When one heard recently about the shut-down of Jet Airways, the immediate feeling was one of sadness. How could it happen to the airline that was to some extent a great symbol of Indian globalization, and our own MNC airline brand? And what about the tens of thousands of jobs lost, both directly and indirectly?
When one thinks deeper, the question that comes to mind is – how many of these employees ever thought that something like this could happen to them? Even if a few of them imagined it, did they plan for the consequences?
Over the last few years, quite a few large companies, big behemoths in their time, have ceased to operate. Large industries have significantly pared down their operations eg. Telecom, Construction. There has been significant re-trenching in these industries and people have been caught unawares. Many of them would still be struggling to find jobs commensurate to their experience. Most of them wouldn’t have envisaged this outcome and would have been caught short on the need to up-skill and build new skill-sets.
One important reason why people take jobs in the corporate world is because it brings tremendous job security and allows one to have a far more certain future. But remember, no future is certain unless one plans for all the various scenarios adequately. In today’s times, with uncertainty only increasing, the chances of having a long, 30-year career in the corporate world is something that is definitely not a given.
All the more reason for corporate employees, especially at the middle management and lower levels to be far more planned about their financial futures. Its never too late, however old you are. As Warren Buffett said – “The best time to plant a tree was 20 years ago. The second best time is now”. Also read this timely article by Lisa Pallavi Barbora in Mint on how corporate employees and their futures are completely dependent on their corporate leaders decision making abilities. The job security that one imagines one has is to an extent only a façade. Hence, important to have the right personal financial practices and plan to make sure that such eventualities do not put you in a vulnerable position due to no fault of yours.