What Happens If I Get Retrenched
What Happens If I Get Retrenched
The world is spinning. Interest rates are rising and the cost of borrowing working and living is increasing. Some companies will not be able to support the increased costs that they are now experiencing with the result that they will start to trim staff members.
What happens if you find yourself on that dreaded retrenchment list?
First of all do not panic. You are not the first and you will not be the last that this has happened to.
- Stake Stock
You should take stock immediately and consider your options. Some you will want to get back into the work place via another job. Others of your will want to start a business. Others will want to take some time out and chill before contracting or deciding to take a completely different change say buying a business joining a consulting firm or contracting for a while. - Check the finances
Consider your financial situation and work out what you can do to minimise your expenditure during the period whilst you are not earning. You may well have got a retrenchment package if you did use it wisely. Prepare a budget and work out how long you have got before the money runs out. If you plan to start a business you should start to think about your plan and budget for the business accordingly. - Ask for Outplacement help
In any case if you are one of the senior people in the firm you should ask the firm to pay for an Outplacement Process. That will help you to get your head around your new circumstances. Then take time to work the process and get as much from it as you can. Under the Australian HR rules now the firm has to treat you fairly and give you an appropriate amount of notice depending on your contract. If you are planning to go for a next job then prepare your CV. - Refine your business market research
However assuming that you actually would like to us the opportunity of being retrenched to start a business then this is a good time to refine the research that you have done previously. Make a list and research the groups of customers that would have an interest in your new business offering. - Start the promoting the business process
Prepare your Offer. Be clear about what it is that people will be getting from you and how much they will have to pay. Be very clear about the benefits that they will experience. Go and talk to your target customers. Prepare your 30 second pitch. You will notice here that there are many similarities with finding a job the biggest of which is that you have to become very good at explaining why they should pick you. Once you have confirmed that you know what you will be selling to whom then you will need to be clear about what else you have to get right and what help you need because you do not have those skills. If you can address those points early on you will have a better prospect of deciding if your new business idea has got any chance of being successful or not. - Treat being director of your new business as your new job
Then be prepared to work at it. You have to give it a go. Do it in professional manner and be consistent about how you go about things will ultimately give you a higher chance of success.
About the writer:nbsp;nbsp;Managing Director Success Enterprises Consulting Pty Ltd
Stephen became an Australian Citizen on Australia Day 2008. He owns and runs Success Enterprises Consulting Pty Ltd an independent Strategy Consulting firm which helps directors with Strategy and Business Planning to improve and grow their businesses.
Born in UK he studied engineering finance and management culminating in an MBA from one of Europes best MBA schools Cranfield.
Stephen started his career with Thorn EMI Ferguson and moved in 1990 to Ford Motor Company where for 11 years he held various engineering sales and marketing roles in creating wealth. On completing his MBA he was promoted into the commercial side of the business where he helped the US3bn turnover European components business to grow and win new profitable business.
In 2001 at RAC plc a company similar but four times larger than RACV as Corporate Strategy Manager he helped grow the business including working on the acquisition of a 112m A280m windscreen company.
As a Strategy Consultant since 2003 Stephen has helped clients to save many hundreds of millions of dollars by avoiding poor takeovers to learn how to double turnover; to win Federal Government Grants from business plans he wrote; and to grow their businesses.
In 2008 he was elected as a VP of the Victorian Chapter of the Institute of Management Consultants.
a.Have a look at Anderson Gray Worldwide http://www.andersongray.com
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