270: The Signs Your Company is Likely to Do a Reduction in Force (RIF) - and How to Be Prepared
The Signs Your Company is Likely to Do a Reduction in Force (RIF) - and How to Be Prepared
I talked in episode #268 about leading through a reduction in force — today I want to talk about the signs that your company might be about to do a RIF — and how to be prepared.
Here’s the link to episode #268: http://exclusivecareercoaching.com/posts/2023-04-12-268-leading-through-a-reduction-in-force-rif
Let’s talk about the preparation piece first. I’ve talked on this podcast numerous times about ARFO — Always Ready For Opportunity. If you take that approach, your resume, LinkedIn profile, qualifications, and job search plan are always up to date and ready to go at a moment’s notice.
If you haven’t updated your resume or LI profile lately, that should be a first step. Are there any credentials or qualifications you need to get or renew, or training you need to make you more competitive? Get that training.
The thing I most hate to see is when clients are either not seeing the handwriting on the wall — or are blissfully choosing to ignore it. You don’t want to be caught flat-footed when the pink slips start coming — nor do you want to be at the back of the line for available opportunities at other companies in your industry and field.
Whether you see RIFs on the horizon or not, updating your marketing materials, ensuring your credentials and education are competitive, and having a job search strategy in place is always a good idea, because you just never know.
Another aspect of ARFO is keeping your network current and active. The best practice is to spend a small amount of time on a regular basis maintaining your network. If you haven’t done that, you’ll need to allot a larger amount of time to revitalize your networking efforts.
What are the signs your company may be planning a significant reduction in force?
Key projects and assignments going to someone else.
Nonessential perks start being cut.
New products, initiatives, or expansions are being put on the back burner.
The budget is under a microscope, such as heightened scrutiny on expense reimbursements, additional procedures for purchase approvals, or targeted or across-the-board budget cuts.
There’s a merger or acquisition — creating duplicate positions.
You’re being kept out of the loop and in the dark.
Executives seem more stressed out than usual, and communication dries up.
These are indicators that you need to start looking elsewhere immediately:
Your company is bleeding money — missing revenue targets for successive quarters.
The essential budgets are being cut to the bone, like sales & marketing.
There is a hiring freeze.
There is a mass exodus, often without any notice, from the c-suite and other key executives. Especially when the exodus includes top performers.
There’s talk of restructuring the company.
There has already been at least one round of layoffs.
Your boss or HR is suddenly interested in the specifics of your job duties — perhaps even asking you to write them down.
You’re getting locked out of files or not included in emails.
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If you’re ready to take your job search to the next level by working with a highly experienced professional with a track record of client success, schedule a complimentary consult to learn more: