To Keep a Job and Stay Solvent in the Recession

Every one talks about recession and we read about job losses, companies folding up and all that. What is totally glossed over is that the victims of recession are people.

The biggest challenge being faced is "How to keep my current job"

Here are some tips :

Basic Don'ts:

Yes I am starting with the don'ts because this makes more sense in the current scenario

o Do not take leave unless you have to
o Do not be negative
o Do not gossip, if you are noticed, you will be axed
o Don't object to being re-located
o Don't object to traveling
o Don't resist a pay-cut
o Don't complain about extra work load
o Don't resist working long and extra hours
o Don't try to change jobs. It is too risky.

Basic Dos:

o Be punctual
o Pick up new skills to add extra to your profile
o Meet all the deadlines
o Be pro-active
o Be innovative
o Read more and if possible take training programs
o Be productive and gel with your team
o Always be engaged & productive
o Try and work on a tight budget and save your company money
o Be positive and cheerful

About your Daily Expenses:

o Make a list of expenses
o Have two columns "Need to have" vs. "Nice to have"
o Cross out all the "Nice to have expenses" - Immediately!
o If you are currently unemployed, be careful with your money. Reports say that the recession will last for at least two years. Make your money last for that time
o Eat at home
o Walk or take public transport
o Good restaurants are expensive
o Do not indulge in Impulsive shopping
o Avoid taking flights as they are expensive

About the loans:

o If you are a multiple car family and can manage, just keep one car and sell the others and pay up your car loan
o If you own one home and you are living in it and paying bank instalments, talk to your banker about partial foreclosure.
o If you have two homes and paying bank loans on both, put your second home on rent. The rent may be paltry but in a few months you will be glad to see money coming in
o If you think the property will fetch a decent value, then sell it (though it is a buyer's market)

Buying new stuff / Investing:

o If you have the money, this is the right time to be investing in stocks 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. You will get it at a very low value. You can negotiate hard with builders/developers. Actually, given the current conditions, you can even write your own terms on the agreement.
o First preference - Buy Land (small sites that are easier to dispose or agricultural or farm land - that is huge and at a low cost)
o Second preference - Buy House + Land (research the builders or developers well to avoid being cheated)
o Third preference - Buy an apartment (the four bed-room one you always wanted but could never afford). Research it well, some of them are being sold at ridiculously low prices.

Already looking for a job? What to do?

o Go for additional degrees or certification. It enhances your job profile
o Do not be picky and enroll as a trainee somewhere. Most trainees get absorbed in the company once they have built relationships in the company they train in
o Network. Perhaps the old school mate you socialized with works for a company that is hiring
o During job-interviews - the keyword which employers are looking for is "flexibility"
o Therefore be "flexible" about city, salary, location, shift, designation
o Agree for "any place/date/time" to take job interviews. If you don't somebody else will take that interview slot.
o Most importantly, improve your communication skills - this one skill fetches jobs!!!