The closure of Tata Teleservices Limited (TTSL), the telecom unit of Tata Sons , will put thousands of its employees on the road. The Tata Group has informed the government that it plans to shut its wireless business, and will start the process in a month. There were 5,101 employees on its rolls as on March 31, 2017, as per the latest annual report.Though TTSL is preparing an exit plan for most of its employees, which includes a notice of three to six months, severance packages for those willing to leave earlier, a voluntary retirement scheme for elders and transfer of a few to other group companies, placement firms will soon be flooded with CVs. Mass retrenchments—especially when the job market is down—make it harder for employees to find jobs When new jobs are hard to come by and a lot of companies are retrenching employees, everyone must plan for the eventuality well in advance so as to avoid panic at the last moment and the resulting inability to survive the layoff. Below are a few steps you can take in advance and a few others after you have lost your job.Build an emergency corpus: Whether the spectre of a lay-off is looming or not, make sure you have a contingency corpus equal to six months’ expenses at your disposal. If you suspect that the job market is shaky, shore up another six months of loan EMIs.Get an independent health insurance: It’s another step you need to take before you lose your job. Don’t be secure in the knowledge that your company is providing group health cover to you and your family. If you suddenly find yourself jobless and you or any family member faces a medical emergency before you land another job, you will have to pay from your pocket and may not have sufficient resources to cover the expenses.Slash expenses and form a new budget: This is the first step you need to take if you get the pink slip. Depending on your savings and fund availability, you will have to re-frame the household budget. Make sure you give priority to fixed expenses like insurance premium, loan EMIs, investments and utility expenses, and slash discretionary expenses drastically. You can also assign the settlement money from your previous job for fixed or household expenses.Sell assets, take loan against investments, borrow from family: If you don’t have an emergency corpus, dip into your bank savings. If it’s insufficient, sell some of your assets or redeem investments like mutual fund units. You could also take a loan against assets such as fixed deposit, PPF, insurance, gold or property. The interest rate is not as high as that of a personal loan and you retain your assets. Do not, however, dip into your retirement savings and avoid taking personal loans or maximising your credit cards, which come with a high interest rate.Reschedule loan EMIs and insurance premium, stop investments: Among the most difficult financial obligations to fulfil if you don’t have a regular income are loan EMIs, insurance premium and investment instalments like mutual fund SIPs. If the finances are too constrained, stop your investments temporarily. Since the insurance premium cannot be avoided for fear of the policy lapsing, find out from the insurer if you can alter the periodicity of payment or reduce the cover amount temporarily. As for home or vehicle loans, you can request your bank for a temporary EMI holiday till you get a new job, or reduction of the EMI amount by increasing the loan tenure. Besides, consider the option of loan protection plans, which cover your loan against emergencies such as these.First try within the organisation: If you think you are likely to be laid off due to poor performance, speak to your bosses. Ask them for a chance so that you can improve. If that does not work, try getting a new profile. Seek transfer to another department or location.Update resume, tap online portals : If you can’t find a suitable role in your existing firm, begin an aggressive search outside. Rebuild your resume, update your professional online profile and tap online job portals.Reach out to your network: Another good avenue to exploit is your professional and personal network. Reach out to your former teachers, colleagues, friends, associates, and even family members. This can yield good results but not quickly.Take part-time job, not the first job offered: When you are desperate for a job, it is easy to succumb to the first offer that comes along. However, don’t grab the first job offer, especially if it doesn’t match your skills or offers a very low salary. On the other hand, don’t hesitate to opt for a part-time job. You can take up tuitions, teach art or singing, write a book, even take up part-time teaching jobs in private and professional colleges or universities that invite visiting faculty.Upgrade skills: Another important thing you can do to enhance your employability is to upgrade your skills by taking up a short professional course. It will not only allow you an additional leverage but also widen the spectrum of jobs you can apply for.Explore hobbies, entrepreneurship: Finally, the interim period may provide a good opportunity to tap your passions, hobbies and other skills. So by all means stage dance performances, take up art classes in professional colleges, write for media publications or take oratory classes. The only thing you should not do is give up hope and lose confidence. Whichever means you employ or route you take, accept the challenge head on and pursue the search for a new job proactively and passionately. You may have lost a job, but you could win a new and better opportunity.Here are the things you should avoid if you want to maintain your mental and financial balance, as well as land a good employment offer.Don’t panic or stress out: Financial obligations can push you into depression, but if you allow yourself to lose control, it will show in the interviews for the new job. Focus on your skills and be proactive in finding a job, instead of waiting for a call or moping.Don’t avoid creditors: If you have debts, be it credit card bills or loan EMIs, don’t go into hiding. Meet your bank or financial institution and request a restructuring to suit your payment ability. The bank is likely to oblige if you’ve been a trusted customer.Don’t dip into retirement corpus: At no cost, dip into your retirement savings, because even after finding a job, you are unlikely to rebuild the corpus immediately, losing out on the investment opportunity.Don’t take the first job: The temptation might be strong, but avoid the desperate bid for the first job that comes your way if it offers a very low salary or does not suit your skills. You will take a long time to raise your income and become frustrated.Don’t badmouth your employer: No matter how unjust your dismissal, do not badmouth your boss or organisation. If word gets around, you will find it hard to find a new job because no one wants a whiner and you would have burnt your bridges with your employer as well.