PERSONAL SPECIAL ....................... THE BACK-UP PLAN

 THE BACK-UP PLAN 

When  the economy is like a rollercoaster where ups and downs are inevitable,  it is essential to have the perfect ‘backup plan’.

    “There is no alternative to strong performance - it nurtures confidence and organisations think twice before letting go of their best performers. In this context, it is important for an employee to remain valuable to the organisation by constantly reinventing and keeping oneself engaged. Insecurity impacts performance and so, remaining focused and committed to excellence at one’s job is key, regardless of the changes in the external environment,” says Nishchae Suri, partner and head - people and change, KPMG in India.
    Sanjeev Dixit, who is currently leading the people management and development strategy as a CPO at ABD says, “When a person loses their job, they should know that this is not the time to panic and instead focus on how they can im prove their cross-functional skills. This enhances their employability and they will be valued more than the people who are a part of the organisation.” During the 2008-2009 recession, India was also a victim of the massive global lay-off wave and Dixit was one of the people who was affected by this and lost his job, but he did not let this break his confidence. Instead, he and his wife started their own talent management firm, which kept them going till he found the perfect opportunity
at ABD. “The key is to never stop networking and establishing yourself as a brand by continuously upgrading your inter-personal skills and leveraging your strengths.”
    Looking at more practical options of protecting oneself from such volatile markets, we find that a few banks and insurance companies are starting to provide employees with protection against job loss and supporting them during many unforeseen circumstances. Sanjay Datta, chief - underwriting and claims, ICICI Lombard General Insurance Pvt Ltd says, “Loss of job cover is offered by a few banks, which may be in the form of a lump sum benefit. These kinds of add-on policies provide for payment to salaried persons in case of joblessness due to retrenchment/lay-off. However, they do not cover voluntary resignation or retirement, performance and integrity-related issues, or any loss of job during probation period. They are offered primarily with loans availed from financial institutions and serve as financial protection to the customer.” Rajita Kulkarni, an art of living teacher and also the president of World Forum for Ethics in Business suggests a few steps that you can take to cope with the mental trauma of losing your job:
KNOW THAT IT IS NOT THE END OF THE WORLD; LEARN TO MEDITATE AND RELAX; BUILD A SOLID NETWORK; TREAT IT LIKE A BREAK. As for motivation and building your confidence while on-the-job, Dixit says that it is very vital for everyone to always pen down their strengths as this helps build your motivational skills and you start looking at your job with more positivity rather than letting it affect your performance.
    Suri lists a few things that an employee should consider before getting into a downward spiral: a. Actively seek feedback on one’s work from the manager and look to constantly improve and develop one’s knowledge and skills; b. Engage in positive and constructive conversations at the workplace. This has a direct impact on improving one’s own engagement levels; c. Think of avenues to grow with the organisation - volunteer for strategic initiatives by stretching yourself at work.
    So the next time you lose your job or find yourself in an uncertain position, just remember to always stick to your back-up plan.

Yashovardhan Bhatia TAS 131113