GIG'S THE GOOD WORD

Chances of re-employment after 40 have dropped drastically. In fact, past that age, holding on to employment is not easy either. Also, if you have been salaried your whole working life, it's unlikely entrepreneurship will suit you. Several 'ifs' and 'buts' raise the risk of failure. Dominic CostaBir cues you in on a third alternative...

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An increasing number of posts on WhatsApp groups feature 40+ highly qualified and experienced professionals struggling to find employment. The volume of ‘Open to Work’ badges from the same demographic is trending on LinkedIn. Permanent employment eludes them probably as their price tags are high and organisations aren’t willing to shell out. Or a younger crop of entrepreneurs prefer dealing with other youngsters. Debating whether the thought process is right or wrong is irrelevant — the fact of the matter stands.

The unemployed may be lured by the idea of starting their own enterprise. For a person used to working under a ‘boss’, the independence of entrepreneurship is heady. But strong headwinds abound. Raising capital and the challenge of recovering it. The pressure of closing sales, paying salaries, the high cost of raw material and galloping rentals would crack many. Throw in competition, vendor tantrums, statutory compliances and Government mandates and many more would crumble.

Hence, most prefer the safety of employment. A steady salary would service EMIs, school fees, medical expenses and monthly commitments. Perks like leave, allowances and insurance are tempting. The belief that salary and benefits would increase to match enhanced knowledge, skills and experience makes employment even more attractive.