Major restructuring within a company is required when there are market shifts, new technologies, and intensified competition. This is crucial for business growth and to maintain the company’s global competitiveness.
Although future developments may sound very positive, transformation and restructuring plans could also have negative effects on the workers. Managers who are in charge of business development always think of strategic ways to drive productivity and improve quality levels but at the same time cut costs, however, this often results in destructive layoffs.
Some examples of companies that would have job cuts throughout the year are Australia’s big 4 banks and the retrenchment rate is 12%. There are also global companies in the Automotive, Telecommunications, Information Technology and Internet industries that will undergo massive workforce reduction.
The future is uncertain. Retrenchments happen and they can be heartbreaking. If you feel that there’s an axe hovering above your head, you need to be prepared to land on your feet. There are a lot of success stories of other people who were able to turn a career crisis into opportunity. Here are some practical tips that you can use if you just experienced a layoff or if you are aware that you will be a part of a layoff. This could also be used as a future guideline to be able to thrive in case you experience a layoff at some point in your career.
Prepare Your Next Move
Sometimes companies give obvious signals that layoffs are on the way, but there are also the subtle types that just come out of nowhere. It will surely help if you stay vigilant and always keep an eye on the layoff indicators. The moment you see them, you can start preparing for your next move. Some of the things that you can do are to update your resume, dust off your interview skills, start assessing your cash situation or try to find out how to receive unemployment compensation.
Have the Right Attitude
Losing a job is one of the most traumatic things that can happen to any individual. Having a positive outlook will surely help you get through the feelings of grief, loss, and confusion. There are plenty of self-help methods and techniques that can help you improve your mood and eliminate your worries.
Network With Other Professionals
Studies have shown that the majority of people find jobs through networking. Think of the other people in your social circle that can introduce you to their friends who work in your industry. Linkedin is one of the tools that can help you in your networking efforts. It’s a great way to connect with other professionals in the same background. You can also try to seek help from some recruitment agencies.
Share Your Story
Do not be afraid to tell the people you trust about your layoff experience. Layoffs can be very tough. sharing your story could somehow empower you and help you get ready to face the new challenges that may come your way.
Learn Something New
Tapping into self-awareness to find out what your strengths are and leveraging them in your next career move will surely help. But aside from that, expanding opportunities by developing new skills can also help you bounce back and thrive.
Learn soft skills, look for professional development, training, certification, education courses to boost your resume and self-confidence.
Today’s economy is fluid, unpredictable and extremely challenging. The key is to move forward, be open to innovation and always be proactive in achieving your goals!