"Layoffs Are Here To Stay; Constantly Re-Train Yourself to Stay Up To Date" What should employees do to face the brunt of layoffs at startups?
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While startups are considered an employment driver it's also true that employees are often insecure about the job security at these companies. With recent incidents about offer letters at premier institutes being withdrawn and institutes in turn black listing startups, job seekers are getting more precarious about what a startup really offers.
Speaking around this, Naganand Doraswamy, Managing Director & Founder, Ideaspring Capital spoke to Entrepreneur India about the burning question of job security at startups.
According to Naganand, in a capitalistic world job security remains a question mark going forward for both large MNCs and small startups. "What we are used to in public sectors wherein you join in your twenties and leave at 55 plus, those days are gone. Even companies as big as Cisco is laying off people. I think people have to get confident and train yourself that if you lose one job, you are up for the next job. In my opinion job security cannot be provided by anybody," he added.
But aren't layoffs more formalized in bigger companies?
"Larger companies might have deeper pockets to pay you two months salary. But if a startup is closing down because it has no money then there is nothing you could do about it. In the best case you get two month salary but that's not a big deal. What people need to be focussed on is that you constantly need to be re-training yourself so that in case of such a scenario you are ready to get employed with another company. That's the mentality change that people have to get into," he said
Naganand said that people today are just getting into a job and are happy doing what they are doing without seeing where the market is evolving. Technology is changing at a ridiculous pace and that's where I think you need to do more courses and be up to date. I think layoffs are here to stay and this is the way the game is to be played.
Ideaspring is a sector agnostic fund and looks for product innovation in companies, Naganand said.
