Accounting scandals, plant closing, layoffs, stock
market volatility, and bankruptcies are in the news every day.
Some industries, especially in the high tech area, seem to be doing
worse than others. Rumors abound about what companies are going
to do to deal with the challenges that accompany an economic downturn.
Here are some constructive ways to deal with the stress associated
with the possibility that your job may be eliminated.
First, assess the risk. Recognize that uncertainty goes
with every job, but if your company is profitable and your
is stable, the risk of layoffs is probably fairly low. On
the other hand, if your employer has a reputation for using
to control labor costs when times are tough, you need to
be more concerned.
Recognize there are no guarantees of employment, and start
building a nest egg. Of course it is easier said than done,
but imagine how much more secure you would feel with six
months [or even three months] of your salary in the bank
- just in
Gather as much information about the company's plans for
you and for your position in the future. Ask your manager
to be candid in his or her assessment of your performance,
to keep you informed about changes that may affect your position.
Try not to obsess about what might happen if there was a
layoff, and if your position was selected for elimination,
or if you were not given the option of a transfer to another
position in the company, and if there was no severance, and
if you could not find another job. Playing the what-if game
is stress inducing, can be done endlessly, and without a
fully operational crystal ball to foretell what will happen
future is ultimately pointless.
Stay focused and stay motivated. If you lose either focus
or motivation, your fears about losing your job may become
a self-fulfilling prophecy.
Finally, keep your résumé up to date - just
in case and remember to continue to network within the credit
Christine Alfonso is a credit manager with ten
years experience in credit management. She is a frequent contributor
to "Covering Credit". She can be reached at www.coveringcredit.com.