How to get ready for unforeseen market conditions?
I’m saddened that several companies are laying off employees in large number; that too companies that are big brands like Meta, Microsoft, etc., I’m even more disappinted that in some of those companies, employees working on accessibility have also been affected.
I sometimes wonder why companies hire more employees than they actually need and then layoff when market conditions are down. I know of some wonderful companies who actually have team size in single and double digits but produce great products. While the intention is right for organizations to generate employment to as many possible, I think, it’s important that businesses should start thinking towards sustainable employment. At the same time, employees should offer effeciency than just worrying only about self products. Though not generalizing, but employee who genuinely show productivity will get all the benefits they deserve without even asking for.
Well, while we may not be able to make the world completely better, here are some tips that an individual can get ready for unforeseen market conditions. I am grateful to an industry leader (not mentioning the name since I have not obtained his permission to use his name), who have provided me with guidance to live better and make better use of financials.
To get ready for unforeseen circumstances, before investing in the markets, ensure you have enough cash in bank account that could help you for at least 12 months. We should invest only money that we absolutely don’t need in a short term and be ready to see negative returns.
It’s not only businesses who should plan for optimising expenses; it’s actually all of us who should optimize our costs. Spend on things only when absolutely needed. Avoid expenses that are not immediate need. Think a few times before you shop for something and ask yourself, do I need this today? Do not go ahead and purchase just because shopping is on your finger tips.
Let’s spend on absolute needs so that markets of daily needs get better and that indirectly benefit those people who work on agriculture, build products for daily living.
I hope everyone around the world do well and we will be able to come out recision mode soon.