We asked Get Ahead readers to send their layoff tales and we are getting mails from employees belonging to different sectors of the Indian economy.
In the 21st part of this series, Ankit Sharma tells us why one should not take huge liabilities that could spell trouble later.
Name: Ankit Sharma (name changed)
Age: 33
Company/Sector: IT/ Investment banking
Work experience: 3 years in an IT company and a stint with investment banking.
Background:
I had pursued an engineering degree in computer science from PESIT, a top engineering college in Bangalore. I did very well academically and got a campus placement offer from a leading software company in my third year of engineering at a CTC of Rs 4 lakh per annum in Bangalore.
Things were going great and my CTC doubled in three years.
In 2004 I got accepted into IIM Bangalore for an MBA in Finance. MBA was a different ball game and I found it difficult to adjust to the routine of studying. I struggled throughout the degree but did very well and ended up with a job in a leading investment bank in mid 2006 with a dream package of Rs 15 lakh per annum at their Mumbai branch. I got two promotions in two and a half years and reached a pay of Rs 24 lakh.
How I lost my job
Owing to the financial crunch our company was hit by huge losses and could not afford to pay such high salaries and starting laying people off. I was an immediate target as I was at a very high CTC. Office politics also worked against me. The HR was very firm however the company provided me with a good recommendation letter. This happened in October 2008.
Financial liabilities:
Things got a little difficult as I had to pay Rs 52,000 per month as my home loan EMI. I had used most of earlier savings on the down payment for the house. I regretted taking the very huge home loan and found it difficult to sustain myself. I had also bought a luxury car for which I was paying an EMI of Rs 17,500 per month. This just goes to show one must not be overconfident.
Tough job hunt:
From my academic qualifications and the IIM tag I got calls for interviews but no one was willing to pay me anything close to my earlier package. Another bank after five rounds of interviews offered me a CTC of Rs 6 lakh per annum. I was struggling to make ends meet and even defaulted on a few credit card payments. Lots of interviews happened but no job offers. I regretted not taking the earlier offer as nothing was working out.
I even tried to find a job abroad but got no success in that.
After four tough months of job hunting, I finally got one in a leading bank with a CTC of Rs 15 lakh per annum, which I accepted.
Now I am still in financial trouble as over 85 percent of my take-home salary goes in paying off my loans and the high cost of petrol. Taking those loans was the mistake of my life and now despite having a big car and a house my finances are in a mess.
Lessons learnt:
Never be too complacent of your position.
Never take huge liabilities which could spell trouble later on
I learnt my actual worth when the companies I went to for a job laughed at my expected CTC saying they pay their top management that amount.
Illustration: Uttam Ghosh
Do you have a layoff tale to tell?
Have you lost your job? Do you know someone who has lost her/his job recently and is trying to come to terms with the situation?
If you, your friends or relatives have a layoff story to tell, to inform readers about the lessons that you have learnt, please write to us at getahead@rediff.co.in. Your name and identity will not be disclosed unless you want it to.
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