% IT professionals do freelancing and it is a thriving economy. It is expected to be of size 2 billion dollars at the moment and is expected to grow 10 times by the year 2020. Below are the quick steps to get you started with freelancing.
- Sign-up on a good freelancing website.
- Create your profile. We advise you to read this guide before you proceed with creating your profile.
- Be smart. Use smart tools. Freelancers are growing faster compared to freelancing jobs. It's getting competitive day-by-day. So, it's important to use smart tools like auto-proposal to stay ahead of everything. Auto-proposal submits auto bids on your behalf 24*7 (even while you are sleeping) and thank god it doesn't cost a bomb. You can enable it for as low as just 100 bucks for a year. To learn more about auto-proposals follow below mentioned three links.
- Work hard to learn and impress clients. Money will follow. In freelancing world, like any other investment plan, you need to first invest before expecting any return. Invest in technology, tools and clients. These investments will help you earn entire life.
We understand it is not easy to get rid of the fear of layoff if you are dependent on single source of income. But, freelancing can provide you multiple sources of income while keeping the existing job. This will not only boost your earning and confidence but will definitely eliminate your fear of layoff.
Don't believe us? Just give it a try. It doesn't cost anything.
Last Modified: Jun 10, 2018