In our last article we discussed whether we are in a recession or not. There is a very old saying that said the difference between a recession and a depression is that a recession is when your neighbor does not have a job and a depression is when you do not have a job. There is a great deal of truth in that, but neither is funny today.
Things are slow in many sectors of the economy. As I said in that last article, I do not know that we are in a recession, but the fact is that things have slowed down. Many today are facing the possibility of losing their income. You may be one of those, know someone who is or maybe have already lost your job. What do you do? Get going!
Some will wait until the company says “you are a great asset to us, but due to business decisions we need to let you go”. At that time, for most people, it is too late to start positioning yourself for the next move.
Here are some tips to avoid getting trapped in a major mess.
First, if you sense your company is headed in the direction of letting you go – begin planning your own exit. That may mean several things. Get that resume up to date and start looking for other areas of employment. There are jobs out there and people are needed to fill them. Being aggressive in going after those jobs will position you to possibly make the first move and save you and your current employer going through the layoff.
If you find yourself lacking skills to make a change, then get going with beefing up those skills. There are tech and vocational schools, colleges and even do-it-yourself books that can assist you in getting the skills you need to be productive.
Network! Make people aware of your need for a change. Be careful here so you do not cause a premature exit of your current position. You have family, friends, neighbors and former work associates who can help you land your next position. Unfortunately, most of them do not have ESP and they need to know your intentions.
We could go on, but you get the picture.
Finally, your family finances. If you feel you could “be next”, take steps now to shore up your personal finances. Stop borrowing and begin saving as much as you can as fast as you can. Look over your monthly bills and, first, cut all that you can and, secondly, put a plan in place of what you will cut next if you are let go.
Having an emergency fund is awesome in these situations. Most people do not have one or if they do it is not large enough. Knowing you have one and making the necessary plans to cut expenses quickly can help you ride out any job loss and mentally prepare you for obtaining the next one!
Get going!