What's Your Plan B ?

 

Most of the working professionals around here have seen the ups-n-downs of the IT bubble burst of 2001, the sub prime gobal recession of 2009 and more recently the COVID induced chaos in job market and now the latest wave of 'mass' layoff news you hear from Tech sector (and even others) - Byjus, Twitter, Facebook and several others. 

You either experienced a layoff or job cut or right-sizing (whatever the management decides to call it) first hand or knew someone who was imapcted ... and maybe lucky to have just heard about it and not been impacted directly. But in either case, you know that the Organization is NOT loyal to its Employees and a job-loss is a very real possibility that can strike absolutely anytime without any notice period. 

You will be taken by surprise (and it will shock you when it hits you like a head-on collision). 

So ... whats your Plan B ? 

- Do you have enough emergency fund to survive 6 months without pay? 12 months? 

- Do you have a portfolio of investments that you could systematically liquidate on need basis? 

- Do you have an alternate source of income (however small or large) which will continue irrespective of your job? 

- Do you have any skills that can be converted into an income generating source if you lose your job? 

- Do you have any specific knowledge that can be converted into an income generating source if you lose your job? 

 

When you lose your job, you have a short term survival problem at hand and a long term concern of getting back to earning. 

You need to be prepared for both? 

The comfort of the monthly salary hitting your bank account can make you complacent and even give an illusion of stability. 

Be Proactive and have a Plan B in place. A comprehensive plan B which is cash and liquidity along with alternate source of income. 

In these unpredictable VUCA times, the Plan B is as important as Medical insurance or Life Insurance / Term Plan. 

You never want to use it .. but still got to prepare for the unforseen !! 

On that note, if you have lost your job in recent days or know someone who has, feel free to reach out for an hour fo probono / free coaching. 

I am positive that it will help boost morale and prepare for the next job interview or challenge that is taken up. 

#VUCA #UnpredictableLife #JobLoss #PlanB #layoff #coaching #jobinterviewcoaching #lifecoaching #insurance