Pink slip? Move ahead and take revenge of the situation

With the economic slowdown, we get to read at least a news in a week about the lay offs. Unemployment rate is going up. Many companies sales decline in their quarterly release and so there has been mass lay offs in days due to downsizing as a cost cutting measure. In this fall season, we see many companies and employees falling off. This has affected all the industries. Not just the IT, but the real estates, manufacturing, banking, hotels and many other. People spending money is noticeably decreasing, that has eventually affected all the sectors.

Pink is no more a favorite color for the work folks. Pink slip is the way to notify a person, that he has been terminated from the employment. It is the American practise to issue pink slip to notify the layoff. It is the dismissal notice printed in pink paper. It means, you are fired.

When a company is in crisis due to the economic situation, reported loss, the first thing that comes into their mind is to layoff, the workers and cut some expense that which save them a sizable figure in the payrolls.There is no security for the employee in a company, even if he has been there for 5 years or more and even become the permanent, full-time employee. There is no binding that the company has to pay some compensation, even if there is some compensation, it will be no fancy one. Hence, the firing is more advantageous for the employer as he gets some cash spared due to lay offs in his financial crunch. But it is ironic to see that, the CEO's who got fired came out with big severance packages.

It is common to have mass layoffs when there is merger among companies. So, when companies merge, usually layoff rate will be high as to eliminate duplicate positions of both the companies. So only the best among two will be retained. You may be performing very well in your position say a General manager, in a company that you are working. But when your company merges with some other company to balance the loss and stay in business, then you will be compared with the other companies General manager. And if he has strong record educational qualification, skills, progressive appraisal and reputation, then your position is vulnerable. So when you are laid off, it does mean that you are worthless. It is just that you are not the top. Just blame it on the economy. It is the same for all the positions in the merger and the acquisition companies. So always the bottom performers will be in danger. Sometimes it does happen that the company loses completely and there is no chance to survive in the business. So it just closes off, sacking all the employees and closing eventually. This does not take place in a day. But, it will slowly notify the employee to find for better offers elsewhere and immediately agreeing if anyone decides to quit.

Sometimes, there will be some signs that a person is likely to get pink slip but in come cases, it will be a shocking surprise. The chances of pink slip is high where your company goes for merger. When a person is in bench, without much workload then his position is risky. When a person is not given much responsibility or the project he handles is not of much importance and not high revenue earning then he is at risk. If the project has several employees with the same amount of skill set and technical capabilities, layoffs are likely. When people ignore a person for the important meetings, when a person is moved to different projects within a short period of time. When a person is given hopeless projects and unacceptable deadlines, it means that they know that he will give up and their purpose of firing has a good chance. In such unsure situation, where there is no job security, and if that person start looking out for a job and the management comes to know about it, that will be a good reason for them to fire. When recent performance appraisal is not satisfactory, well that may be bad for the non-performer. Also in some cases, where two or more from same family work in same place, like, both husband and wife working in same company, one among them is likely to get fired.

Getting pink slip and being fired is not the end of the world. It does not show a person's failure. Of course, it does have a huge impact on a person, but you should relax and not panic. First make sure that you get all the severance package. Just negotiate and see if you can get more. Also, take care that you get what all has been promised like en-cashing your vacation, medical benefits overtime etc; during your joining. Focus on what has to be done. Be positive, may be a great big opportunity is waiting for you. Look for several options that you could take on. Move ahead and take revenge of the situation. Regain and search of a new career, try to get into a better job, with better pay and allowances so that you will not regret for what ever has happened.

Always, try to do wise savings that will really help in such situation. In laid off situation, getting another job immediately in such bad economic situation will be tough. So in that case, when you have savings, it will be really helpful in managing your day to day needs. Always make sure that you have financial back up so that you will get going with your routine atleast for 3 or 4 months where you need to pay the rent, phone bills, utility bills, food etc. So saving right is more important.

JNLakshmi

Article Source: http://www.saching.com

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