How to Keep your Job in a Recession
Will I be retrenched?
How to know if you are in the firing line and if so how to quickly turn things around.
The Corona-virus hits, world pandemic, we all go on lock-down. Businesses are haemorrhaging overhead costs, no new business is coming in, what is the first thing all companies need to consider?
Cutting overheads. For any company the biggest cost for their overheads is immediately cutting salaries of the staff. Most businesses know in order to survive an economic recession they have to first reduce the number of full-time employees. It is very unfortunate but true. For most businesses the cost of their talent team is about +/- 40%. Ask yourself these 3 questions:
- Is my role essential to the operation of the business or not?
- Have I delivered a great work product for the last 12 months? Have I been exceeding expectations? Or has my work product been OK. Not great but merely meeting the mark.
- How can my current role/ position assist in adding value and reducing costs for the short term?
(If you feel you haven’t been able to produce a strong work product – sign up to our masterclass training course here on how to level up and find your purpose)
Ok so you have identified that you could possibly be in the firing line and you and or your team could be made redundant. These are the top tips I can offer to still make an impact and possibly turn things around:
Do you have a competitive edge?
Is there something specific you can offer to the company which others cannot. Are you someone who offers exceptional customer service, do you enjoy writing? Speak to management about running point in communications with your existing clients on the status of new operational protocols during lock-down. Or if you are good at market analysis and strategy come up with new and inventive ways to diversify business and options of new revenue streams for the company.
Work hard! Put in additional hours.
If you have been putting off implementing that new project, now is the time to do it! Increase your output! Make yourself indispensable against other employees. Once you have completed assigned tasks, don’t use this time as a holiday – report back to your manager and ask what else you can take off his plate.
Zip the lip.
If you are the “typical” person who is always the one to challenge management at every turn, if you are generally the one who is the first to complain, assign blame and always the one at the water cooler chatting about others and office politics – Stop! Now is the time to zip the lip and buckle down. Don’t add to managements stress, be proactive and only discuss things of vital importance.
Increase work product and business revenue.
What you need to understand is the company is more likely to keep you onboard if you are adding value in one of the following ways.
- Make the business money
- Save the business money
Think about ways and means in which you can take on more workload. If there is a task which others are always reluctant to take on – now is the time for you to spear head this forward! If you are in finance and accounting, take a look at costs which are no longer necessary Eg.: Everyone working remotely – no more need for the canteen spend on coffee and bagels.
Show management you have identified ways to free up budget and assist in reducing financial impact.
If you are in sales and marketing, Eg: show management you no longer need to run campaign X or speak to your networks and show management you have signed on new business to generate additional income. Come up with a new and exciting value added service to maintain clients. These are all ways to champion and confirm to management you are the one they need to keep in the trenches when things get prickly. You are the one to alleviate their stress not one to add to it.
We hope you have enjoyed our suggestions on how to remain indispensable in a recession. Although no one can guarantee permanent employment in a recession these tips will assist to clarify how best to stay in a role.
If you are still worried you may be laid off during this recession how about taking the bull by the horns and starting something independently? Sign up to join our master class with Positive Mind Dynamics on how to make money in a tough economical environment. (Sign up here)
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