How To Cope With Retrenchment?
Change is the only constant and that applies to our careers as well. At one point of time, your career is on a steady upward graph with awards and bonuses coming your way and suddenly you become unnerved by rumors that all is not well at your company. Rumors start floating around that there are too many people chasing too little. And then you hear it – retrenchment.
Retrenchment can happen for a variety or reasons. But the approach to handle this at any point in your career will define your character and it can set a precedent for how you can handle adversity in life. You will have to look at it from 3 angles, broadly speaking.
- Emotional angle
- Financial angle
- People angle or relationship angle
So, read on to know the valuable tips on how to cope with the three aspects.
The emotional angle is the most important because it deals with your greatest asset – yourself.
- First and foremost, you are not the first person for retrenchment and definitely will not be the last.
- Reach out to friends and family to let them know. You may or may not need help, but letting people know that you might need their help will reduce reaction time in case you need it.
- Build trust with your family and friends by letting them know as soon as possible. They will be your greatest source of motivation and inspiration in these trying times.
- Talk about it with as many people as possible and you could be surprised by how many people have dealt with at some point of time or another.
- Most importantly, you never know where the leads for your next career move might come from. Keep talking!
The financial angle is important as there might be sometime between retrenchment and getting the next job. It might help to know of and avail all the benefits being given the employees who are being let go of.
- Try and make a guesstimate of the gap in budget caused by this sudden change in plans and make a fresh plan for the same.
- It is important to overestimate costs and underestimate source of funds.
- Try to plan for fund infusions based on liquidity of assets and not just asset value.
- Make changes to your lifestyle in advance so that you don’t end up feeling the need to sell your car.
- Keep iterating on your plan until you get a fresh job.
Managing the emotions at workplace will also go a long way in keeping your cool.
- It would be very helpful to know exactly why you were being retrenched, as it gives a sense of direction as what you should do next.
- If you have learnt a lesson here, all the better.
- There will be a system put in place by most companies to handle retrenchment and it will be in your best interest to know how you can benefit the most.
- Most importantly, no single person is responsible for retrenchment. It is a collective movement from something as remote as the movement of the DOW JONES index, which could have triggered it.
- So, keep talking to your immediate boss and let him / her know that you value your experience so far.
- You might just about bump into each other 2 or 3 years down the line. Keep smiling!
Last, but not least, keep a list of 3 things that you can learn in the time you may take to get a fresh job. Boredom can demotivate you faster than you think. Learn the guitar, cook with your spouse, go to the beach with your kids and take a walk with your parents.
And, most importantly, Submit your resume. We would contact you for suitable job opportunities soon.
Keep walking my friend.