That’s what Mr B, the Global CEO of a Fortune 500 company joked to me back in 2008 during the Great Financial Crisis as he laughed across the table from me, at the Courtyard Restaurant at the Fullerton Hotel.
You see, his company was doing very well amidst the banking turmoil left in the wake of Lehman Brothers and Meryll Lynch, after all, they were in Technology which was relatively untouched by the market crash.
However, he had decided it was a great time to cut his costs by getting rid of the 3 Ds –
- ‘The Deadwood’ (those who have stayed too long),
- ‘The Disagreeables‘ (those who had a different opinion from him) and a group of people he called (wait for it…)
- ‘The Do-Nothings‘ (those who aren’t productive enough).
[Author’s note: these were his words, not mine!]
So, despite record profits, his company shed a large number of staff, trimmed their manpower costs, and gave him a multi-million bonus for achieving those sterling results!
So…tell me what’s wrong with the following statistics:
In 2023…
- Microsoft made profits of US$151.6b but laid off 10,000+ staff
- Amazon made profits of US$270.1b but laid off 27000 staff
- Meta (Facebook) made profits of US$39.0b but laid off 20000+ staff
Mark Zuckerberg, Meta’s CEO remarked that 2023 was “The Year of Efficiency” as he axed that record number of staff.
But why am I bringing this up?
Well, 2023 and 2024 seem to be the year of ‘Downsizing as a means to manage the bottom line’.
And in spite of all these corporate behaviours, these companies have the cheek to turn around and ask, “What happened to Employee Loyalty?”
Let’s face it – In today’s ‘Hire and Fire’ world, let’s just assume that Employer Loyalty is DEAD, and as a result, we should not feel obligated towards working blindly for a company, hoping that they will take care of us.
Here’s a quick list of things you can do to protect yourself.
1. Assume a Gig Mentality
Never assume you will be in a company indefinitely.
Do not look at your employment as a ‘long term job’ but rather, as ‘short term Gigs’ that have a time limit.
What that means is that you need to start making plans for alternate jobs either within the company or outside, every 2-3 years.
DO NOT ASSUME the job is yours to keep forever!
One tough question I ask our clients is this, “What will you do if you got retrenched tomorrow? Do you have a backup plan? How long will you stay unemployed?”
If you are running scared (and in today’s uncertain economy, you should!), you would know where the exits are and who’s going to bail you out when the company starts issuing retrenchment notices.
2. Entertain ALL Leads
You’d be surprised how many potential candidates I call with an interesting and more lucrative job offer actually REFUSE to even speak with me.
“Oh, I’m very loyal to my company…I’ve been here 18 years. Don’t bother me again!”
And it’s these same folks who call me up 5 months down the road to ask me if the role is still open because they had just gotten retrenched.
Talk to any headhunter, recruiter or even competitor who is willing to have a conversation with you – you never know whether the next informal coffee-talk will end up being the biggest and most important Job Interview of your life!
3. Create a Career Strategy that aims for Longevity
Sometimes, people do get retrenched because their skills are no longer needed in the market.
Or they are too simply expensive for the scope of work that they’re doing.
Or the industry they are in is shrinking into oblivion, eaten by newer and faster rivals.
If you are in such a situation, you will need to review your Career Strategy and figure out a way to Pivot into another role that will offer more Career Longevity.
It’s not easy to do, so come talk to us and we can assist you along this journey. Just reach out to us!
In essence, we should never take our jobs for granted.
We are but digits in a big company and whether we have a role or not largely depends on the ‘Greater Powers’ in Upper Management.
So, unless you’re the owner of your own company, start making plans for the Career Sustainability… and most importantly, Keep Calm and Career On!