Have you lost your job or expect to be laid off in this ongoing and post corona covid19 world.
Economically the world and especially India is sliding-down towards a setup– where conservatively speaking at least 1 person among 5 [in wonderful booming conditions] and 1 person among 3 [in worst case scenario] - WON'T HAVE THEIR JOBs.
Although - if government of India shows the intelligence and maturity of welcoming all the US, European and Japanese manufacturing industries which are trying to get out of China - to India, by giving carte-blanche operational clearance and by providing them with land and other things on a war-footing.
> Then we may see a very vibrant economy within couple of years - otherwise the predictions of this article has big probability of happening like India missed the earlier bus too in short-sightedness and lack of economic-leadership-maturity.
The most affected working-class which are going to be hugely-negatively-impacted – are the daily-wagers, contract-workers, front-line to middle-level executives - the life is going to be much-much tougher for them, if not downright pathetic.
Barring heavenly-miracles [which has not happened since the history of the mankind] – the economy or the job/business scenario is not going to change FOR BETTER for a very-very long time – in fact it will keep getting worse in near future.
If you are a regular-salaried or ad-hoc working class engaged in projects, temporary assignments or a piece-meal profession [where proverbially you need to dig the well every day] – going will be very-very challenging [in fact the word challenging would acquire newer horrible meanings].
Please understand few hardcore, blunt and straight forward facts
- 1.Indian economy with its huge government-budgetary-deficit – just does not have any lee-way to create stimulus for boosting economy [few developed countries can bear the strain – but they too would scale down all the spending.
- 2.In fact, as the current scenario is concerned the government is almost bankrupt – after bailing out the banks, the corrupt businessmen, the rich industries [this is Indian paradox – we have rich industrialists but sick-industries and making huge expenditures in erecting the stone statues etc.
- 3.Besides this, they kept on coming out with budgets which were totally protectionist and completely anti-reforms – which could have put India on solid footing to face this crisis more effectively
- 4.Because of this global scenario which is fast approaching a global-recession – most of the countries who are large consumer of Indian goods and services – would go for low spending – resulting for almost all the export-dependent industries/businesses would be most negatively affected maybe to the point of closer of few.
- 5.Because the government failed to take advantage of the opportunities in las few years – which countries like Bangladesh, Vietnam, Cambodia, Sri-Lanka etc. lapped up – picking up and boosting those industry through local consumption would be almost impossible tasks.
- 6.It is going to be completely different than 2008 recession – because then the Government had lots of reserves [ this time all the RBI, SEBI and many similar reserves are already exhausted]
- 7.The Local-CONSUMPTIONs [especially those which are economy-boosters] – would be slide further and further down – in the industries/business like - Construction/Real-estate, Automobiles, Travel, Tourism, Hotel, Hospitality.
- 8.All these industries will have cascading domino's effect on their dependent ancillaries as well as related industries
- 9.And unlike in 2008 recession when the business and industry had good 10 years from the years 1999 onwards - In today's scenario - the corporate India does not have any other choice but to cut back on work-force, cut-cost, reduce production etc. etc.
- 10. Most of the small business are going to collapse for lack of demand – MY NEXT Blog topic – what to do if you lost all your money and business.
- 11. Very like in the year 2008 – the freshers from good institutes – many of who got the offer-letters for job may find these are not getting honored, students coming out of third ranking institutes can only hope on creativity, innovation OR prayers alone – which we have seen fails the majority when they need it most.
- 12. Many-many more NRIs would land-up back in India [because they will lose jobs in their current places]– so the job market would become even more crowded and cut-throat would become ruthlessly-cut-throat.
- 13. If you are senior leadership person and lose your job – it would be very difficult for you to find any opening – as there would not be any movement at your level – and you can bet that people who are better fit are in the hunt for the jobs too
- 14. If you are lucky to retain your job – you won't find any financial growth like increments/promotions/ bonuses etc. – in fact many of you would actually thank god if you retain your jobs with serious pay-cuts.
- 15. If you were jobless – before this crisis – your wait for a job could be indefinite – unless you have managed to acquire a skill or qualification, which makes you an attractive bargain for them to acquire.
When you read all the above points you will feel this message nothing less than dooms-day announcement.
But it is also equally true that by panicking – nothing major is going to happen – except making yourself and your dependent and loved ones more tense – without serving any cause.
This article is written with the sole hope that – the reader who are affected or most likely to get affected – should get into the action mode immediately so that thy can remain ahead of the people who would start when the tragedy strikes.
This identical scenario will be there in many countries of the world – please read by blog on - https://successunlimited-mantra.com/index.php/blog/essentiality-of-redefining-your-future-right-now-1
But – if you are from the group that claps, bangs, burst-firecrackers and are celebrating this misery of Corona-virus-covid19 - by doing anything like this – you don't need this blog as you already have job of doing all these and all future innovative ones.
45 must do steps for Preparing for Life after Job Loss – almost all of the following have separate DIY articles in Success Unlimited Mantra's blog section "from the heart of Subhashis"
- 1.Emergency Fund – if you have had the prudence to create it for at least 12 months expenses – it would be a real blessing
- 2.Check your financial status – on how long you can carry-on without becoming anxiety-freak
- 3.Bring expenses down to the only most basic necessities like – food, shelter, medicines, studies
- 4.Google Yourself - Know Your Worth as well as internet persona already there
- 5.Get Help - Reach out to everyone you can, recruiters, friends, old colleagues and let them know you are looking for a new opportunity
- 6.Find and attend every social and professional and industry networking events
- 7.If possible be a speaker or panelist to come in the limelight
- 8.Learn how to prospect with class
- 9.Identify which mistakes you can avoid and what can you do better in your next job
- 10. What can you do to make yourself attractive for employers
- 11. Create clear value-proposition for your employer, your boss, your employer's customers and your employer's team – based on your strengths and track-record
- 12. Learn to encash your expertise by way of teaching or helping someone for making money and also for the sake of helping only
- 13. While the landing a job cannot be guaranteed – ensure that you take short-term assignments that you can get
- 14. Identify the powerful people who have great influence in the industry – enroll them as mentors
- 15. Try jobs and works those are non-conventional
- 16. Identify all the debts and loans that you owe – as these lenders are going to become ruthless in collection – you have to create a plan
- 17. Ensure that your health insurance is current
- 18. Note down your latest job description – enhance your CV using all the major responsibilities, roles and projects that you have handled
- 19. As you have enough time – match the keywords each tie in your cover-letter as well as in your CV by updating it each time you apply for a new job
- 20. Update all your social and professional media profiles like LinkedIn etc.
- 21. Never badmouth your ex-employer - Prepare to be investigated through background checks – it surely a great help if your bosses give positive recommendations
- 22. Find out which skills are going to be in demand in future in your industry or a new one you can migrate – acquire, develop and polish new skills
- 23. Understand that you need enough time to process your losing the job as it is one of the most stressful events that will create many parallel experiences of fear, anxiety, depression, resentment, and anger
- 24. Face the reality that you don't have your job – and that you have to bounce back ASAP
- 25. In this brutal, cruel and cut-throat job market - you need to be flexible and need to consider all alternatives
- 26. Create a daily disciplined routine and regimen – that is getting up at the same time like you were when working and then using creativity and networking find ways to get engaged meaningfully
- 27. Don't apply for all the jobs – apply selectively where you feel best fit – to avoid unnecessary expectations as well as frustrations of rejections, which will be plenty
- 28. Keep yourself inspired - even if you don't hear back from recruiters and employers
- 29. Don't feel sorry BUT fight back intelligently
- 30. Develop and polish your soft-skills
- 31. Seek help from Your Spouse, Your Children and other trusted Family members
- 32. Using all the available tools of person to person connect, the centers of influence, internet search, job consultants, job-portals and newspapers - Diversify Your Job Search Activities
- 33. Stay connected with your ex-employer and coworkers meaningfully
- 34. Put all your long-term goals requiring celebrations and expenses - on hold
- 35. Let go of the way life should have gone – accept that Looking for a job is now your main job
- 36. Volunteer to work for a powerful social cause – besides being a motivation booster it is also a great networking tool
- 37. Take care of yourself
- 38. Avoid going for alcohol or any such thing like smoking etc. to kill your grief
- 39. Focus on happiness and getting fun out of small things
- 40. Exercise and right amount of sleep
- 41. Practice relaxation techniques
- 42. Get involved in hobbies and activities that makes you feel meaningful
- 43. Identify what you can't influence and Focus only on what you can control
- 44. Invest in Your Personal Development
- 45. Create your elevator pitch – which has powerful Impact and can summarize your key competencies and benefits for the decision-makers in your industry
Read my blog - Coping with relationship woes when you are laid-off in http://relationshipandhappiness.com