- Business and Employment
Tough Job Market: How to Know That You Could Be Fired by Your Employer
Fear of losing the job is genuine
For the last few months, every second person (in employment) I met – whether in office or socially asked me about the job market, employment scenario etc. The main question behind these questions is “Am I going to be fired”, “How safe is my Job” or “If I am fired, how soon I can find a new Job”.
Naturally, losing job is a very painful event in one’s life. It may have far reaching implications, aspecting almost every facet of life such as Self Respect, Image in Society, Family Life, Family Budget and if the unemployment period prolongs it could invade very sensitive areas such as House Mortgage, Car EMIs, Holidays and even Children’s Education. Nobody wants to be in such a scary situation. As the saying goes, “forewarned is forearmed”, so from my experience, I share some tell tale sign of a possible loss of job.
Also I would like to put them under different headings which are main influencers on the job stability of any individual:
About the Author
Sundeep Kataria is the founder CEO of a Management Consulting Firm, which was established in 1991 in New Delhi. He professionally started the trend of CV writing in India. Till now he has helped hundreds of professionals in their career advancement with his expert services like CV Writing,Interview Coaching, Career Counseling and Executive Coaching.
His services are sought by professionals from all the fields and from fresher to top management level.
The contents of this hub are straight from his years of professional experience.
1. Economic Factors
The situations like sliding economy, sagging rate of growth and development, widening fiscal deficit, slow or negative rate of Gross Domestic Production (GDP), weakening of country’s currency are some of the early signs that something is not right with the job market.
However, before hitting the panic button, please see if it is cyclical or is it a knee jerk reaction to some specific Geo – Political – Socio – Economic even such as fear of a war, political instability etc.
If your analysis tells you that the recession is here to stay then you need to be concerned. Therefore, read on.
2. Industry Specific Scenario
The next level of indicators comes from the industry where you are employed. For example, if you work for a passenger car dealership, then you should thoroughly study the sales graph of the last few months of the passenger cars as well as the automobile industry.
To have a better picture, do study the demand forecasts by chamber of commerce or automobile manufacturers’ association.
3. Employer Organization’s Downfall
The wearer knows where the shoe pinches. Irrespective of the above two external factors impacting or not, your organization may be in bad shape due to some other reasons also.
The specific signs to take note of could be:
- The business of your company is getting technologically obsolete (such as floppy drives).
- Austerity measures being introduced
- Major drives to cut down expenses
- Salary cuts
- Sales of assets by the company to raise cash
- Recruitment freeze
- Delay in payments to vendors (too much)
- Appointment of special consultants or CEO/COO who have a reputation of being hired during tough / bad times
4. Your Department
Let us assume that you are a part of large team in the Accounts Department which is responsible for salaries and wages of its employees. You have got news that it is now going to be outsourced very soon. Also you know that your employer does not have a work load which is matching with your skills and experience.
Definitely it is a time to act fast - as not all of your team members would stand a chance to get absorbed suitably within the company.
Obviously some will have to go!
5. Your Performance Related
For whatever reasons, you have begun to have an uneasy feeling in the office. Your boss is very indifferent now; he does not want to discuss or review your performance; your colleague avoid any specific or relevant discussion; on the lunch table your usual friends are missing - these or similar situations are a hint that everyone (except you) knows that you may be asked to leave
To Sum Up
If you are constantly living with sword of anxiety and uncertainty having over your head, then it need not be any more. Based on above tips, make a check list of a few points and carry out an unbiased reality check. If more than 60% of your finding points towards a possible loss of job then don’t grapple with fear.
It is time to get on your feet and take solid action.
Other hubs you may find very useful
- Why Salaries are going up in a falling Job Market in India?
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- Common Mistakes in First Corporate Job and Tips to Avoid Them
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- How to edit your CV and make a Long Resume short: Success Tips
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- 7 Most Effective Personal Career Development Tools and How to Implement
To be successful in tough economic scenario, a proven & effective Career Development Strategy should be Good CV, Cover Letter, Smart Job Search, Interview Skills, Self Branding and Networking.
© 2013 Sundeep Kataria