Personal Finance 101: If we get retrenched, are we prepared and ready?

Personal Finance 101: If we get retrenched, are we prepared and ready?

If we look at the world we live in today, disruptions are happening every day. Companies learnt that the way they used to operate may have to change and they will have to adapt. In this process of new change, many changes will happen. This includes creation of new roles which is critical and also the reduction of old roles which is no longer needed.

During the times when everyone was hiring for the same roles, the salaries were pushed up and when everyone learns that the growth is slowing down, then they will no longer need so many of these new hires. As for the new hires, they were paid very high previously but now when they need to look for a new role, they may have to accept a lower pay too. Let’s look at some retrenchment numbers in the world we live in. Many are familiar names.

Source: visualcapitalist.com

Is / Are our skill(s) transferable to another new company or adaptable to the changes?

Have we been doing the same thing over and over for the past few years. Are there people in the company who are paid lower than us who are our peers today? What about peers in other countries, are they from lower pay countries but they are doing the same role as us? Have we tried to find jobs but every time we are rejected because the other company could not offer the salary we wanted? Is our company undergoing transformation and they are hiring many roles which looks very unfamiliar to us when we read the job descriptions? All these are signs telling us that our role may not be secure.

Are we able to show that we could adapt to new changes which is happening? Are we familiar with a VUCA (Volatility, Uncertainty, Complexity, Ambiguity) environment? Are we being offered new roles which is being opened up first? Is our manager moving to new roles and they want us to follow them? Are we being head hunted by other companies offering us slightly different roles and a slightly higher pay? If these are the signs we see, then our role should be safe for now. Just keep reading, learning, adapting because that’s the only way to keep up with the fast changing world today.

Wishing all of us the best.

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