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Lesson 13. Staying Focused Amidst Change > The 30-Second Recap - Pg. 58

Staying Focused Amidst Change 58 Surviving Mergers, Acquisitions, and Layoffs In the last 20 years, American industry has undergone dramatic changes. As an example, three years ago, Barnett Bank was the largest banking institution in Florida. NationsBank, the major com- petitor to First Union Bank in the Southeast United States, then acquired it. Now those two names have disappeared from the banking landscape. The name holder of record is Bank of America. Mergers, acquisitions, downsizing, and outsourcing are common household words today. The best way to respond to this ever-shifting environment is to think like an entrepreneur or a free agent: · Regularly review the trade and business journals. Track the changes in your industry. · Pay attention to major company contracts that may be pending approval. Nobody likes to publicly admit that his or her individual well-being takes precedence over loyalty to the company. But when you legitimately suspect that your days of employment are numbered, it is justifiable to consider proactive measures. If you believe that change is coming, take the following into consideration: · · · · · · Anticipate layoffs. Expect expanded job responsibilities for those who remain. Realize that retraining may be necessary as a result of layoffs. Consider additional outsourcing of services once performed in house. Begin developing rudimentary reorganization plans. Review the local job placement ads for a parachute job. You may have to make a decision to leave the present job for a new position, even if the compensation package is smaller. Caution