Corporate restructuring also known as downsizing or rightsizing is something that many of us have faced in our career and might yet experience in the future (hopefully notbut you can never tell). Ive been a victim of corporate restructuring twice in my career. Twice I was laid off and in the first case, the whole company actually closed down so it was actually more than just an organizational restructuring but the result was the same: I lost my job. Ive also worked for a company that restructured regularly and I was able to survive each and every one of them while others were let go. A corporate restructuring essentially refers to when your employer makes changes that typically result in fewer staff and possibly fewer products, plants, divisions, etc in extreme cases. Over the past few years, corporate restructurings have occurred because of large mergers and acquisitions where the new combined company decides to shed extra staff and certainly the post Y2K period saw a lot of restructuring as well. Sometimes companies restructure simply to save money. Other times they use it as an excuse to cut positions that they feel can be done by other existing staff. Whatever the cause, it basically means people end up losing their jobs and the people who are left working for the company often end up having to do more work. Obviously, being a victim of a corporate restructuring is a setback to your career but surviving a restructuring can be equally disheartening especially if you feel that the writing is on the wall and that you might be affected during the next round of layoffs. Also, after a corporate restructuring you might find that your job and work situation in general is not as desirable as it was before especially if your job, your manager and/or your compensation structure has changed. Often, surviving a corporate restructuring can leave you even more worried than relieved because you wonder how tenuous your position is with the company especially if you question your companys future direction and financial viability. If you have survived a corporate restructuring but are worried about your future with the company, dont get complacent and do nothing because the stress created could start having a negative effect on both your work and personal life. Here are things you can do to remain positive during times of change at work which will also allow you to move quickly should things deteriorate that require you to take action: 1. Always keep your resume up to date. Ensure that your resume is always ready to send out in case you need to start applying for jobs should the need arise. Dont wait to update your resume reactively, do it proactively. If after a restructuring you have new responsibilities, ensure that they are included in your resume. 2. Keep your eyes open for suitable job openings. Even if you dont plan on applying for jobs right away, just knowing that there are job openings available that fit your background can be motivating and help you keep a positive attitude. It will show you that there are options available to you. If you do need to start applying for jobs suddenly in the near future, you wont be starting your search from scratch. 3. Remember that surviving a corporate restructuring(s) is an accomplishment! While its not always true that the good employees remain employed and only the dead weight are laid off, surviving a corporate restructuring is a feather in your cap. If after a corporate restructuring you were required to do something special to help the company through the change, ensure its included in your resume. 4. Where possible, try to get as much information regarding the future of the company and your position. Speak with your manager and see if you can get an idea of what the future has in store for the company and for you specifically. I worked for a company where major corporate restructuring occurred 4 times during the 3 years I worked there and when I went to my boss to ask about my status when the restructurings were about to occur, I was told that I was safe which helped to keep me calm during an otherwise stressful time. |
