Top Exec Blog (Web Log)

Working in corporate America is a wonderful way to earn a living. It allows you to bring home a salary, enjoy health, dental and other insurance benefits while possibly even saving pre-tax dollars via a 401(k) or Flex Spending account. With hard work, professional commitment and loyalty it's even possible you can stay with one company for 30 years or more until you retire. (Some folks I know from a certain well-known computer company have just done exactly that!).

Nonetheless, there is a recurring nightmare that not only disturbs people's sleep, but gnaws away at their work day and other periods in their 24 hour allotment. This nightmare is the one about "downsizing". This is sometimes called WFR (Work Force Reduction) or RIF (Reduction in Force) or "layoff" or many other politically correct terms used by HR and executive types in Corporate America.

Cases abound of this happening to people in their prime earning years, as well as those in the beginning, near-beginning or other phases of their work life. Small, medium and large (enterprise) companies, especially, love to address cost and operational challenges by simply whacking X number of people off the payroll.

You can almost hear these corporate voices saying, "Voila, we are now slimmer, trimmer and the winner we once were, thanks to the "separation from service" that we have just carried out on all tiers of the company. We have excised the cancer, gotten rid of the warts, and cleaned up all the blemishes in our corporate complexion." Not that they would ever say it that way, nor admit that some of their best are cut along with some of the worst, as well as a great swath of mid-tier performers.

People who consider themselves "top tier" in terms of sales generated, customers cared for, projects successfully managed or any number of other common work day assignments are suddenly depressed and worried that their beloved company is planning on letting them go. It turns a productive person into a worry wart, looking high and low for a place to hide from the coming (next) wave of layoffs. In fact, these same people often are the least well-prepared to handle a layoff, since they have fostered few contacts outside of their immediate circle and haven't had to prepare a resume in many years since they entered this particular corporate work place.

What to do? Take action immediately. Whether you are 55 or 30 years old, whether you are a newcomer or an old trustworthy stalwart, you must have an action plan to deal with the possibility (at any time) of the next layoff including you (yes, you!).

1) Never stop networking. Always keep it up, far and wide, inside and outside of your current company and industry. See other notes on this topic in this same blog. You find a job through people you know or people they know. It's that simple, so make it a regular task, find, build and nurture your network.

2) Save that rainy day fund. All the personal finance magazines and other sources make the same suggestion: have 6-12 months of cash needs saved in a handy account somewhere, because if (or "when") the layoff happens and the severance/handshake is weak, then you will be prepared to take the time you need finding your next job, without freaking out about cash needs. Do it now!

3) Ask yourself, what can I do to make an impact, here and now. This may seem obvious, but in spite of all our hard work and success (including quota club awards, company appreciation certificates, etc.) we have to always be involved in the cutting edge, really-important stuff that a company strives to have. Find something and own it! (Sales revenues, cost savings, productivity enhancements, new product development, etc.). Don't have a clue? Ask your supervisor or his/her supervisor and get your hands on that assignment (even if it's beyond your current job scope).

4) Prepare for change. No matter how things turn out, you will have to ready to withstand and adapt to change, in whatever form it takes at your firm. Your company may be under competitive assault, or have some other firm trying to acquire it, or a bunch of equity fund financiers trying to take it private or who knows what. Be prepared for change, and be ready to embrace it, whether you are "inside" or "outside" of your current position. You know what I mean.

5) Be ready to ask for help. Ask friends, family, neighbors and others in your circle to keep you in mind for new assignments, new companies, or other opportunities that they may get wind of. This is part of networking, but one key thought here, there is no shame in what's happening to you, even though it IS a nightmare for many Americans. You have nothing to be embarrassed about, and experts in the field of outplacement and career counseling will be the first to say, "Get over it!" when it comes to being laid off, out of work or otherwise "in transition". It is a reality that the American worker, young, middle-aged or mature will be dealing with from now on.

One thing for sure, even if you awaken from the nightmare we've been discussing, and find the sun shining and your career prospects stretching happily out to the horizon, you are now riding along with thousands of others on the Career Path Express™. Welcome aboard!

Thanks for reading. Your comments and suggestions are welcome.

© Daniel A. Cabrera, all rights reserved, 2007.