PLANS & PRICING
In today’s world of freelance and gig economies, companies value contractual employees. This is especially popular in the western world and in India’s startup and IT sectors. Employees are paid large sums of money to work on specific projects, but there is a mutual understanding that ioce the project is over, or if the company needs to cut costs, these contractual workers will be the first to be let go.
In India, companies like TATA and Reliance employ individuals for several years- some employees have been with the organisation for their entire career. They do not pay exorbitant salaries but they are known to take care of their employees well- there is a sort of indebtedness of the company towards the employee.
This is not the case with the new age companies. The attrition rate is high and employees are let go as soon as the company’s objectives are achieved.
Therefore, being let go is not a reflection of poor performance.
So here are our tips for being let go-
Reflect- Look around you. If others in your department, your peers or those with a similar skill set are being asked to leave, maybe the company is merging, they may have had a bad financial year or are cutting costs. Or the case might be similar to what we have described above.
If you are the only one who has been retrenched, look back at your work in the company. Have you met your targets? Don’t look at the amount of effort you have put in. More effort does not always mean better work. Your performance is measured by your productivity and efficiency.
Your reaction- Although retribution may come as a surprise, make sure to keep your cool. Don’t get defensive or angry while you are getting the news and make sure to keep your emotions in check. You are allowed to feel your emotions (outside of the workplace) but then, you must get up and move on.
Challenge yourself- the best way to perceive being let go, is to take up the challenge. Take the opportunity to upskill, learn from your mistakes, and plug any gaps in your skillset. Find your niche and build upon it. Do this by taking courses, reading and learning as much as you can. Show yourself and others that you can and will excel at your next opportunity. This is also a good time to reflect on your career till now and identify transferable skills.
Read the fine print- Being asked to leave may be sudden, but that does mean that you are left high and dry. Just as employees need to give companies notice before they leave, you are entitled to some amount of severance pay. Be sure to ask for this and don’t be shy to follow until you get it.
Budget- This is the best time to manage your finances. Cut out unnecessary expenses. If you are supporting a family or are in need of an urgent source of income, ask your company about your Employee Provident Fund. This is some money that is saved from your salary and may act as a good source to tide you over a hard time.
References- Make sure to try and leave on good terms. This is extremely important for when your potential future employer will call your boss and coworkers for references and background checks.
Moving on - Looking for a job is hard and stressful. Create a LinkedIn profile if you don’t have one yet and make sure it is up to date. LinkedIn has even added a feature to help recruiters know you are open to working. Put in certifications and licenses, skills and successes. Reach out to your network and companies you aspire to work at for any open positions or opportunities. Industries such as Healthcare and Technology are always booming. Try and look for jobs in those sectors or companies. A good tip is to apply for a job even if you don’t think you will get it. If you don’t you would have expected it and if you do, you’ll be pleasantly surprised. Don’t be your own harshest critic.
Stay positive- this is a tough time but remember, sometimes things are out of your control. Stay positive and don’t lose hope.