employee what to do during recession
TRANSCRIPT
Employee - What do I do during recession?
TGC Prasad, Bangalore
Simple tips for employees during recession times
Markets
o We all know that markets have slumped
o We read about job-loses in news papers
o People talk about atleast 24 months of recession
o Early entrants are not getting jobs
o Companies are closing
o Sales are not picking up
o Suddenly cash has evaporated from the market
o Profitability is severely hit
Simple tips for employees during recession times
I am employee
o I need to keep my job
o I need to pay EMIs
o I have a family to run
o I need to keep working to sustain myself
o I need to feel secure
o I need to save a little money for a rainy day
o ….
Simple tips for employees during recession times
Basic Don’ts
o Do not take too much vacation
o Do not complain
o Do not waste time gossiping
o Don’t resist a transfer
o Don’t resist travel
o Don’t resist a salary cut
o Don’t resist extra-work load
o Don’t resist extra time at office if needed
o Don’t change jobs in this market. It is too risky.
Simple tips for employees during recession times
Basic Do’s
o Be punctual to office
o Ensure you pick up new skills
o Ensure you deliver as per deadlines
o Ensure that you contribute to knowledge forums etc
o Do something innovative
o Take training programs
o Organize team meeting to improve productivity
o Always be engaged & productive
o Work doubly hard and save money for your company
o Be cheerful, keep smiling, life goes on
Simple tips for employees during recession times
Daily Expenses
o Take a stock of your expenses – actually write it down
o Tick “Need to have” vs. “Nice to have”
o Knock off all “Nice to have expenses” – Right Now!
o Assuming you didn’t have a job – Plan for cash to survive for 24 months. Apparently, this recession will take atleast 24 months to come out of. Sit on cash!
o Other tips to cut expenses –
o Going to malls is expensiveo Good restaurants are expensiveo Impulsive shopping is expensiveo Taking flights is expensiveo Eating out daily is expensiveo Check services which you are not using but have subscribed too Going on vacations is expensive
Simple tips for employees during recession times
The big loans
o Home Loan & EMI
o If you own one home and you are living in it and paying EMI, then see if you can partially fore-close it.
o If you have two homes and paying EMI on both –
o See if you can rent the second home – don’t bother about amount of rent. Rent to get cash flows going. Don’t feel bad that rental is not good enough. Trust me – it will soon be a great feeling to rent.
o If you have enough money, then fore-close a significant part of it. If your interest rate is less than bank FD (which I doubt), then you don’t have to fore-close.
o If you think the property will fetch a decent value, then sell it (though it is a buyer’s market)
Simple tips for employees during recession times
Do I buy anything now? Do I invest?
o Investing in stock and mutual funds?
o Generate spare money every month – take a Systematic Investment plan (about 15% of your salary) – keep buying at low values for the next 24 months
o Buy an asset – buy a house/apartment/land?
o If you have cash and feel secure, this is a great time to buy. You can negotiate hard with builders/developers. Actually, you can write your own terms on the agreement.
o First preference – Buy Land (always buy small sites, it is easier to dispose. Else farm land is a great option – big land, low cost)
o Second preference – Buy House + Land (again buy from known developers)
o Third preference – Buy apartment (you always wanted to buy that 3-bed/4-bed apartment from a reputed builder, but could never afford) – now is the time to ask for free. Some are being sold at ridiculous prices.
Simple tips for employees during recession times
I am looking for a job – what do I do?
o Enroll in a course / training / education as you are searching for a job. It enhances your skills
o Enroll as a trainee anywhere you get an opportunity. Most trainees end-up getting confirmed employment as a build relationships in the company
o Do not have any preferences regarding – City, Salary, Designation, Location, Shift etc. Just take it and gain experience. It is the first step to a long career
o Go through references of people who are already working.
o During job-interviews – the keyword which employers are looking for is “flexibility”
o Agree for “any place/date/time” to take job interviews. If you don’t somebody else will take that interview slot.
o Please improve your communication skills – this one skill fetches jobs!
Simple tips for employees during recession times
These suggestions are tough – do I live life or not?
o The new principle – “Happiness is inversely proportional to expectations/desires”. More the expectations / desires – lesser the happiness and vice versa
o Some other ways to live great life –
o Spend time with family – go for a picnic in a nearby gardeno Exercise and walk a lot, drink lots of watero Listen to Radio, watch some TVo Visit Libraries, read books which you purchased, but never had a
chance to open themo Go to friends place a for a dinnero Enroll into a hobby – music, painting etco Do social service – start teaching, mentoring etco Spend more time with your childreno Join laughter forum, attend conferences and meet interesting peopleo Go for concerts
Simple tips for employees during recession times
Don’t worry – what goes down will always go upMarkets will rebound – these tips will prepare you to be a
winner