My Company is Downsizing, What Do I Do?

Scenario: I work with one of the world’s largest semiconductor companies.

Recently, the company announced its layoff plan as the global economy continues to look gloomy.

Some of the workers, including long term employees will be laid off.  A few of my close working colleagues have begun receiving their notice of job termination.

I have this worry that I would be next to lose my job. I need your advice whether I should continue my job here and let the company decides my fate, or I should start looking for other jobs now?

A few of my friends have been advising me to switch to other high paying industries, such as oil and gas or start a new career altogether. I am also ontemplating whether venturing into business such as buying a franchise or starting my own small start up business would be a good move now.  I have a family to support, so while I do have interest in entrepreneurship, this will be one tough move to pursue.

What should I do?

Answer:

Without doubt, the current economy is not so good at the moment. People are starting to lose their job and some others will follow suit.  The current downturn may last for between 1 to 2 years and if you really love what you’re doing, buckle up for some rough time and keep in mind that there will be companies which would survive during this difficult period. At the same time keep your choice open for interesting job opportunities that would come by.

Getting into high paying industry or career is never a solution if your heart is not there at its place. If you want to make a career switch make sure it is because you’re genuinely interested in the field and not because of the seemingly high monetary reward. If your job pays you high salary but the passion is not there, a time will come where you’d want to quit what you’re doing. Be advised.

The same goes to starting a business. Four in every five start up businesses fails and even the sole survivor actually failed. Only the perseverance keeps it going and eventually achieves success. With this in perspective, expect a more challenging ride as you may find yourself in a situation where you fall down and never had the will to stand up again. While this sounds riskiest, for some, it could be one’s most fulfilling career.

Keep your liabilities low at the moment – start settling your debts, cut off other credit cards and leave only one for the right purpose, sell one of your vehicles when necessary, hold off buying that new phone or gadgets at the moment and pay attention to your emergency fund.  While you’re embracing the worst, take your time to evaluate your situation and make the best decision based on your assessment, and take consideration all the influencing factors.

While others can give you advice, you’re the only who can make the best move.

Other posts you may want to read:

1. Rebounding From a Layoff
2. 20 Myths of Entrepreneurship
3. Home Business With No Experience
4. Pilots Starting to Lose Their Jobs
5. Determining Your Expected Salary
6. Aldi Pays Top Salary to UK Graduates
7. The Best College to Get Rich
8. Starting a Business? Really?

Author's bio: Zul is the founder and principal contributor for the SKOR Career blog. He is the author of two books, The Malaysian Job Seeker's Dilemma and Buat Duit Tanpa Kerja Makan Gaji (How to Make Money Without a Job), available in major book stores nationwide. You can reach him at zulkiflimusa[at]gmail.com.