Every career person’s objective is to have a successful and fulfilling career. But the road to that mountain top is packed with many-a-transition, including redundancy.
How well we handle our career transitions whether self-imposed or externally triggered, comes down to our level of preparedness. For example, you might want to make a career change and may take the time to make and execute a career transition plan covering things like finances, mindset, skill-building and so forth.
But when it comes to sudden, unexpected career transitions, like redundancies, the news can be shocking and completely destabilizing.
The reality however is that, with the current economic, political and technological trends, layoffs should no longer be surprising or unexpected. It’s a risk that every employee in Kenya needs to be alive to right now.
So what if we applied a risk-based approach to managing our careers, especially when it comes to the very real risk of redundancies?
Let’s unpack what that could look like, following the standard risk-management approach:
Risk Identification: Identify the potential factors that could lead to job loss, such as changes in company strategy, economic downturns, automation, technological advancements, or performance issues.
Risk Assessment: Assess the likelihood of job loss based on your industry, job stability, and personal circumstances. Evaluate the potential impact on your career, finances, and overall well-being.
Risk Prioritization: Prioritize the risk of job loss based on its severity and how vulnerable you are to it. If your industry is experiencing instability, this risk might be higher on your list.
Risk Mitigation: Develop strategies to mitigate the risk of job loss.
Risk Monitoring and Review: Regularly assess the effectiveness of your risk mitigation strategies. Adapt your approach if job market conditions or your personal circumstances change.
Decision-Making: Consider the risk of job loss when making career decisions. Evaluate potential job offers not only based on salary but also on job stability, growth potential, and alignment with your goals.
Resource Allocation: Allocate time and resources to activities that enhance your employability and reduce the risk of job loss.
Communication: Maintain open communication with your supervisors and mentors. Seek feedback on your performance and areas for improvement.
In the same way organisations manage their risks, you can strengthen your career's continuity by giving adequate attention to the potential for job loss and taking steps to mitigate it.
While you can't control external factors, you can control how prepared you are to navigate the challenges of redundancy, increase your resilience and adaptability in the face of it and seize any new opportunities. You can make informed decisions, take protective measures, and adapt to changes more effectively.
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