Is the Bleak Economic Scenario affecting our Lives at Work?

Shweta — Mon, 06 Oct 2008 05:38:00 +0000

Yes of course we see it now, the economy is very much down there in the dumps and not much good news coming around either to boost spirits at work or home; how is it all affecting your workplace life?

Are we just talking and discussing about it more at the social gatherings and at the water coolers or do we have a concrete plan (A or B) to help support us in case we are the victims of this downturn?
Oh no don’t get me wrong, not a plan on how to better the economy – that of course is the Washington problem– the plan is more on a personal level – what if I am in a layoff ?(your personal bailout plan)? Or.. How to survive in an economic downturn?

To plan ahead is a required diligence and smartness that we all need to have when the going gets tough. And having just one plan would not give you the security in an economic downturn when layoffs and long-term unemployment are not mere terms to be read in the newspapers but are pretty much evident in every work area and in your own office.
In my opinion, Plan A should be all about how to survive in a bad economy and how to keep your job (if you have one now) and Plan B must be all about on what to do if you are in layoff?

Some tips that are fall under Plan A:

Make yourself valuable at your workplace
In an article on CNNMoney.com, Bob Eubank, executive director of the Northeast Human Resources Association says, In order to avoid a pink slip, “everybody who is employed should remind themselves how important it is to make themselves as valuable as possible”. When the pink slips are prevalent everywhere and the projects are being phased out, top management always tried it best to retain the valuable workers or those who have made a difference to their profits – made cost saving proposals or initiated successful project development. And what better time than now when the economy is on rough grounds to propose some ideas that can cut expenses for your employer. Think about many ways how you can be valuable at the workplace and implement some of them at least.

Be busy with some work, if you don’t have much take on new responsibilities
Network within the company to find out if there are responsibilities that you can take on with your current skills. Taking initiatives shows that you are ready to give back more to the company and adds to your value as an employee. Are there some projects or areas which need assistance specially since the workforce has been cut down in a recent layoff spate within your company? If you don’t know, try your best to find out and support those who need help. Another way to make yourself valuable.

Don’t put your feet up on the foot rest, be ready to change and evolve
There is change all around and your workplace will be affected, either some projects will be completely cut off or there would be offers of relocation, if you want to continue with your present job be ready to move with the new decisions. If you can relocate inform your manager beforehand that if suppose a head count reduction happens in near future, you are ready to relocate to these locations (give a list of your preferred cities/countries before hand)

Don’t give up on your personal development and learning new skills
People react to change in different ways and often when the going gets tough we cut down on personal development mainly because we are feeling low or just want to continue doing what we are doing in order to be where we are. Well, not a good decision at all. Invest time and money in your personal and professional development; learn a new skill every year. Your skills are your best investment. If you have not talked to your manager about your career goals, don’t think that this is not the right time; it is always the right time to talk about your personal development and your boss will appreciate your initiative.

Stress and tension affects health; don’t let these short-term failures affect the most precious of all – your health and your personal relationships
Don’t stress too much on the stocks falling and your invested worth on a nose dive; don’t let your health be a victim of your stress…you don’t want to be out taking too many breaks from work either

Saving at the workplace
Bring lunch from home; a penny saved is penny earned

Some tips on Plan B:
Look up some tips that I have already posted in the last few weeks and months:

Over time I plan to think about this topic and add more ideas and tips to this post, if you would like to share yours please add them to the comments.

Recreate and Diversify in a Recession

Shweta — Tue, 30 Sep 2008 05:50:00 +0000

If you want to live and thrive through a recession and not just survive as a either a fence-sitter or blanket sulker, then your best bets today lie in being creative and in your knack to diversify quickly in the areas that have positive cash flow. And for this the first step must be to do a smart and time-efficient research to identify areas where there is present and urgent requirement and demand, either in terms of customer satisfaction or at your present workplace.
In most situations you might not need reinvention – but recreation and diversification can most certainly help to turn around the tide to your advantage.
Just to clarify further – by ‘recreation’ I do not mean that create a solution or product or services completely new or from scratch, but how well you can put together your old solution in a new packaging which fulfils the needs and budgets in the trying economic scenario.
Read on to see what I mean here and why it is beneficial to your professional growth in a recession….
and I would love to see your suggestions on this topic – please comment to share your ideas on how you see renovation, diversification and re-creation can help during recession.

An Employee/Worker on Diversification
As an employee or a worker put your efforts towards ingenious diversification of your skills at present work. Diversification will work best for you if you can manage it. Learn to manage your career during recession but always be aware and ready to move on when required. If your skills are in certain areas where you can freelance – go for it. It is quite similar to in saying that diversifying your financial portfolio helps to save better; it is at times good to diversify your skill set. Always aim to learn a new skill every year and in such times you will see that reinvention and recreation will come easily

An Entrepreneur who Re-creates
As an entrepreneur check on which products and/or services satisfy the needs of customers – recession or no recession if you have something that the mass needs, you can create a positive cash flow. Check on the sustainability and practicality of your idea (products or services) and analyze if people are cutting back costs in certain areas then which other areas is their investment channeling to? However don’t completely abandon ideas if you see that the trend is only temporary and with some good news from the economic sector money will be tricking back in through that service or product. It is time to diversify and look for alternative paths which help you flourish– don’t be the one who just lies down and waits for such economic crisis to pass by.

Do not assume in the first place that customers will not buy once they begin tightening their pockets and budgets. It is time to offer and market other services or products which could be squeezed in their budget – yet again an example of intelligent refurbishment of your offerings through customer satisfaction and need analysis.

It is not the give up and put your feet up, recessions and economic slowdowns perhaps make us more aware of our spending and expenses. And also gives us the time to reinvent and diversify – these could be the best strategies to thrive during the economic storm and also adds to your contribution towards bringing the economy back on its feet.

CAREERBRIGHT » thrive through a recession

Is the Bleak Economic Scenario affecting our Lives at Work?

Related Posts:

Recreate and Diversify in a Recession

Related Posts: