Advice for Employees Fearing the Ax

Last Updated Sep 18, 2008 1:22 PM EDT

  • Getting this ax is no big deal.The Find: BNET bloggers offered plenty of insightful anlaysis on "Meltdown Monday," but if your interest is less academic and more personal, Life Hacks is coming to the rescue with a rerun of tips on how to prepare for an impending lay off.
  • The Source: A post by Pamela Skillings on Life Hacks.
The Takeaway: With so many financial sector workers sweating it out in fear that the ax is about to fall, it's a safe assumption that there are a number of BNET1 leaders out there who are less than confident in their job security. Of course, things may all turn out alright at your current employer (we're crossing our fingers for you), but it still pays to be prepared. So what can you do now to make a bleak situation as painless as is possible? Skilling recommends you:
  1. Stay in the Game - First and foremost, never stop looking for new career opportunities - even if your current job feels comfortable and secure.
  2. Demonstrate Your Value - To increase your odds of hanging onto your current position, do whatever you can to show your manager the value that you provide. This is no time to be modest.
  3. Don't Take Any of It Personally - Keep in mind that even the most valuable employees can be laid off.
  4. Build Your Emergency Fund - Cut back on discretionary purchases and put as much of your paycheck into your emergency savings fund as you can.
  5. Do Your Research - Find out what kind of severance packages your company has offered in the past.
  6. Do Your Housekeeping - Make copies of work samples, performance reviews, and other key documents. Make sure you transfer all of your contacts to your personal computer.
  7. Remember to Look on the Bright Side At worst, getting laid off is a temporary trial. At best, your layoff may be the kick in the pants you need to find a more fulfilling job.
And if you're looking at this last point, and starting to sense that a lay-off might be a good opportunity to rethink your career path and build a life outside a corporate cubicle, Skilling's book Escape from Corporate America might be well worth a read.

The Question: Any been-there-done-that advice out there from those who have been through a lay-off and come out on the other side?

(Image of tiny ax illusion by djrsterenborg, CC 2.0)

  • Jessica Stillman On Twitter»

    Jessica lives in London where she works as a freelance writer with interests in green business and tech, management, and marketing.