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As we move into the second half of an already difficult year, things continue to look challenging. Now that the first round of Federal financial relief has expired and the next round is delayed, unfortunately small businesses and furloughed employees face a new reckoning.
Even if you believe there is only a slim chance of being affected by the current downturn, it doesn’t hurt to be prepared. Here are some steps you can take right now that will help if you jump ship to a more stable position (if possible) or suddenly find yourself in the unemployment line.
1. Be your own historian. You are still working and have access to all of your work history – performance metrics, reviews, project files, etc. Pull them, review them, and determine what information will bolster the contents of your resume and help you in a job search.
2. Update your resume, now. Chances are you haven’t updated your resume in a while, starting with your current, and therefore most important, position. Most people view their resume the same way they do a trip to the Department of Motor Vehicles or a root canal, so to update it is like getting a root canal from a DMV employee. Spend some time reflecting on your work history. Make sure it is as perfect as it can be.
3. Update your LinkedIn profile. LinkedIn is your billboard. Once you’ve wowed a recruiter or hiring manger with your resume, their second stop will be your LinkedIn profile. It must be up to date as well. Take advantage of all the extra opportunities LinkedIn gives you to promote yourself and your work. In your Headline and Summary articulate clearly that you are searching for a new job. Also, go into your Settings and make sure to enable the function that lets recruiters who are actively seeking candidates on LinkedIn know you are open to new opportunities.
4. Line up your references. You’re still working and interacting with co-workers, managers, and beyond. Now is the time to get references ready. References now have multiple forms: 1) a traditional, formal, written reference from a manager or co-worker, 2) a recommendation on your LinkedIn profile, or 3) simply agreeing to be a reference and allowing his or her contact information to be shared. If circumstances are amendable (i.e. everybody knows they are losing their jobs) offer a mutual agreement where you write a recommendation for someone who writes you one.
5. Assess your financial situation. Yes, this is a career coaching blog, not a financial one, but being prepared financially (even in a basic manner) can put your mind at ease and give you a platform to wait long enough for the right job opportunity. If you believe your job may be in jeopardy, or you just want to hedge your bets until the COVID-19 crisis and economic recovery is more predictable, tighten your belt where you can, right now. Cut down on unnecessary spending. Create a budget (yes, we know, another thing to do – do it anyway), and stick to it.
6. Listen for clues about the future of your company. At this point, everyone should be aware that things can change at any time. 2020 is the year of shifting sands. Keep your ear open. Read the company memos. Try to get a picture of the state of the business.
7. Don’t take your foot of the gas. As mentioned above, everyone should be aware that things can change at any time and sometimes those changes are to your benefit. At no point, should you let your job performance slip. As quickly as layoffs are announced, often they get called off just as quickly. Without warning, company plans and fortunes change and job insecurity can become too much work overnight (it happens!). Keep engaged. Don’t let your work suffer. Your management will take note of who’s working hard, and who’s mailing it in, and staying motivated and productive can pay dividends.
8. Don’t sign anything – Not immediately, at least. If your belief that your job may be at risk becomes a reality and you are fortunate enough to exit with some type of severance package, make sure you understand what is in the contract before you sign. “Severance package” makes it sound like your company is being nice and giving you a gift, but it’s a contract where they get as much as they give – sometimes more – and that’s why you should your protect yourself – don’t sign anything until you’ve had time to properly review it. If you have the resources, you may wish to have an attorney take a look at it. Contracts are tricky business.
Philip Roufail contributed to this article.
Scott Singer is the President and Founder of Insider Career Strategies Resume Writing & Career Coaching, a firm dedicated to guiding job seekers and companies through the job search and hiring process. Insider Career Strategies provides resume writing, LinkedIn profile development, career coaching services, and outplacement services. You can email Scott Singer at scott.singer@insidercs.com, or via the website, www.insidercs.com.
