The current job market feels like whiplash. Coming out of the pandemic, there was a huge pent-up demand for workers to help companies get back up and running. The job market was so hot that discussions centered around the Great Resignation trend with about 4 million Americans quitting their jobs on a monthly basis. Job seekers boasted about having numerous offers to choose from and companies complained they couldn’t find enough workers with the required skills and experience.
Seemingly overnight, everything has changed. Americans have woken up to the new reality of inflation. In an effort to keep the economy afloat, the Federal Reserve Bank and the United States government injected trillions of dollars into the marketplace, sending stimulus checks to families, enhanced unemployment benefits and other fiscal measures.
At first, U.S. Treasury Secretary Janet Yellen and others in the Biden Administration said that inflation was “transitory”—it wasn’t. As it turned out, inflation hit 40-year record highs. The costs of everything, ranging from gas to home prices, soared.
When the cheap money previously flowed into the economy, venture capitalists invested billions of dollars into tech startups. The prices of stocks and cryptocurrencies rose to dizzying heights, as both professional and novice investors bought and traded securities with the confidence that everything goes up.
Unfortunately, nothing goes up forever. Runaway inflation has pricked the everything-goes-up bubble. One of the results was that the spigots of cheap money were turned off, and the party was over. Instead of aggressively hiring, tech companies started cutting back and laying off personnel.
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Article continued …
Why Fed Chair Jerome Powell Is Important
To understand what is happening, we need to pay heed to Federal Reserve Chairman Jerome Powell. In talks with Congress, Powell said that he needs to considerably raise interest rates to beat down inflation.
When interest rates rise, the costs of loans, mortgages and credit cards go up. The extra costs eat into the consumers’ pocketbooks. With less discretionary income, families will hold off on expenditures. They’ll spend less, make fewer purchases and avoid dining out as much or traveling as they used to. As the consumers constrict their spending, the economy will slow or even contract. This causes a recession.
While Powell didn’t say he is purposely causing a recession to battle inflation, his policies, based on history, could potentially lead to it. The rate hikes make it more difficult and expensive for companies to access capital, boosting the likelihood that the U.S. goes into a recession next year.
Are We Headed Into A ‘Hurricane?’
Jamie Dimon, the CEO of JPMorgan and one of the most respected Wall Street leaders, gave a stern warning to investors. He advised people to prepare for an upcoming economic “hurricane.”
With the cost of capital starting to rise, tech and other sectors will pull back on growth, enact layoffs, impose hiring freezes and rescind job offers. During the year of over-exuberance, revenue and profits were not as important as achieving growth and scale. When a downturn happens and money is costly and not free-flowing, unprofitable companies will be headed toward trouble. If startups still have sufficient funds left from rounds of capital raises, they can buy time. Those that burned through their funds may be headed for trouble.
Layoffs, Hiring Freezes And Jobs Rescinded
Since May, tech startups have laid off nearly 27,000 workers, according to layoffs.fyi, which tracks publicly announced job cuts. Tesla CEO Elon Musk, who said that he had a “super bad” feeling about the economy, said the electric car manufacturer would cut 10% of its workforce. Musk, who also is in the midst of buying Twitter, said that there may be possible layoffs at the social media site.
Dara Khosrowshahi, CEO of Uber, informed employees through email that the ridesharing app company would start to treat hiring like “a privilege.” The chief executive said Uber’s decision to pump the breaks on hiring is due to the “seismic shift” in the market.
In June, Coinbase, the large cryptocurrency platform, announced on its corporate blog, “In response to the current market conditions and ongoing business prioritization efforts, we will extend our hiring pause for both new and backfill roles for the foreseeable future and rescind a number of accepted offers.” The cryptocurrency exchange platform then let go of around 18% of its workforce—or about 1,100 people.
Gemini, the crypto exchange founded by the Winklevoss twins, said a “crypto winter” is coming. The meteoric rise of cryptocurrencies and fervent hyping and buying of digital assets are falling back to earth. Gemini felt the change in the temperature of the markets and economy. In response to “turbulent market conditions that are likely to persist for some time,” Gemini is downsizing 10% of its astronauts—a term it coined for its employees. Two other digital asset platforms, Crypto.com and BlockFi, said they are laying off people as well.
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What Happens When Human Resources Asks For A Quick Talk
You may get a call or email from a human resources representative saying, “Could you please come to my office at 4 p.m.?” When a company is not doing well, you have a sense of what’s about to happen next. The walk to the elevator banks, going up a few floors seems to last an eternity. You are hoping that you’re not getting a pink slip, and it’s for another matter.
In a whirlwind, you are told that your services are no longer required. You are offered papers to sign, and before you can process what happened, you’re escorted by a security guard to collect your belongings. All the technologies are cut off and you take the elevator of shame down to the lobby and walk outside feeling numb and bewildered.
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Article continued …
Airbnb Demonstrates How To Empathetically Lay Off People
Letting a person go doesn’t always have to be a harsh, humiliating experience. One standout example is the way Airbnb handled separations from the payroll in May 2020, during the early months of the pandemic. In a message to employees, Airbnb cofounder and CEO Brian Chesky said that he had “sad news” and told his staff that they were forced to downsize, in light of the company’s financial situation and the uncertainty of how badly the virus outbreak could impact its business. The short-term home and apartment rental app downsized 25% of its workforce, representing around 1,900 people out of the 7,500 international workforce.
Instead of using one-way Zoom calls to extend the message, he provided color and context as to why this had to be done. Chesky acknowledged that the pandemic could have a major impact on the travel industry for an unknowable amount of time, and as a result revenue could be hit hard.
Chesky told his team that anyone who was laid off, it’s not because of anything they’ve done wrong nor a reflection on their work ethic. Rather than providing platitudes, the company was prepared to offer severance, equity and healthcare packages. Its intent was to treat everyone in a compassionate and thoughtful manner. The company offered its team 14 weeks of base pay, plus an additional one week for every year at Airbnb, and the tenure will be rounded up to the nearest year. Health insurance was covered through COBRA for 12 months.
The short-term rental company provided an Alumni Talent Directory to help people find new jobs. Departing employees were given the option to have their profiles, résumés and work samples available for future employers to see. The company allocated its recruiting team to help the impacted workers find jobs. The departing staff also received four months of career services and were permitted to keep their Apple laptops to help with their job searches.
The Cold, Impersonal Zoom Firings During The Pandemic
It’s never easy nor pleasant to let a person go or enact mass layoffs. Airbnb acted honorably with empathy and compassion. This was juxtaposed with how a few other companies acted during the pandemic. While white-collar workers were primarily still working from home, the cold, impersonal one-way Zoom firings became commonplace.
At around the same time, scooter-sharing startup Bird fired 406 employees in a manner that you could only imagine on an episode of Black Mirror. The unfortunate workers were told all appointments were canceled and that they should log into a one-way Zoom call. A disembodied voice read from a script telling the listeners that they’ve been picked for layoffs. Their Slack and employee accounts were discontinued and end dates were supplied.
Ridesharing app company Uber announced a layoff of 3,500 employees. The remote workers were informed of their job loss via an online Zoom call. Ruffin Cheveleau, the head of Uber’s customer service, informed workers that it was their last day at the company. Wonderschool, ZipRecruiter, WeWork, the Wing and other companies all used video calls to inform employees that they’ve been terminated.
Recent Tone-Deaf Offer Recissions And Layoffs
Recently, Coinbase, the large cryptocurrency platform, announced it will place a hold on hiring and rescind job offers, due to the difficult economic and geopolitical events. Pulling the rug out from under the job offers didn’t sit well with many employees.
There was an immediate online backlash against the cold and cruel treatment of those who had their job offers abruptly taken away. The company said in response, “We will apply our generous severance philosophy to offset the financial impact of this decision” and will help the people who had their offers overturned. A talent hub was created to help the impacted people. This includes job placement support, résumé reviews, career coaching and access to the company’s network of people.
Coinbase employees started an online petition, leaked Thursday by crypto site Mirror, to remove top executives, including chief operating officer Emilie Choi, chief product officer Surojit Chatterjee and chief people officer LJ Brock, “in a vote of no confidence.”
The polar opposite of how Airbnb acted is the story of Vishal Garg, CEO of unicorn mortgage lender startup Better.com. The chief executive coldly told his 900 employees that around 15% of the workforce will be fired in a one-way video.
To add insult to injury, Garg accused “at least 250″ terminated staffers of stealing from the company. In an email to employees obtained by Forbes in 2020, the Better.com CEO wrote, “HELLO—WAKE UP BETTER TEAM. You are TOO DAMN SLOW. You are a bunch of DUMB DOLPHINS and…DUMB DOLPHINS get caught in nets and eaten by sharks. SO STOP IT. STOP IT. STOP IT RIGHT NOW. YOU ARE EMBARRASSING ME.”
What Leadership Should Do When Laying Off People
Getting laid off is a crushing blow. In addition to the financial aspect of losing a job, it can cause serious mental and emotional stress. Leaders need to focus on the messaging to make the best out of a bad situation.
Leadership should start by offering color and context of what is happening. There is no reason to shame the staff. Instead, management needs to praise their work and accomplishments. Let the impacted workers know about available severance packages, healthcare options, what happens to their stock and options and give access to recruiters, career coaches and connections within the firm’s network of contacts.
Human resources and managers need to take the time and energy to speak one-on-one with the people who are being let go. Listen to their feedback, offer words of encouragement and write a glowing recommendation. Offer to keep in touch, as “boomerang” hires have become popular.
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Mass layoffs and furloughs have been announced across a variety of industries — travel and leisure, media, energy, financial services, etc. (Business Insider keeps a running tally here). While losing your job may be more commonplace now, it can still be difficult to talk about, especially in a job interview, where you might feel less confident admitting any negative news.
You will likely be asked about your various career moves and transitions, especially your most recent ones. You may also be asked about any gaps in your resume. Finally, with layoffs prominently featured in the news and top of mind for many, the interviewer may ask you outright if you were downsized.
The good news is that, with so many people affected, there is less stigma attached to being laid off or furloughed. The better news is that you have control on how you talk about a layoff or furlough. You can minimize the negative impact of being laid off or furloughed and still ace your job interview by taking these five steps:
1 – Address what the interviewer really wants to know
Remember that the purpose of the job interview is to determine if you’re the best candidate for the job. The prospective employer wants their problem solved. They really aren’t focused on you, except for what you can do for them. In the same way, they don’t really care about your layoff, except what it might reveal about how good an employee you will be.
A layoff or furlough can impact you negatively if the prospective employer thinks you were let go for performance reasons. You can counter that by confirming that you were one among many and not singled out for cause. The prospective employer might worry that your time away from work has eroded your skills. You can counter that by keeping your skills and expertise updated. The prospective employer might assume your recent bad experience has soured your attitude or work ethic. You can counter that by showing high energy and enthusiasm during the interview.
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Concise means just enough information. You don’t want to say too little, such as avoiding talking about the layoff or furlough at all. This makes it appears as if you’re hiding something. At the same time, you don’t want to say too much and keep referencing it throughout the job interview. This is like going on a date where the other person spends the whole time talking about their ex! The incident is in the past, and the job interview is for the future. You want to assure the prospective employer that you only have eyes for them.
3 — Keep your tone neutral and non-judgmental
The prospective employer wants to hire someone who will be committed and a positive addition to the team. If you bad mouth your previous employer, your next employer will worry you will say the same about them. Even if the layoff or furlough was handled terribly or you felt you were treated unfairly or you have whatever good reason for having a negative opinion about your past employer, keep your tone neutral and non-judgmental when you explain what happened. (it helps when you keep your answers concise!)
Getting to a neutral tone when you are talking about a difficult issue is something you may need to practice. As a longtime recruiter, I have sat in too many interviews where the candidate clearly still harbors negative feelings toward a past employer. Outline in advance what you will say about the layoff or furlough. Practice saying it until you can do it without getting emotional – e.g., sad, angry, defensive. Role play with someone else who will probe on this issue to make sure you’re comfortable talking about it. (Read more tips here on how to handle a hostile interview.)
4 — Refocus the interview back to the job opening
The likelihood is that the interviewer will move on quickly after hearing a satisfactory explanation for your layoff or furlough. But you can help move the interview along by initiating the transition back to the job opening at hand. For example, as you talk about your recent job, you mention that you left because you were laid off, and then you immediately highlight the skills, expertise and experience you gained at the job that is relevant to this particular opening. No need to wait for the interviewer to sign off on your layoff explanation and give you permission to move on. The job interview is a conversation, a two-way street, and you can control the agenda as much as the interviewer by refocusing the interview on the job opening.
5 — Line up references to support your story
Too many job seekers wait till they have an impending job offer before lining up their list of professional references. It takes time to reach your references and confirm that: 1) they agree to give you a reference; 2) you have their most updated contact information; and 3) they know what to say to give you the strongest and most relevant reference possible.
Number 3 surprises some people, but you need to coach your references. You don’t need to tell them what to say word-for-word (and legitimate references won’t want you to do that anyway). However, you need to tell them what jobs you’re going for so they can highlight the relevant aspects of your previous work together. This includes talking about the circumstances surrounding your layoff or furlough – even if only to confirm that it wasn’t performance-related. Having your references lined up in advance, including someone who will corroborate your account of the layoff or furlough, will make you more confident and comfortable in your job interview.
You determine how strong a candidate you are, not your layoff or furlough
Being laid off or furloughed is the end of that job, but certainly not your career. You can still come across as a strong candidate during the job interview by highlighting the skills, expertise and experience you do have. Remember that the prospective employer is focused on hiring a solution to their problem, not your layoff or furlough at all.
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The pandemic and its fallout definitely impact career planning. Unemployment numbers are ticking upward, so job seekers overall are competing in a more crowded overall market. Certain industries such as travel are hit hard, so workers in contracting fields in particular face dwindling opportunities. Even if you’re currently employed, you should pay attention to how well your employer can hold up in these challenging times.
If you find yourself in a troubled industry, should you change careers and target other areas? As with most career questions, there is no one-size-fits-all response to your individual career. Even though I just made some generalizations about the negative impact of the pandemic on career planning, the optimal next step for your career depends, not just on the market, but also on you.
Here are some arguments for and against changing careers because of the pandemic to help you choose the best course of action for you:
Yes, change careers because your industry may take longer to recover than you are willing or able to wait
I coached a client who loved her travel job but lost it along with 90% of her colleagues. Projected recovery for the travel industry could be next year or several years. Sure, jobs don’t totally disappear even from hard-hit industries. However, if you need to land quickly, you may want to change careers into a growing market.
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No, don’t change careers because you love your field and want to stick it out
That said, if you have a passion for the industry you are in, you may want to stick it out. There are ways you can help your job search in a down market, such as revisiting old employers or targeting project work over permanent, full-time. Maximizing your career isn’t just about getting any job, but about landing a job you love.
Yes, change careers because you have severance that can fund your job search
But do you love your job? The industry or role you start with isn’t something you have to do forever. Some professionals get so caught up in the day-to-day busyness of their immediate job that they don’t take a long-term, more proactive view of their whole career. If you had been getting complacent in your current career, this pandemic may be just the jolt you need to reconsider and redesign your career. If you have been laid off, you could invest the severance or unemployment benefits you receive into yourself and a career pivot.
No, don’t change careers now because a changing careers takes longer than landing a similar job, and your severance may run out
That said, timing a career change during a down market is like swimming upstream. You already have a shrinking pool of jobs and employers who are feeling cost pressures. Add in the fact that as a career changer you are an unproven and therefore riskier choice. Are you prepared for a much more difficult job search? Do you have the time and financial means to stick it out?
Yes, change careers because you were thinking about making a change anyway
There is never a perfect time for a big life decision, like changing careers. If you had already been thinking about a career change and then the pandemic hit, this doesn’t necessarily mean you should abort your earlier plans. I have coached several professionals who make a change even at a peak in their careers – another time when arguably you shouldn’t make a change. Just because it doesn’t seem like the right time in general doesn’t make it the wrong time for you.
No, don’t change careers because getting experience in a down market is good experience
If you feel like you’re coasting on the job and you’re looking for a challenge, navigating a down market can be that challenge. If you have never experienced a down market in your current industry and/or role, this is good experience to have, especially if you aspire to the executive ranks one day. As a recruiter, I have seen many employers prioritize candidates who had a good track record, not just in growth times, but also in hard times. If you get tapped for a big cost-reduction effort, restructuring or turnaround initiative, you have the opportunity to get tangible, measurable results that can put you in a better position for bigger roles in the future.
Yes, change careers because you have an idea or inspiration prompted by the current market
If you change careers just to get away from your old career, that’s like a bad approach to dating. Instead, you want to be genuinely attracted to the new career. If the pandemic and its fallout have revealed a new interest for you – e.g., you love virtual meetings and decide to focus on remote learning – then that is an excellent sign to pursue that option. The best part is that you don’t have to quit your job right away, as the first step in career change is about making life changes, not launching a job search.
No, don’t change careers because you have other constraints vying for your time
Speaking of life changes, the pandemic has upended much more than just your career. If you’re in a dual-career household, if you have children, if you have elder care responsibilities, if you have a side passion that has been put on hold, then there are other areas of your life that may need more urgent tending than your career. The right time to make a career move needs to account for everything else going on in your life too.
As you can see, there is no one answer to whether you should change careers because of the pandemic or not. Instead, I would divide the question into two parts: 1) should you change careers; and 2) because of the pandemic. Then, I would focus on the first part – whether or not you should change careers. The second part is just about how the market may impact you — and it may not. Your internal readiness to make a change — your willingness to do the work, your fortitude to stay the course — is more important than market conditions. If you want to make a change that badly, you will find a way.
Career Change Expert and Author of “Jump Ship: 10 Steps To Starting A New Career”
Forbes.com | May 10, 2020
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More than 22 million Americans filing for unemployment as of April 16, 2020 have heard this sentence since the COVID-19 pandemic started escalating in March 2020. The rise of companies and small businesses being forced to shut their doors temporarily or permanently has pushed unemployment rates through the roof.
This may feel like the rock bottom you never wanted to reach, but as someone who lost all of her financial success once before, let me remind you that there are things you can do to get out. You can reclaim your career, your sense of dignity, and believe it or not, you can come out stronger than ever before.
When a major life change like this hits you upside the head, being able to focus on the right action steps can feel difficult. Your emotions are running wild, and the world feels all doom and gloom. But, with a little strategy and focus, there are steps you can take right now to stay afloat and prepare you for the future. Here is what to do if you recently lost your job.
1. Gather information.
You walk away from the meeting where you were let go and hop on a job-hunting site. Although this may feel like a no-brainer move to make, it could land you in a job that you don’t want. Resist the urge to be reactive, and consider taking a few days to gather yourself and build a plan.
Begin by reviewing your previous employment information. When you leave, ask for a copy of your original employment letter or agreement, and look to see if there were any non-compete agreements set in place that may disqualify you from applying for certain companies. Also, note that each state has different laws about noncompetes. For example, California pretty much won’t enforce them (but I’m any lawyer over here). These details will save you time down the road.
Put together a list of contacts in your network that you can reach out to. This could include previous colleagues, bosses, alumni, friends, or networking connections. Build this list and then send each of them an email asking to have a virtual coffee or phone call. Historically, most jobs, upwards of 85%, are filled without even being posted online. So leverage your network to help you during this time of need, that is what they are there for after all. Also remember that with everyone in quarantine, it’s a great time to network. People are more available than usual, and more likely to say yes to a networking conversation.
Before your phone calls, spend some time getting clear on what skill set you to bring to the table and which roles are most aligned with where you want to go.
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If you lost your job due to COVID-19, you qualify for weekly unemployment payments from your state of employment. This isn’t only for corporate jobs, the CARE Act opened unemployment for gig workers, freelancers or other self-employed individuals. Get this process started right away so that you have some form of income to hold you over during the job hunt.
This paycheck may be what gives you the peace of mind to focus during interviews without the financial pressure showering down overhead.
3. Take care of your health.
Healthcare typically ends at the end of the month where your employment was terminated. Be sure to get your healthcare plans in place. In most cases, you can keep your employer’s plan for up to three years with the federal program COBRA, but since the premiums tend to be very high, it could be worth exploring other options. If this isn’t a path, consider purchasing insurance through the Affordable Care act. At a time when health is wildly important, you don’t want to skip out on being protected.
When you’re living your best life, it’s easy to take care of yourself. When things are rough, falling into the trap of comfort food and cuddling up on the couch can become far too easy. Take care of yourself, and create a sense of routine in your life that fosters preventative wellness.
In a world of green juice, supplements, and med spas, remember the basics are so underrated! Have you gotten enough rest? Are you drinking water? Have you eaten nutritious meals?
4. Don’t be afraid to get creative.
Depending on your financial state, you may have more or less leniency on what you can afford to do. This may look like taking a temporary job while you continue to apply for new jobs or it may look like building the side hustle you always wanted.
While it may feel hopeless to hear the news updates and ongoing crisis, recruiters are still hiring or looking to build relationships with individuals for the future. Evaluate your skill set and pursue opportunities at the companies that are still hiring. If you were a customer service representative for a travel agency, don’t be afraid to look for service jobs in the growing healthcare industry. If you were a teacher, consider building an online learning course for students that parents could purchase. The world is changing, and it is time for your thinking to change with it.
4. Brush up on your interview skills.
Take some time to review or edit your resume and cover letter. Be sure to gather any new or updated letters of recommendation. If you left your previous employer on good terms, ask for a letter from your boss. Although they had to let you go, it looks great to have their support post-employment.
Practice and polish your answer to the most common interview question, “tell me about yourself.”
Practice interviews over the phone and video with a friend, family member or career coach like myself. The job search process is evolving, and hiring is almost solely occurring online right now.
Do your research on each company you are applying for. Know their background, culture and current state, since 47% of hiring managers report passing on candidates that don’t clearly know their company.
Getting laid off doesn’t feel good, but it doesn’t have to tarnish your inspiration in your career. Shift your perspective and view this as an opportunity to really showcase your potential and skills. Anyone can make lemonade when there are lemons in their kitchen but are you willing to go out and find the lemons yourself?
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When it comes to your career (or life, really) very few things are certain. There is one thing you can count on for sure though. Throughout your professional life, you’ll continue to encounter change, big or small, positive and negative, voluntary and involuntary.
When you experience these changes–you have two choices. You can either actively resist it, or you can accept it and figure out what you can learn from, and how to, leverage the situation. In most cases, the latter is usually the smart option. As Jennifer Harvey Berger previously wrote for Fast Company, in a world that’s only going to become more complex, “shifting your mindset is the only way to not only cope but also make the journey more fun and successful.”
Here are five of the most common changes you can expect to see at work, and how to deal with it so you can continue to thrive in the workplace.
GETTING A PROMOTION
Congratulations! After over-delivering on project after project, and exceeding all your goals that you set with your manager when you started your job, your employer is finally rewarding you with a change in title and an increase in compensation. You’re exhilarated, but you’re also a little confused. What do you do now?
First off, start with figuring out what you will no longer take on, time coach Elizabeth Grace Saunders wrote in a previous Fast Company article. Assuming that your promotion comes with more responsibilities, you will probably need to learn how to master your new tasks, and you won’t be able to do that efficiently if you have to do that on top of your old job. This requires trusting other people, which can be difficult if you have controlling tendencies. But as Saunders pointed out, the higher you move up, the more you have to depend on others. So start to learn to let go of your micro-managing tendencies, and trust that you’re not the only one who knows how to do everything.
It might be counterintuitive to prioritize personal well-being like sleep and exercise. But as Saunders noted, when you are required to perform at a high level, you need to be stricter about making these things a priority. After all, they have a major impact on your productivity. That’s not something you can compromise when you’re required to perform at the next level, Saunders said.
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Very few things make employees as anxious as a company reorganization. Regardless of whether or not you survive the re-org, you’re sure to face some big changes. The first step, whatever the outcome, is to acknowledge what you went through, Neil Lewis, co-founder of Working Transitions, told Gwen Moran in a 2017 Fast Company article. If you survived the re-org and felt “survivor guilt,” give yourself permission to feel them. Then slowly rebuild your confidence by assessing what kind of opportunities you can take on to grow, and whether there are any gaps in your skills that you can fill. Lewis also urged that you shouldn’t be afraid of reaching out to your colleagues who have left the organization. After all, they’re a crucial part of your professional network.
If the re-org results in a layoff, The Muse’s Jenni Maier recommends that as soon as you’ve had time to process the news, let your network know you’re looking. When Maier was laid off from her role, she desperately wanted to keep it quiet, but because she was unhappy with (and wanted to change) her situation, she decided to be open about the fact that she was back in the job market. She wrote, “The majority of the interviews I went on after being laid off came from friends-of-friend leads. Leads I never got before I lost my job because no one knew I wanted them. And the position I ended up getting at The Muse? That “in” came from a former manager’s friend.”
Your happiness and success in your job has a lot to do with the relationship that you have with your boss. You might spend a long time building this relationship, but people move on, and one day, they might leave. You find yourself reporting to someone new, and you want to establish their trust and respect, quickly.
How do you do it in a way that doesn’t come off as bragging? As Gwen Moran previously wrote in Fast Company, the first step you should take is to build in some “networking” time with your boss–whether it’s coffee, or scheduling some time in a calendar for focused discussion. This way, you can start to learn their goals, working styles and any new ideas they might have, and work to amend your priorities where appropriate. Be proactive in terms of identifying where they might need help–that’s an easy way for you to secure some quick wins to help them shine, which builds goodwill quickly.
A CHANGE IN COMPANY CULTURE AND PROCESSES
Sometimes what the company looks like when you joined looks nothing like the company you’re still working at 2 years later. This especially common in a startup–which tends to start without structures and systems in place. As the company scales, those things become necessary, and sometimes, it can change the company culture, entrepreneur Matt Barba previously wrote for Fast Company.
The first step is acknowledging that structure isn’t necessarily a bad thing, and simply accept the fact that it comes with company growth. If you feel like there are some cultures that the company used to have that you want to reinstate–there are ways you can do that without needing approvals from the higher-ups. As SYPartners’ principal Joshua-Michéle Ross said at the 2017 Fast Company Innovation Festival, you can create deep transformations with tiny steps. He went on to say that one of the ways to do this is to create “rituals that solve a problem.” In the case of Airbnb, for example, the home-sharing company found itself with far too many internal meeting as the company grew. Their solution? they started filming the meetings and editing them into digestible content–which solved a problem and got rid of unnecessary bureaucracy.
Your brain might be averse to change, but with time and a shift in perspective, you can learn to accept it. And if you train yourself to be comfortable with uncertainty, you might just see opportunities as a result of those changes that you might not have had otherwise.
ABOUT THE AUTHOR:
ANISA PURBASARI HORTON is the Assistant Editor for Fast Company’s Leadership section. She covers everything from personal development, entrepreneurship and the future of work.
FastCompany.com | August 6, 2018
https://www.firstsun.com/wp-content/uploads/2017/05/Change-Direction.jpg450970First Sun Teamhttps://www.firstsun.com/wp-content/uploads/2018/05/logo-min-300x123.jpgFirst Sun Team2018-08-06 13:48:372020-09-30 20:46:16#CareerAdvice : #ChangeManagement – How to Deal with These 4 Types of #ChangesAtWork …From Getting a #Promotion, #CompanyRestructure, #Layoffs, to Working with a New Boss.
You might think that employees who survive layoffs feel lucky or valued, but a study by outplacement provider RiseSmart finds that surviving team members have unique challenges that can hurt their productivity, and 43% of companies are not prepared for the impact.
“Most of the focus is on the employees who are leaving, and that’s understandable,” says Dan Davenport, president and general manager of RiseSmart. “Not enough attention is paid to the impact on the surviving employees by companies.”
Anxiety and a drop in morale are commonly felt, says Davenport. “Employees wonder what’s going to happen next,” he says. “They’re also worried about their former coworkers who are leaving the organization, wondering if they’ll land on their feet. This can lead to a loss of productivity.”
Companies need get in front of the potential impact by putting a plan in place, says Davenport. “You can’t eliminate the impact on productivity and morale when you have a layoff, but you can do a lot of things to minimize impact,” he says.
HAVE A GOOD COMMUNICATION PLAN
Start by sharing as much information about the layoff with the survivors as possible. Most managers aren’t adept at delivering this kind of information, so provide training when necessary, says Davenport. “They need to understand how to address the team,” he says. “Prepare them with messaging and notification training to make sure the process is a smooth one and doesn’t lead to legal liability.”
Be transparent about what is happening, how many people are affected, and how positions were selected, Davenport continues. “Reducing headcount is a business decision,” he says. “Explain how laid-off employees are being cared for, and be transparent about the future. Talk about what to expect when going through stages of transition and how work will be distributed, and discuss the possibility of future layoffs.”
Not delivering the right message or even ignoring it altogether can have a sizeable impact on business; 70% experience a negative impact on future talent acquisition efforts, and 81% report a negative impact on brand, according to the study.
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Another tactic that can help surviving employees move forward is offering lessons in resiliency, suggests Davenport. Consider holding mindfulness training in the office, such as meditation or journaling classes. Learning how to “build in a pause” when reacting to situations will help employees learn how to process information and take out emotion before they react. Engaging in gratitude exercises, such as by journaling, can also increase positive emotions and reduce stress.
“It’s important to help employees keep their focus on the future,” says Davenport.
HOLD ACTIVITIES TO IMPROVE MORALE
Finally, arrange events where employees can get together and share feelings, suggests Davenport. “Employees need to feel safe and comfortable in sharing,” he says. “It takes three months or longer for your surviving team to return to productivity. If you don’t do anything, it can take longer.”
Share your vision of the company’s future and connect each individual employee to the goals you have set, Davenport says. Offer career development, provide coaching, and encourage mentorship programs.
“Employers need to understand that employees who remain will experience the same stages of grief and loss as the employees who were let go,” says Davenport.
https://www.firstsun.com/wp-content/uploads/2016/08/Row-of-People-viewed-from-Outside.jpg6001200First Sun Teamhttps://www.firstsun.com/wp-content/uploads/2018/05/logo-min-300x123.jpgFirst Sun Team2018-02-21 15:52:322020-09-30 20:48:46#Leadership : Take These Steps To Boost Morale After #Layoffs …The #Employees who Remain After a Round of Layoffs will Likely have High #Anxiety. Here’s How to Lessen the Impact & Get Everyone Back on Track.
Whether because of mergers, downsizing, or organizational shifts, each year, countless workers inevitably find themselves losing their jobs through no fault of their own.
It happens to the most seasoned and dedicated among us, and that’s perhaps the scariest thing about getting laid off — no one is immune. That said, there are certain steps you can take to minimize your chances of getting laid off, and reduce your anxiety along the way.
1. Have a unique skill
Though soft skills — those that apply to virtually any position — are always a good thing to work on, at the end of the day, you’re probably not going to get to keep your job in a round of layoffs by virtue of your solid time-management ability alone. That’s why it pays to work on honing one particular skill you know your company absolutely needs. If you’re an IT professional, maybe it’s a complex software that’s needed to keep the workflow going. If you’re a designer, maybe it’s that cutting-edge graphics program that’s been giving your company its competitive edge. No matter what skill you’re best suited to focus on, if you set yourself apart as the one person who’s an expert in that arena, your company might hesitate to give you the boot.
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Maybe you’re the best copy director your company has ever seen. But if your knowledge base is limited to effective sales pitches, and you’re not well-versed in market research, finances, or analytics, then you might still find yourself out of a job if your company is forced to slash positions. On the other hand, if you make an effort to educate yourself on all aspects of the business, your company will have a much harder time letting you go.
How do you get there? Sit in on other teams’ meetings, and ask to collaborate with various groups on recurring projects. The more exposure you get to different areas of your company and how they work, the more your management team might end up fighting to keep you.
3. Keep up with your business associates
It’s no secret that networking has been proved to help countless searchers land jobs, but many people find themselves networking defensively — that is, they only start reconnecting with contacts once they’re out of a job and need help. But if you make a point to stay in solid touch with your associates regularly, you’ll protect yourself in the face of layoffs in two ways.
First, if you network extensively within your company, you’ll have more people around to speak highly of you, which might spare you from getting the ax. Second, if you have associates you contact regularly, you won’t come across as taking advantage by reaching out for help if you are indeed let go. Or to put it another way, it’s a lot easier to ask a favor of someone you’re in touch with regularly than to sneak up as a blast from the past wanting assistance.
Having more money in the bank won’t do a thing to help you avoid losing your job. What it willdo, however, is buy you some peace of mind that if you are let go, you won’t have to immediately resort to credit card debt just to keep up with your finances. Having that stress removed might, in turn, help you focus better at work, thus reducing your chances of landing on the chopping block. Plus, if you are laid off, you’ll be less pressured into taking the first job you find because you’re desperate for money.
Though layoffs are sometimes inevitable, there are things you can do to lower your odds when your company is going through them. If anything, working on the above suggestions will give you someplace to focus your energy so you’re not utterly fixated on the thought of losing your job.
This article was originally published on The Motley Fool. It is reprinted with permission.
https://www.firstsun.com/wp-content/uploads/2016/08/Laid-off-Worker-with-Box.jpg6001200First Sun Teamhttps://www.firstsun.com/wp-content/uploads/2018/05/logo-min-300x123.jpgFirst Sun Team2018-02-15 17:03:012020-09-30 20:48:50Your #Career : 4 Ways to Protect Yourself From a #Layoff …Whether because of #Mergers, #Downsizing, or Organizational Shifts, each Year, Countless Workers Inevitably Find Themselves Losing their #Jobs Through No Fault of their Own.
This month, we learned which cover letter gaffes turn hiring managers away, what kinds of work-related stress may actually be useful, and why the cybersecurity sector may want to consider recruiting musicians.
These are the stories you loved in Leadership in October 2016:
The days of the cover letter may ultimately be numbered, but they’re still widely used to screen candidates. These are some of the most common immediate disqualifiers, according to one experienced hiring manager.
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Got your eye on a raise or promotion by the end of the year? To get it, you’ll need to make a case for what you’re worth to your company. This month, one CEO shared the basic math he uses to make decisions like these, saying, “For every dollar that you hope to get in increased pay, you need to bring in three to five dollars to the business for your raise to make sense.”
Chances are your to-do list is a bit of a jumble, right? You’re not alone—the very act of prioritizing your daily action items sometimes doesn’t feel like a top priority. But with this straightforward method, you can give your work tasks some much-needed structure, and all you need to know are your ABCs.
Chronic stress can be a workplace killer, but researchers believe that smaller doses of “acute” stress may actually help us develop our skills and boost productivity. Here’s a look at a few ways to make limited amounts of job-related stress work in your favor.
The legacy carmaker isn’t exactly known for its fast-paced, innovative culture, but CEO Mary Barra is trying to change that. With several key acquisitions under its belt, GM is picking up a few things from the tech world, hoping the best and brightest will take note.
Becoming a new manager isn’t easy. For Buffer’s Katie Womersley, it didn’t help that she felt the people she was tasked with managing were better developers than she was. Here’s what she says it took to shake that self-doubt and settle into her new role.
Paltrow told Fast Company this month that recent rumors she’d be leaving Goop, her lifestyle brand, are dead wrong. The company is growing fast, thanks in no small part to the “lean” startup methods that inform its new, curated product lines featuring just a handful of items at a time.
Email is only as effective as what it gets done, so this week we learned how to trim the inefficiencies out of our messages to make sure they accomplish more in fewer words.
Data breaches are becoming so commonplace that the cybersecurity sector can’t seem to grow fast enough to help organizations defend themselves. In fact, the sector is at 0% unemployment, and the race to find qualified talent is driving up wages. That means looking for crossover skills in unlikely places, and some believe that musical training may be one of them.
There’s plenty of advice out there for faking confidence, but the better approach may actually be to persuade yourself to actually feel the vibe you’re trying to project. Here’s a look at the latest psychological research on how to trick your brain into greater self-assurance.
https://www.firstsun.com/wp-content/uploads/2016/07/free-man-at-beach.jpg350486First Sun Teamhttps://www.firstsun.com/wp-content/uploads/2018/05/logo-min-300x123.jpgFirst Sun Team2016-10-30 13:12:212020-09-30 20:50:17#Leadership : From Landing A Promotion To Harnessing Stress: October’s Top Leadership Stories…This Month’s Top Stories may Help you Put your Stress to Good Use, Write Better Cover Letters, or Even End the Year with a Promotion.
Employee compensation can be an emotional subject, especially if you’re the employee. It is often daintily tiptoed around in interviews and loudly complained about in bars. Personally, I’m a firm believer that compensation is a reflection of an employee’s value to a company. As value goes up, so does pay.
When I express these opinions, however, I often get disgruntled rebuttals like, “Yeah, right. Corporations have no concept of loyalty”; “Layoffs are completely arbitrary—it doesn’t matter what you’re worth”; and, “The only way to get a raise is to change jobs!”
Since these complaints are made to me—the CEO of a company that clearly isn’t so callous—it’s obvious that these stereotypes cannot be universal. Putting aside this irony, though, even if every company in the world were as ruthless and coldblooded as some believe, value and compensation would still be inextricably connected. Let’s take a look at why this is the case and how you can increase your value as an employee to get paid what you deserve.
WHAT HAPPENS BEHIND CLOSED DOORS
Let’s be a fly on the wall in that dim, coffin-shaped room where lanky, black-suited business misers drum their spindly fingers together and cackle over that most evil of subjects: layoffs.
When they discuss the customer support floor, they decide they need to lay off one person, and gradually narrow the options down to two employees:
Option 1: “Bill” is an old-and-true company standby. He’s worked at the company for 20 years and has been completely faithful to his job expectations. He clocks in and out on time and delivers his customer support perfectly on script. As a result, he’s accumulated a number of raises over the years and now makes $20 an hour.
Option 2: “Shelly” has only worked in customer support for five years but has obtained advanced technical certifications, has an excellent interpersonal manner, and routinely turns upset customers into loyal patrons. Clients who get support from her are 30% more likely to purchase additional services and to refer friends.
She talks off script a fair amount but keeps track of what she says and how customers react. As a result, she has submitted many helpful modifications to the basic IT script, resulting in a 10% increase in customer satisfaction for the whole floor. Due to her high performance, Shelly also makes $20 per hour.
Which one gets the boot? It’s Bill without question.
The company is actually losing money on Bill. If they fired him, a new employee would work for only $12/hour and could read the script just as skillfully as Bill does within two weeks.
If Shelly were fired, however, the company would lose out on a major source of sales, referrals, customer satisfaction, and an internal system for improving the whole department—they can’t afford to lose her!
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VALUE IS NOT THE SAME THING AS YEARS ON THE JOB
But what about faithful old Bill? It would be so mean to fire him! Bill’s problem is that he hasn’t really done anything to justify his increased wages. Small raises have accumulated on his paycheck like moss on an old river rock, but his real value is still around $12 an hour.
However, since Bill has been working at the company for so many years, he probably “feels” like he’s worth $20 an hour. Never mind the fact that he couldn’t get paid $20 an hour at a different company, he’s “put in his time,” so he’s worth $20 an hour, right?
Now, I’m not trying to understate the value of experience and wisdom. Good employees learn and grow over time, so they provide more value for their employer. As a reward, they get raises. The problem is, those raises are often based on meeting minimum standards for specified periods of time—not the value an employee brings to the table. As a result, when push comes to shove and a company needs to actually evaluate the worth of an employee, “years on the job” means far less to the business than added value.
BUSINESSES PAY FOR VALUE, AND EMPLOYEES ARE THEIR ASSETS
Many employees are confused about what their salaries pay for. When people first enter the workforce as teenagers, they usually start with an hourly wage. The equation is simple: The more you work, the more money you get. Unfortunately, after a couple of years, many people begin to translate time into money and begin to think, “I’ve put in a lot of time at this job, so it stands to reason that I should be making a lot of money! I need a raise!”
Allow me to burst that bubble. Value isn’t a function of time. There are 24 hours in a day whether a company pays for them or not—it’s what you do with those hours that counts. Even for hourly employees, businesses aren’t paying for time—they’re paying for value. To put it simply, an employee is a company asset, and compensation is an investment in that asset.
Let me explain what I mean: If I were to invest $5,000 in a new asset for my business—say an online marketing account—you might think that I would have to make $5,000 in sales to justify the expense. Unfortunately, it doesn’t quite work that way. I won’t get too deep into the math of contribution margin, but in short, since my business expenses aren’t just limited to what I spend on marketing, it turns out that the account would have to make me at least three times my investment ($15,000) just to break even.
If the asset started producing four or five times more money than I put into it, then it would really be profitable. In fact, I’d be willing to invest more if I knew my payoff would be that good.
The same goes for employees: If I’m going to invest in people, I need to know that having them around will make my company at least three times what I’m paying them. The more revenue an employee drives for my business, the greater their value and the more I’m happy to pay to have them as an asset. An employee who produces less value, however, loses me money and—unless they can become more productive—I can’t afford to keep them in the long run.
Now, I think we’ve looked at things like a ruthless businessman for long enough to show why companies care about the value their employees bring to the table.
In most real businesses with real, warm-hearted people (like I try to be), the same principles are still at play, but the focus is more on encouraging employees to become more valuable than on eliminating dead weight. In general, this encouragement comes in the form of salary. The more value an employee brings to the table, the more they deserve to be paid. The question then becomes, how do employees increase their value?
There are three basic steps:
Ensure that you’re meeting the basic expectations of your job.
Identify areas where you can add more value.
Create and execute a plan to exceed expectations.
Step 1: Meet expectations. Before you start trying to expand your horizons, it’s a good idea to make sure that you’re at least fulfilling the minimum requirements of your role.
Of course, it can sometimes be hard to figure out what those requirements are. A recent Gallup poll revealed that up to half of employees don’t really understand what is expected of them at work. Many companies have very little in the way of formal job descriptions. Others have long lists of tasks and expectations around hiring time, but when you start the job you find that half the stuff on the list you never do and half the stuff you do isn’t on the list.
So if you’re not sure what your job expectations really are, the easiest way to get that question answered is to talk to your manager. Havea discussion about what workplace success looks like. You might even ask how your position adds value to the company. This gives you a target for increasing your value later on.
If, in this discussion, you discover work expectations that you weren’t aware of or that you haven’t been meeting, your first priority should be to start meeting those expectations. You may also find that, as Gallup’s poll also suggests, somemanagers are just as confused about your role as you are. If this describes your supervisors, then a sit-down conversation is especially important. Defining together what your core responsibilities are will help them to know when you are exceeding expectations.
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Step 2: Find areas in which to excel. As part of your conversation, you should also determine a list of projects that could add extra value to the company that fall within the scope of your job.
It’s important to choose these projects in conjunction with your manager because you need to be sure that when you go above and beyond, it’s in areas that your company finds important. What’s more, you want your extra efforts to be recognized for what they are.
It’s helpful at this stage to come up with a way to document your performance. Remember Shelly—how she increased customer satisfaction by 10% and got 30% more referrals than average? These numbers make her value pretty undeniable, but they wouldn’t exist if she or her managers weren’t keeping track of them.
If you work in an area like sales, it’s pretty easy to document your performance with hard figures, but for many other jobs performance is less easy to quantify. Documentation is still important in these cases, but it may look a little different. For example, this is a scorecard my marketing director and I use to measure his performance each month (shared with his permission):
The first column contains a list of his basic job expectations. If he meets all of these he’s producing enough value to justify his base salary. The other two columns contain things that he can do to go above and beyond his normal duties to provide added value to the company.
This is a very simple documentation system, but it’s surprisingly effective. When it comes time for me to hand out bonuses and raises, I don’t have to wonder whether he’s earned it or not—I just look at the scorecard. If he’s consistently performing above expectations, then he’s adding extra value and he deserves to be rewarded.
Step 3: Make a plan and execute it. Finally, you need to put everything you’ve learned into action. If your goal is to increase your compensation at work, you can start by deciding how much more you would like to be making.
Take your current job expectations and salary as the baseline for what you’re worth to the company. Then realize that for every dollar that you hope to get in increased pay, you need to bring in three to five dollars to the business for your raise to make sense. Pick from your “above and beyond” list some projects that would add this kind of value to the company. Make a plan to complete these goals in addition to your regular tasks and present the plan to your manager.
Trust me, this will go over a lot better than the old, “I’m getting married so I need a raise” conversation. Your manager may not agree with every detail of your plan, but you will definitely come off as a motivated employee who really gets it. And even if your managers don’t buy in right away, it will be a great opportunity to discuss their priorities again and work together to come up with a plan that accomplishes things that really matter.
Don’t skip this important conversation. I’d hate to get a comment on this article saying, “I wasted six months doing what you said only to find out that nobody cared about my contribution.”
If you haven’t figured out by now, communication with your superiors is going to be a critical part of this whole process. Unfortunately, business plans are rarely static and you may have to chase a moving target, but if you’re willing to be flexible, you should be able to keep moving forward toward your goals.
Now, I know you’re probably thinking, “This all sounds great, Jacob, but it also sounds a little too idealistic. It would never work at my business.” Maybe not. I can’t predict every circumstance, and there’s a chance that yours is an exception. But isn’t it worth a try? The relationship between employee value and compensation holds just as true in “big ruthless corporations” as it does in more supportive ones.
For example, one of my employees recently related to me his experience at a prior company. This was one of those more stingy jobs and had a high turnover rate for entry-level employees. However, he applied the principles I’ve described. He developed a number of specialized skills and got deeply involved in some really important projects.
The miserly company was happy to be getting more out of him for the same pay—until the day he started looking at taking his skills elsewhere. His value was so great by then that the company would be set back months or years if he left, so when he suggested that he would need a 40% pay increase to stay, they felt like it was a worthwhile investment.
Despite the money-grubbing attitude of this company, he was providing so much value that he had become an asset they couldn’t afford to lose. As a result, he was able to negotiate a much better situation for himself. The moral of the story? If you feel that you deserve a raise, don’t get drunk and holler about it every Friday night. Take inventory of your worth, talk with your managers, and start working to become a more valuable asset.
https://www.firstsun.com/wp-content/uploads/2018/05/logo-min-300x123.jpg00First Sun Teamhttps://www.firstsun.com/wp-content/uploads/2018/05/logo-min-300x123.jpgFirst Sun Team2016-10-12 12:15:592020-09-30 20:50:30Your #Career : I’m A CEO—Here’s How I Decide Whether To Give You A Raise Or Lay You Off… This Exec Reveals the Arithmetic Companies Typically Use to Assess Employees’ Value.
