For the past 2-3 months, I am flooded with queries from many professionals on how to handle the situation if your company is downsizing. It is understandably a difficult phase when you learn that your company is downsizing and you may be one of the employees to get affected. I know and understand it completely and am with you on how you feel.
However let me assure you that like all other challenging phases in life, this too can be handled. I am going to do my bit by giving you practical tips that will help you tide over this temporary phase successfully.
Let us understand why some companies are downsizing. These layoffs are a part of an overall global trend and also are skewed towards the IT industry. One of the reasons is that during the digital boom at the onset of the pandemic 2020 onwards till 2021, there were many companies who over hired because e- commerce had picked up dramatically. And now when things are stabilising in the market, they realise that they have had over budgeted. It can also be an upcoming global recession. Whatever be the reason, I believe in focusing on what we can do about a situation rather than focusing on the half glass empty.
So please take heart if you have been directly affected and have lost your job or are about to lose it. You can follow these tips:
1] Take a pause:
Accept it as a fact and take it as a learning from life. I know it is easier said than done however it is only the choices we make which are under our control. So choose to take corrective action. You need to constantly remind yourself that you are valuable and this is a passing phase and has nothing to do with your own worth. You can always find another job.
2] Not all is not doomed:
Primarily the large and top companies are in the news. When MEDIA reports about downsizing, the surveys primarily include the large and top companies. There are many small and mid-sized companies which are doing well. Some have come up with new business models, are funded well and are in a growth phase. Do some research on such companies in your industry and focus on jobs in that segment.
3] Use your transferable skills:
Skills like project management, digital marketing, adaptability, learnability, ability to solve problems …….are all transferable skills. Study the job descriptions of your target roles in other industries and develop your success stories and communication strategy to explore jobs in new segments.
4] A referred brand is a preferred brand:
Use your referrals – your ex- colleagues, your ex- bosses, your clients, vendors ….and so on to find out the kind of opportunities that exist in market.
5] Your network is your net worth – Porter Gale:
Use LinkedIn as a platform to build value based relationships. Explore your connections to see if they are connected to individuals in your target companies. Request them to introduce you and find out about the challenges the target employers are facing and you can conversations with them to provide them with a solution. Keep networking with your target employers because this trying phase is a temporary one and it has to pass. When things get better you can always build on these relationships and look at opportunities which meet your long term career goal.
6] Freelance projects:
Look for assignments through your friends, relatives, acquaintances and seek help in gaining some freelance based projects. Do not focus about how much you are getting paid in return. The purpose is to keep sharpening your saw and you being engaged during a trying phase puts you in a positive light with employers when you attend interviews.
Take these steps and you will tide over this phase successfully.
Best of luck!
Sarabjeet Sachar
Seasoned Career Coach, Founder & CEO, Aspiration
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