scorecardresearchWorried about job loss? 3 tips to shield your family from a volatile economy

Worried about job loss? 3 tips to shield your family from a volatile economy

Updated: 27 May 2022, 07:44 AM IST

The rising attrition rate does not affect companies alone. Employees who lose their jobs are equally susceptible to uncertainties and insecurities ahead. 

Do not let unemployment disrupt your future.

Do not let unemployment disrupt your future.

You were hired for your skill or knowledge, but you must still strive to perform beyond your responsibilities. In this age of cut-throat survival where startup companies have laid off more than 5000 employees to date with many more expected to be shown the pink slip by these companies, conducting a reality check on your employability in the company and your fund management skills matter. You are the perfect audience for the following information if the current attrition rate bothers you.

A bit more matters

To start with, you must be aware of how your company is performing. To what extent has its revenues grown in the past year? Is it focusing on putting in more capital expenditure to expand its business operations? Many employees perform as per expectations while not realizing how a little bit of extra effort from their end can steer the company quickly towards achieving its vision. Employees creating more value than they are paid are more likely to hold on to their jobs, thus, escaping the brunt of unemployment and recurring job interviews.

Saving for emergencies

The future is always uncertain, especially, in today’s times when the global economy is heading towards a slowdown amid an unforeseen geopolitical crisis and rising inflation. All countries’ economies are under the threat of recession with some countries already on the brink of complete shutdown. During these times, having an emergency fund matters so that you have enough money in hand to pay for your daily utilities. Your emergency fund must contain money equal to your six months’ salaries. This means that you will have enough to pay your loan instalments every month till you get your next job.

Buy your insurance

It’s good if you have the benefit of corporate insurance, but do not rely on it alone. Before you rejoice, check if that meagre corporate insurance cover given by your employer to retain its employees is enough to pay for your hospitalization and subsequent medical treatment. Buy health insurance to secure your family irrespective of what your employer offers. You are responsible for the well-being of your loved ones. Do not expect your employing company to take over your responsibilities. Employers expect their employees to be loyal but may not reciprocate to the same extent.

These are investments that can beat inflation. 
First Published: 27 May 2022, 07:44 AM IST