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How is the uncertainty of a lay-off to be overcome?

If your job has been or may before long be affected, you possibly have many queries on what to do with your career in the days to come. The good news is that you may have more options than you might know — provided that you don’t rush into anything too fast and you plan out your strategy wisely. Here are five golden rules to overcome the uncertainty of a lay-off:

*Keep your Investments Intact

In addition to keeping checks on your salary and your investments, you will also need to make sure that you are still secure when it comes to insurance coverage. This comprises health insurance as well as other options such as life, retirement and disability coverage.

* Enhance your skill-set with a relevant course/programme

The IT sector in India is currently undergoing a major transition. Technology and business shifts are impacting its growth and that of the employees alike. There is a continual anxiety of layoffs across the IT sector and the need of the hour is for employees to re-skill and cut this threat. A report by the Nasscom India Leadership Forum in February warned that nearly half of the 3.9 million people employed in India’s IT services sector would become irrelevant in three-four years, unable to keep pace with new technologies and eventually lose their jobs.

The need to upgrade and transition into more secure jobs in areas such as data analytics and finance is being felt across industries. It is essential for professionals to update themselves. One should focus on bridging the skill gap in sectors like analytics, finance and fintech by opting for job-relevant programmes and courses.

*Start networking

One must get out of one’s work circle and network on a larger level. Ensure that your network contacts are aware of what you are looking for so you are on top of their minds when they can make a referral. Social networking sites are another way to expand your network.

* Look beyond your KRA — Key Result Areas

Working in more than one area/field is what makes you an average achiever. Venture into other channels. For example, if you are a software engineer, you could also look at entering the sales team to bring more revenue for your organisation. Developing a multi-channel strategy and investing your time in each field wisely is the key to excellence in your career.

* Know your market value

Invest your free time in developing an understanding of your abilities, skills, experience and fit in the market. This would include a thorough analyses of your professional background. Knowing your worth in the market is essential in understanding your future career moves. For example, would you be interested in a career shift in the near future? What is the next rational step for you?

(Nikhil Barshikar is MD of Imarticus, a financial services and analytics ed-tech firm. He can be contacted at [email protected])

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