Layoff Preparation

Do you suspect a layoff might happen at your company? Take a proactive approach. These days one never knows when a once flourishing company might throw in the towel or layoff a large portion of its workforce. It is a good idea to become as aware as you can of your employer’s financial health. Look for red flags that may warn you of impending actions. This is not to say you should stay on “red alert” all the time. Just pay attention. Being ready in advance can ease a bad situation and make it a little less desperate. Warning Signs Ask yourself, “Have there been layoffs, mergers, downsizing in other companies similar to mine?” So many industries are in decline, and job losses are inevitable. Are you seeing people around the office you’ve never seen before? Are people meeting in closed conference rooms? Have any long-term plans been put on hold? If your gut tells you that something is up, you are probably right. Your next steps can be important for your future. Build your Network First, get in contact with everyone you know through your business. Check in with them. Ask how they are doing. This reminds them of your existence, and, as you chat, you may find out important information. You also get to check that you have current contact info for them. Strengthen and expand your network. You have a multitude of reasons for contacting them while you are still employed. Don’t limit yourself to colleagues. Call vendors, clients, co-workers. Everyone you know. Remember to build your personal network too. Family, friends, neighbors and the parents of your kids’ friends are all an extension of your network. Find opportunities and aggressively shop yourself. It is a cliché and still true – networking is the single most effective way to find a job. Dust Off the Ol’ Résumé Getting your résumé out and up to date is one of your first steps. This is your critical marketing piece – make it work for you. Line up your references now, so they are good to go when you need them. Taking a Proactive Approach If your company is in trouble, you may not get the benefit of a severance package, cushy, or otherwise. If the economy is afflicting your industry, you may not find a job with a competitor quickly. Perhaps the most distressing aspect of job loss is the loss of income. Now is the time to reorganize your finances so that your expenses are as low as possible. Consider making a budget. Scrutinize your expenses. You may be surprised at how much money you need and how much you waste. Start that emergency fund now. By taking the time now to evaluate your financial picture, you will save yourself stress later on and you’ll make prudent spending decisions. New Doors It’s a good idea to gear up for a potential layoff by taking on new tasks at your current employer. You can also develop additional expertise that will be valuable to your employer. Even if these don’t protect you from a layoff, they will increase your value to your next employer. This may be the time to switch to an industry in which jobs are more plentiful. Health care and education are seeing employment gains. And, if you can use your current skills in an area that will receive funding from the new economic-stimulus plan, even better. Keep yourself up to speed by perusing publications related to your current field. If you are thinking about transitioning into a new field, read the publications of that field and learn the target industry’s lingo, recent history and developments. You will likely find more opportunities in smaller companies or nonprofits, since roles in these organizations tend to be less specialized. Staying Positive Use your time creatively and wisely. Build your network; look for new doors to open. The silver lining of a layoff may be the job of your dreams. Think about what job would really suit you. Embrace change – it is inevitable anyway. Change will give you a whole new view and that is empowering. This may be the time to pick up a new hobby to distract you from dwelling on the negative. Remaining positive will help you deal with the stress of uncertainty. Let me know how you are preparing to deal with a potential downsizing. Share your experiences in the comments section. Or, send me an email to eal@EALCoaching.com . I’d love to know what you are doing to stay positive or how you are coping with job loss. A dream with a plan is a goal. A goal without a plan is just a dream. Warmly, Elisabeth Elisabeth Adler-Lund Executive And Life Coaching Telephone: 916 • 803•1494 E-mail: eal@EALCoaching.com