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The Personal Touch: Mentally Preparing for a Layoff
December 04, 2008
It can't happen to me…not now.
By Jeff Schmitt
You may hear it on CNN or the water cooler. Layoffs are coming. The news slams your gut, reminding you how fragile our lives are. Despite the news, you have a job. You can hope for the best, but know you should prepare for the worst.
While you cannot control what the powers-that-be decide, you can take steps to cushion the blow:
• Update Your Resume. Life-altering changes, like downsizing, are frightening. Too often workers avoid dealing with such realities, hoping to stay below the radar. They'll reason that it’ll happen to someone else. It won't. In a volatile economy, you must transition quickly and adapt. The first step is to empower yourself by updating your resume.
Your resume is your brand statement. It sets expectations and differentiates you. Of course, every brand needs refreshing. Take a look at yourself. Do you truly know who you are, what you offer and where you want to go? Interviewers are no different than customers. They identify with specific brand qualities; they latch onto people with a clear identity and direction.
• Evaluate your resume. Does it accurately reflect your skills, career progression and accomplishments? Does it visually convey information quickly and logically? Has someone edited it, to punch up your message, identify gaps and remove errors?
Similarly, your cover letter is your 30-second elevator pitch. Does it help readers visualize your unique brand experience? Either way, develop strategies to stand out from hundreds of potential candidates. In the process, update your work portfolio with samples that illustrate your personal brand.
• Conduct an Informal Search. You're already caught in the crosshairs. Even if you keep your job, you're still vulnerable when the next wave of cuts hit. Why not get a jumpstart?
• Look back at your career goals. Are there particular positions you covet—or markets or industries that intrigue you? List the companies where you might fit and research them. Identify key decision-makers; reach out to them at trade or community events to get your foot in the door. Take one of their employees or suppliers to lunch. Discreetly gather intelligence on their culture, knowledge deficits and long-term direction. Sniff out the differences between their rhetoric and reality. Use this intelligence to translate how you can benefit that company (in general) and your prospective boss (in particular).
There is an adage that deems employers are more attracted to candidates who already hold a job. Right or wrong, the unemployed are viewed as weak links, the ones who have something wrong with them. That's why you polish your job hunting skills before downsizing. You may never get a second chance with a prospective employer.
In particular, start honing your interview skills. Research the most common questions and how you’d honestly answer them. Monitor your body language and vocalizations—screeners will. Even more, look at recruiters or niche job sites to post your resume. So often, it is about being in the right place at the right time. Start early and look for any edge to increase your odds.
• Network. Many times, you can learn about job openings or get interviews through the informal market. That is, the people who can testify to your capabilities, temperament and character.
Take the time to re-connect with your past bosses, clients and colleagues. Make personal calls or ping their Facebook page. Update their reference information—and know what they'll say ahead of time. Pump them for information about potential employers or openings. Ask them for letters of recommendations too. Since they already value your expertise, inquire about potential consulting opportunities to give you an extra revenue stream.
• Budget. Nothing can prepare you for losing a job. Even if you’ve lived within your means, your psychology changes. Every purchase forces you to pause. You're always asking yourself: is it really necessary? Can it wait?
Rather than overhauling your lifestyle, start cutting back early. It may take months to land another job—and money goes fast. Set a monthly budget and create a system to track your expenses. Even more, pay off your credit card and get ahead on your mortgage for peace of mind. Start squirreling extra money away for the lean times. (You don't want to be reduced to donating plasma.)
Set aside some dollars for your job hunt too. Update your wardrobe. Cut your hair. Stock up on ink, paper and thank you notes. Most important, budget for a trip. If you lose your job, you'll need something to look forward to; you’ll need to see a world larger, clearer and more diverse than your personal struggles.
Finally, sit down with your loved ones. Outline the hard truth: in the coming months, you might not be able to give them everything their friends and neighbors enjoy. All the indulgences they take for granted—movies, dining out, snack foods, guitar lessons—could be curtailed. Likewise, clue them in on what to expect from you. There will be times when you need space, to wrestle with your denial, fear, anger and doubt. And there will be times when you will need their support more than ever.
•Develop Your Skills. You can get by on institutional knowledge, but the job market is less forgiving. Before the ax falls, look for avenues to upgrade your skill sets. For example, enroll in college courses, attend workshops or take advantage of internal educational resources. Similarly, raise your profile in your community or industry. Speak at your local Toastmasters. Volunteer for a charitable cause or event. Conduct a workshop. Position yourself as an expert to bolster your credentials.
Tomorrow, you'll see how examining your options and facing your fears can also help you get through these unforgiving times.
Editor's Note: If your company is bleeding red ink and a reduction in head count looms (or worse—you're already the victim of downsizing), you'll need to spring into action. Read Part II of Schmitt's column, "When the Layoffs Hit Home."
S&MM online columnist Jeff Schmitt works in publishing in Dubuque, IA. His column, "The Personal Touch," is designed to help managers and professionals step back and evaluate how they think, interact and work. His e-mail is jschmittdbq@mchsi.com.
Sales & Marketing Management Magazine
This article is brought to you by Sales & Marketing Management, the leading authority for executives in the sales and marketing field.
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