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Vivek Kaul

Consider this. Many businesses, malls, cinemas, automobile companies, hotels, airlines, electronics and other retailers, publishingand bookstores, real estate companies, online platforms and even restaurants, are going to earn zero sales revenue during April.How are such companies likely to deal with this scenario? Among other things, by initiating salary cuts, postponing the date of joining of new hires, postponing fresh hires and finally, by firing employees.If you are a salaried employee, your chances of being in the line of fire over the next few months, are remarkably higher. What is it that you can do in this situation and be better prepared for it? Also, what are the points that you need to keep in mind.1 If you do not have an emergency fund, start building one immediately. A minimum of three months’ salary should be set aside for this. Having said that, some emergency fund is better than none.2 Ensure that you have a health insurance policy, over and above the company health insurance policy. Do remember, if you lose your, the company health insurance policy is no longer going to be valid.3 Also, don’t get obsessed in trying to figure out a reason for your firing. In situations, like these there may be no reasons other than the fact that the company wants to fire people.4 Also, you might wonder, didn’t the company have money even for a few extra weeks, to continue paying you. Maybe it did. But companies don’t just look at the past, they also plan for the future. So, they might be planning for a huge slowdown in business post May 3rd, when the current lockdown ends.5 Also, some companies look at crises as opportunities todown and become leaner. It is always easier to fire employees during a time of a crisis than otherwise. Who said the world is a fair place?6 Make sure you have the hard and soft copies of all your personal documents in place. These include your job contract, your increments, the offer letter etc. Also, ensure that you have erased all the personal stuff, if any, you have on your company laptop or the desktop, for that matter.7 Read your job contract carefully. Be aware of the severance pay the company needs to offer you, in case you are. Also, have your recommendations in place. Every company that looks at hiring you is going to do a background check.8 In case you are fired, do enquire if the company is offering any outplacement services. Also, figure out if there are any internal jobs available for which you can apply. Be ready to move to a different location. These are tough times and a flexibility on this front, will go a long way.9 Follow up diligently for the full and final settlement. Not every company is going to be fast about this.10 If your finances are weak, talk to the company and figure out how you can access the money you have saved regularly in the Employees’ Provident Fund.11 Build a proper profile on. It needs to have reasonable details of your past jobs along with good references of people you have worked with. Also, don’t hesitate in telling people personally or through the social media that you have lost your job and are looking for a new one. Networking really can go a long way sometimes.12 In the time you are at home try keeping yourself busy by taking on the free-online courses that are available these days. Figure out what’s new in your area of expertise and try learning that.is a great resource when used properly13 If you have enough money in the bank and investments, this is the time to sit and figure, whether you want to continue doing what you have always done. Money is not always about winning the rat race, it always helps in making good decisions in life.14 If you have lost your job and are stretched for money, try living a frugal life. To start with just go through your bank and credit card statements for the last one year. You will figure out, there are many expenses that you really don’t need to incur. Also, try paying off the loan with the highest-interest rate first.15 This is a slightly tricky one. If you are fired, even though it was no fault of yours, try having a story in place around this, for the next recruiter who comes along. Honestly, doesn’t always help on this front, good references might.Of course, all this can only help so much. Ultimately you need to find a job and get back to working and that is easier said than done.