July 29, 2025 | Mumbai — As Tata Consultancy Services (TCS) undergoes a new round of layoffs amidst growing instability in the tech sector, concerns about job security are once again in the spotlight. While the company has not disclosed exact figures, industry insiders suggest that the downsizing is part of a broader trend across Indian IT firms responding to global economic pressures, automation, and shifting client demands.
In light of this uncertainty, financial experts advise individuals facing potential job loss to take proactive steps to secure their financial future. Here's a guide to smart financial moves that can help you survive layoffs and stay secure:
1. Build a Robust Emergency Fund
Create a financial buffer covering 3–6 months of essential living expenses—or 6–12 months for high-risk jobs. Essential expenses include rent, groceries, healthcare, and transportation.
💡 Tip: Store this fund in liquid mutual funds or high-interest savings accounts for quick access without risking capital, suggests Bajaj Finserv and 1 Finance.
2. Assess and Revise Your Budget
Reevaluate your income and spending habits. Prioritize essentials (housing, food, medical) and cut down on non-essentials (subscriptions, eating out, luxury purchases).
📝 Create a “bare-bones budget” to stretch your savings until a new job or income stream is found.
3. Explore Alternative Income Sources
Consider freelancing, consulting, or part-time gigs. Platforms like Upwork, Fiverr, and LinkedIn allow you to leverage your skills for quick income.
💼 Selling unused items or monetizing hobbies can also provide temporary financial relief.
4. Manage Debt Strategically
- Prioritize secured loans (home/car) to avoid asset loss.
- Pay off high-interest debts (credit cards, payday loans) to reduce long-term burden.
- Talk to lenders early—many offer hardship programs, interest waivers, or flexible repayment terms.
🚫 Avoid new debt unless absolutely necessary.
5. Rebalance Your Investments
A job loss might require reallocation of your portfolio. Shift from high-risk equity to income-generating assets like bonds or dividend mutual funds.
❗ Avoid touching retirement savings unless in extreme cases.
6. Review and Negotiate Severance Packages
Before signing any severance agreement:
- Understand severance pay, leave encashment, insurance continuation, and retirement benefits.
- Consult with a legal expert or use services like Indeed and MentorCruise for negotiation help.
- Be cautious about non-compete or non-disclosure clauses that may impact future employment.
7. Seek Government and Professional Support
- Apply for unemployment benefits and any government relief schemes.
- Connect with a financial advisor or credit counselor for guidance.
- Use career coaching, resume reviews, and networking to fast-track your job search.
8. Prioritize Personal Well-being
The emotional toll of job loss is real. Focus on:
- Mental health care through meditation, exercise, and hobbies.
- Staying connected with family and support networks.
- Using the time to upskill and explore new career paths.
Final Thoughts
While the TCS layoffs highlight the volatility of the current tech job market, they also underscore the importance of financial preparedness and mental resilience. By implementing these strategies and seeking support, individuals can not only weather the storm of unemployment but emerge stronger and more financially secure.
