A reader is in a quadry - downsized and over 50 - what to do?
This week we discuss what some of your options are/could be when you are downsized.
Q. Help!! I've just been downsized (a nice word for being fired) and I don't know what to do. I'm over 50 and I'm scared!
A. First of all, it is very natural to be scared at any change in your lifestyle or routine. As you don't mention your line of work or years of experience (within an area of work or within said company), we'll try to discuss general options as well as some specifics.
Most companies offer some sort of monetary payout: often this is in the form of so many weeks for so many years of service. The type of payout is usually determined by the circumstances of the "downsize" - in other words, if the company merged with/was bought out by another company; if your department was "reorganized" and absorbed by other departments, or how many employees were named redundant and downsized out of the company. This also depends on the size of the company - a very small company will probably only give you a couple of weeks advance pay and allow you to use the office to find other work. On the other hand, large companies usually try to help the employees find other work by hiring a placement/consulting firm for the downsized employees to facilitate their career in another company. These placement agencies often have counsellors specifically trained to offer guidance not just in job searching, but how to handle the whole situation. Many employees actually go through a type of grieving process after the loss of their job.
If you have been given a monetary settlement, consider putting that money into some sort of short-term (but easily accessible or cashable) investment, to allow you time to consider your options. This money is for you to access while you look for other employment. You may also want to consider upgrading or some re-training. Again, depending on the situation, your company may actually offer this to you. If not, don't despair - your local employment centre or local "Y" may also have some options that may be free or that you may qualify for.
Considering your age, you might want to look at other career choices. For example, with your years of experience in work and life, you could possibly start consulting in your area of expertise, or do contract work. Or even become a recruiter within your past area of expertise; after all, you've worked in it, so you'd know what the ins and outs are, as well as what is required.
The most important point to understand is that this is NOT YOUR FAULT, and there is nothing you could have done to prevent this downsize. Nor does it mean your intrinsic value as an employee or person is any less - it's often just the luck of the draw as to who stays and who goes (if the whole division was not let go).
The idea now is to concentrate on YOU - so take the time to sort out your feelings (and you will certainly have a mixed bag of those!) and your next steps.
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Copyright June 14, 2007. Paym Bergson and Suite 101. All rights reserved. Any unauthorized use of this material will constitute an infringement of copyright.
