The pandemic witnessed largescale layoffs across industries and while the situation seemed to have eased somewhat with hiring resuming across all levels, the looming threat of recession has made a fresh dent in the euphoria. Record inflation, skyrocketing petrol prices and news of interest rate hikes has led to fears of a coming recession and with that, the threat of global layoffs.
In such a scenario, those who were gung-ho about finally making that lucrative job switch may now have to pause and reconsider their next step. So, is it the right time to switch one’s job or is it more prudent to hold off and stay where you are? Here are some pointers to help you make up your mind:
Take stock of your finances
Before you switch, carefully consider your finances and assess your risk tolerance. Ask yourself how long you can survive without a paycheck. The sensible thing to do is to ride out the recession period before you jump ship but if you’re in a toxic work environment or have a substantial salary hike to look forward to, you may feel hard pressed to accept the offer on the table. Even so, since these are uncertain times, take a good, hard look at your emergency fund and ways to bulk it up.
Evaluate your finances, resolve investments with low returns and streamline savings. Remember that it’s important to stay invested despite the prevailing market volatility as it’s going to get you dividends in the long run. Look for savings plans that allow you to live an uncompromised life, such as HDFC Life Sanchay Par Advantage, which gives you and your family the freedom to plan ahead with confidence by providing the option of a whole life cover, an immediate income option as well as tax benefits. You can choose a deferred payout period based on your various milestones and financial goals.
Assess your current employment
You may be attempting to put into action an escape plan to avoid recession and layoffs in your current company, but ask yourself how stable the next company would be. If the job switch is influenced by a feeling of restlessness or because “everybody else seems to be leaving”, it’s time to list the pros and cons of your decision. There’s a lot to be said in favour of a steady paycheck and a comfort level with the senior management. As a fresh recruit in a new job, you may suffer from the “last one in, first one out” syndrome when the situation gets tough. Meanwhile, brush up your resume and update your skills so that you’re ready for the next career jump when the timing is right.
Don’t be a victim to inflation
While you wait and watch the situation, inflation is a very real concern, whether you continue in your current job or move onto greener pastures. The only way to combat inflation is to invest well and stay assured of a regular income.
HDFC Life Sanchay Par Advantage
For instance, consider the HDFC Life Sanchay Par Advantage, which offers an immediate income option and cash bonuses too. It comes with two plan options for your convenience and flexibility. The Immediate Income option provides regular income by way of cash bonuses (if declared), from the first policy year and provides a lump sum at maturity. Meanwhile, the Deferred Income option provides guaranteed income for a guarantee period, and also provides regular income by way of cash bonuses (if declared) throughout the policy term.
With the confidence that comes from a plan such as HDFC Life Sanchay Par Advantage, you can choose to switch your job on your terms, without feeling the pressure of recession. So go ahead, and live your life to the fullest, uncompromised!