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The Guardian - UK
The Guardian - UK
Business
Harry Freedman

How to protect your income in an employment crisis

We all know that there are to be severe job losses in the public sector. But it will not stop there. Many private companies and individuals derive their livelihood from selling products and services to the public sector. If public sector jobs and services are to be cut, there is no doubt this will have a major impact on the private sector as well. We are all at risk.

So, just as it was at the beginning of the credit crunch, the priority for us all is to protect our means of earning an income. If you think the organisation you work for is likely to lay people off it is no good trying to beat the rush by applying for a similar job elsewhere; that is likely to be at risk as well. Protecting one's income at a time of mass redundancies requires a much more carefully thought out and strategic approach.

The best place to start is by reviewing your career. Has it worked the way you had hoped so far? If not, if there was no pressure on your job but you were feeling motivated to put things right, what would you be doing now? Looking at the bigger picture, what would you really like to achieve through your working life? When you reach retirement and you say "this is what I did", what would you like that to be?

Reviewing your career requires self knowledge, an awareness of what careers are out there and a clear understanding of what is realistic for you. Some people are able to evaluate this information for themselves. Some find it useful to get an objective, professional opinion.

Reviewing your career allows you to devise strategies for progression, or changing direction, depending upon your need. The self knowledge that you gain will help you to be clearer about what you offer to employers. Your awareness of what careers are out there and what is realistic for you will help you to appreciate where your unique qualities will be in demand. All this makes it far more likely that you will get another job quickly, that it will be a job to which you are well suited, and that you will have a far greater level of job security and satisfaction.

A career review, and the planning that it generates is not an academic exercise. It is a practical, essential process that everyone should undertake from time to time. Particularly at times like this, when all jobs are at risk.

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