7 Ways to Prepare Your Lifeboat for a Layoff

This is the follow up article to 7 Signs A Layoff Is Coming Your Way. You read about some of the clear as day signs that a layoff may be coming your way. How do we ensure that our lifeboat is ready at all times?

It’s not a one-day reaction to a crisis. We have to set aside time to work on our lifeboat and assess its health periodically. I recommend a lifeboat check at least every 6 months, even in the best of good times. Read on to know more about the 7 top ways to prepare your lifeboat.

1. Updated Skills: Always invest in yourself. Ensure you raise your hand for the projects / assignments which will enhance your skills. Scan for new skills/courses, and even if the company is not paying, enroll yourself for the must have courses/certifications. Be hands on – don’t get fooled that being a manager means delegating and not working oneself.

2. Updated Resume: Ensure your resume is updated periodically. My recommendation is at least once in 6 months. Check that your key achievements are being showcased. Do keep an eye out for suitable opportunities. It is always better to be regular than late.

3. Networking & Contacts: The best contacts are people whom we have studied and worked with, with the latter being more important as one gains experience. Stay in touch with ex colleagues, who may have moved internally or externally. Make it a habit. Seek help for staying updated. This way, when the need arises, you are not calling them out of the blue.

4. Goodwill: Goodwill is not built instantly. Your current employer needs to be able to have trust in you. As mentioned earlier, your current boss needs to be able recommend you wholeheartedly. Make sure you get recommendations from your current employer. Leverage the recommendations section on LinkedIn and keep it updated.

5. Finances: Your parents were right. Squirrel away your money for a rainy day. Plan for the years school fees for your kid right away. Keep 6 months running household expenses for emergency. Ensure premiums are paid timely. Fiscal prudence is a habit – find your path and stick to it.

6. Family: They will always have your back. The retired parent will still offer you his/her home. Always keep them updated on what’s happening at work, and prepare them for any bad news. You may be surprised how much a supporting family can help you and give you the strength to restart, whether it is finding a new job or starting a new venture.

7. Mindfulness & Health: Being rooted, having a positive attitude and a good health are critical for your mental makeup. Mindfulness practices help one tap into the power of the soul and keep your calm in the face of crisis. Indulging in your hobbies is an excellent way to relax. Spending some time everyday for your physical and mental health is perhaps the best investment you can make in yourself.

So start facing what you have been ignoring and take stock of your position. Work on your lifeboat now.

Good Luck