The job loss is still coming..

I might have some ten people who have contacted me on linked in where their jobs have been covid impacted. Senior people.. mostly in their late 40s . I can imagine the pain amd insecurity that they are going through. Children are not settled yet, home loans need to be paid and jobs not being available. 

I try to help as much as i can.

But this is the tip of the iceberg. The impact to the jobs that companies held onto is coming in this and the next quarter as the economy doesnt pick up. 

Companies which provided consulting roles and contractors are going to be the first ones impacted. Firms are

1. first stopping all people in contractor roles... may keep some freelancing people. 

2. Going to weed out the Needs improvement in the bell curve fast. This usually was 5%.. maybe this is going to be 10% this year.

3. All promotions are going to be stopped... no bonuses and you may get to keep the same salary if you are lucky.

Things are not going to be better at least in the next quarter. 

I would suggest a few things for people out there to do quickly 

1. Open up your network .. both internally and externally in the market. 

2. Work extra hard to bring value to your organization

3. Dont shift your job unless you are absolutely sure the other person is not going to renege.

4 keep creating your emergency fund.

5. Scrunge a little to keep your savings high

Its tight times... and the impact is going to be felt even more now.

Stay safe... its simplefinancialsense