News has been slowly making it to the headlines and India is probably facing its worst job crisis in over a decade now. After start-ups and the e-commerce giants, it is now the IT sector that is trying to get in shape with lay-offs.
The pampered new-age techie is capable of going into a personality coma if he is a casualty of the layoff and it’s needless to talk about the 5 year old tenured techie with EMIs. Here are a few tips to shield, steer, and safeguard finances and stay on your career track during turbulent times.
Upskill and Reskill: Large IT companies with ripe contracts in the finance and healthcare industries in the US are facing a threat due to the unpredictable conditions in their country right now. These industries are building in-house capabilities and moving to cloud based technologies. It’s important to understand the present market conditions and the skills that would serve this transformation or that would be in demand for the next few years. Reskilling and upskilling oneself would be the most important thing to do at this point.
Additional source of Income: Try working on a way to get you an additional source of income. It could be part-time or freelancing. Call it moonlighting, but it is just the essential trait required at this time of the hour. Start-ups can definitely use an extra pair of hands. Freelancing with start-up organizations can open new horizons on how you can use your skills for a new business. Perhaps, give you more confidence about your skills and how to better present them.
Education: If you are simply convinced that you don’t see a future for your skills in the next 5 or 10 years, then try getting an MS or M.Tech in areas like AI, robotics or natural language processing. However, take a look at your finances. Opt for an educational loan instead of ploughing into your savings and calculate the time you would be out of income and plan for your essentials and for commitments if any during this time. Tricky time but education is worth it! Certification, networking, steep career growth are all within your grasp if you can afford the time and money.
Hop on to a different industry: If you’re IT skills are currently serving an industry like finance, manufacturing or healthcare, large organizations in these sectors would be hiring in-house teams to handle their IT requirements. Position yourself and skills to those specific organizations and you are sure to find the right fit for your profile. The experience is sure to enhance your knowledge about the workings of the industry.
Being responsible: Are you willing to take complete responsibility for your career? Survival and success is just around the corner if you adopt this attitude in a grim job market. This means a whole list of things like revisiting your career options and picking the ones that gives you the best chance to make a bright career. In such market conditions consider the ones which give you a fighting chance. Relocate, revisit your salary expectation, envision yourself 5 years from now and make your path flexible to reach your goal.
Take stock of your finances: A job loss will mean revisiting every financial aspect of your life. Your savings, investment, expenditure, EMI’s; expected expenses like Insurance and school fees; and the money you have shelved away for emergencies! For many professionals who are in their prime earning years of their life, even 3 month period without salary would prove disastrous forcing them to take decisions which would hamper their career growth for good.