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How to Prepare for a Layoff

How to Prepare for a Layoff
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Layoff Lethargy

    Lately, it seems like every day brings yet another headline about impending corporate job cuts. Maybe you’ve even heard rumors that your own company is planning to downsize. Could your job be at risk?

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    Unfortunately, in today’s world, no job is ever 100% secure. Layoffs have become standard operating procedure for many companies. They hire when business looks good and cut jobs when results fall short of estimates. And it often doesn’t matter how good you are at your job or how hard you work.

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    Nobody relishes the idea of becoming suddenly unemployed, but a layoff doesn’t have to be the end of the world. The key to minimizing the stress and negative fallout is to prepare now for the possibility of a pink slip.

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    Trust me, I speak from experience. In more than twelve years of working for large corporations, I’ve lived through countless downsizings, reorganizations, and mergers. In most cases, I survived to work another day. However, I twice found myself among those packing up their desks and turning in their employee IDs. The first time, I was caught unprepared. The second time, I was ready, willing and able to embrace my layoff for what it was — an opportunity to finally make a career change that I had been dreaming about for years.

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    Follow my advice and you too can make sure layoffs won’t knock you for a loop:

    1. Stay in the Game – First and foremost, never stop looking for new career opportunities – even if your current job feels comfortable and secure. You never know when your dream job might open up. Keep your resume updated and make sure that the right recruiters have your phone number. You should always have a passive job search in progress. That way, you’ll always enjoy a steady stream of job leads and you’ll have a head start on landing your next position if you get laid off. This may sound like obvious advice, but few people truly take it seriously until it’s too late. Don’t allow yourself to be lulled into a false sense of security. When the layoff rumors start buzzing, goose your passive job search and get a little more active about exploring your options.
    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. Make sure you document your contributions and ensure that your boss understands how much harder her job would be without you.
    3. Don’t Take Any of It Personally – While it doesn’t hurt to demonstrate your value (see above), keep in mind that even the most valuable employees can be laid off. Layoff decisions are based on many factors. Sometimes, it’s about who was hired last. Sometimes, it’s about who makes the most money. Sometimes, there is no clear reason for who winds up on the chopping block. Don’t let rumors and speculation mess with your head. There’s only so much you can do to influence whether or not your name will show up on the layoff list. Don’t waste energy obsessing about what might happen. Channel your energy into figuring out your Plan B.
    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. Financial planners recommend that you should have enough in your emergency fund to cover your expenses for between three and six months. Hopefully, if you do get laid off, youll also have a severance package that will help you pay the bills. However, the more you can sock away, the more peace of mind youll have if the axe falls.
    5. Do Your Research Find out what kind of severance packages your company has offered in the past. Chances are that some of your colleagues have survived previous rounds of job cuts and can give you some general guidelines regarding what to expect. With a little luck, you might be pleasantly surprised at your companys generosity and realize theres no reason to panic.
    6. Do Your Housekeeping Often, when layoffs are announced, employees are rushed out the door and given little time to pack up and say goodbye. This is generally to prevent unpleasant scenes. However, if you think you might be facing a quick heave ho in the near future, you’d be smart to pack up your important possessions in advance. Make copies of work samples, performance reviews, and other key documents. Make sure you transfer all of your contacts to your personal computer. Start lugging home your extra pairs of shoes and family photos.
    7. Remember to Look on the Bright Side At worst, getting laid off is a temporary trial (and you will get through it, I promise). At best, your layoff may be the kick in the pants you need to find a more fulfilling job. I interviewed dozens of successful career changers for my forthcoming book and many of them spoke of being thankful for their layoffs (some of them volunteered or even begged to be let go). Their severance packages gave them the time and opportunity to pursue the careers of their dreams. If youve been unhappy in your current career path, this layoff may be your chance to explore your options.

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    Last Updated on May 20, 2020

    What Are Analytical Skills (And How to Strengthen Them For Success)

    What Are Analytical Skills (And How to Strengthen Them For Success)

    Everybody makes bad decisions. Some people, however, are more capable of making better decisions that inch them closer to success.

    These individuals are not ruled by emotions, desires, or hunches. Rather, they depend on their analytical skills to overcome challenges regardless of urgency or complexity.

    What Are Analytical Skills?

    According to Richards J. Heuer Jr., a former veteran of the CIA,[1]

    “Thinking analytically is a skill like carpentry or driving a car. It can be taught, it can be learned, and it can improve with practice. But unlike other skills, it is not learned by sitting in a classroom and being told how to do it. Analysts learn by doing.”

    Analytical skills can be considered as one of the critical life skills that are not taught in schools. It comprises of visualization, critical thinking, and abilities for gathering and processing information.

    Here’s a closer look at some of these abilities:

    Visualization

    Also tied to a person’s creativity, visualization is the ability to predict the possible outcomes of strategies and actions. In a professional setting, visualization involves the analysis of data – often through illustrations like charts, graphs, and detailed lists.

    Critical Thinking

    Simply put, a person’s ability to think critically can be measured by his or her consistency in creating reasonable decisions. It pertains to the ability to evaluate information, siphon what’s useful, and draw conclusions without being swayed by emotions.

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    As a critical thinker, you’ll find yourself challenging assertions and finding loopholes in proposed solutions.

    Computing

    Whether you like it or not, you need to be comfortable with numbers if you want to sharpen your analytical skills. Bear in mind that computing encompasses other skills like cost analysis, budgeting, and performing general calculations.

    In business, you need to use computations when weighing the risks and benefits of any given strategy.

    Problem-Solving

    Remember that analytical skills are used not just to understand problems, but also to develop the most suitable course or courses of action. This relates to your goal-setting skills, which involve breaking down and prioritizing between objectives.

    Resource Management

    Lastly, analytical skills involve some degree of resource management depending on the task at hand.

    For example, professionals with a tight schedule must know how to effectively manage their own time – also known as one of the most important resources in the world.

    Business leaders, on the other hand, must know how to manage company resources, including cash and manpower. Take note that the definition of analytical skills may change to match the requirements of a specific situation.

    For example, upon hiring a web developer, analytical skills may refer to the ability to determine the needs of online users, understand web analytics for optimization, and identify visual elements that can match a company’s brand.

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    The skillset above, however, should be applicable in most if not all scenarios.

    Develop Your Analytical Skills for More Growth Opportunities

    There’s no question that the right decisions lead to positive results. It doesn’t matter if you’re running a business or simply trying to climb the corporate ladder. By training your analytical skills, you position yourself for more growth opportunities while staying away from negligible actions you will regret.

    For example, you plan to launch a new startup in your local community – but struggle to decide the niche you want to enter. Since you’ve been a technophile your whole life, part of you desires to invest in a gadget store. If you’re passionate about your business, success will come – right?

    If you have sharp analytical skills, you begin to see your plans in whole new dimensions.

    What are the possible outcomes of this venture? Does the local market have a need for a new gadget store? How much do I need to get started – and how much should I sell to make a profit?

    Depending on your findings, you can determine the feasibility of your business idea without letting your emotions get in the way.

    6 Ways to Strengthen Your Analytical Skills

    There are several approaches when it comes to developing an individual’s analytical skills. For instance, psychologists agree that reading fantasy stories as a child can help sharpen critical thinking.[2]

    Research also suggests that undergoing traditional education has a positive effect on a person’s IQ and analytical skills.[3]

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    But as an adult, such opportunities to hone your analytical skills no longer apply. That’s why you need to devise a more deliberate, active approach yourself.

    Below are a few strategies to get you started:

    1. Ideate Business Ideas

    Developing a profitable business idea, whether you pursue them or not, involves numerous challenges. You need a ton of research, computations, and problem-solving to create a tangible business plan.

    You can organize your ideas with a note-taking tool like Microsoft OneNote or Evernote. Doing so will allow you to delve deeper into your analysis, organize your findings, and stay focused on roadblocks as well as how to solve them.

    2. Leverage Analytical Tools

    Aside from note-taking tools, you can also leverage other software that can help with analytical tasks. A money management app like Mint, for example, makes it easy to track your spending habits as well as manage your budget with visual tools. When it comes to prioritizing goals, you can use simple task management apps like Trello or Wunderlist.

    3. Have a Personal Learning Library

    Thanks to the internet, there’s a colossal amount of resources you can utilize to learn new skills, expand your vocabulary, and train your visualization muscles.

    Social media networks like SlideShare and YouTube, for example, offer mountains of tutorials you can access to your heart’s content.

    For a personalized learning library, you can download Instagram videos or GIFs from educational accounts like NASA Goddard and the American Mathematical Society. But if you prefer specific, technical skills, then a good place to start would be online learning platforms like Coursera, edX, and Alison.

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    4. Participate in Online Communities

    The internet is a great place to share experiences, opinions, and sometimes intellectual discussions with like-minded individuals. Reddit, for example, has a place or “subreddit” dedicated for every topic imaginable – from technology to entrepreneurship.

    For structured debates, you can head to websites like Debate.org and let other users choose the winner via votes.

    5. Seek Mental Stimulation

    To keep your mind sharp, make it a habit to engage in mentally stimulating activities, such as chess, puzzles, and brain training apps. A great resource would be Lumosity, which contains dozens of cognitive games designed by teams of scientists and game designers.

    6. Keep a Personal Journal

    Finally, keeping a personal journal allows you to take a second look at everything that happened in your day.

    Remember that writing about learning experiences lets you focus on the lesson rather than the emotion. It will help you analyze how you made your decisions, why you came to certain conclusions, and what you can do to improve in the future.

    Here’s How to Create a Habit of Writing in a Journal.

    Bottom Line

    As an adult, you are required to face a myriad of challenges on a daily basis. Work, school, business, relationships – the list goes on when it comes to the sources of life’s problems. With analytical skills, you can confront and overcome any obstacle standing between you and your goals.

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    Featured photo credit: Campaign Creators via unsplash.com

    Reference

    [1] M. S. Ramaiah University of Applied Sciences: Analytical Thinking?
    [2] KD Novelties: Why You Should Read Classic Tales to Your Children
    [3] Economic Inquiry: The Effect of Education on Cognitive Ability

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