Tips on how to survive a lay-off

This week we focus once again on downsizing that has hit the workforce. The victim in all of this - the unsuspecting employee! A versatile young man shares his layoff experience and life after a layoff.

Nigel Coelho, 24, a marketing professional with a foreign exchange company was laid off from his job about two weeks ago.

This was Nigel's second full-time job. His first job was marketing a sound production company.

Being axed

Our company was taken over by a big player in the market and all those who belonged to departments other than foreign exchange were fired. Apparently, the company that took over has its own sales and marketing team and found no use for us any longer.

So did the layoff come as a surprise? There wasn't any forewarning but rumours were floating around. After that, the big guys in the company ie VPs and directors began to resign. We took our cue from that. We knew we were on the hit list. And right enough, by the end of January we got the news.

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Post layoff woes?

A job provides a steady source of income and once you are out of your job that source of income dries up immediately. But since our company gave us two months severance pay, it gives me some time to get back on my feet.

I don't think I'm down and out. There are a lot of people who have families to support and loans to pay off, but I don't have any of those liabilities. I am unmarried and live with my family.

Making money

I think the important thing to remember is not to be too dependent on your job (a single source of income). It's good to explore other money-making options, especially hobbies. That way you can make money while you have fun.

I have my own sound set up at home with a mike, mixer and sound card. I do some recording occasionally for friends to sell it. So I get a commission from that. Besides that, I trade in shares on a daily/ weekly basis. I find that a very good source of income. You win some, you lose some. But after a while you learn the ropes.

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Plan of action

I have no worries at all. I'm using some of this time to rest and have a good time.

I plan to take up a one-year post graduation course soon and that will complete my 16 years of education. I will then go abroad to study further. Hopefully, once I'm done I'll come back and get myself a job with a fat pay packet!

Moral of the story

• Never be caught unawares. Listen to what is going on around you, but don't gossip. Also, don't take everything you hear too seriously and don't act upon it unless absolutely necessary.
• Don't blow up all your earnings in good times and don't take loans etc if you don't actually need them.
• Remember that a job is just a job and doesn't determine who you are. If you are good, another job will come your way.
• Don't waste time moping. Use the time to study because extra knowledge never hurt anyone. You could even learn a language or a musical instrument.
• Turn your hobbies into a full-fledged money-making business. You could also make money in the share market even in the short term.

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