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Pink slips: 'A part of a professional's life'
November 3, 2008
Soon after Indian companies started laying off employees to cut costs, we asked Get Ahead readers to share their first-hand experience of being laid off and offer advice to those facing a similar situation.
Amit Shelar shared his experience of losing a job at the human resource department at a large hotel.
Today Get Ahead reader Anil Bansal, who currently works as a deputy general manager in an automobile firm in Delhi, shares with our readers how he coped with unemployment after receiving the pink slip from a manufacturing company he was working for in 2004.
I was working with a company that manufactured portable generator sets. After running profitably till 2004 my company faced product market stagnation for a period of more than three years. However, they still did not announce any voluntary retirement scheme and preferred planned/forced layoffs.
Later to cut costs, the company shifted its office from Delhi to Greater Noida, some 70 km away from the existing location. The company selectively stopped increments, promotions. To increase productivity they started unlimited working hours even to the extent of working 24x7.
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I realised that I was reaching stagnation in my current job in this company as deputy manager, sales. I had worked there for more than five years and instead of continuing to live a life of uncertainty I opted to quit. I had worked in this company for 11 years since 1993.
Unemployment period
I remained unemployed from July 2004 to November 2004.
Financial uncertainty
Survival seemed difficult initially, both mentally, as well financially. My monthly income had stopped suddenly and I had not planned any back up. The company paid us three months of salary but took more than a month to settle the payments. The payment that I got during the notice period was partial and did not include important heads like medical reimbursements. During the period of my unemployment, I survived by controlling my expenses like shopping for clothes, restaurant visits, continuous prayers and lot of support from friends and relatives.
Getting next job
The following initiatives helped me to secure a fresh new but good job:
Personal health improvement through regular long walks and yoga for gaining mental strength
Study of career options, changing/making multiple sets of resumes for different nature of vacancies
Resume development for increasing my interview call chances
Effective interview preparations, communication skill developments
Joining management classes for learning basics, skill improvements, IT skill development through attending technical courses
Development of PR and social networking skills etc
I finally got a job through my cousin's reference in a new automobile company in Haridwar. Fortunately, I got promoted as manager, finance & accounts. But I had to compromise on my salary. Luckily I was posted to Delhi during the project period of 15 months and later on shifted to Haridwar. Later for almost 18 months I remained a weekly traveller to Delhi. Thereafter I got promoted again and shifted to Delhi as DGM, finance and accounts.
My advice
I would always advise people that layoffs/ pink slips are part of a professional's life. It is important to think about opportunities and remain positive when faced with unemployment.
You need to live fearlessly and see pink slips as an opportunity to correct your career graph. The people who work in the private sector should always plan for difficult days (pink slips). Generally a savings of three to six months of salary should be considered safe. The other option is to look for constant source of additional income through some part-time/ weekend work plans.
Private sector in India today is full of opportunities and those with skills and ability to perform are always required. Pink slips are issued by failing/mismanaged organisations and one should look at them as an opportunity to move ahead in your career.
Also read: What if the Sensex falls below 10k?
Reader invite
Were you ever laid off by your employer? How long did you remain unemployed? How did you cope with your unemployment financially? How did you get your next job? What would be your advice to those laid off recently or fear the pink slip?
Share your views/plans with us. Write to us at getahead@rediff.co.in -- be sure to include your name, photograph, age, profession and contact details. Interesting responses will be published right here on rediff.com.
Photograph: SAID KHATIB/AFP/Getty Images
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