How To “Retrenchment-proof” Your Career
2020 saw one of the worst rounds of retrenchments not seen since the Great Financial Crisis of 2008.
Nobody was safe from retrenchments and the numbers proved it.
2021 and beyond is poised for recovery, but still, organisations have to adjust their business models and capabilities to match the market. As such, some roles will decline in relevance … is yours one of them?
This week, I would like to share some ideas on how you could try to ‘retrenchment-proof’ yourself.
1. Realise that your job is no longer guaranteed.
It is a tough truth to accept, but it is no longer the responsibility of your company to look after your career path. Unless you are among the top 5% of company employees, do not expect them to seriously plan the next 10 years of your career for you. Today, the responsibility of our own careers rests solely on ourselves, so take off those blinkers and see what else is out there.
2. Stay relevant.
The worst situation to be in is to suddenly realise your skillsets are no longer needed.
So what if you are the best typist in the Secretarial Pool (younger readers, go ask your parents what that is) or the top Windows XP trouble-shooter (Microsoft discontinued that long ago) – most knowledge and skillsets have expiry dates.
So, (a) keep up to date with your skills (via training) and (b) see where the future trends are heading and try stay ahead of the curve.
3. Monitor the health of your own industry
Is your business a sunset or sunrise industry? Will there be a need for your services/products in 5-8 years’ time? (eg, ‘Point and Shoot’ Cameras) Has your product/service been discontinued in the US/Europe/mature markets? (eg, the old-world Newspaper or Magazine business) Is there a new technology that could replace what your company is doing? (eg, LinkedIn replacing recruitment firms)
Take a good hard look at where your sector is heading and take the necessary actions to switch industry or to ‘retool’ (more about this in future articles) if you can.
4. Develop a Career Strategy.
Don’t just blindly float around, led by the fickle winds.
Know what your strengths are, what you are best at and what you love to do. Know where you would like to be in 8 years’ time and take bold steps to get there. (At 31, I knew I wanted to be a Headhunter, so I actually took a painful pay-cut (“my tuition-fee”) to get into the industry). Have a plan!
We conducted a survey in 2020 via our CAROL™ Online Tool and found that 61.3% answered “If I lost my job tomorrow, I am not confident in landing a new role within 6 months” with a resounding YES. This is scary because the risk of retrenchment today is so high, and going 6 months without a salary seems like a frightening proposition to anyone.
5. Stay networked.
Make friends with Head-hunters who call you and stay on their radar. Do you have an updated and professional LinkedIn Profile? Have you actively marketed your Linkedin Profile by connecting with others in your industry? Do you know your competitors or more importantly – do they know you? Do you have a “Personal Brand” or reputation in your Industry?
These are just some of the ways you could try to supercharge your career and avoid being redundant. You need to take an ACTIVE ROLE in managing your Career. Speak to your Mentor or engage with one of our Career Coaches today!