Would you be prepared if downsized or involuntarily separated from your company?

Not long ago, I got together with a college buddy to catch up and reconnect. We had not seen each other in over a year and decided to meet at a hockey game. Prior to the game, we met at a local establishment for happy hour. After catching up on things relating to family, mutual friends and sports, we started talking about what was going on at our respective jobs.

At the time, I had landed at a new organization after being downsized from a Fortune 100 company. I was out of work for six months and was just getting back into the swing of things. Until that point, I had worked for three other corporate employers for well over fifteen years and managed to escape most downsizing and restructuring activity. In retrospect, I felt my work ethic and ability would set me apart and this was something I would never have to worry about (…yeah right!). As mentioned above, I abruptly learned this usually happens during the course of a typical span in corporate especially in the last decade.

My friend was in the middle of his own drama. As a VP at another Fortune 100, his organization was also restructuring at a senior level. Because of the performance of his specific unit, he felt somewhat secure but knew nothing was guaranteed. In fact, his group was filling roles for the New Year and he interviewed a candidate that really touched him.

He recalled sitting across from someone at least ten years his senior and feeling a certain sense of desperation from this candidate. The candidate was internal or coming from another department to interview for the lower level position. My friend could not help projecting ten years and seeing himself in the exact same position. The reality of the situation hit him hard. He could do nothing to help this gentleman because he was part of a team conducting the interview(s) and would not be making the final decision.

Just hearing this really got me thinking about all the advice I had been given from several mentors throughout the years. That advice usually centered on working hard but keeping all options open because anything can happen. With employers making significant cuts to their workforce and record unemployment levels, I think it is foolish not to be thinking about alternative or additional sources of income. I came across the video below which got me thinking about this all over again. It begs the question ……what is your Plan B? Are you planning alternatives and keeping your options open?

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