With the UK now fully in a recession, it is hard to think that just six months ago some saw the shaky financial markets as ‘just a blip’ in the economy. The speed of change has been staggering, with business confidence disappearing almost over night and with it the vital investment in progress, people and performance. It is corporate performance that has caused most controversy. The ‘pile it high, sell it quick, profit at all costs’ approach has been cited as the cause of the financial market instability, and as a result jobs have been cut. But the goal posts have shifted and increased focus on accountability has presented new opportunities in technology, compliance and solid management practice.
A snapshot of this shifting focus can be seen by TheLadders.co.uk’s job postings. Investment bank jobs and hedge funds were pretty strong in Q1 of 2008 thanks to a high volume of initial public offerings (IPOs) before the stock market started to fall in May 2008. But one year on, the growth in financial jobs seems to be coming from an increase in the number of ‘back office’ roles. There have been major surges in technology, credit risk, audit and compliance vacancies coming through from the banking sector. This may reflect increased emphasis on solid management, accountability and reporting being demanded from central government.
Facing Possible Layoffs
So, what do you do if you are in the front line for redundancy? Spot the signs, make changes in your performance and enhance your position in the organisation:
- Be visible: make sure your boss and colleagues know the value you bring to the team. Do not hide: there is a temptation to lay low until the storm passes – that is a mistake. If you are invisible you are dispensable as a line item on a budget.
- Step up your game: be flexible. Step into any job and help the company move forward. Attend voluntary meetings and make your presence felt. Do not sit on the sidelines: if your responsibilities seem to be waning, don’t be idle until you get new ones – this is a time to be proactive.
- Do something: check in with your boss and keep the lines of communication open. If your project is put on hold, find a new one. Show that you are willing to adapt and accept new responsibilities. Do not wait: your project may never get back on track, so digging in and waiting for a brighter day isn’t an option.
- Be supportive to new hires: a new boss can be a sign of expansion or contraction, depending upon the premise on which they are retained. The best leaders cannot function effectively without a strong supporting cast. Become vital to your new boss’ success and you become essential. Do not play politics: entrenched, long-time employees often fall victim to office politics. Don’t be a roadblock to progress. You cannot stage a successful coup in the current environment.
- Be ready for anything: despite best efforts, you might not be able to avoid a mass layoff. Be ready to take action. Do not bury your head in the sand: read the writing on the wall and heed the counsel of trusted individuals who have more visibility than you do.
When the Axe Falls
If the unfortunate happens and you are made redundant, don’t panic; instead think logically. This is an opportunity for some executive reinventing to arm yourself with the tools to enable you to recreate your career:
- Confidence. Change your attitude and discover personal confidence. For many long-term employees, believing they are part of a company and not a skilled individual is the first hurdle.
- Have an idea of what you want to do. Before packing up your desk, it is important to know what makes you tick. What pastimes do you enjoy? What challenges do you relish? What motivates you? Write them down and think about them. This may indicate a new direction or highlight skills you can bring to your existing organisation.
- Be ambitious but be realistic: everyone dreams of writing a novel, however without any experience of writing a story, the leap is simply too risky. Invention is about turning what you know into a reality.
- Make sure you have a market. Research your new career goal online to discover if there is a need for your new skill package. Look at companies doing well and how your skills can transfer into a role there.
- Rebuild your CV. Look at your career goal, your skills and your experience and go to a professional CV writer. They will help you translate those skills into demonstrable claims on your CV.
- Go back to school. Learning new skills may be important to your career change but will take commitment. Consider taking classes, additional training and university courses. Network at local business events or attend exhibitions and conferences.
- Discuss your career change. Confide in trusted colleagues past and present and their friends in businesses. They will give you directional feedback and may even have friends you can speak with for possible insight.
- Find the opportunities: a new direction may mean a new route to finding roles. Look on careers sites to find positions that tick your requirements. Identify which type of companies and recruiters are advertising these roles. Look at industry associations, networking groups online and offline to produce a target companies list.
- Don’t leave it to the letter: too many job applicants send their CV and wait to hear whether they made the shortlist. Without the experience of rivals, a new career seeker needs to sell his or her self. Be prepared to call recruiters and outline why you should be considered for the role. Sell yourself as you would sell your business.
- Stay focused. Your ideal role may not fall into your lap immediately so you may end up having to work elsewhere in the meantime. However, stay focused and keep applying. Don’t lose sight of the opportunity that this downturn could present. Be positive and honest about what you offer.
Conclusion
Looking for a job in the current economic climate is a challenge. Be prepared to be patient, it will take time. With fewer jobs and greater demand, companies will be taking their time to find the right candidate to fill their vacancy. But remember, with a long job search ahead, never ever give up hope.
