Efficient Transfer of Learning during Training
Needless to say, training in an organization is aimed at evolving existing ways and patterns of work. It is aimed at individual development, which cannot happen until there is a transfer of learning from the trainer to the trainee and the same is reflected in their work finally. But how can this learning be maximized […]
Shortcomings of Employee Multitasking
Everything in life comes with some positives and some negatives. Every coin has two sides and the same logic applies to employee multitasking as well. Employee multitasking has both pros as well as cons. Let us go through the shortcomings of employee multitasking: Employees who are responsible for many things at workplace are generally overburdened […]
Talent Management and Succession Planning
In one our write ups we mentioned the problem of succession planning in organizations. The basis was the SHRM survey of 2003 that found out that 60% of organizations have no succession planning at all. We discuss the phenomenon in detail here. What is succession planning and when did it emerge as a problem? What […]
Defined Benefit Pension Plans
Whenever a person from the baby boomer generation hears the term pension plan, they refer to defined benefit pension plans. Defined benefit pension plans were the predominant type of pension plan just a few decades ago. In the 1980s, defined benefit plans accounted for over 80% of all types of pension plans which were offered […]
What is Stratification ?
Stratification is used mostly in the define stage of a six sigma project. When to use the stratification technique is still on the decision of the people involved in the project. However fairly good cues are given by the fact that the spread of the data is too large. If the points are scattered all […]
The gloomy economic conditions prevalent in the West and most parts of the world call for some specific strategies from professionals who need to deal with them.
To start with, it is a fact that working professionals have not seen salary hikes and bonuses for the last few years. Even in cases where they have been given, they are paltry and do not amount to the quantum sums that were the case earlier. This means that professionals need to budget for reduced hikes and bonuses and at the same time take into account inflation when they calculate their expenditure.
In other words, professionals are being hit by a double whammy of little or no hikes and bonuses and rising prices and cost of living. This means that while their inflow of money is constant or decreasing, the outflow is increasing because of inflation.
Indeed, the situation is dire for many in the West who previously held jobs but are now on unemployment benefits or dole and this means that not only they have to worry about finding a job, they also have to worry about what happens when the unemployment benefits expire.
The other aspect of the gloomy economic conditions and its impact on professionals is that finding alternative jobs or changing jobs has become more difficult.
In other words, professionals have to ensure that they take into account the fact that finding another job might be next to impossible and hence, they have to perform and outperform in their current jobs no matter how much they dislike their present jobs.
Next, because of the gloomy economic conditions, being heavily in debt has become common. It needs to be pointed out that excessive debt is one of the reasons for the present crisis and therefore, a sensible strategy for working professionals would be to not take on more debt and payback the existing debt.
As any financial expert would tell you, more debt is not the answer to the existing debt and hence, this must be your guiding principle when contemplating buying anything of value.
Third, if you have a mortgage, it is better to calculate the advantages and disadvantages of holding on it by performing a cost benefit analysis and then acting accordingly as to whether you must conserve your savings for the future or must pay back the existing mortgage.
Turning to the aspect of what to do if you are a student about to graduate from a business school or an engineering college, the clear implication for fresh graduates is that the rising costs of student education means that most graduates need to payback the student loans.
Therefore, instead of spending your salary or your savings on buying homes, cars, or other high value items, you must instead focus on repaying the student loans as far as possible.
Many Generation Zers in the West are living with their parents to save on the costs of renting separate homes and paying for living expenses. This is indeed a wise strategy as you can get your feet back on the ground and find your bearings by saving on some essentials by the time you settle down in your jobs.
For working professionals with families, it is better to acquire new skills and find an alternative job in addition to the existing job so that one can make some side income. Of course, this is only possible when your day job employer lets you work part time in another job.
Further, it would be better if you put aside some money for retirement and your children’s education needs right from now so that you have some comfort or cushion to fall back on if you are out of a job.
Your email address will not be published. Required fields are marked *
Current Employment Trends and Their Implications for Business, Society, and Individuals
February 12, 2025
