Laid Off Tips To Avoid Financial Issues: Companies Are Doing Layoffs Due To Not Getting Expected Revenue, Profit And Growth. Looking At The Present Situation, The Employees Must Plan For Their Future.
Companies All Over The World Had Made Bumper Recruitments In Every Sector With The Expectation Of A Possible Boom In Business Due To Signs Of Major Changes In The Market After The Kovid Crisis. However, After The Pandemic, There Was No Significant Change In The Situation And Instead Of Rising, The Market Remained Flat. This Adversely Affected The Revenue, Profit And Growth of the companies. As a Result, Companies Started Layoffs to Reduce The Workforce. Twitter Laid Off More Than 3700 While Amazon Fired 10,000 People. Similarly, Several Dozen Companies including Meta, Robinhood, Microsoft, Coinbase, Lift, Stripe, Cisco, Zomato, Freshwork are in The Process Of Layoffs.
Layoffs: Fears Of Economic Recession. Hard Time For IT. Giant Companies Laying Off Thousands Of Employees
What To Do
What To Do In Times Of Retrenchment Employees Should Not Think That The
reason For Retrenchment Is Weak Performance, Not Because Of Poor Performance.
Rather, He Has Become A Victim Of Retrenchment Because The Company Has Not Been Able to Achieve The Results According To The Market. The Retrenched Employees Do Not Need To Worry Considering Their Performance As Weak.
Improve Your Skills
Employees Who Have Been Laid Off Need To Identify Their Strengths And Improve Their Skills. For This, Admission Can Be Taken in Short Term Online Courses. Prepare Yourself For A New Job In A New Way And Maintain Positive Thinking. Update your CV Again And Include New Positive Points In It.
Do Not Take Loan To Deal With The Financial Crisis
It Will Be Difficult For The Laid Off Employees To Maintain The Expenses. Children’s Education Expenses, House Rent, Vehicle And House Emis, Daily Household Expenses Will Definitely Be A Cause Of Concern For Those Employees, But They Are Not Trapped In The Loan Trap Of Banks or NBFC Companies To Bear These Expenses. Use Your Savings Or Borrow From Close Relatives To Make Ends Meet,
Because in That Loan You Will Not Have To Worry About Paying The Interest Rate And The Time Limit For Repayment Will Also Not Increase The Worry.
Activate Friend Circle And Networking
Employees Who Are Victims Of Retrenchment Start Feeling Disappointed, Of Course It Is A Bad Phase But Keep Yourself Strong. That’s Why Take Care Of Your Mental Health. Talk To Regular Family Members And Parents. Use Your Networking And Keep Talking About Jobs in Friend Circles. Apply Wherever You Get The Opportunity And Keep Positive Thinking.
It Is Very Important To Get Job Loss Insurance
The Biggest Crisis After Leaving The Job Is To Maintain The Expenses. To Deal With Many Expenses Including Loan EMI, Children’s Education, Rent, Take A Job Loss Insurance Policy, So That In Case of Such Problems In Future, You Can Live Life Without Worry. In Job Loss Insurance, The Insured Gets Financial Security On Losing His Job And Gets Monetary Help For A Fixed Period Of Time.