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Tapestry Communications
In these days of dot.com failures and high energy
costs, some corporations realize that they need to
do some belt tightening. After they've cut out the
training budget and stopped the Friday beer
parties, their gaze falls on the really large
expenditures, for example, employees.
Those organizations that care about their
employees and want to retain their reputations
when the growth curve picks up look for win/win
solutions. The three most frequently used are
early retirement incentive packages, voluntary
layoff (with bonus), and selling off chunks of the
company to outside vendors.
The first two choices offer a number of advantages
to long-term employees. If you were considering
retirement, a sabbatical, or a career makeover in
the next five years, this could very well be your
ticket out.
If your company offers an incented retirement
plan, you may find an opportunity to increase your
pension benefits significantly.
The voluntary layoff can also be a win if you're
looking for faster career growth. Let's say you've
been with a corporation for 15 years, you are a
high performer, and in the normal course of events
are ready for that big promotion. Unfortunately,
the company stops growing and the internal
competition heats up. The company offers a
voluntary layoff package (generally with the hope
that people close to retirement will leave along
with some people whose performance problems are
taking up a lot of management time). With a good
track record and some cash to tide you over, you
will have a good chance of landing that promotion
at another firm, because companies like to bring
"new blood" into senior positions.
Companies use the third scenario—sell-off of
selected departments—when they are slimming down
to their "core competencies." Usually, they either
form a subsidiary or sell off the resources
(capital assets and employees) to a company that
specializes in these areas, for example, human
resources, administrative support, and technical
documentation.
The new company usually "interviews" all the
existing employees in the category and makes job
offers to most of them. If the new company fails
to make an offer, the employee is laid off from
the old company and receives severance and other
benefits.
However, if an offer is made, the employee must
either take it (which often includes a slightly
lower salary and much fewer benefits… especially
health care and pension) or "quit." Employees who
voluntarily terminate are often barred from
collecting unemployment, which can put them in a
real cash bind. The only employees who usually
"win" in this scenario are those who are in a
position to retire or who feel that working in a
company where their "profession" is the core
reason for its existence will increase their
marketability and long-term prospects.
Economic or industry downturns often provide
unexpected opportunities for career growth,
change, and expansion. Be on the lookout for how
you can capitalize on the changes going on in your
company. You can ask to take on new tasks or be a
shining example of grace under fire; believe me
these actions stand out once the smoke clears.
Perhaps the best reminder is to always be
prepared. Dust off that resume and keep it
current. Network with peers from other companies
and consider doing some information interviews to
gauge how your strengths measure up on the
outside. Pay down your consumer debt so that when
opportunity knocks, you have the resources to let
it in the house. Reflect upon your life and make
sure that your work is allowing you to meet your
personal goals and identify changes you would like
to make if only… you had the money, time, etc.
So that if you get that offer, you'll know what to
do with it.
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