What you can do to prepare for the unexpected

Tag : Designer Cushion

If you think your job is on the line, are you prepared? Job redundancies happen for myriad reasons: political expediency,economic conditions, relocations, technology improvements, outdatedskills, or pure personality clashes - the last are referred to incompany vernacular as not buying into the new company vision.
In 2003, this column commented on assessing your employmentenvironment during the history-changing event of the Bermuda Bakeryproduction facility. I still feel that loss every day - goneforever since childhood, the heavenly smell of fresh bread waftingover Hamilton. That was a significant loss in many ways for manypeople; one less local product produced locally by local people inBermuda.
In the last five years, global capital markets have experiencedanother boom, but are now coping with the advent of bearconditions. While we hate to think of it (and many of us are stillin denial imagining the money faucet is turned permanently on here)Bermuda, too, is vulnerable to world economic conditions. Companiesmust place their capital to the most profitable areas, those thatwill generate the best return for shareholders. No company or CEO,in their right mind, can operate altruistically (and unprofitably)because the final unpleasant alternative is to go out of business.Then no one has a job.
Time to switch to survival tactics. In times like these, the general public perceives employers to begreedy and heartless. Some are. We read every day about thoseself-absorbed individuals-in-charge who have taken their firmsdown, all in the name of more - more for me and only me. Some ofthem are in jail today, being served their just deserts, havingbeen remanded to survive on less, much less - just like their loyalemployees whose lives were destroyed. Poetic justice works -sometimes.
Many more decent, caring employers have no choice. For their ownsurvival, they must implement economic triage (from the French verbto sort that means a process for sorting injured people into groupsbased on seriousness of their injuries. Triage is used routinely inhospital emergency rooms, on battlefields, and at disaster siteswhen limited medical resources must be allocated. One only needchange limited medical resources to limited capital dollarresources, and it is very clear why companies downsize.
Is your job in jeopardy? Is your internal radar sending intuitive messages? Pay attentionto what is going on in your work environment; keep your eyes opento subtle body language and your ears tuned to oblique comments.Network more vigorously with your co-workers.
One professional associate told me that she knew her job was goingwhen her manager stopped looking directly at her (as if she nolonger existed). If you pay attention, a change in companyoperations should not come as a surprise. Anticipating changesallows you to put your redundancy survivor tactics in place.
What to do if you think your company might be announcingredundancies:
l List all critical bills due, particularly, rent/mortgageutilities, phone, car payments and gas.
l Review your finances to assess if you have enough cash right nowfor three to six months of living expenses to cover these criticalbills and food.
⬢ No cash cushion? Start saving as if your life depended on it.It does.
l Sell what you do not absolutely need. Extra designer bags, find acheaper car and get out from under those large car payments. Allcash adds up.
l Radically cut back on all non-essentials. In order to save, youmust stop spending on everything that is superfluous andunnecessary: cell phone use, eating out, snacks, new shoes, leisureclothes and shopping sprees, vacations, little expensive electronictreats. Cut your food budget down to plain, practical small portionmeals. You'll lose weight in the process.
l Make credit card charges a complete no-no. Reserve it forabsolute emergency use only. The psychological effect of copingwith large credit card balances can create tremendous stress. Payany balance you have down to a manageable level.
l Home equity line - if you are a two-income earner family and ownyour home, arrange to have one put in place now. You cannot borrowmoney if only one of you has a job, and you don't have to use itunless you absolutely have to.
l Talk to your mortgage officer. If cash is going to be tight, talkto your mortgage officer about a short-term interest only paymentplan. If you rent, talk to your landlord - you may be able tonegotiate a lower fee, or look now for a less costly rental.
l Get your CV updated immediately and start quietly networking withfriends, business acquaintances, and family contacts.
l Step up your personal grooming. This is not the time to let yourappearance slip, no matter how miserable you may feel. In your jobsearch, you must look like an absolutely confident, poised,polished professional at all times. The first impression is theonly impression.
l Be proactive - do not act like a deer frozen in car headlights.If you think you can handle it, and you are sure the company isdownsizing, be one of the first to ask your current employer for aseparation package. Those who volunteer themselves out the doorfirst, often walk away feeling very financially fit. Warning, donot attempt this move without reviewing your personal finances andthe available job market first. If you are sure you can get anotherposition - then this is a good thing.
l Increase your athletic activities. Do not let yourself go - workout that stress and uncertainty on the fastest walk or run you can.Picture that mental image of a confident, poised, polishedprofessional. No one can define who you are, except you.
l Operate in this survivor mode until you know for certain thatyour job is still intact, or that you have attained another.
Now, none of this may come to pass for you personally, but whathave you done. You are a changed professional. You just may findyourself receiving a promotion and a brand new career. The scepticsthink I am kidding, it happens all the time.
REINVENTION (of yourself), RENEWAL (of your educationalaspirations), RESOURCEFULNESS (in the face of adversity) promotesRESURGENCE of interest in you and what you can contribute to youremployer's bottom line. YOU WILl BECOME THE EMPLOYEE everyonewants.
Change is inevitable. You become the change agent; embrace it anduse it to your advantage. You will remain the person in charge of your life .