How to Scare Over 500,000 Employees in One Day

The numbers keep adding up and the impact on the global workforce could be staggering.  A litany of venerable and long-standing institutions have fallen victim to the current state of our nation’s increasingly fragile economic reality.  Let’s look at today’s potential body count:

• Lehman Brothers – 26,000 global employees; files for bankruptcy.
• AIG – 116,000 global employees; seeking lifeline from the Federal Reserve.
• Merrill Lynch – 60,000 global employees; acquired by Bank of America.
• HP – 320,000 global employees; announced 24,600 job cuts from EDS acquisition.

Those who lose their jobs may be provided job placement services, counseling and the like, but in the heat of the moment, does that all really matter?  And what of the employees who remain, the hundreds of thousands who are paralyzed into waiting for the other shoe to drop?  No one is the victor in these situations, for everyone loses due to fear, uncertainty, and doubt.

Regardless of what industry you occupy, we all get to a point where you simply take employment for granted.  You plan your life based on current earnings (and perhaps an annual bonus) combined with some measure of continued increase in your base salary.  You don’t necessarily envision yourself in your current firm forever, but you also don’t plan for the unexpected termination of your position.  You expect to make job and life decisions on your terms.  

The kick to the stomach of sudden unemployment can take your breath away.  Whimsy is replaced with the ugly reality that the end is here.  You wrack your brain to network, franticly reaching out to everyone and anyone who may be able to use your skills.  Then you pause, embarrassed perhaps to admit that you were unprepared and hadn’t really thought through what to do in this situation.

My advice is this – plan as if your last day were tomorrow.  This is not to suggest that you sit with your hand over the panic button, but instead that you’ve thought through a wide variety of scenarios and outcomes and ensured that you are prepared for the worst.  For those of us who run small businesses, this is a part of our everyday existence.  But I didn’t always think this way…. it took the shock of a horrific reality to shake me from the foundation of stability that I used to take for granted.  

My other piece of advice is to ask for help.  I find that this is more difficult the more senior you are, for ego gets in the way of your necessity to press on and seek assistance.  Do not go dark and insist on traveling this road alone.  It will take longer than you expect and you will miss opportunities through your insistence on isolation.  Talk with people you trust and learn from people you don’t.  A sense of vulnerability doesn’t really matter when you a faced with a stack of bills you suddenly can’t pay.

Finally, learn from the experience.  It’s always easy to get upset and blame others for your situation.  Of course others are to blame, and of course you should be upset, but you are responsible for your own career and no one else can carry that burden but you.  In these times of turmoil and uncertainty, your mettle will be exposed and tested.  You don’t have to win every battle, but you do have to press on.  Let’s keep the conversation going.