Thursday, December 18, 2008

Employee - What do I do during recession?


Markets

• We all know that markets have slumped
• We read about job-loses in news papers
• People talk about at least 24 months of recession
• Early entrants are not getting jobs
• Companies are closing
• Sales are not picking up
• Suddenly cash has evaporated from the market
• Profitability is severely hit

Simple tips for employees during recession times

I am employee

• I need to keep my job

• I need to pay EMIs

• I have a family to run

• I need to keep working to sustain myself

• I need to feel secure

• I need to save a little money for a rainy day

Simple tips for employees during recession times


• Basic Don’ts

• Do not take too much vacation

• Do not complain

• Do not waste time gossiping

• Don’t resist a transfer

• Don’t resist travel

• Don’t resist a salary cut

• Don’t resist extra-work load

• Don’t resist extra time at office if needed

• Don’t change jobs in this market. It is too risky.

• Simple tips for employees during recession times

Basic Do’s

• Be punctual to office

• Ensure you pick up new skills

• Ensure you deliver as per deadlines

• Ensure that you contribute to knowledge forums etc

• Do something innovative

• Take training programs

• Organize team meeting to improve productivity

• Always be engaged & productive

• Work doubly hard and save money for your company

• Be cheerful, keep smiling, life goes on

Simple tips for employees during recession times

• Daily Expenses

• Take a stock of your expenses - actually write it down

• Tick “Need to have” vs. “Nice to have”

• Knock off all “Nice to have expenses” - Right Now!

• Assuming you didn’t have a job - Plan for cash to survive for 24 months.

• Apparently, this recession will take at least 24 months to come out of. Sit on Cash!

Other tips to cut expenses

• Going to malls is expensive.

• Good restaurants are expensive.

• Impulsive shopping is expensive

• Taking flights is expensive.

• Eating out daily is expensive.

• Check services which you are not using but have subscribed to.

• Going on vacations is expensive.

The big loans

Home Loan & EMI

• If you own one home and you are living in it and paying EMI, then see if you
• Can partially fore-close it.

• If you have two homes and paying EMI on both

• See if you can rent the second home - don’t bother about amount of rent.
Rent to get cash flows going. Don’t feel bad that rental is not good
Enough. Trust me - it will soon be a great feeling to rent.

• If you have enough money, then fore-close a significant part of it. If your Interest

• Rate is less than bank FD (which I doubt), then you don’t have to fore-close.

• If you think the property will fetch a decent value, then sell it (though it is
a buyer’s market)

Do I buy anything now? Do I invest?

• Investing in stock and mutual funds?

• 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

• Buy an asset - buy a house/apartment/land?

• If you have cash and feel secure, this is a great time to buy. You can negotiate hard with builders/developers. Actually, you can write your own terms on the agreement.

• First preference - Buy Land (always buy small sites, it is easier to dispose.
Else farm land is a great option - big land, low cost)

• Second preference - Buy House + Land (again buy from known developers)

• Third preference - Buy apartment (you always wanted to buy that 3-bed/4
Bed apartment from a reputed builder, but could never afford) - now is the
time to ask for free. Some are being sold at ridiculous prices.

I am looking for a job - what do I do?

• Enroll in a course / training / education as you are searching for a job. It enhances your skills

• Enroll as a trainee anywhere you get an opportunity. Most trainees end-up getting confirmed employment as build relationships in the company

• Do not have any preferences regarding - City, Salary, Designation, Location, Shift etc. Just take it and gain experience. It is the first step to a long career

• Go through references of people who are already working.

• During job-interviews - the keyword which employers are looking for is “flexibility”

• Agree for “any place/date/time” to take job interviews. If you don’t somebody else will take that interview slot.

• Please improve your communication skills - this one skill fetches jobs!

These suggestions are tough - do I live life or not?

The new principle - “Happiness is inversely proportional to Expectations / desires”.

More the expectations / desires - lesser the happiness and vice verse

Some other ways to live great life

• Spend time with family - go for a picnic in a nearby garden

• Exercise and walk a lot, drink lots of water

• Listen to Radio, watch some TV

• Visit Libraries, read books which you purchased, but never had a chance to open them

• Go to friends place a for a dinner

• Enroll into a hobby - music, painting etc

• Do social service - start teaching, mentoring etc

• Spend more time with your children

• Join laughter forum, attend conferences and meet interesting people

• Go for concerts

• Simple tips for employees during recession times

Don’t worries - what goes down will always go up?

Markets will rebound - these tips will prepare you to be a winner



Useful Links to Read:
01. Parents - Like an Apple Tree
02. Good Thought
03. 21-happy-tips
04. way-of-thinking
05. cogitated.html
06. for-better-sleeping
07. thougth-of-day
08. positive-angle
09. smiling
10. swami-vivekananda
11. creative-thougth
12. greateful-thougth
13. effortive-thougth
14. great-improvement-thougth
15. big-thing-big-smart

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