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RETRENCHMENT
How to Survive and What Can You Do About It?
How to Survive and What Can You Do About It?
Some Practical & Effective Advice
RETRENCHMENT? NO, NOT ME.
Congratulations. It is good to know that even during this tough period, your company is not badly affected. This is a good example of sound and effective management. Keep up the good work.
Ok, but on the other hand, if the current economic situation worsens, it is very hard to say whether you will be affected or not. So, be prepared. Upgrade yourself with new skills, so that you are more "valuable" to the company and maybe, if eventually the market situation deteriorates and your company is forced to retrench, at least you are "more marketable".
Ask yourself a few questions. If you are retrenched:
- Are you the sole bread-winner?
- How long can your current savings last?
- How confident you are about getting a new job? How Long do you think you need before you can find a suitable job?
- Are you prepared to go into a different line of work if the current line you are in has suddenly become very badly affected by the economic situation and everyone get retrenched? Do you have the necessary skills and qualifications to work in a different line?
- How badly will your family be affected? In terms of your expenses and lifestyle?
Ponder hard over the above questions and see what you can do NOW to adequately prepare yourself, in the event that the worse does happen. For example, are there any courses you can take to upgrade yourself? What about cutting down on unnecessary expenses? Do away with luxuries and stick to the basics. Start having regualr family meetings whereby eveyrone can propose measures to cut down on the overall family expenses and start saving in a "contingency fund", just in case you have not done so already.
The most important is: BE PREPARED. And you will be able to face it without much damage. All the best.
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