Career guide: Tips to cope with job loss

By,
Suresh Rajagopal 


The slow growth of business over the last few years both globally and in India has meant that job losses in India are now as much a reality as in the West. Despite this, we find many executives are unprepared for such an eventuality in their careers. Many Indians still feel that a job loss is a disaster that could happen to somebody else and when they lose their own jobs, they are in a state of shock. Some take it very personally.

Here are some pointers that could help in coping with a job loss.

>> Reading the warning signals:

You need to be adept at reading the signals which could tell you that a job loss is a probability. The most common signal to watch out for is whether your company is doing badly and bleeding. However, with MNCs one needs to be aware of how the company is doing globally as we have seen that a bad performance globally can adversely impact the Indian arm even when it is doing well here. One should also be able to delink one's own professional growth in a company from that of the company itself, to be able to read the big picture of how the company is faring. We have coached one executive who had to face a job loss and was in a state of shock as he was continuously promoted over the last few years at the company. Though he was doing well individually, the company was not going anywhere. Being ensconced in our own comfort zones can lull us into a false sense of complacency, causing us to miss the signals of impending trouble.

>> Check what can be retrieved from the situation:

Assuming that you have been informed you are about to be laid off, it is important to work out other details with the company in an unemotional manner. Is there a possibility of a severance package? Can you continue to be on the rolls without being paid a salary so that there is no employment break on your CV? Is it possible to continue in some part time capacity till you find another job? If you had a goodrelationship with your employers, you will be surprised to find that some of these may be possible. For example, we know of a financial services conglomerate which had to shut down some branches of its NBFC arm and lay off its people but then tried very hard to accommodate these people in its banking arm.

>> Preparing oneself and family:  

Mental strength counts for a lot in such situations. It is important to take your family into confidence. We know of an executive who could not bear to share the information of his job loss with his wife and made a pretence everyday of getting dressed and going to work and returned in the evening after spending the entire day at a library or a coffee shop!! Needless to say, this is stress inducing behaviour and it is just not possible to keep up appearances for long.  One needs to be prepared for such a situation and know fully well that finding another appropriate job could take months or even more than a year. What will neighbours or relatives think is hardly relevant; after all today a job loss can hit anybody.

>> Preparing financially:

The reason a job loss hits people hard is because of the financial impact it can cause. In current times of large housing loans and EMIs, a job loss can cause havoc to a person's finances. The solution really is to have an emergency fund or kitty ready which can take care of necessary expenses for six months or even a year so that one can calmly focus on finding the next job.

>> Leverage your network:

In most cases, after a job loss, especially in a senior position, your next job is most likely to come from your network of contacts. While you are without a job, the chances of finding your next job through normal search channels are generally low. Reaching out to as many of your contacts as possible is important.

>> Having a plan B is important:

What if you were to not find a job after 12 to 18 months of search? What is your plan B? Would you take an overseas job in a far flung area like Africa? Would your family be able to shift along with you? Do you have any entrepreneurial ambitions? Can these be put into action? Are you the type who can keep busy in the meanwhile by taking lectures or being occupied in some other activity? Depressing as it may sound, we know of many good executives who are on the wrong side of 40 and 50 and have not found jobs for several years. Having an alternative plan is critical.

>> Lastly, enjoy the time away: 
Yes, this sounds strange. How can one enjoy during a phase of life when one has been laid off and is desperately looking for another job? However, being calm is much better than suffering from stress and anxiety, thereby affecting one's health and relationships. Instead, free time can be invested in spending more time with family and kids, reading and working on fitness.
Coping with a job loss is a challenging phase of one's professional career but it need not be a life threatening event if one prepares for the same.

(The author is co-founder and CEO of Mumbai-based Consumerge Wealth Managers which specialises in wealth management, HR consultancy and coaching. He has spent over 25 years in senior management and leadership roles.)