In 2022 many companies laid off their employees, there have been Great Resignation, Moonlighting, and Quiet quitting and the recession has been a point of discussion.
What is Quiet Quitting?
Quiet quitting refers to doing the minimum requirements of one’s job and putting in no more time, effort, or enthusiasm than is necessary. As such, the worker doesn’t leave their position and continues to collect a salary.
What is Moonlighting?
Moonlighting became a concern during the pandemic when employees started working from home. There was suspicion that employees were using the privacy afforded by remote work to simultaneously do projects for others.
In India, as per the Labour Law, if you are fully employed, you cannot have your own business or even work elsewhere. Most private organizations also have policies that prohibit moonlighting and take strict action against employees who are taking up outside second jobs.
What is Great Resignation?
The Great Resignation, also known as the Big Quit and the Great Reshuffle, is an ongoing economic trend in which employees have voluntarily resigned from their jobs.
Aravind G, Lead People & Culture, Kissflow shared a LinkedIn post pointing out the valid point and giving the solution the same. His Post included the following points:
“What is a recession? It’s defined as a massive slowdown of economic activity. The nation’s Gross Domestic Product (GDP) posts negative growth for two continuous quarters. What could possibly happen during a recession? The stock market could go down, investors may pull out their money, businesses are impacted and we see a lot of cost-cutting measures implemented by the organizations. It includes downsizing of staff as well”, the post said.
“How do we prepare for a recession? Does one need to worry? Of course, if one loses their job it will lead to a financial crisis at home. But how can we prepare to face a recession? Here are a few recommendations that I would suggest: I would like to breakdown my recommendations into 2 categories:
1.) Financial Security
2.) Professional Development”, the post added.
“Financial Security: Cut down all your non-essential expenses (Swiggy, Amazon). Try to save instead of spend. Invest in non-risk investments such as RD, FD, PPF, etc. Avoid taking any loans (especially personal loans) during these times, unless there is a real need or emergency. Take additional medical insurance apart from what the employer has provided. In most cases, once you quit your job, the insurance gets lapsed. A few employers also offer coverage after exit until the renewal happens with an additional premium”, the most added.
“Maintain a minimum of 6 months to 1 year of your salary in your bank account as savings. This saving will act as backup money for some time until you find a new job. This could keep you financially stable till you find a relevant job. Else in order to get a job some people will be desperate and end up getting into jobs that are of no interest to them. Wisely choose your next employer”, the post further said.
“Professional Development: An individual needs to focus on skills, knowledge, & hard work. Learning should be a continuous process, therefore, unlearn and relearn new high-demand skills and improve your employability quotient. Always remember you can be unemployed not unemployable. Once you become unemployable it becomes difficult to make a career move”, the post said.