Layoff, downsizing, staff reduction...it all means unemployment. Of course we all know that unemployment occurs when a person is available to work and currently seeking work, but the person is without work.[1] The prevalence of unemployment is usually measured using the unemployment rate, which is defined as the percentage of those in the labor force who are unemployed. The unemployment rate is also used in economic studies and economic indexes such as the United States' Conference Board's Index of Leading Indicators as a measure of the state of the macroeconomics. But, don't be fooled by the numbers, unemployment in the USA just counts peole who are actively searching for a job, not those that may have been out of work for more than a year or have given up on finding that next opportunity.
Today, I heard on CBS News this morning that unemployment rates haven't looked this bad in 22 years! So, be prepared for that unexpected staff reduction and not only do the usual - update your resume and leverage your network - but think of other ways that you can prepare for such an event to stay on top of industry news and to ensure people can locate you when your employer email address is no longer valid.
--Know your worth before you need to search for a job: check out salary survey sites that utilize your education, years of experience and zip code for current work location to really understand the salary range for your field. Use industry resources for their annual salary reviews, such as Medical Marketing & Media
--Maintain access to your industry publications on or off the job: Do you have industry publications and eNewsletters that you rely upon to keep you up-to-date. Be sure to send in a request to change the mailing address to your home or non-work email address. Many of these publications are free to readers with the right industry job title. Have it sent to your home and don't update anything else regarding name of employer or title change until you have a new position, otherwise, you risk the publication dropping you from their free circulation!
--Online Social Networks: Go back and revisit your profile, did you use your work address to receive communications and alerts? For some, you don't need to change it, you can simply add a personal email address to the account (i.e. LinkedIn.com allows up to three different email addresses).
--Interview Executive Search consultants while you are NOT actively looking for a new opportunity! Look for the differences that you can get from folks who truly understand your work experience and background and other headhunters who just focus in your industry. Try to find someone you connect with and understands and who you feel is trustworthy and proactive!
--Using executive search - from the beginning, if you think that you will utilize more than one executive search firm to get your career back on track, be sure to keep a file of all the recruiters and what firms you have been submitted to and ask for an acknowledgement of your resume submission status at each employer.
What else do you suggest people can do to prepare for the unexpected staff reduction?
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