Maximise on Market Conditions - a Personal View, Ann Maloney MD, CSL
The last two quarters in 2008 has been periods of steady quiet consolidation in industry. Offshoring and relocation of Data Operations is prevalent, a subtle but determined exodus from England to Scotland is evident amongst CROs and we have seen a steady decline in contracts month on month in the UK and more and more opportunties outside Britain.
The redundant staff from 2 major companies and 'at risk' position of others has resulted in a number of highly skilled people without jobs become more anxious as recruitment decisions take longer and longer. Similarly as people leave we see non replacement and industry adjusting current staff workflow and process to increase efficiency of existing staffing.
What can you do to take advantage now or mitigate risk for yourself?
- Talk at home, consider an international role or secondment. Global understanding and cultural exchange is key to future success as we see it and it remains far to rare for the British to put themselves out whereas many candidates from overseas do. Many global or management roles are moving to Switzerland, the US or Asia Pacific. Could your prospects increase in future by a period in the growth regions now?
- Flex and revise your hours to meet that extra damand willingly and make yourself more indispensable. Market conditions are tough and although this will not always impact your security, it may influence someone to take you with them when they leave or to highlight your value or talent to management. Being home at 5pm won't be such an attraction if you don't have a job and may not be feasible elsewhere either.
- Seek out opportunities to gain new skills, put your head above your desk, spend time updating your knowledge, networking, attending training courses and volunteering your services proactively when you can rather than resting on your laurels thinking "it won't happen to me". It is happening to exactly those types of people who are "seen and not heard".
- Really consider the 'pros and cons' of redundancy pay carefully vs an alternate job if jobs are at risk. It could take 6mths or longer to find a suitable role if you are earning in excess of £75,000 in the current market. Examine whether the new 'job' is a 'project based' assignment, if so take care to explore whether a future redundancy package will be at the same level or the employer is simply seeking to reduce this cost.
- Are you facing TUPE to a new employer? As employers seek to reassign payroll and redundancy cost, negotiate hard on terms, what will happen in 12 months time if you are surplus to requirements, considered ineffective in your role or the workflow dries up? TUPE can be a way companies reduce redundancy cost and effort, reducing headcount quickly once the deal is done.
- Explore options in good time, talk to experienced recruiters and find out through research how many 'real' jobs prevail. Update your CV and ensure you are getting bulletins on valid jobs from reputable agencies who have your best interests at heart. Some recruiters now have to send out a new candidate to 10 companies to meet their daily target, when jobs are tight as now employers could receive your CV several times without you even knowing it. Is that what you want if you are just assessing the market?
Finally keep abreast of company news, competitor progress and regulatory decisions by reading around. Sometimes the signposts are there and you can manage your career planning by targetting certain experience and companies in liason with a capable agent and ensure steady progression by being more strategic at times when consolidation bites.