Use your network for all it’s worth. That should actually be your only channel for finding a job :

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The UK financial and business services sector is likely to shed 1,10,000 jobs in 2008-2009, says management consultants, the Hay Group. In the US, the epicentre of the crisis, things are worse still. “It’s expected that Lehman Brothers’ entire 25,000 global workforce could soon be on the hunt for new jobs,” says the Financial Post. “A big chunk of Merrill Lynch’s 60,000 worldwide workforce also might get the axe.” This is in addition to the 1,00,000 jobs already lost this year in the US financial services sector.

In India, the National Association of Software & Service Companies (Nasscom) has admitted that the meltdown could affect business process outsourcing (BPO) firms and select IT companies. Some 60 per cent of the Indian BPO sector caters to western finance companies and banks.

Some IT companies have admitted that they are slowing down on fresh recruitment. They have also been asking non-performers to leave. But most claim that they are not particularly affected. The same is true of the BPO sector. The finance sector, where people are better paid, makes no bones about its problems. If Merrill Lynch has to sack 2,500 people in India, they are all very sure they will land another job.

The situation in India is very different from that in the West, where there is a danger of the US — the world’s largest economy — slipping into recession. Here the worst-case scenario is a 7 per cent rate of GDP growth. There are still jobs aplenty for the qualified. If, however, you are one of the unlucky few who happens to have been given the pink slip, you need to chart out your campaign to land a new job. The chances are that you will be back in action soon. It will be sooner yet if you go about things the right way.

“The advice I give people here is different from what I would tell jobseekers in the US,” says Mumbai-based HR consultant Shashi Rao. “Also, it is very different from what I would tell people who have lost their jobs through some fault of their own. This is only for people who are victims of circumstances.”

First, says Rao, don’t start handing around your CV. Give a biodata only if someone specifically asks for it. And each biodata should be tailored to the company you are applying to. There is nothing more irritating than for Company Y to receive an application for a job in Company Z. It happens far more often than you think, if you are sending off half-a-dozen applications every day.

Don’t make cold calls; ring up first (or send an email) and see if you can meet someone in the HR department. And never leave a CV with the receptionist. It never reaches the person concerned but could well reach the wrong hands.

Use your network for all it’s worth. That should actually be your only channel for finding a job. If you can’t get a job through your friends, there is something seriously wrong with either you or your friends.

When you get into negotiating mode, never agree to a pay cut. Agree to a lower cost to company but work as a consultant instead of a regular employee. That way you preserve your self-respect and your new colleagues will also respect you. Say that you will work six hours a day. You will end up working 16; they know it and so do you. But when the issue arises of becoming a regular employee, you are in a better bargaining position.

Finally, says Rao, unless you are in desperate need of money, don’t look for a job — take a break. If you take three months off for an all-India pilgrimage, your savings should see you through unless you start worrying about what happens later. This is probably true even if you have EMIs and kids’ fees to pay.

“Don’t worry; be happy,” says Rao. “You may even discover a better world beyond the rat race.”

Five tips to avoid the pink slip during recession:

1. Money matters: The private sector economy has become extremely bottomline oriented. Employers categorise employees into one of two distinct groups: those who help make money and those who help save money. Be in one of these buckets and make sure your bosses know it.

2. Become indispensable: Don’t hide away in your office or cubicle. Look around you. Take notice of those roles, projects or activities that seem to be getting a higher level of attention or involvement from the management.

3. Manage or produce: When considered for a promotion from a production job to a junior manager role, think about how that could play out in a worsening economy. It may be to your advantage to keep your hand in production, as junior managers tend to be among the most expendable when a company downsizes.

4. Dust off your Rolodex: The time to cultivate your network is now, not when you need a favour. Make a list of friends and colleagues you haven’t spoken with for a while. Email them. Reconnect.

5. Educate yourself: Increase your “profit value” to your employer by continually updating your knowledge and skills.

Sources: Adapted from Five Tips to Avoid a Pink Slip During the Recession; vault.com