Warning: What to Do about Your Impending Job Loss
The pandemic has caused a lot of us to rethink our lives. Businesses are also taking bold strides — buying up smaller companies, or shedding divisions that don’t make enough profit. Jobless claims are down, but losing your job now is likely due to a merger or acquisition, rather than Covid-19 adjustments. Even if there is no merger activity you know about, you might be ready to bail on your job.
The first step is realizing the signs:
- Your company recently acquired another company and the reorganization is not moving smoothly. (It almost never does!) On average, roughly 30% of employees are deemed redundant after a merger or acquisition in the same industry. In such situations, most people tend to fixate on what they can’t control: decisions about who is let go, promoted, reassigned, or relocated. The dirty secret: mergers always benefit senior executives, not employees.
- You hate Mondays and live for Fridays. Your work might have been satisfying once, but now you dread going to work on Monday – even if it’s to your home office. The inspiration you once felt is gone, replaced by real concerns such as, “Are they going to outsource the whole department?” “Why would they let John go?” Or, “What does the merger really mean for me?”
- You are either playing fireman or gaming on your smartphone. Many companies, without face-to-face interactions, have lost some structure and processes to run smoothly. While everyone is doing their part at home, there’s little management oversight and creativity. In many cases, middle managers have been cut, so many employees are “on their own.” Processes that need an update go unmanaged. The crisis is the order of the day. Or, you play the waiting game, hoping someone will do their part, so you can move the action forward.
- You’re hearing about meetings that happened without you. This is a sure sign that big changes are afoot, and they likely don’t include you. Pay close attention to this sign! Talk with your boss and say something like, “I was disappointed not to be included in XX meeting. I believe my ideas could really make a difference here.” If you get a non-committal answer, begin now to create a life raft.
- Your boss doesn’t make time to talk to you. For some reason, they have time for 10 Zoom meetings a day, but your one-to-one is canceled. Frequently. Repeatedly. That’s a sign that either you or your function is less important to your boss, and perhaps, to the company.
If you checked “Yes” to even 3 items above, NOW is the time to re-brand and re-create your future. If you want to talk about it, be sure to schedule a complimentary consultation. Together, we can formulate a plan.
Next Up: How to Survive a Merger – In Your Spare Time
On your side,
The Career Passion® Coach
PS: Next time, I’ll give you a plan for surviving a merger – while you look for your next, great career move.