What Yo Do If You Are Laid Off
A lot more companies are laying off people now as the investment in the AI is increasing rapidly. Recently a company have laid off around 300 Testers from their company as the AI has taken up the testing. Similarly a lot of juionr employees from one company have been laid off because now AI handles all the junior level tasks.
PC: Pixabay.com
It's not that the Jobs are not there. There are jobs but the competition is huge and the companies are targeting people who are on notice period so that they can join immediately. When you have 100 candidate for one job then getting a job after layoff is equally hard. Now the question is what to do if you are laid off.
Before thar if you are still working, then I would say thar you can defer your big purchases for another year or so to access the situation. I heard a news where a Microsoft employee recently bought a 1.5 Cr house only to be laid off after 2 months. So if you have a big purchases like House and Card, then delaying that for a year would be a better option.
Now if you are laid off, then you might get servelence pay for 2 to 3 months. But there are forceful resignation where they ask you to resign and on the spot you are relieved in thar case having a emergency fund is a better option. So if you are investing and don't have the emergency fund, then saving for emergency fund now is a better option.
Normally 3 months of living expenses is required. But since the situation is bad, so having 12 months if what needed now. When you have a 12 months runway, you are good because then you don't have to worry about job for atleast 12 months and you can prepare well. One of my friend got job in 1 year whereas another friend was still searching after 7 months. So it's better to have the backup.
Next thing is to ready for the interview. You might not be searching for the job but still you can be ready and continue giving some interview so that you remain relevant in the job market and along with that continue investing time in upskillimg mainly on AI.
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