How to save your job in recession

The word 'recession' is being frequently used in India in recent months despite the fact that the economy continues to grow and that even at 7 per cent in the current fiscal and perhaps 6 per cent in the next one, these will be amongst the better growth years for the Indian economy since independence.

However, there is certainly a deep recession as far as jobs for the highly educated are concerned. Ironically, this may be the first time in India's history when it is more difficult for the professional graduates to find employment or appropriate employment, compared to the less educated millions.

Those who are currently struggling to find a decent job include engineers, management graduates, IT sector-trained professionals, fashion designers, merchandisers and other retail sector professionals, pilots and other aviation industry staff, and other professionals.

The problem is even more acute for those in the middle and senior management functions who have lost their jobs in the last few months.

Steps to overcome the “Recession”
Keep building that online persona. Share who you are and what you’re about online — through a email/blog or other means. Raising your professional profile online is one of the best ways to attract new job and business opportunities your way. Don’t just create an online version of a resume; get active and connected online.

Create additional income streams, even if you are an employee. Or perhaps especially if you are an employee — because your salary is vulnerable to disappearing all at once, while freelancers and business owners usually have multiple clients.

How can you create additional streams of income? Find a side job as a freelancer (be careful not to break any of your employer’s non-compete policies by doing so), start an ad-supported blog, sell products online, or offer consulting services in your field of expertise. While none of these things will — at least initially — make enough money to replace a full-time-with-bennies job, they can cushion the pain of income loss while teaching you new skills and growing your professional network.

Stay aware of what the market wants. Even during a recession, jobs go begging when employers can’t find people with the right skills. Even if you’re not looking for a job or more contract work right now, Do job listings using searches that match what kind of positions might interest you. You’ll keep yourself informed as to what skills you might need to add to your arsenal, what companies are hiring in your area, and whether hires in your field are trending up or down.

Invest in human capital. In other words, beef up your skills. You don’t have to spend money on classes to do so, though that might be the easiest way to learn the basics of something unfamiliar to you.

 

You can spend your time: find an unpaid internship with training as your compensation, do volunteer work for a nonprofit, get involved in an open source effort, or start your own just-for-learning-purposes project.

Create social capital too. If you do lose your job or a major client, your next one may very well come through your online network of friends and associates. Your online social network can not only help find new opportunities just when you need them, it can also provide emotional support when you go through tough times.
Follow these tips and you will likely keep your job and be able to ride out the recession.

Always follow these below principles:
Assertive and be Positive: People who are bringing the team down and spreading the rumor mill are definitely the ones who are going to be on the Hit-list and the people who tend to get laid off are those who have been vocalizing their dissatisfaction with their jobs or their company for some time. It may not be easy to change as quickly - your negativity but it is suggested that – be more assertive, Meet with your boss and recommend ways you can improve the situation in your department or in your company. In other words, show your colleagues your change of face. If being positive about your job or your company is impossible, then it is advisable that you start looking for another job.

 

Team Player:

Getting along with others is critical when downsizing is on the table, at these times it requires cooperation, flexibility and a willingness to go the extra mile.

 

 

Sacrifice and Dedication:

Some CEOs of banks plagued by the subprime mortgage crisis have given up their bonuses to save their reputation and their job. Giving up a bonus, forgoing a few paychecks and purchasing supplies out of your own pocket certainly shows dedication. But be careful of offering to take a pay cut. You risk being perceived as having less value if you're willing to accept less money. You're earning what you're earning because you're worth it.

 

 

Hone Your Skills:

Workers need to understand their companies' business, its challenges and different functions in the organization. The more they know, the more versatile and valuable they'll be and the more easily they may be able to transfer to another department if theirs gets shaken up. It is recommended that workers use opportunities to volunteer on safety committees or for events to meet other people in the business and ask them about their roles, departments and takes on the company. It is important to have continuous learning for IT workers. The more they understand the business, the technologies they uses now and how those technologies will interface with future ones, the more valuable they are.

 

 

Avoid Rumors:

Rumor mongers are high on the list of people to cut during a downsizing, so let that be your warning. Although it doesn't pay to spread gossip, it can pay to listen to it. Staying attuned to what's going on inside your company, including all the gossip, can help you anticipate changes, "If there's a rumor that your department is going to fold or downsize, you can identify other areas of the company where you could transfer your skills. Just remember that you can't trust everything you hear, whether it comes from the water cooler or the CFO.

 

 

Vision & Lead:

"Executives are expected to set the vision and reassure people of the path the company is on," "This is not the time to go in your office and shut the door. Show decisiveness, strength and integrity. Show that you're combating the rumor mill."

 

 

Enthusiasm:

"The project you're working on right now is really important because you're only as good as the last project you worked on," And let's face it: That's the way personnel decisions are made.

 

 

Adaptability for Change:

"If you can develop an attitude that nothing is going to stay the same and that your organization and your job will always be in flux, that will help you cope, - Be ready for whatever change may come up.

 

 

Don't leave your job – Just make a checklist, as below:

If you do get laid off, make sure you gather the following documentation before you're escorted out the door. References from coworkers, superiors and subordinates in writing Past performance evaluations Letters and e-mails from customers expressing positive feedback Your job description

Published date : 10 Sep 2009 01:00PM