Am I Getting A PINK SLIP? –Mid-Career Crisis

Discover essential insights into job security with this article wherein valuable tips and strategies are provide to help you navigate potential challenges and ensure the stability of your career. Don't miss this expert guidance for a more secure professional future.

As a recruiter, I strive to guide numerous professionals through their Mid-Career crisis (MCC), a pivotal crossroads further influenced by the uncertainties stemming from the post-COVID era and the introduction of a hybrid work culture. MCC is the juncture where we make career-defining decisions, posing the significant question: What’s next? Whether we find ourselves contemplating a change in our first job or making pivotal choices after 15 years of experience, we share a common set of emotions and concerns during this phase.

• I wish to change my specialisation.
• I am not learning anything new, and my job has become monotonous.
• I don’t like my boss.
• I don’t receive adequate appreciation at my workplace.
• I’ve spent too much time in my current job.
• I don’t receive fair compensation.
• I am struggling to perform in my current role.
• I’m eager for a promotion and ready to take on more significant responsibilities.
• I’ve lost my job and need to secure another one quickly.
• I don’t find the work environment conducive.
• I aspire to gain international work experience, but the question remains: Can I return?
• I yearn to pursue my dream job.
• I seek a more prestigious company to work for.
• I have aspirations of becoming an entrepreneur, a unique MCC challenge, which is my specialisation focus – EMCC 😉

While many of us once innocently assumed that India was insulated from global economic downturns, the impact of the COVID-19 pandemic has revealed numerous vulnerabilities, including its adverse effect on job security. Like the 2008 financial crisis, even the post-pandemic effect has exposed the fragility of our professional careers in the face of economic turmoil in developed countries, political instability, market slowdown, and more.

The concept of a Mid-Career Crisis (MCC) is evolving in the age of hybrid work culture, spurred by the post-COVID era. By blending remote and on-site work, professionals are navigating uncharted territory. The hybrid work model introduces new elements of risk, leaving employees to grapple with the prospect of pink slips as companies reshape their workforce dynamics. In this context, the question of job security takes on fresh significance within the MCC landscape.

In the realm of understanding MMC better, let’s delve into one of the situations due to which a Mid-Career Crisis can be faced i.e. ‘The Risk Of Getting A Pink Slip’

Cost Cutting:  In case your Company is in cost-cutting mode, and there are strong possibilities that your department would have to participate in job cuts, a scenario influenced by global events such as the COVID-19 pandemic or recession-driven globally or by top management.

There are mainly two possibilities: either your job remains secure or otherwise. The question looming is how you would know your job is safe amid the uncertainty. Moreover, there’s an added layer of anxiety: the fear of missing out on job opportunities, as those who have lost their jobs might swiftly grab them.

Risk Of Getting PINK SLIP

We all tend to forget about the recession or economic crisis due to the pandemic, sometimes mainly because India’s story has been strong and will surely remain so; however, the phenomena of cost-cutting cannot be ignored or avoided.

Every Company adopts a different approach to cost-cutting. When it comes to people, there are two strong cost-cutting measures generally adopted:

1) Wide-out inefficiency by cutting selective jobs or

2) Reduce Salary across the board

As an employee, you would be able to appreciate the Company’s viewpoint only in a scenario where your Company has used a structured approach and a solid communication strategy. Unfortunately, most companies fail to do so, creating a confusing and uncertain environment where they risk losing their top performers.

When a structured approach is followed for downsizing or giving pink slips – you would be able to analyse whether you run a risk of losing a Job by knowing which approach the company used of the following :

1. a) Reduce overcapacity of manpower by consolidating departments/ roles/ regions
2. b) Replace inefficient resources to ensure cost optimisation (Cost vs revenue comparison)
3. c) Outsource non-core or support activities
4. d) Reduce manpower hired for special projects if delay or no action is anticipated
5. e) Reduce X% of manpower across the company or from the top percentile of high-cost manpower

Analyzing your risk of job loss based on your company’s chosen approach and asking pertinent questions will guide you toward the right answers. Before diving into this analysis, remember one fundamental value: never take your job for granted. One has to prove their worth to the company again and again. In earlier days, Jobs were safe and long-term mainly because trust and loyalty were the key values. These days, what is appreciated is sincerity and delivering results. . Sincerity pertains to your office conduct and work attitude, while results require upgrading your skillset to match the company’s growth. Sincerity and results together determine your efficiency score. The following framework can help you evaluate the risk of losing your job.

Do this exercise in an unbiased manner; place yourself in one of the buckets and analyse the Risk of getting a PINK slip. It’s essential to operate under the assumption that your company is reducing headcount, your department is involved, and you have an unbiased view of the efficiency level of your peers on a comparable basis. Focus strictly do a company/department-level analysis rather than a peer-group industry analysis.