Businessman falling into the hole
Up until just a few months ago, echoes of the Great Resignation made headlines, with Gen Z and Millennial workers leading the quitting sprees. But the recent mass layoffs across many tech firms have quickly shifted the tone.
Beginning this month, major companies announced plans to significantly reduce their workforce. 10,000 job cuts at Amazon and 11,000 at Meta sent tremors of the Great Layoff. Then, Twitter’s workforce reduction by nearly 50% sent shockwaves. A closer look at major F500 companies shows that many of them had already been chopping headcount throughout the last quarter.
And analysts predict that the upcoming months will be no different. “There are growing signs that labor market turmoil is on the horizon”, said The Washington Post’s Abha Bhattarai. How do you then stay above the tide? Here are five tips to try your best.
1- Fill Your Team’s Skill Gaps
If you ever subscribed to ‘stay within your lane,’ now is the time to cross it off your mantra list. Businesses are more complex and cutting-edge than ever before, and as corporate silos break, there is a rising need for a workforce that can be agile, adaptable and competitive in skills that allow them to connect the dots.
First, ask yourself: Are there skill gaps that your team or department need to fill? Then, assess opportunities: if and how can you fill the void? There are various starting points for the exploration: languages, regional knowledge, programming expertise, project management, Agile, copywriting, UX design, data analysis, content creation and more. Under each of these, look for specific applications that are relevant to your team. And run with it.
2- Capture Low-Hanging Fruit:
Ambition is great, but do not ignore the low-hanging fruit right in front of you. Exhaust opportunities that are available to you by virtue of being part of the company.
Are there trainings and modules on your company’s intranet that you can complete and disseminate best practices among your team? Are there technical experts in your organization that can teach you how to perform financial analysis? Are there people in your department that have innovative ideas that need to be collectively heard for implementation? Are there processes that need to be automated?
Show how you can create and leverage value for the business. Of course, value can be entirely subjective. Because what is valuable for one person may not be for another. The key here is to think actively about how you can make your boss’s job easier. That is where strategic value lies. Focus intently on it.
3- Communicate As A Storyteller, Not A Salesman:
Hard work pay off. But it are insufficient without being able to articulate the story around it. To make sure your work makes a difference — not just in the company but also in your own career growth — have the clarity and confidence to speak about your vision, your motivation, your process, and above all, your results.
But do not mistake storytelling with salesmanship. The latter can miss the mark because it can be self-congratulatory. Sure, self-promotion is fine but the ultimate goal is to be able to communicate the contributions you made not just as an individual, but as a team playing looking out for the collective interests of the company. Speak strategically about complex ideas, take ownership of the mistakes, take stock of lessons learnt, and vocalize what can be done to move forward with greater velocity.
4- Gain Lateral and Vertical Sponsorship
Sponsorship is different from mentorship — while mentors guide you, sponsors advocate for you. The essence of gaining sponsorship is, paradoxically, to let it grow organically. There is seldom a quick formula for it. The key here is to nurture relationships that are meaningful, where you have as much to give as to take. Reciprocity is essential.
This may seem daunting in theory, but it’s simpler in practice. Anything ranging from fresh perspectives to innovative ideas to authentic lived experiences to unique skills is a contribution that you can share. Be proud of it. And as you share it, do it in the spirit of a team player. Lone horses may last a sprint but rarely a marathon. Aim for the long run. Because it is there that you find long term partners and cheerleaders who are willing to vouch for you.
Do take note, however, that when focusing on networking, the most common vice is to seek relationships primarily with executives and managers. This is only one part of the equation. Yes, senior leaders hold significant decision making leverage. But what they may lack is the awareness of opportunities on a lateral level. For this, it is vital to cultivate relationships with colleagues that sit adjacent to you on the organizational chart. Expand your network to understand if there are opportunities for mobility across different departments or office locations.
5- Diversify Your Options
With all said and done, recognize that there are factors at play that are beyond your control. In just the past few days, some of the most high performing, smartest and diligent people across top companies were let go. If that is the direction your company takes amid massive layoffs, know that it is not necessarily a reflection of your aptitude or value. It is merely a function of the corporate cycle.
It is imperative, therefore, to remain resilient and prepared for all outcomes by diversifying your options. If you sense impending risk where you currently sit, start exploring opportunities at peer firms. Initiate informational conversations with past colleagues, industry friends and mentors to direct you.
Program yourself to see the glass half full. Are there professional bucket list items that you have been waiting on? Is graduate school or an executive degree on the cards for you? Are you open to relocation to another city, or perhaps, even another country? Can your skills be transferable to another industry? Allow yourself to be open to options you didn’t previously consider. Change can be hard, but much easier when embraced head-on.
