With the global financial crisis now starting to afflict India, the season of pink slips is here. So, how widespread are these job cuts?
“It’s a mixed bag. There are sectors over-exposed to the US economy and the BFSI (Banking and Financial Services Industry) space, which will need to downsize,” said Sairee Chahal, Founder Consultant, SAITA.
No wonder job sites are seeing a jump in activity.
Nidhi Lauria, Marketing Head, Firefly eVentures, which owns job portal, Shine.com, said: “If you look at the range of people registering, it is not just freshers but people at all levels.”
But not everyone needs to live in fear of the pink lightning, Lauria assured. There are sectors, which are hiring and some will hire at an increased pace.
“Telecom, retail, BPO-ITeS, within IT, areas like hardware,” said Nidhi, will continue to hire.
Experts say multitasking is a good skill to have while looking for a job in a downturn.
“Companies have become careful about the kind of people they hire,” she said.
Some companies are resorting to salary cuts rather than job cuts.
Said Sairee: “It is a thought that a lot of SMBs (Small and Medium Businesses) and young businesses are considering. It’s better to have a pay-cut than fire people—a socially smarter option.”
Even then some of us will be victims of downsizing. Experts are of the view, that finally if one does get pink-slipped, one should not waste time moping. Negotiate with your employer to get a good severance package. Experts advise, fine-tune your resume, prepare for interviews and to add new skill-sets related to your job profile. Networking with people online and offline is a must. Take a copy of contacts and networks that you have built during your tenure at the workplace that you are entitled to.
Remember, when the going gets tough the tough get going.
This was originally published in Shine.com