Dear Friends and Students
IMF said, "The ongoing war and associated sanctions will also have a severe impact on the global economy." "Price shocks will have an impact worldwide, especially on poor households for whom food and fuel are a higher proportion of expenses," "Should the conflict escalate, the economic damage would be all the more devastating."- CNN
What is it for you? Last week I sent a warming message,not warning!!.
I wish to send a similar note with specific instructions as a lot of final year students & those below 5 years experienced are planning for their work, work place, work location, work remuneration, and more!
You need to understand that if this situation cripples, we might have to prepare for more than 2008 subprime crisis (The fall of 2008, borrowers were defaulting on subprime mortgages in high numbers, causing turmoil in the financial markets, the collapse of the stock market). Some of the current final year students were 7 year old kids in 2008. They would have not experienced the fall. They might have not seen any great recession or job loss after 2008. Sometimes it leads to overconfidence.
The purpose of this message is to educate and inform or ignore if it is not appealing! Here are the 10 possible scenarios before selecting a Job or Internship.
• I am offered a good work (latest technologies) but less package- Recommendation: Join without thinking much about package
• I am offered a good work and high package - Recommendation: Check the company’s previous history of employee layoffs, where they are investing this technology (exposure to primary domains or fancy domains, major revenue sources at region level). If they are exposed to primary domains like agriculture, education, energy, livelihood and healthcare, you might still consider. If they are into non primary domains, if the investments are going to cut, you have to rethink
• If the company is struggling to get investments: If you can manage with less pay, If they give you good work, still you can experiment as you get end to end experience
• If the company is stable and offering a low end job: If your finances are tough, don’t experiment now. Continue to work at the same company but develop more competencies and invest for the future
• If the company is stable, pays high, good work and great employee friendly policies- you can continue to work but be conscious about your package. Later many companies may not be able to give you the same package and discourage you. Continue to work better and try to be in the top 20% of your organization. No room for complacency
• I want to experiment in life. Quit my job and do something on my own- Wait for some time till the market revives. It might take another 1-2 years. This is not the right time for experimentation. World is already struggling with the employment crisis. As of 2021, the employment-to-population ratio worldwide was estimated to be approximately 55.9 percent, indicating that just over half of the global working age population were employed. If war continues, if this number increases, there is no room for experimentation. God has already gifted us a job. You need to be happy at least you have some secure job.
• I want to start my own startup. If your financial condition is stable, it is the right time to start because many would join your startup for less cost to the company, they work hard, prove themselves and the success rate would be high once market revives. However, you have to bootstrap as investors' sentiment is less.
• I would like to shift from one location to another location within the same profile/company. Avoid this as team building requires sometime. Understanding a new set of people, a new set of managers takes some time
• I want to switch careers from one field to another- This is not the right time to switch as the time to prove would be thin. Rather strengthen your current competencies and wait for an opportunity
• I prefer working from home than working from the office. If it works and is manageable, working from the office is better in these conditions. Face to face interactions always improve sentiment, emotional bonding and togetherness. Avoid WFH if it is possible in your circumstances and your company offers WFO.
Having said that, these are mere suggestions and guidelines. Every individual context is different. You have to make SWOT Analysis (Strengths, Weakness, Opportunities and Threats) in your job context and future job context and make a wise decision.
Underline- Focus on Competencies and Skills- Not on Work location, Work Remuneration!
Ravi Saripalle
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