How to Handle Getting Laid Off In Financial Services?

Introduction.

Morning. When you have a (senior) manager position in especially large Financial Institutions, you get up every day and think about the tasks you need to complete when you get to work. You sometimes feel overwhelmed at work, but you know it’s good to have a fixed job that pays the bills at the end of the month. Then one day, you arrive at work, and your manager calls you and several other coworkers into a conference room. A Human Resources person is at the meeting also. Then, your senior manager gives all of you the news that you are losing your jobs because of a reorganization.....including you.

Being dismissed from work is never easy. And especially after a long career as I had at ABN Amro (see here). Your first thoughts are how are you going to pay the bills? Do you have enough money to cover your expenses for the next several months? It’s not as easy as it used to be to find a new job. Even when you find something, companies take several months before you end up starting with them. And let's be honest, if you are 50+, the chance to land a new job at the same level in many countries including in The Netherlands is practically zero. Why? Just a pure question of 'supply and demand': too many people with the same experience, the same diploma's and the same cv's. So that means that traditional outplacement programmes focusing on that new fixed job are in most cases a waste of time and money as I discovered when I was made redundant at ABN Amro in 2011.

Ok, so what should you do?

My personal tips after getting notified that you are laid off.

Here are some of my personal tips if that happens to you:

• The first step is not to panic. Losing your job is an adverse situation. However, it is not the end of the world. You will find something eventually. Either a similar job or you can start your own independent business offline or online or both, found a startup or join scaleup inside or outside FinTech, Insurtech or RegTech. It’s never been easier or cheaper to start your own business. Of course, that doesn’t mean it is easy to make money when you take that route. It still takes work as I discovered adter 2001 when I started my own online business as my personal 'plan b'. .
• Don’t focus on what happened with your job. Instead, focus on how you are going to rectify the situation. That puts your energy in the right place. Further, you will have less of a chance of gaps in your employment & above all 'work' history.
• Refrain using drugs and alcohol after being fired. and Some people I know started to take drugs and alcohol and that's something you need to avoid. It’s easy to get hooked, and once you do, it is challenging to overcome the situation. It could lead to you postponing your search for your job or taking the first steps to become an entrepreneur. Worse, you will likely alienate your family and friends. Contrary to popular belief, alcohol is a depressant. If you are down about your situation, it will further drag you down. So....don't do it!
• Try to cut back on spending. It’s easy to spend money as before and crack up credit card balances which will become harder to pay when those balances reach unmanageable levels. Hopefully, you have saved some money for emergencies. If so, use this money instead of hitting up the credit.
• Pay the important bills first. If you find yourself strapped for cash, make sure you pay your mortgage or rent before any other payment. You don’t want the bank hounding you down and eventually foreclosing on your property. You can negotiate the payment terms on other bills.
• Don't waste your precious time, energy and money on the wrong education. Many people focus on acquiring 'Future Skills' in the old world. Spending your money on 'Old' education like Lean, Agile and that kind of stuff is a waste of money! Why? Because too many people already have those diploma's and it will not help you to get into new companies or start your own.
• Seek honest education, career & business advice from people that went through the same as you. One of the things I learned the hard way is that it is difficult to get honest and factual education, career and business advice. Why? Because traditional recruiters and traditional outplacement specialists are part of the old world, of the old system. I learned things the hard way and waste precious time, money and energy paying too much for the wrong education, training & coaching.

Conclusion.

Being laid off is a very bad experience, I know, I have been there. But if you are clever, it can also be the beginning of a new personal and business life. So the choice is yours....

If I can help by sharing my personal lessons learned from banker to entrepreneur for instance and how to acquire the Future Skills YOU need to have a better chance, then let's connect here on LinkedIn, call me on 0031634387806 or send me an email here.

P.s. And if you read Dutch, you can already save a lot of time, energy and money by reading this book I wrote about 'Making money with your won talents and the people that you know'.

Dr. Tony de Bree EEP MBA worked 26 years in Global Banking & Finance at the ABN Amro Bank. He started making money online in 2001 as his personal 'plan b'. He left corporate life at the end of 2011 and now leads a 'happy life' with a new partner, as high-energy speaker, trusted digital strategy & change advisor, online entrepreneur & social video marketeer,serial writer of bestsellers in Dutch, blended learning programme manager (see here), lecturer, business coach, mentor, member of startup juries inside and outside FinTech & RegTech & ICT member of Supervisory Boards.