How To Strategically Plan For and Cope With Changes in Your
Professional and Executive Life
For most professionals and
executives, our position is more than a job. The work becomes a major part of our life. As
with all things, there will come a time when we are no longer employed in the same
capacity, firm, or even industry. For some, the time will come with retirement. For still
others, the time comes with termination. This ABCD Report is a strategic and tactical
survival guide to such times.
In Australia, employees
are never fired; workers at all levels are made "redundant." The word
"redundant" will be used in this report to cover retirement, change to a
different position, and being terminated. The personal, family, and professional effects
are much the same.
The Reality:
Executives and
professionals get their "pink slip" for many reasons. Some are fired because
they are not performing to expectations; others are let go because they are too competent,
are on the wrong side of political struggles, or because of business reorganizations or
reversals. During the last few years, more than 20 million American workers have been made
redundant. The tenure expectancy of a C.E.O. is three years.
The Costs:
The emotional and
physical costs that a person experiences with a crisis are not related to the nature of
the event. The reaction is determined by what people tell themselves about the event. If
you classify a situation as a catastrophe, the psychophysiological cost is the same, no
matter what the event. Just because your job has been classified as redundant does not
mean that you and your life are meaningless.
While redundancy is an
individual crisis, considerable research has focused on the effects for large groups.
Research has shown a sustained 1% increase in unemployment results in a 3.4 % increase in
mental hospital admissions, 4.1% increase in suicides, 5.7% increase in homicides, 1.9%
increase mortality from cirrhosis of the liver, and a 1.9% increase in stroke, heart, and
kidney disease.
A negative reaction to
redundancy is strongly correlated to educational level. The higher the educational level,
the worse the personal crisis. Contrary to the conventional wisdom regarding age, negative
effects are highest in the 30- to 40- year age group; followed by those in the 20- to 30-
year old group.
Male executives tend to
be more susceptible than female executives to sudden death and psychological stress as a
result of redundancy. While marital stress can occur, single executives and those with
dependents suffer more than those who are married or formerly married. Job loss stress is
also higher for those who are upwardly mobile, immigrants, or classified as non-
religious.
The Experience:
While there are
differences in intensity, most of us experience a predictable pattern of reactions. One of
the first casualties is one's sense of self-esteem. The loss of a job is an assault on
your sense of well being. The most effective remedy is to keep your self-definition open.
Your individual response
to loss is determined by your prior experience with attachment, separation, and loss. When
the costs of the loss tends to interfere with a resolution, seek a consultation with a
trained professional who is experienced with executive loss.
The
Plan:
Given the probability of
redundancy, your best interest is served by preparation. Planning should begin with each
new job or promotion, since the risk is always commensurate with the potential gain. The
wise executive will always have a career plan that includes a strategic and a worst case
withdrawal.
A personal mission
statement should be written and followed. A primary component of your statement and plan
is the placement of your job on your list of priorities. Those executives married to their
job, who live to work rather than work to live, are most vulnerable to a redundancy
crisis. If you tell yourself that you need this particular job, you establish the level of
despair and alienation that you will experience.
Your personal decision
tree must allow for potential obsolescence. One of the greatest dangers for unemployed
executives and professionals is the tendency to let your skills become obsolete. Keep
current. You would be wise to keep yourself visible, credible, and mobile. Long-term group
assignments, over specialization, and over commitment are potentially dangerous.
From a general
perspective, 70% of executive jobs are found through informal networks; 15% of jobs
through search firms; 10% through ads, and only 5% through direct mail. The best
alternative is to have a network marketing plan. List all the individuals that you know
along with a target list of companies. Follow the effective sales pattern; meet people,
show them your wares, demonstrate a need for your services, ask for other contacts, and
close.
A second alternative is
to go into your own business. Today, more executives are joining the entrepreneurial
ranks. However, there are perils in following this American dream. First, the personality
profile of the successful entrepreneur is not always the same as the successful
organizational executive. Second, owning your own business is different from working in a
larger firm. A new set of skills and abilities must be acquired. Before starting such a
venture, you would be wise to obtain specialized training.
The costs of losing your
job may be high. The experience can even be devastating. The best solution is to focus on
individual, family, social, and professional resources. Maximize your personal strengths.
Always establish a personal redundancy plan that is open and flexible. |
