The biggest layoff’s post pandemic has happened just recently and there is no hiding that there was an immediate impact on the economy on a whole when investors lost nearly 7 lakh crore in the nick of time!
Layoff’s not only take a toll on a person’s financial goals/plans but also has a huge impact on a person’s personal, family and societal relationships as a whole. It is really a rattling experience and research has also shown that this can lead to anxiety, depression and suicidal tendencies. The cause of worry durning a layoff is usually the uncertainty surrounding one’s life and employment. If this happens once this can happen again and again. The only people who do not get laid off is the people whom you cannot find replacement and this is directly linked to the talent and uniqueness that a person shows. With the current trend almost all kinds of jobs in the market has an abundant supply of man power and replacement is still easy if not fast. Most of the work is getting automated and desk jobs are becoming outdated and increasing the cost for the companies that recruit manpower!
Though not a great news this is indirectly going to help small scale startups as there is abundance of supply in man power with better skillsets at a lesser cost. This can be a blessing in disguise but can create a long term instability to the small scale businesses as well.
There is no real solution for protecting your Job apart from having a strong skill set which can generate revenue for the company and without your presence the company is going to loose more than what they are paying you!
"Lost your job during the layoff’s, time to bring back the glory in your life by finding a partner who can soothe your pain on our app by buying the premium subscription now” Read one of the dating apps ad on instagram!
On lighter note this can actually help you distract from real issues and can actually bring in a sense of calmness and cool you down but this cannot be a solution to all of your problems for sure.
The problem arises when your dating app partner asks you out on a date and you do not have the money to spend for the date. Boom! Your worries are back and your instability increases!
So what is the exact solution for this and how can you handle the layoff situation! Let’s not speak in the perspective of decision makers, policy makers, govt., etc,. But in the perspective of a common man who has been the victim of the situation and who is the actual sufferer?
What can one do?
A few simple things to not solve your problems completely but can improvise the situation and put you up in a better shape:
Take a chill pill: Accept the fact that this has happened and stay calm and stable in order to take better decisions as no human being takes the best of decisions with a heightened scale of emotions and a burden on the head!
Manage the identity crisis: Work is a major part of your identity and its rightly said that you are what you do. So try and build an identity for yourself apart from what work you do.
Put together a financial plan: It’s important to learn from mistakes for a better future and for that you need to make sure that you don’t repeat the same mistakes again so emphases on things like savings and investments from the further money that you are going to get.
Time to start that business you had in mind: If you had business plans for future in mind, it is the right time to execute it. Raise the money you needed for it through loans and investors and make that big idea successful. Build your website and social media accounts and make the first impression there online. It will distract yourself from the existing crisis and also build a new identity for you and also gives you a scope to earn that extra money!
Build New Skills: Its time to upgrade your skill set with the free resources available online. They say make hay while the sun shines.
After all it’s not the end of the world for you it’s just a makeover and preparing you for the doomsday.