Question

Which sector has no job security in India?

Answer 1

Answer:

No, not even remotely.

The harsh truth about the private sector is that they are not ‘secure’, even for those jobs that are in sectors that are growing and less prone to technological change. Even as you move in the corporate hierarchy, the ‘security’ quotient of your job never increases and you are always at the risk of being laid-off, often with little or nil employer benefits.

It’s a sad truth but unfortunately, that is the harsh reality.

The only jobs that can be considered ‘secure’ are government jobs that pay relatively lesser but you are assured of not being laid-off (at least terminating jobs is a herculean task).

The solution for ensuring that you avoid the fallout of being laid-off? For starters:

Always make yourself more marketable. Get that brand-name MBA etc on your resume. Have you ever seen an IIM MBA being unemployed or unable to find a decent job?

Make sure you are in a domain/sector that is large enough for a reasonably quick job change in case of a lay-off. Just think, how many semiconductor/reinsurance industry jobs are there in India? Perhaps in single digits. If you happen to be in a sector that has less than 4–5 major employers, change your sector as fast as you can. On the other hand, you would find thousands of jobs in accountancy/corporate finance and even if you are laid off, you are always assured of getting a decent job.

Always have a second source of income. It can be anything-an earning spouse, freelancing, passive investments, a business, part-time teaching etc. It may not fully replace your primary source of income but would provide you with a safety net!

Ensure that you save as much as you can in your early years. What position would you like to find yourself in? A 6 lakhs per annum job with a 5 crore net-worth or a 15 lakhs per annum job with a 50 lakhs outstanding home-loan and little net-worth to show for?

Most are obliged to work in the private sector even when jobs are not ‘secure’. But you can always mitigate the consequences of getting laid off.