Changing employment market in today's world

After 1991: Changing Employment Market

After opening the Indian economy to the world in 1991, the job market in India has changed significantly. Before 1991, the challenge was to find a job. Once you got job, life journey was very smooth towards retirement. The job certainties has got wiped out after 1991 gradually. After 1991 the job world has witnessed many type of up and downs like dotcom bust, global economy boom, lehman brothers bankruptcy etc. The survival in job has been challenging day by day. New companies are starting and closing so fast. Now 5-10 years in the same job is very difficult. We often get advice from our elders to get job stability. So how we can survive in this new job environment? In this article we are trying to find out some solution to cop this situation.

• ·         The time has gone now to loyal with one company for your entire life. You should be first loyal to yourself. Now more companies prefer contractual work rather than full time work. Very often more stable jobs come with lower pay and instable jobs bring better opportunities. You should choose these jobs according to your life stage and responsibility. Your focus should be what you getting from company because most company in rough times will not stand by you.
• ·         Always spend less than your income. Avoid EMI as there is no job surety forever. These EMIs prove very hard to maintain at the time of job loss.  Keep investing in yourself. In today’s scenario, job profiles keep changing. It would be prudent to enhance your current skill and add more value addition in yourself.
• ·         Invest your money carefully. No investment option is fully safe. Don’t take emotional decision. Make the balanced portfolio with different assets like equity, debt , gold or real estate etc. If you don’t have time so please hire a financial planner and invest accordingly.
• ·         We spend first 22-25 year for study and then search the job and work till 60-65 year. But now it would be prudent to look opportunities after completing your 12th standard, gain some experience and study further. You should keep study during your working career according to your job requirement.
• ·         Be ready for change in your career, change in your job location and change in your income. Today’s economy is changing very fast and job requirement also changing sharply due to tech revolution. Be open minded and learn new things and be ready for any changes.

So the conclusion is that you have to be very watchful, flexible and be ready to adopt potential ideas.

For more detail about any other query related investment, you can contact me through my email.

Warm regards,

Arvind Trivedi

Certified Financial Planner

arvind.trivedi79@gmail.com