avoiding a layoff in the Financial Crisis 1,547 views
Feb4
Financial crisis hurting new job seekers: The global financial crisis has begun to impact student job seekers who will soon graduate from universities and graduate schools.
If you think your company might be heading for a round of lay-offs, sit down with your manager and ask what project is most important to the company right now. Then try to get involved in that project as your primary responsibility. If you’re working on something that’s of secondary importance to the survival of the company, you’re more likely to get laid off.
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Job Opportunities Emerge from Financial Crisis
For the right candidates, there are opportunities to find better jobs in every type of economic climate. And while the current financial crisis is severe and sure to cost hundreds of thousands of competent employees their jobs in the U.S. alone, it does present opportunities for certain well-positioned job seekers. Even with the scope of global financial distress and the lack of available credit for businesses and consumers, there are going to be plenty of businesses who are unaffected and able to continue their hiring practices as usual. But these aren’t the firms I’m talking about.
I’m talking about the companies that are affected by the state of the financial markets and whose first instinct is going to be to slash payroll wherever possible. After the first and possibly second wave of job cuts, these companies will then start looking at their key employees, managers and executives in a way that is rarely done in prosperous and profitable times. When companies are faced with difficult financial situations and are forced to make tough decisions to ensure survival, it becomes much easier to be cold-blooded and brutally objective when assessing the performance of even the most senior employees. When it’s determined that certain employees are not as productive as they could or should be, the ax falls quickly.
In these instances, it is only the employee who is removed – their “job” or “role” is essential and remains to be filled by a better employee. And that’s where the opportunities exist. Companies can eliminate superfluous or ineffective employees en masse – but the key positions within a company must always be filled by competent professionals. This process of purging weak employees is greatly accelerated in times like these and offers qualified employees — particularly seasoned executives, managers and sales people — a great chance to leap forward in their careers.
Even if you’re one of the purged from Company A, Company B may love your resume and look at you as a potential catalyst for improved company productivity. And the beauty of that situation is that you can point to the financial crisis as the only reason for your release from your previous employer. In the same manner that employers will point to the overall state of the economy as justification for sometimes-massive layoffs and cutbacks, job seekers can use the same argument to pitch their services to their next employer and capture one of the many opportunities that will emerge from the current financial crisis.