Guidance for Leaders Facing Job Loss

It was announced last week that Britain had entered the deepest recession since records began, and that there had been 750,000 job losses here in the UK during the past 6 months. This week we have seen even more job losses announced with Marks and Spencer announcing 7,000 job cuts and Estée Lauder planning to cut 2,000 jobs globally after a dive in profits.

As a leader, you not only have to contend with supporting your teams through this, you also have to deal with your own thoughts and concerns about yourself. You may be finding it difficult to keep a united front with the rest of the leadership team because like many of your team members, you are equally anxious and worried about the future.

Job loss has been likened to the grief process, with the person going through job loss, going through the stages of grief that someone suffering a bereavement would go through. Understanding this and accepting that it is natural to go through this range of emotions, will help you to adjust to the changing environment you are in.

How you respond will determine how well you get through this

Depending on how you respond to your current situation, will determine how well you get through it. In my research study on the effects of job loss, individuals who viewed their situation as less intense and more reversible, were more likely to view their situations as one which they have easy control over or that is changeable. 

In 2011 the organisation I had worked at for almost 28 years was going through a restructure. Senior leadership roles were being cut and my role would no longer exist. Having enjoyed my role, rather than being redeployed to a role I didn’t want, I decided to be in control of my career so considered my options and what I could do.

I looked back over my career at what I had enjoyed the most and what I was good at. Coaching had always been an add on to my role as a leader and was something I was good at and that gave me great satisfaction.

I decided I would start my own coaching business and opted for voluntary redundancy. Having done a lot of in-house coaching training over the years, I didn’t have a formal coaching qualification so decided to obtain one. I wanted a credible coaching qualification and to gain a deeper understanding of the psychology that underpins coaching. I opted to do the MSc Coaching Psychology programme at the University of East London.

I prepared myself for the change

In the months leading up to my departure from the organisation, I compressed my hours and worked a 9 day fortnight. I used that day every fortnight to focus on doing my research and gaining as much knowledge and understanding about what was needed to run a business.

I prepared as much as I could before I left employment to put my self in the best possible place to begin my studies and start my business. As a result, I didn’t go through many of the negative emotions that some of my colleagues went through.

One colleague in particular was having sleepless nights and was very anxious about the uncertainty of it all. Not knowing whether she would have a job. Concerns about how she would pay her mortgage. These were the worries keeping her awake at night. It was an extremely stressful period for her.

We like to be in control of our circumstances and we like to know what is around the corner. When we don’t, fear kicks in, and that fear can be all consuming. However, worrying in this way doesn’t add anything to the situation other than stress and anxiety.

When we are feeling stressed and anxious, we are less likely to view our situations rationally and don’t see the options available to us.

Accept that it is going to happen

If you are about to lose your job or you are faced with the threat of losing it, rather than resisting this change, accept that it is going to happen. Accepting the situation, adapting to it and looking at the possibilities that are out there for you will help to make your experience less stressful and anxiety ridden. 

An exercise I do at my workshops for people going through change or facing job loss is to get them to address their fears and concerns, and to list what they could lose as a result. I then get them to look at what could lie ahead for them. What could they get excited about and look forward to? What could they gain as a result of this change? It helps to provoke their thinking and you might find it helpful too.

By putting your situation into perspective, whilst it may not lessen the blow, with perspective comes understanding, and with understanding you can find acceptance.

Choose optimism over pessimism

Having a pessimistic outlook will close your mind to seeing and seeking opportunities that exist. With every change there comes opportunities, but you have to be open to see them. I got 4 promotions as a result of opportunities that came about due to organisational change. I also started my business as a result of viewing job loss as an opportunity for me to do something totally different. Prior to that, I had never thought of having my own business.

Rather than taking the view that the door has closed, look at it as a door opening. Opening to what could happen. Make a list of all the opportunities that could come about as a result of you losing your job.

This could be an opportunity for you to retrain and reinvent your career. It could be an opportunity for you to start that business that you have secretly dreamed of starting. If you are worried about how you will cope financially, what measures can you put in place to minimise those financial worries?

Taking an optimistic approach to redundancy will make it easier for you to think creatively and identify possibilities and opportunities.

Make a plan

Preparing yourself in advance for the change will make it easier for you to adapt when it happens. What support do you need to get you through this? Is your organisation offering outplacement support? If so, take advantage of the support that is being provided.

If your organisation is not offering outplacement support, look at what you can do to get the support that you need yourself. Do you need help with writing a CV or updating your LinkedIn profile? Do you need to brush up on your interviewing skills? Or do you need coaching to help you with working through your thoughts and feelings about this change, and/or to help you clarify what it is that you want to do next?

Register with executive search companies and recruitment companies. Update your LinkedIn profile to show that you are seeking opportunities.

Perhaps you want to start your own business. It was reported that research from Growth Intelligence shows 85,000 businesses were started online in the UK during lockdown. If you want to start a business, do your research. If you don’t know where to begin to look, the gov.uk website provides guidance and links to resources.

Build Your Network

If you don’t have much of a network, start building it and tap into your connections. It is often through network connections that people become aware of forthcoming opportunities.

It is rumoured that 70-80% of senior executive roles are never advertised. Instead, they are filled through the hidden job market. The hidden job market comprises those vacancies which employers don't advertise yet still want to fill. Imperial University reports that an estimated 75% of jobs are filled this way.

Before jobs are posted online they’re filled either internally or through a referral from a trusted source. Even better, candidates don’t need to be a perfect fit to be hired for these jobs. Instead they’re evaluated based on their track record of past performance, leadership ability and upside potential. Often the jobs are modified to better fit the career needs of the person being hired. – Lou Adler

Make the use of LinkedIn. Join in discussions with your connections and those who you want to connect with. Utilise the opportunity to showcase your experience, skills, strengths, and expertise on the platform, and to find out about opportunities in both the hidden job market and the traditional job market.

Consider the growth industries

Whilst some sectors are fading away, new ones are emerging, and some are seeing considerable growth. Prior to COVID-19, AI and machine learning were already vastly changing the world of work. McKinsey’s Future of Work in Europe discussion paper highlights those sectors where growth is predicted and those predicted to decline.

According to McKinsey, the areas seeing growth are STEM professionals; health aides, technicians and wellness workers; education and workforce training; health professionals; business and legal professionals; managers; creatives and art management. Connect with people within the sectors that interest you and find out what they are like to work in.

McKinsey show that the growth occupations require a higher level of skill. It might be that you decide to retrain and do something completely different. Particularly as McKinsey reports that just 15 occupations account for almost 30% of potential future net job growth. This includes occupations such as software developers, nursing professionals, and marketing professionals.

If you work in a sector that is on the decline, leadership skills are the same across different sectors, so look at how you can pivot to a growth sector. However, you may need to develop new skills and you will need to study the sector, but you will also have transferrable skills. 

Some of the skills I think will be high in the list for leaders going forward are: -

• Resilience and the ability to develop resilient teams
• Cognitive skills
• Change management
• Good communication
• Presence
• Visibility
• Influencing skills
• Effective decision making and being comfortable making tough decisions
• Emotional intelligence
• Technical skills and the ability to embrace new technology
• Creativity
• Adaptability
• Courage 

This year we have seen the world of work change in ways never seen before. Going forward, leaders will need to be able to quickly embrace and adapt to change and bring their teams along with them. As a leader, constantly develop yourself and keep abreast of market trends if you are to remain marketable and relevant for the future world of work.

Even though we are in unprecedented times, be filled with hope and have faith that you will get through this. AND take the action that you need to take.

Redundancy can be a scary time, full of fear, overwhelm and worry about what will happen in the future. However, it can also be an exciting time, full of new opportunities and possibilities. Whichever it is for you, depends on the perspective that you take.

Which perspective will you take?

What has your experience been of job loss? Please share and let me know in the comments.

About Me

I am an Executive, Career and Leadership Coach, known as The Coach for High Achieving Introverted Women, and 4 times LinkedIn Top Voice UK. I coach women who are senior leaders to be visible, to confidently exude presence, to influence, and make an impact. I also provide workshops, webinars and talks on personal development, career development and leadership development.

If you are an introverted woman and a senior leader and want to increase your confidence, influence and impact, take my free assessment and get a report identifying areas to develop. You can take the assessment here. 

?My book Quietly Visible: Leading with Influence and Impact as an Introverted Woman addresses many of the challenges that introverted women face as leaders and shows how these challenges can be overcome. It was listed as one of the 10 best self-development books written by women to read during lockdown by BeYourOwn. You can get your copy here along with a FREE recording of my How to Overcome Imposter Syndrome workshop.