HOW TO PROTECT YOUR JOB IN BAD TIMES

HOW TO PROTECT YOUR JOB IN BAD TIMES
The job cuts of 2002 were unusual for two reasons: (1) they took place when the economy was supposedly “recovering” and (2) they affected almost everyone in equal proportion—regardless of ethnic group, origin, gender, profession, job status,or income level. The same will probably be true in the future as well. To protect your job, follow these steps:
Step 1. Check the financial prospects of your company. If its shares are listed on a stock exchange, you can get a rating on the stock by checking with an independent rating agency. If you feel you can’t afford to spend a few dollars for the rating, you can also get a free risk rating from Risk Metrics (212-981-7475 or www.riskgrades.com).
Step 2. If your employer does not have shares listed on an exchange, ask for the latest financial statement. If your employer says it is confidential, you can acquire an independent report from Dun & Bradstreet (www.dnb.com).
Step 3. If your company has a weak risk rating or a poor report from Dun & Bradstreet, it’s not a good sign. It might do OK in good times, but your job—and possibly the entire company—may be vulnerable in bad times.
Step 4. Needless to say, to secure your income, there are two strategies you can follow:
Strategy A. Do your utmost to make yourself a valuable employee. Seek company-sponsored opportunities for learning new job skills. And even if none are available,
allocate at least an hour per day of your spare time to learn skills of value to the firm. With the Internet, you’d be amazed at how much you can learn for free or at
a very low cost. And if you do not have access to the Internet from home, free access is available at most public libraries. The librarian should be able to give you some excellent tips on the latest, best sites.
Strategy B. Do your utmost to continually stay on top of the job market. Visit www.monster.com and similar sites to take advantage of a wealth of free information on the most marketable job skills, tips on how to get a job, and updates on what’s going on in various industries. Also use these sites to keep your résumé posted on the Web as much as possible.
Step 5. Use the following guidelines to decide which strategy to pursue:
■ If the economy is strong and your company is low risk: Pursue Strategy A almost exclusively but continue to stay in touch with what’s going on in the job market. If
the economy is weak but the company seems to be low risk, pursue both strategies with equal energy.
■ If the economy is strong but the company is high risk, pursue both strategies with equal energy.
■ If the economy is weak and the risk is high, make Strategy B your first priority but do not neglect Strategy A, especially with respect to job skills. If you do change jobs, you will still need those as well. Don’t be afraid of what your employer might think or say about any job-search activities. Make it clear that you
always stay in touch with the job market no matter what,and if you have no intention of leaving, say so.