As you know that every economist is predicting recession in coming time across all the economies of world. Due to this companies top management including HR dept. has started thinking ways and means to reduce cost. In service industries i.e. banking & finance, security etc. Salary is major cost component, hence attracting action in cost reduction drive.
What should you do? Whether to wait for management decision helplessly? Or to take any action before they decide to increase your chances of retaining your job. When you search new job, you do lots of efforts. Why should you not effort for saving job? In this environment it will not be easy to get new job? So need to be proactive.
I am suggesting a methodology which might be helpful to save job of 75% of employees. It will we be worthwhile to note that any employer don’t want to retrench trained and seasoned employees unless he lost all option. As setting ecosystem of employees and trained them involves huge cost and time. Steps are given below:
1. You need to live in present and have to mentally prepare yourself for acceptance of new scenario without any regret or negativity. You never ever think of what you were doing in past.
2. Assess the risk of revenue decline/profit decline/demand decline or discontinue in industry (to which your employer belong)/product or service line/your profile of work. While deciding you need check whether your industry/product or service come under discretionary or compulsory spending. Also you need to assess capability of your immediate junior to replace you. The more the adversity of above factors, more will be risk. In first step prefer to retain. Do not think to change job.I will give you list of industry under discretionary or compulsory spending if you require.
3. As a proactive step you have to offer them option with two advantages:
a) Salary reduction voluntarily between 20% to 35% depending upon risk assessment above and slab of salary. Here it will be best if all employees collectively offer or discuss this with HR and top management and give them hope that you and your team is with them. You should not be greedy here as reduction collectively will have significant effect on them.
b) You also offer your desire work in other vertical of work as you will be able to do the same. Here you need to determine list of other vertical and their assessment of risk and nature of work.
c) You need to be positive and 200% focused at your work and achieve what you can. Don’t do any waste of time i.e. use of social media, gossiping etc. maintain cordial relation with senior, junior and customer.
After doing all efforts if you are not able to save your job, you need not to be disheartened. There are many options to tackle this issue. I will let you know in my next article.
(Author of this article is C.A. Pradeep Kumar Varshney.He is an Expert of Economics)