I have been pretty busy the past few weeks as work started to ramp up. This is due to my company’s restructuring process starting to reach it’s conclusion and the organisation starting to click back into gear. It is partly why I only post on weekends now. While I am happy to report that I still have a role in the company, I am saddened to see the amount of experience being let go from my department.
Having worked for 5 years now and only in my 2nd job ever, having to experience a corporate restructuring this early in my career has been thought provoking and mindset altering. With the process almost over, I thought I would share some of my initial thoughts and feelings, that would hopefully be useful for your own career plans and expectations.
Corporate restructuring happens from time to time as a company struggles to keep pace with its competitors and satisfy shareholder demands for more. This is further accelerated by the technological advancements and disruptions companies constantly face.
Speaking to some of my colleagues who have lived through a few restructurings, change is constant, so constantly upgrading yourself and staying relevant is very important.
Company loyalty counts for little
The iron rice bowl or the one company man is a endangered species. Due to intense competition and shareholder return demands, companies do whats best for the company. If that means cutting the average performing 10 year director who’s job can be delegated to 2 – 3 managers/executives, done. This means that we have to adopt a less loyal perspective towards the company and be on the constant lookout for greener pastures as we can’t expect our employer to be loyal to us. To me, this is very sad but hey, that’s how it is now.
Diversify your experience
Companies value people with diverse backgrounds and cross functional experience. This helps when restructuring happens as you are less likely to be cut when compared to a staff who has experience only in one area. If you truly feel that you are in the right company and want to stay for the long term, expanding your experience into different departments and areas is crucial.
Networking helps, but not necessarily effective
Networking helps you get name capital with the bosses. This is useful mostly for your progression in the company under normal circumstances. That said, you have to stay relevant through actual skills and experience as when its time to restructure, all the warm and fuzziness goes out of the window.
It’s been a time for self reflection for me throughout this process. It gave me perspective and emphasized the continued need to stay relevant in the corporate world. It also reminded me of why I’m laser focused on the journey to financial freedom – so that one day, I’ll be free from worrying about my livelihood.