Preparing for a layoff that you hope never comes

I was asked to be interviewed for an article about what employees should be doing now just in case of a future layoff. I am thinking of what I want to emphasize, so here are some ideas I have been thinking.

 

 

Your Attitude

•  Be realistic about potential for layoffs in your industry, occupation, or company. Some people have been laid off so many times they consider employment to be “between layoffs.” Keep your eyes and ears open for clues that may signal a downturn or change in strategic direction. For example, if you work for a medical device company where the company is being sued for a product that has had some regulatory issues or performance issues, then watch out. Or if you work for the IT division of a company where there are discussions of off-shoring or outsourcing some of the programming work, watch out. We can’t anticipate everything, but we need to be alert.
• Do as much as you can to make yourself invaluable to your current employer. Work at a high level, volunteer for strategic assignments, be reliable and dependable, stay current with industry trends and knowledge. Be the Wisdom and Knowledge resource for your division. Sometimes whole divisions are cut and you can’t really affect the outcome. But if they are deciding on an employee-by-employee basis, then you want every advantage stacked in your favor.

 

Your Finances

 

• Save cash – try to build a cash reserve of at least 6 months of salary. Unemployment Insurance usually only lasts 6 months. Don’t count on there being any more extensions. The average job seeker is out of work for about 37 weeks these days, so try to have enough cash on hand to withstand such a dry spell.
• Plan to keep your retirement accounts intact. A layoff is not the time to drain the investments you have socked away for retirement. Using that money usually entails paying a penalty and you get taxed on it when you withdraw it. So, if at all possible leave it alone and do not include those assets in your budgeting for a transition period.
• Pay down debt while you have full income. Accelerate mortgage or car payments if you can. Get down to one credit card and pay it off every month on time to avoid late fees. Or better yet, try not to use it as much.

 

Your Network

 

• I always liked the title of Harvey Mackay’s book, “Dig your well before you’re thirsty.” The time to build your network of contacts is now. You need that network in place if a layoff occurs. It takes time to build and nurture a thriving network, so don’t delay.
• Another networking book is called “Never Eat Alone” by Keith Ferrazzi. He is a little “self promoting” but there are still some good tips in it. I wrote a brief review of it a few years ago. http://jobpartners.blogspot.com/2008/05/networking-book-review-never-eat-alone.html
• Use LinkedIn to build, manage and expand your network. Networking always been the tried and true method of finding work. Well, now it has morphed into Social Networking and has moved to the Web. LinkedIn just added it’s one hundred millionth member, so it has become the standard site. People say Facebook is like a party on your patio, while LinkedIn is a gathering around the office water cooler. www.linkedin.com. A high percentage of recruiters and hiring managers are already Googling you and checking your LinkedIn profile, so make it a good one.
• Use LinkedIn to build your career brand online. Use it to look for job postings, use it to start or join groups, use it to update your network on your activities, feed your network links to articles, videos (professional topics of course), and anything else they might find useful.
• Use LinkedIn’s section of training materials and articles including videos that teach how to use the website.
• Keep your job search skills up todate. Work on your career brand, your elevator speech, your interviewing skills and regularly check the internet job postings to track who is hiring and who is not. Many of your interactions during networking could be considered "job interviews," simply because people are always assessing talent. So, don't think that you aren't being evaluated simply because you haven't formally applied for a job posting.
• Be sure to join any relevant groups or professional associations that relate to your occupation. There are national organizations that have local chapters, such as ISPI and ASTD for performance improvement and training professionals. These organizations are excellent for networking and lending your own expertise. Volunteer for leadership positions if you can, because it makes you visible beyond your current company, and lets you demonstrate your value to a wider audience. Your current employer may pay for memberships.

 

Your Goals

 

• Keep a current resume or curriculum vitae. Obtain a job description of your current job so you will have all the proper terminology and job duties written down. Use all the keywords for your occupation in your resume.
• Use www.wordle.com to discover how well you are using keywords in your resume and in your LinkedIn profile.
• If you know for sure layoffs are coming, see if there is a way you can keep doing your current work as a consultant rather than an employee.

Your Education and Credentials

 

• Take advantage of your company’s tuition re-imbursement program while you are there. Many companies will pay for courses up to some maximum dollar amount for the year. It’s like free money, so utilize it.
• Keep licenses and certifications up to date even if they are not relevant for your current job title.
• I have seen an awful lot of valuable employees get stuck because they were doing a job for 20 years but never actually attained the credentials for their skills. They didn’t think it was important because they already had a job and were doing it well. But then once they got laid off, they discovered that they couldn’t get hired for that same job title without the appropriate credential.

 

If you think of anything I have missed, please send a note and let me know.

 

Thanks,

 

--Mike Powers

Believe in your value!

Much of the job search advice you are bombarded with is focused on techniques, methods, and strategies for preparing your resume, getting it to the right person, getting an interview, wowing them in the interview, etc.

There is a really REALLY important step that must come first, or else none of those strategies work very well. That step is believing in your own value and that you can really contribute to your potential employer’s organization in a powerful way.

Because of the nature of most career advice focusing on techniques, we are really putting the cart before the horse. We may use all these effective techniques to get an interview and then fail to get the job because we don’t sell the interviewer on our value. And we don’t sell them on our value because we aren’t totally convinced of it ourselves.

Perhaps we can learn a thing or two from sales professionals. The most effective salespersons in my experience are the ones who totally believe they are making your life better by offering you their product or service. They are not trying to trick you into buying it just to get a sale. They truly believe in the value of what they are offering you.

And if you think about it, that makes the selling process much much easier. You don’t have to worry about being so clever and persuasive; you just need to convey the value you know you have.

So, I recommend spending some reflective time and writing down all the reasons you can think of that you would be an excellent person to hire. Think beyond a list of your skills to how those skills actually help an organization. And then totally believe it. Believe it so deep in your soul that your conviction shows in your eyes and in your voice and in your smile.

-Mike Powers

What is Minnesota Works?

Job Seeker Tools

What is Minnesota Works?

Minnesota Works is a state-sponsored website that replaced the old Minnesota Job Bank. It provides two things job seekers need: 1) searchable job postings and 2) a place to post your own resume. Unfortunately, only about 20% of Dislocated Workers are currently using this job search avenue. I would like to see that grow to be much higher, so I want to encourage you to use it to search for jobs and also to post your resume there and make it visible to employers who may be looking for someone with your background, education and skills.

What employers use Minnesota Works?

Many Minnesota businesses both large and small use Minnesota Works. At last check there are 35, 314 job postings listed there for the whole state. Large corporations use it because they do a lot of hiring and they need access to as many pools of applicants as possible in multiple regions. Small companies and non-profits use it because it is free for them and they don’t have to pay a recruiter to find candidates.

Why should you put your resume on Minnesota Works?

There are already 72,726 people who have registered and put their resumes online for employers to search. You should join this pool of applicants because it is another way to market yourself and make it easy to be found. It is not the only thing you should do to actively job seek, but it certainly should be part of your strategy.

When you post your resume you are actually filling in sections that are searchable, so you want to be sure your resume has all the right keywords for your occupation and your skills.

Is it easy to use?

When looking for job postings, you get to choose the area of the state where you are looking and you can search based on location, occupation, and keywords. There are some excellent tutorials on how to use Minnesota Works on the Positively Minnesota website. Take the time to explore them at http://tinyurl.com/ydud58t

Go for it!

  --Mike Powers