Page 47 - Banking Finance September 2019

FEATURE

Tips to navigate

the rough seas of

the economic

slowdown

T here is grim news all around. From auto to up your game so that your work gets noticed. Deepali

manufacturers to biscuit makers, several
Sen, certified financial planner and founder partner of Srujan
Financial Advisers LLP, a financial planning firm, said,
industries have started feeling the pain in terms
of falling sales and rising lay-offs. The gross
domestic product (GDP) number is down to 5.8%, for the “Improve your skill set, both technical and soft, to increase
your credibility within the organization."
March quarter. Stock markets are also reeling with the Nifty
falling by 7% in July and redemptions from equity mutual Having a positive attitude and good interpersonal skills could
funds increasing by 4.96% in the month, according to various come handy. Showing your willingness to help the company
reports. tide over this period will bode well if you are in a senior
position. “Understand the position of your company and the
Recognizing the need of the hour, finance minister Nirmala thought process of the management. Usually, the
Sitharaman on 23 August sought to give a booster shot to management welcomes employees who are willing to help
the economy by announcing withdrawal of enhanced during rough times and try and retain them," said Suresh
surcharge on foreign portfolio investors (FPIs), simplification Sadagopan, founder, Ladder7 Financial advisories. Coming
of the goods and services tax (GST) structure, certain up with cost-cutting ideas can also help if you are senior
relaxations for the auto industry, and transmission of rate enough in the hierarchy ladder. “A company with lower
cuts to the end consumer, among other measures. However, expenses may have less strain on its profit margin and may
can that be a quick-fix solution? “The problem has built over therefore not resort to firings," said Sen.
three years after demonetization leading to a fall in demand
But stepping cautiously in your workplace goes hand in hand
and job loss, especially among SMEs. Banks need more
with keeping your finances in order, just in case you get the
capital and NBFCs are facing credibility issues. It will take
at least two to three years for things to get back to normal," pink slip despite best efforts. To begin with, start building
an emergency corpus if you don’t have it in place already.
said Madan Sabnavis, chief economist, CARE Ratings.
Financial planners say you should have at least six months
of your expenses in an emergency fund. “Start by investing
While it’s normal to feel insecure in times like these, the
a part of your salary every month in an ultra-short term or
important thing is to create a defence mechanism instead.
liquid fund," said Lovaii Navlakhi, founder and chief
We give you some tips to ride through this phase smoothly.
executive officer, International Money Matters Pvt. Ltd, a
financial planning firm. It will also help you tide over any
Save that job
emergency.
Job cuts are inevitable during an economic slowdown and
there’s nobody you can blame. However, you can take some To be prepared for a medical emergency, however, review
steps to reduce the chances of losing your job. It’s important your health insurance. Now is also a good time to get

BANKING FINANCE | SEPTEMBER | 2019 | 47