How To Avoid The Pink Slip?

Last week, I got a panic call from my friend Ajay. He had just lost his job and was in mental agony and pain. He wanted to know how to realign his finances under the changed scenario. He is the father of two children. He has dependent parents. His wife is a homemaker. He has a home loan EMI to pay. And now, he is jobless. A poor soul.

Welcome to the ruthless corporate world. The corporates run on money. After all, it is a business and not a charity. It only understands the profit & loss statement. For that matter, everyone here is a commodity. With the change in the economic cycle, their growth prospects also vary. Hence at times, they are also forced to make harsh decisions. So, when the economic cycle turns downwards, the pink slips become inevitable.

We are almost in this stage of the economic cycle. The US economy is on the verge of recession. The inflation in Europe has peaked. This global trend is impacting Indian corporates as well. Every day we are hearing the news of layoffs. The tech giants in the USA like Alphabet, Microsoft, Amazon, and Apple have already announced the bad news. Since December last year, more than two lakh employees have lost their jobs in the USA. The situation in India is equally alarming. The start-ups, who had hired in droves, are now reducing the workforce due to growth concerns. Major IT firms are following their global peers. There is no respite seen anywhere.

The employees are clinging to their jobs and praying hard to retain the regular monthly pay cheque. They are desperate, worried, and concerned. They are aware that any day can be the last day at the office. Few of them are scared to open mailboxes at home fearing the pink slip. It is weighing heavily on their mind. The EMIs, the monthly bills, and the children's education all look hazy. The situation is that bad. In this situation, the best thing to do is to prepare for the worst.

So, here is a checklist on how to avoid pink slips and even if you receive one, how to manage your finances.

How to avoid pink slip?

Ten important pointers to avoid pink slips are:-

1. Be indispensable at your job

2. Be the best in your professional work

3. Up-skill continuously

4. Be a team member

5. Be client centric

6. Be humble, polite, and honest

7. Be result oriented

8. Be a good communicator

9. Be proactive

10. Be happy, joyful, and positive

I do understand that expecting all these from an average human being is just impossible. A corporate job is not a cakewalk. It is a daunting task. One has to fight hard to retain one’s position. It is a fiercely competitive world. At times it becomes too intimidating.

However, if you can’t don all the above hats, then I have a single-point solution for you. Just achieve financial freedom at the earliest, and you need not worry about the pink slip for the rest of your life. Read the below article on "How to achieve financial freedom."

Strive to achieve this stage of financial freedom, and you will always live blissfully!!!