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Do What Now? Laid off after 15 years IT Job.

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Do What Now? Laid off after 15 years IT Job.

Last updated: September 14 2017
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  • Do What Now? Laid off after 15 years IT Job.

    I got a pink slip four months ago with one month pay from a fortune 500 IT company
    I am in my 40s worked more than 15 years with IT companies, although being a good worker never got a chance to move above the level of Asst manager - may be I am too techie.
    I have been told that IT industry is here to stay and the pay package of 15 lakhs pa will only increase - I started with a salary of around 3 lakhs pa so it did work out till date.
    I have two kids one awaiting 12th result another awaiting 10th result
    I have a car loan which takes 16000 per month
    I have a home loan but no home and I am paying around 20000 per month for last 8 years and paying rent of approx 10000 as well
    Thinking that the job is secured I have saved only what was absolutely necessary for tax benefits (that is what financial gurus told me)
    My wife has quit job long back to take care of the kids
    I am living away from my home town in a city where I barely understand the local language
    Over all these years I have lost all my real world friends yes I have friendly terms with my co workers and neighbours and my fb friendlist is 2000 plus
    I never got time to visit my relatives because of time constraints as most of the holidays were spent in those hard to forget exotic locations
    I am a social drinker but even bi monthly parties at my home costed my almost 30% of my that month;s earnings - afterall social status has to be maintained
    I do not know anything other than computer languages coding
    I have been following the society trends about fashion etc and only used top brand's stuff
    I had 4 months of emergency funds which has depleted now and bank account is almost nil
    I am trying for another job for last three months but not getting any interview calls - I called up one consultant to find out the reasons - she said - you are over experienced - over educated - over priced - and OVER AGED
    The word over aged got me almost a heart attack - I have such long experience in IT industry - "The companies are looking for younger people with less salary expectation" the consultant and hungup

    Do what now ?
    I was thinking of getting my kid admitted to an engeering college where the expense would 5 lakhs per year plus other expenses
    I was thinking of getting another property after the coming appraisal cycle and bonus by which I would have cleared my car loan

    The car and home emi is due in a week and so is the rent - thankfully I do not have any credit card bill to pay this month

    What are my options ?

    The expense of one lakh almost has to be me every month to maintain the lifestyle and society status
    Shall I take a personal loan on credit cards and start some business or keep trying for another job while living on the credit card

    I was thinking about the business but what business ? I have no other skills than computer coding I am very good at it - I remember all the correct syntex and I was one the most productive guys on the floor - but where can I find contracts for computer coding ?

    Shall I open a grocery shop ? or a clothing shop ? but do people really buy from these shops now ? I have been ordering my grocery from big basket and clothing from myntra, amazon for last so many years

    May be I should go for an online store - but from where I am going to get my funding ? and how would I survive till then ?

    Maybe I should sell my fancy gadgets like play station. full frame dslr, bose music system and some jewellery which is just lying in the bank's locker

    Maybe I should encash my pf
    Maybe I should sell my house anyways I am not living in that and there is no gurantee of possession - group of buyers have gone to supreme court now and I hear there are no buyers for that property now as the company is bankrupt

    I think I should go back to my home town and sleep for a while - but what about home and car emi - kid's admission in engineering college and other kid;s addmission in class 11 - what about our yearly summer holidays -

    Any thoughts ?
  • #2

    #2

    Re : Do What Now? Laid off after 15 years IT Job.

    Cutting down expenses is the key thing to do now. If it means moving to native, yes you should do. sell car and home, this will releive you from emi pressure. Use savings & pf for kids college and school admission. College on student loan is not a bad option.admitting them to their next education is very very important, you have to do that in high priority.

    being a IT guy all you need is internet and phone for a job search. Over age is humbuk, if you say you can negotiate salary someone should be happy to employ you. Trust me I have seen 65 yrs old people productive. You are in 40's and educated you can make money, how much is irrelevant for this time.do remember time changes, so it is not going to be like this forever.

    you are very clear in your thoughts, precise in expressions in tough time which tells your character, you are doing the right thing by asking out for help.

    stay positive, which you are. You will be fine in no time.all the best. Last but not least thank you very much for sharing your experience, many won't do. You have good sense and heart.

    Comment


    • vaibha4096
      vaibha4096 commented
      Editing a comment
      he is doing sarcasm
  • #3

    #3

    Re : Do What Now? Laid off after 15 years IT Job.

    http://www.moneycontrol.com/news/bus...s-2285327.html

    Comment

    • #4

      #4

      Re : Do What Now? Laid off after 15 years IT Job.

      Maybe it is sarcasm. But incase someone is in the same boat,you could get registered with Uber/Ola since you already have a car,as a stop gap arrangement. Some guys from my office have actually quit their jobs to do this.
      And ofcourse sell off the under construction house.

      Comment

      • #5

        #5

        Re : Do What Now? Laid off after 15 years IT Job.

        Originally posted by amul_capri View Post
        Maybe it is sarcasm. But incase someone is in the same boat,you could get registered with Uber/Ola since you already have a car,as a stop gap arrangement. Some guys from my office have actually quit their jobs to do this.
        And ofcourse sell off the under construction house.
        The private cars cannot be used for commercial purposes and whatever is written is not sarcasm - Its all true

        Comment

        • #6

          #6

          Re : Do What Now? Laid off after 15 years IT Job.

          Firstly, the door on IT is not completely shut. It maybe hard to find an opening but it isn't impossible. You could think of re-skilling yourself to start something on your own too. Maybe run a franchise. There are so many of them these days. OR you could even re skill into another field where there are better opportunities than IT. Maybe think of teaching or academics, where you can buy time before your next leap ....

          Comment

          • #7

            #7

            Re : Do What Now? Laid off after 15 years IT Job.

            I like the mention of being too techie . In fact, I would take that as a real positive. What firms need are people who are rightly productive, not glorified excel-sheeters ....
            The reason why all of them are getting laid off is because excel sheeting is a commodity skill, and like all commodities they enter their cycles ....

            Comment

            • #8

              #8

              Re : Do What Now? Laid off after 15 years IT Job.

              But if you have the mettle to go it on your own, then that can be very liberating. In that case, you don't have to handover the keys of your future to your employer ...

              Comment

              • #9

                #9

                Re : Do What Now? Laid off after 15 years IT Job.

                Mr. Rohit ..with due respect... you have already highlighted the problem and solution expected...."I am in my 40s worked more than 15 years with IT companies, although being a good worker never got a chance to move above the level of Asst manager - may be I am too techie."

                Everyone was seeing it coming but never planned to come out comfort zone... Everyone in IT know that its not about coding.. it abt understanding your client business/domain
                Not trying to become seller, but still be a techie and understand functional aspect.... that one such re-skilling which everyone is talking..

                second is tech re-skills.... I have seen "BI experts" being happy in past..but never did anything on real analytics... short course/learning etc ... and today they are victim of automation..

                Even if one would have invested 1% of CTC in re-skilling /courses...it would help to stay relevant.....

                Be optimistic... this too shall pass..

                Comment

                • #10

                  #10

                  Re : Do What Now? Laid off after 15 years IT Job.

                  very tough situation

                  Comment

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