Search engine giant Yahoo announced laying off 15% off its workforce yesterday as a part of its $400 million cost cutting efforts. Autodesk is laying off 10% of its workforce. The Retail and Energy sector are the ones most hit. Mega businesses like Macy’s,Walmart, Halliburton etc have not been sparred and have already started the job cuts. According to this article, job cuts surged to 218% in Jan this year!
This news is not meant to scare you and put you on the edge of the seat and start anticipating the impending axe! No that is definitely not my intention. Instead, it is all about understanding how the corporate landscape is changing and taking proactive measures to mitigate any risk to your career.
- Your safety net does not exist – Most folks over a period of time get into a comfortable routine and state at work. They do the work that is expected of them and believe that will suffice. No longer is just meeting the requirements of the job enough! Going above and beyond is the norm. Most performance review process ratings always have the highest rating to be one that exceeds expectations. (On a side note: Even the third grade common core grading system in public schools emphasizes doing more than the minimum to get the highest rating! If 8 year olds are not sparred, why would you assume you are safe?) Salary hikes and bonus payments are directly correlated to these ratings. If you are just meeting expectations, that is not your safety net.
- The axe spares no one – It does not matter that you have been with a firm for a long time. Most of the downsizing efforts nowadays are letting go of people who have worked with the firm for 10+ years! Just met a woman yesterday who had been let go from a large manufacturing consolidation firm after 10 years of employment. There are two things to remember with this one:It does not matter how long you have been with the firm, when the need arises, the axe will spare no one. The second thing to remember is – there is no point in turning bitter and resentful if the layoff happens. Lose the sense of entitlement because it is something that you created! Be grateful for the opportunity to have been and learnt and earned from the firm for X years. Ensure you can get a positive reference for future jobs and move on.
- Shrinking management – Last year, Tony Hsieh CEO of Zappos, created a stir with his bold step of ridding the company of manager roles and job titles(. The book “Reinventing organizations” has possibly painted the future of the corporate landscape as brought up by a ‘shift in consciousness’ as per the author. Zappos is definitely leading the way on this trend and many companies are soon to follow. What this means to you ? Develop/Enhance a skill that makes a quantifiable difference to the bottom line. Become indispensable.
- Value all the way – Closely on the heels of my previous statement, provide value and value and more value to your workplace. We tend to forget that it is not about us sometimes. Clearly identify the ways you can make a difference to the organization’s bottom line even if it involves doing things outside of your boxed job title and description. Providing value is also tied to always having a pulse on what is happening in your organization. Network internally to be aware of things outside your department. That way, if an opportunity to provide value arises, you can be the first responder on the scene. Keep up to date on industry trends by reading regularly, attending conferences and meeting similar role people outside your organization. Fresh perspectives and creative and innovative thinking is a must nowadays.
- Specialized workforce – The use of contractors is on the rise and will likely continue moving forwards. Contractors with specialized skills will be brought in for specific situations/problems and will be replaced by others for other requirements. Learn to deal with a moving team and be a team player with the contractor workforce as well. You could be one too in the future.
In essence – go above and beyond, be indispensable but don’t let that lull you into a false sense of security!
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