Charity begins at home

In our lives, getting a job is an important event as many other milestones follow this. After job comes marriage, children, dream home, vehicle, education and marriage of children and acquisition of other necessities and luxuries. All the aforesaid is spread over one’s career spanning over 35 years or so.

In today’s world, when opportunities for career advancement are manifold, one seldom sticks to the same company that one joins first till superannuation. This is more so in private sector than in public or government sector, as the jobs in public or government sector are considered secured jobs and given the importance of job security in our milieu, this is quite understandable.

However, switching jobs is not the same as losing job or reaching an early end to the career. As aforesaid, there are lots of events that take place during one’s career span and these require proper financial planning. Howsoever good one’s salary may be, for big time expenses such as property purchase, luxury car, study abroad or marriage of children, personal savings are inadequate and one needs to raise big loans, EMIs of which can be sustainably serviced by  the monthly cash flows . Similarly, there are long term commitments in the form of insurance premiums, SIPs, exercise of ESOPs etc.

Now there can always be an unforeseen tragedy of the company employing one folding up! Howsoever, meticulous be one’s planning, it’s difficult to plan for accidents! However, what happens when one’s career is brought to a premature termination either through a forced or “voluntary” exit? Here again we need to segregate cases of forced exits on account of disciplinary issues and those under any early retirement scheme!

It’s true that VRS related exits are today’s harsh reality of life and many who get impacted by this reality could already be past their prime. In early or middle 50s and with a reputation of having been laid off by an organisation, rehabilitation or resuscitation becomes very difficult, if not outright impossible.

Actually, organisations show a largesse by arranging an honourable exit to those who are low performers or redundant due to changing skills and environment. After all, a VRS, however frugal be its benefit, is infinitely better than sacking of an employee by an organisation. However, low performance and redundancy have an element of subjectively around them and can be interpreted in different ways depending on the appraiser. The fact is that no organisation has all top performers and workforce comprises people of all hues, colours and capabilities. Those performing below expectation can always be redeployed in a mundane activity, several of which are there in any organisation. They can be offered lower or no increments and minimal career advancement opportunities. But outright exit when an individual could be saddled with liabilities and responsibilities is slightly harsh. While organisations have commercial goals and objectives, the fact is that they also undertake so many social initiatives as their gratitude and responsibility towards society. Employees can also be covered under such initiatives, because as an old adage goes- “ Charity begins at home.”