FIVE INCOME PROTECTION STRATEGIES

You’ve decided that your job may not be around for much longer – at least for you.

You’re concerned that technology may be automating it. And you’re right. The only question is when.

Or the skills required for your job are changing, and you’re finding it hard to keep up.

Or maybe you’re no longer fitting in with the organization the way you used to.

Or perhaps you just want a change.

But you need the income from your job. So what are your options?

There are 5 strategic options to consider, each with personal pros and cons:

1. Make yourself an indispensable employee. (That’s if you’re concerned that your employer may be letting you go, and you want to stay – at least for the time being.)

2. Change jobs. (That’s if your job is not being phased out by technology.)

3. Change careers. (This may be a great opportunity to assess what sort of work you really want to do.)

4. Start a business or side hustle. (This may be your chance to achieve financial independence.)

5. Do nothing. (That’s if there are health or family issues that consume your time, or you’re close to retirement – but not, hopefully, because you’re not motivated to change.😊)

1. MAKE YOURSELF AN INDISPENSABLE EMPLOYEE

There are several ways in which you can make yourself indispensable. Examples include:

• You can train yourself in an essential skill currently not available (but so can others).

• You can align yourself with an existing essential employee within or outside your department. (You will survive job cuts if the top salesperson regards you as essential to their success!)

• You can build a close relationship with the person who will make job cuts. (It is counter-intuitive, but most people lose their jobs because of their fit with company culture, not because of their relative competence.)

Of course, your approach is dependent on your employer’s organization and culture, and your expectation that your employer will survive. (You should not regard a takeover or merger as ‘survival’ because, unless you have ties with the new organization, you will not be able to influence their decision making.)

2. CHANGE JOBS

This is only a viable option if your reason to be concerned about your job is not that its existence is threatened by technology. (Otherwise it would be a frying-pan-into-fire strategy. 😊) Choosing to leave your employer is the easiest option while the demand for your job is and will continue to be relatively strong.

You may like your job but prefer a different organizational culture than that of your current employer. A positive aspect of a job change is that you have an opportunity to sit back and consider what you like about your job (and what you don’t like). There are many components in the definition of  the culture of an organization, including:

• Culture of the industry.

• Size of the organization and/or of the area in which you work.

• Comfort with implementing new technology.

• Speed of decision making.

• Ability to work remotely (with support to integrate remote workers into the work unit).

• Executive and management styles.

• Degree of bureaucracy.

There are many on-line job search systems that provide guidance in the process. The most effective approach continues to be networking, rather than replying to posted jobs or relying on recruiting agencies.

Always remember never to ask directly for a job; always ask if someone knows anyone who may be hiring. (The principle is not to put anyone in the position of having to say ‘no’.)

3. CHANGE CAREERS

The decision to change careers may be a welcome one for some. Many of us chose our current career by chance; and some of us have been toiling in it for a long time. Even if the choice was a good one at the time, personal circumstances and preferences may have changed.

There are three major steps in changing a career:

• Choosing the career

• Establishing the necessary qualifications

• Finding a job

Changing a career can be hard, especially when it’s a step into an unknown world. There are multiple on-line articles and a few systems that will provide guidance.

Here are a couple of general hints:

• Choose something that really interests you, preferably something that you are passionate about. This will give you motivation when the going gets tough, which it probably will.

• Recognize that the world of work is changing so rapidly that it makes no sense to think of the new career lasting more than, say, 5 years. It may last longer, but, if it does, regard that as a bonus. The advantage of this short-term focus is that you can try something you’ve always wanted to do without making a long-term commitment.

4. START A BUSINESS OR SIDE HUSTLE

Starting a business or side hustle (when the business is initiated while still an employee) is ideal for those who have a natural inclination to be self-employed – but it is an option for anyone, especially if the business involves providing an on-line product or service.

Before committing to starting the business, there are many questions we need to answer, including:

• What product or service are you going to provide?

• Who do you intend to market it to – your so-called avatar?

• What is the transformation that you are offering your avatar? What pain will it relieve or what pleasure will it provide?

• Is your avatar going to be interested enough in the pain relief or pleasure to pay for your product or service – and at an amount that will make your business worthwhile building?

• Do you want to do this on your own or with a partner?

• What resources are required to create, test, produce, and market your product or service?

• Where is the upfront investment to acquire these resources coming from? (If you use your own savings, it is called bootstrapping, and is usually the preferable approach, at least initially.)

There are many sources of information to help you start a business – both from on-line articles and related services, government agencies, educational institutions, and professional services.

Here are a few general hints:

• Building a business to profitability will take longer and require more investment than you expect.

• Prepare a detailed plan of action. But recognize that, while the process of planning is invaluable, the plan itself is likely to be outdated soon after you start. Be flexible!

• The time commitment will be more than you plan for. If you are part of a family, then you need them to get on board with your plan before you start.

5. DO NOTHING

I’ve included this stragic option because it is a logical approach – and because it is the option that most people take. (This is otherwise known as burying your head in the sand! 😊)

I remember being the outplacement counsellor for a plant that was being shut down. The owner gave the 300 employees six months’ notice. I did little counselling for the first 5 months, quite a bit in the 6th month, and most in the 7th month!

It would be unfair not to acknowledge that there are circumstances when this is the best or only option – such as for people who are financially independent or for situations when health or family requires that no time is available beyond the minimum time for your job.

YOUR NEED FOR INDEPENDENT HELP

We all need independent help in choosing and implementing a strategy.

It is difficult (or impossible) for any of us to be objective about which strategy is best – too many emotional factors come into play, including:

• Which is the easiest option (besides doing nothing).

• Which would you prefer to do.

• Which has least impact on your family.

• Which involves the least (or most) risk.

In this situation, we all need access to guidance that is independent (of organization and of family) and experienced. Ideally, this guidance will continue to be there when you implement your strategic choice.

In addition to this guidance (known as mentoring), strategies such as changing careers and starting a business will require training in skills that you may not have. Your mentor will also provide guidance in acquiring these skills.

HELP IN CHOOSING YOUR STRATEGIC OPTION – AND IMPLEMENTING IT

We’ve talked about 5 strategic options. None will be the right choice for everyone. We are here to provide guidance in helping you to make your choice, and then to help you implement it.

We offer a unique and low-cost approach that involves mentored groups of 5-10 people facing the same set of challenges. Under the guidance of a mentor, members of the group present issues and discuss solutions, while helping each other to succeed.

Some people prefer individual attention – and that too is available.

Learn more at www.ardenbusinessconsulting.com

To discuss your specific situation, contact Nick Arden for a no-cost meeting using his scheduler.