Employee what to do during recession


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Employee what to do during recession

  1. 1. Employee - What do I do during recession? TGC Prasad, Bangalore
  2. 2. Simple tips for employees during recession times Markets o We all know that markets have slumped o We read about job-loses in news papers o People talk about atleast 24 months of recession o Early entrants are not getting jobs o Companies are closing o Sales are not picking up o Suddenly cash has evaporated from the market o Profitability is severely hit
  3. 3. Simple tips for employees during recession times I am employee o I need to keep my job o I need to pay EMIs o I have a family to run o I need to keep working to sustain myself o I need to feel secure o I need to save a little money for a rainy day o ….
  4. 4. Simple tips for employees during recession times Basic Don’ts o Do not take too much vacation o Do not complain o Do not waste time gossiping o Don’t resist a transfer o Don’t resist travel o Don’t resist a salary cut o Don’t resist extra-work load o Don’t resist extra time at office if needed o Don’t change jobs in this market. It is too risky.
  5. 5. Simple tips for employees during recession times Basic Do’s o Be punctual to office o Ensure you pick up new skills o Ensure you deliver as per deadlines o Ensure that you contribute to knowledge forums etc o Do something innovative o Take training programs o Organize team meeting to improve productivity o Always be engaged & productive o Work doubly hard and save money for your company o Be cheerful, keep smiling, life goes on 
  6. 6. Simple tips for employees during recession times Daily Expenses o Take a stock of your expenses – actually write it down o Tick “Need to have” vs. “Nice to have” o Knock off all “Nice to have expenses” – Right Now! o Assuming you didn’t have a job – Plan for cash to survive for 24 months. Apparently, this recession will take atleast 24 months to come out of. Sit on cash! o Other tips to cut expenses – o Going to malls is expensive o Good restaurants are expensive o Impulsive shopping is expensive o Taking flights is expensive o Eating out daily is expensive o Check services which you are not using but have subscribed to o Going on vacations is expensive
  7. 7. Simple tips for employees during recession times The big loans o Home Loan & EMI o If you own one home and you are living in it and paying EMI, then see if you can partially fore-close it. o If you have two homes and paying EMI on both – o See if you can rent the second home – don’t bother about amount of rent. Rent to get cash flows going. Don’t feel bad that rental is not good enough. Trust me – it will soon be a great feeling to rent. o If you have enough money, then fore-close a significant part of it. If your interest rate is less than bank FD (which I doubt), then you don’t have to fore-close. o If you think the property will fetch a decent value, then sell it (though it is a buyer’s market)
  8. 8. Simple tips for employees during recession times Do I buy anything now? Do I invest? o Investing in stock and mutual funds? o Generate spare money every month – take a Systematic Investment plan (about 15% of your salary) – keep buying at low values for the next 24 months o Buy an asset – buy a house/apartment/land? o If you have cash and feel secure, this is a great time to buy. You can negotiate hard with builders/developers. Actually, you can write your own terms on the agreement. o First preference – Buy Land (always buy small sites, it is easier to dispose. Else farm land is a great option – big land, low cost) o Second preference – Buy House + Land (again buy from known developers) o Third preference – Buy apartment (you always wanted to buy that 3-bed/4- bed apartment from a reputed builder, but could never afford) – now is the time to ask for free. Some are being sold at ridiculous prices.
  9. 9. Simple tips for employees during recession times I am looking for a job – what do I do? o Enroll in a course / training / education as you are searching for a job. It enhances your skills o Enroll as a trainee anywhere you get an opportunity. Most trainees end-up getting confirmed employment as a build relationships in the company o Do not have any preferences regarding – City, Salary, Designation, Location, Shift etc. Just take it and gain experience. It is the first step to a long career o Go through references of people who are already working. o During job-interviews – the keyword which employers are looking for is “flexibility” o Agree for “any place/date/time” to take job interviews. If you don’t somebody else will take that interview slot. o Please improve your communication skills – this one skill fetches jobs!
  10. 10. Simple tips for employees during recession times These suggestions are tough – do I live life or not? o The new principle – “Happiness is inversely proportional to expectations/desires”. More the expectations / desires – lesser the happiness and vice versa o Some other ways to live great life – o Spend time with family – go for a picnic in a nearby garden o Exercise and walk a lot, drink lots of water o Listen to Radio, watch some TV o Visit Libraries, read books which you purchased, but never had a chance to open them o Go to friends place a for a dinner o Enroll into a hobby – music, painting etc o Do social service – start teaching, mentoring etc o Spend more time with your children o Join laughter forum, attend conferences and meet interesting people o Go for concerts
  11. 11. Simple tips for employees during recession times Don’t worry – what goes down will always go up Markets will rebound – these tips will prepare you to be a winner