Until last week, Susan believed that she had a dream job with a major airline that others would kill for. Today, Susan is just a part of the statistics that marks one of the worst hit crises in the American economy.
The news that their airlines had a layoff plan came as a rude shock – none of the employees “saw it coming.” This kind of an experience can be traumatic to say the least.
As economic slowdown looms large over America and it is better to believe in the premise: bad news rarely announces its arrival. Though, there is no way to avoid the rough patches, there are options that can be kept ready as an insulation mechanism for one’s career.
Everyone keeps talking about what needs to be done in case of a layoff. How about looking at avoiding a layoff? In spite of it being too late for many to salvage the situation, for those who are still in their jobs, things can be controlled while there is time.
The Indispensable Employee
When pink slips are handed out, it is not just the few lucky ones that are left out but also the real hard workers – unless the company has major issues and large numbers are asked to leave. Many companies use termination as a tool to get rid of consistently underperforming employees. The best way of getting lucky at the workplace is to always be in the “wanted” list.
Other Opportunities
A workplace brings out the best in people. Jobs are interesting as long as they pose a challenge to the employee. But the urge to look for new opportunities always remains. When great jobs are difficult to find, it makes no sense in quitting the current one. The best option would be to exhaust all the opportunities within the organization before venturing out.
Experimenting with a new job can be very frustrating as the employee will have to adapt to the new environment again and has no clue how the management is.
Upgrading Skills
In the current scenario, you cannot get too complacent. It is very important to keep yourself up-to-date by developing new skills. This will allow the management to look at you as an option for internal transfers, when the need arises. Employees have to keep themselves updated and obtain knowledge about the latest trends and developments in their field.
Team Spirit
There have been several cases where the best of workers have been laid off. The reason is that they were not able to work in a team. Human resources is a big thing nowadays and there is a lot of emphasis on people management skills for all the members of a team and not just the person leading the team. You must ensure your report with the human resources manager reads positive.
Saving
Saving for a rainy day was always necessary. Now, that rainy day could very well be the “layoff” day for you. It is important to never be too content with what you have in hand and be prepared for eventualities. This can be done by reducing the expenses. Hard cash can come in handy when one hits a low point in their careers. This planning should begin much before the slide begins.
While choosing investment plans, take care to invest in a plan that allows you access to cash instantly, instead of plans that involve a certain period of lock-in. The savings will not be of much help if they cannot be used in an emergency.
Health Insurance
Imagine a situation when you are not in the pink of health when disaster strikes. If you and your family are not covered by insurance, then it is advisable to get it done immediately.
Emergency Fund
If you have been following the advice given by financial experts, then you would probably be keeping aside cash for emergencies every month. The most common advice is to always keep aside at least 30% of your earnings. If you can afford to save more, there is no harm in doing that. The reserve should be such that you are insulated for six months. In case of a lay off, you have time to look for another job without getting agitated about income for daily needs.
Networking
Due to the busy schedules, most employees do not find time to network with others in their field. A little bit of networking can go a long way when it becomes necessary to change your job or in case of a layoff.
Fear is the most palpable emotion in employees of an organization which has laid off staff. Organizations may be forced to take this step to avoid a financial loss, but employees should always be prepared for the worst and be optimistic.
