Recession-Proofing Your Career
Do you want to know my top four tips for managing your career in a stormy economy? Or do you know someone whose career is feeling the effects of this market uncertainty? If so, read on!
Talk to Your Boss
If you are in a job you like, tell your boss! They are not mind-readers and if they are forced to make cuts, they are less likely to think of you if they know how committed you are to the team and the organisation as a whole. This is the time to stretch yourself. During redundancies, there are not usually funds to replace people - so their colleagues are delegated their work. If this is happening to you, go to your boss first to offer them your help and tell them what type of work you would be happy to help on - it's better than saying nothing and waiting to be delegated tasks you are less keen on.
Additionally, if you are about to take an extended leave, such as maternity leave, make sure your boss knows how committed you are to returning (even if you are not quite certain) - as during lay-offs, many managers operate on a "out of sight, out of mind" mentality. Make sure you are top of mind, by talking to your manager and showing her just how vital your efforts are to the success of the team.
Needless to say, if your industry is feeling the pinch, this is not a great time to be negotiating for a pay raise. Rather let your achievements during this period be the foundation for asking for that promotion after the economy has recovered. It is always easier and more vital to make a good impression when things are going wrong at work than it is when the outlook is rosy. Let this be the time to show your managers how much you can shine when everyone else is panicking.
Network Inside Your Organisation
You know how there are always people in any organisation who seem to know what is going on politically before anyone else? Offer to take those people to coffee! Or just begin to develop relationships with those who seem to be in the know. This is not about brown-nosing, but the people who are the most caught off guard by a round of redundancies or restructuring are often those who have the weakest connections to others within their company and so didn't see it coming. And likewise, there are usually teams or divisions which seem the most knowledgeable about which way the economic wind is blowing, so if you have not developed your cross- organisational networking skills yet, there has never been a better time. After all, success is 10% perspiration and 90% preparation - and wouldn't you like to be prepared and forewarned rather than "sweating it out" and uncertain?
Network Outside Your Organisation
One of the best ways of preparing for a potential job loss is to make connections to people in other companies or even other industries, where your services may be of interest. Over 80% of people in their 40's have gotten at least one job through contacts alone- how are you going to find your next role if you haven't made or maintained contacts externally? Look to organisations such as womenintechnology, CamAWISE, Fresh Ideas, Positive Energy, and Enterprising Women - all of which hold open events for women in a wide range of sectors from technology, to science, to oil and gas to entrepreneurship. And that is not to mention all the non-gender specific networks that align to your specific sector. After all, the best time to build a network is before you need a network.
Put Aside 6 Months Living Expenses
Okay, so I am not a financial planner, but I do know smart money sense when I see it. I have heard financial planners mention everything from having 3 months to 12 months of cash in reserve, in case of a job loss, but 6 months feels a comfortable middle point. If you don't have that type of money set aside and you are worried about a job loss, this is the best time to start training yourself on living less, so that if you have to for a while, it won't feel like such a dramatic change. And the money that you wean yourself off spending - well that can go towards your 6 month saving fund. One good tip is to put it in a cash ISA as it's tax efficient and smarter than tucking it away in your current account where a growing easy access amount may be too tempting.
The other upside to stashing 6 months living expenses? The women I see make the most rational choices about what career to take on after a job loss are those who don't feel they need to take anything immediately. Your next job should not be determined solely by the fact that you have no funds - that is the quickest way to a rash decision you will regret later. A twist on Virginia Woolf's adage that every woman needs a room of her own, is my belief that every woman needs a stash of money of her own.
This advice was kindly suppiled by Dr. Suzanne Doyle-Morris who is one of the trainers we work with at womenintechnology.
Dr. Suzanne Doyle-Morris is an executive coach, trainer and speaker who regularly presents for womenintechnology. She specialises in helping companies in male-dominated fields develop and retain their talented female employees. She has worked with clients at the University of Cambridge, Women in Technology, UBS, Trinity College Dublin, O2, Microsoft, Linklaters and Clifford Chance, as well as smaller firms that want to develop their key people. You can contact her at suzanne@doylemorris.com or visit www.doylemorris.com for more information.
Keep visiting the womenintechnology upcoming training section for updates of courses Suzanne will be running for us, including a course on Recession-Proofing Your Career.
