6 Tips to survive losing your job in the IT industry

And, the number of IT employees or techies being given the pink slip is only increasing with each passing day. Nearly six lakh people will lose their job over the next three years, according to McKinsey & Company. And the larger chunk will find that their jobs have gone redundant. It’s probably the time to hope for the best, but prepare for the worst. Here are six tips to survive the tough days.

Ramp up savings

With the uncertainties cropping up, it is very difficult to gauge who would or would not lose their jobs. If you happen to be one of them, then there should be considerable savings to help you stay afloat and avoid a chaotic situation. To begin with, cut down on your expenses and ramp up your savings. Don’t opt for longer duration monthly investments, but rather short term plans. It is not the best time to make any big purchases either, and you should hold on to that thought of buying a car or an iPhone.

Upgrading your skills

McKinsey & Company report said that nearly half of the workforce in the IT services firms will be irrelevant, owing to the shift in technologies. IT sector is currently embracing a shift in pattern and the curve embraces newer technologies such as cloud, AI, data analytics and so on. Most jobs are being lost to automation.

Companies are also looking at in-house services rather than relying on outsourcing. This has led to decreasing contracts. So, it’s time to look for some re-skilling options. Whether within in the company or courses offered by institutions, it’s time to stay relevant with the latest in tech.

Newer technical opportunity

If you think a newer technical opportunity is come your way, but you have to take a pay cut due to lack of experience in this new-age tech like cloud or so on, then you could probably give it a thought rather than quickly declining it. This will help you gain experience in the promising technology that seemingly is the future, and open doors to bigger projects in the years to come.

Acknowledge and stay calm

While this is easier said than done, it forms one of the key aspects. If you've lost your job or do lose one, firstly stay positive. Acknowledge the situation and regain control as soon as possible. Be proactive at job searching, resume updating and do not hesitate to ask for letter of recommendation. Your attitude will matter the most. So, don’t get irked over others asking about the loss of job, they probably want to be helpful.

Networking

It's networking and professional relationships that often offer job leads. Do not hesitate to expand your professional circle with those who may or may not be directly linked to your job profile. If you haven't invested enough time in doing so, then you need to start now. A professional network often bounces ideas as well as job opportunities and you can stay connected to the field you are working in as well as the overall IT sector.

Alternate income

If you have an entrepreneurial streak then its probably time to look for alternate income. You could make some money from your hobbies. This keeps steady flow of cash from multiple sources. Now, this could be a nominal amount at the beginning, but could be helpful during rainy days.