How To Move Past A Company Downsizing

How to move past a company downsizing is a hot topic in the work world. Like the saying goes “Life happens“. A relevant topic today is corporate downsizing and mergers or as companies refer to it as “right-sizing”. Oftentimes talented and experienced professionals find themselves in a position of unplanned unemployment. It is important to note that downsizing is not retirement and those affected don’t view it that way either. Some companies offer severance packages that are tied to your length of service to the company. The severance amount could vary from a few weeks of pay to several years of compensation.

Your Passion

image of young woman standing at the table of other young professionals networking discussing how company downsizing has impacted her

Some professionals decide to strike out and do something they have always wanted to do. Usually, they follow a passion they have and look for ways to monetize it. While many professionals look to immediately get back into the workforce. For those re-entering the workforce, the reality is the approach to finding a job has drastically changed. The fact is we are in the midst of a candidate-driven job market. That means there are plenty of job vacancies but few qualified candidates to fill these jobs. This is where the competition comes into play.

So now you have to compete in a candidate-driven job market that is vastly different than you had imagined. You will have to dust off your resume and make sure it reflects your core skills and experiences. There are also keywords you have to make sure are on your resume. Companies use parsing software that sorts through your resume to make sure the keywords and experiences are listed.  And then there is the presence of social media. Social media is a great source to use in getting exposure to hiring companies and other professionals.

One advantage you possess is your relationship with other professionals. You should start reaching out to these colleagues and peers to discuss your qualifications to see if they can make some introductions for you. If you are invited to a networking event; you should attend. Begin to involve family and friends in your job search by letting them know that you are in the job market.  Some people believe it is important of Who You Know…but Who knows You is just as important.

Resume Tip 101

One of the first things you will do after a company downsizing is updating your resume. There is a temptation to invest in a resume writing service as a tool to use after a company downs. Many professionals find this service to be of value to them. Just know that a resume’s primary purpose is to get you an interview. Most professionals gain exposure through their network or other connections. Just as long as you have the correct dates and what is important on your resume you will be ok. You can go online and download resume templates. Once you find a template you like just populate it with your credentials. Many downsizings are unexpectedly announced but you have technology on your side today. And now social media gives you a medium to reach people in ways you couldn’t imagine five years ago.

You can place your resume on job boards which allow employers to source your resume for their job vacancies. You can also reach out to recruiters who can promote your qualifications to hiring companies using their internal talent showcase.  There is a need to understand keywords and why they are important to have as part of your resume. These keywords tie into what is important in a published job description. They are important because most job openings will receive hundreds of resumes in response to the posting. Companies find that this parsing software helps them filter through large volumes of resumes more efficiently. While it is great to submit your resume to online job postings many professionals choose to use a search firm to assist in their job search. While the service is free, be sure to identify a search agency that has relationships in the industry you work. The agency’s relationships allow them to discuss your qualifications with hiring companies immediately. Will it always work? Absolutely not; there are times when there are no job openings and there also could be a candidate that the hiring company feels is a better fit. You have many tools to assist in your new job search. Take advantage of these resources that can help you stand out from the crowd.

Take every opportunity to prepare for tomorrow because it will come. You plan for tomorrow today. Let us know how we can help.

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