During the past several months the media has reported store closures and Reductions in Force (RIF), layoffs. Whenever the economy goes into an “uncertain” mode, RIFs are a possibility in any size organization as it is the fastest way to reduce cash flow to maintain a certain level of business operations. While RIFs in some organizations may seem very likely, individuals should consider strategies to preclude major disruptions to their households. Although major RIFs and plant closures may require a 30-60-day notice by law, smaller organizations have no such requirement. Some strategies to consider include the following.
- Discuss worst case scenarios with loved ones.
- Discuss strategies to reduce their impact, cash flow, obligations, and timelines.
- Discuss opportunities for acquiring other income.
- Monitor organization news, internal communications, executive departures, hiring freezes, budget cuts, and dire earnings, etc., for indicators.
- Seek information from peers and Human Resources.
- Update resume, industry contacts, and solicit suggestions from mentors, friends, and family members.
- Consider “work at home” postings.
- Consider doing things that have been put on hold!
- Do not discuss plans with peers.
One critical factor is to not let a lay-off notice be a reflection of your work performance. It is a matter of bad business numbers. The bigger the organization, the greater the chance that top performers will go out the door.