How to prepare yourself financially when you know layoffs are coming

As soon as you detect straws in the wind-peers receiving the pink slip, projects getting shelved, etc.-start preparing for the worst

Sanjay Kumar Singh
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Vishesh Prasad (name changed on request), 42, who works in Mumbai for a real estate consultancy as a content writer and communications personnel, was recently informed by his boss that he would have to relocate to Delhi, failing which his contract would not be renewed. “My company is on a cost-cutting spree. It has used the oldest trick in the book to get me to quit, knowing fully well that I cannot leave my aged parents behind and relocate,” says a disgruntled Prasad. With only three months left before his contract ends, he is frantically searching for a job. 
As the economy slows and companies try to pare costs, thousands across the country are finding themselves in a similar predicament. “Automobile, textile, infrastructure and telecom are sectors that have been hit particularly hard by layoffs, though the sentiment runs across others as well,” says Prabir Jha, founder and chief executive officer, Prabir Jha People Advisory. Arou

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First Published: Sep 25 2019 | 11:58 PM IST

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