James, an operations director at a manufacturing company, was doing great in his career. His team had grown twice its size in just a year, largely due to his skill in managing change and implementing key supply chain projects. Downsizing was the last worry on his mind.
In fact, he was all set for a big promotion to vice president of process optimization, a role he had been aiming for to make a bigger impact in the company. But then, the market went downhill, and the company’s profits dropped. Tough choices followed. James’ thriving team was halved, and the vice president position he was looking forward to was canceled. He was left wondering how to move forward when his career plans were thrown off track.
This situation, like James’s, is something many leaders and professionals are facing. With layoffs increasing and financial instability continuing, it’s a tough time for career advancement. But, despite a company’s decision to go through a downsizing, this doesn’t have to stop your career growth. In fact, it could be an opportunity to grow.
Here’s how you can deal with these kinds of setbacks and come out even stronger.
4 Ways to Combat Career Stagnation During a Downsizing
Change your mindset
It’s normal to feel a mix of emotions like sadness, anger, and self-doubt when your company is going through tough times. However, getting stuck in these feelings and avoiding the situation won’t help. Instead, see change and uncertainty as a natural part of your role.
Companies are constantly evolving due to new technologies, market shifts, or changing customer needs. You should be prepared for both big and small changes at any time. Difficult periods show what you’re made of and where you’re needed most as a leader. Try to view these challenging times as crucial moments that give you the chance to prove your worth and emerge as a strong, influential leader who can drive positive change.
Plug gaps
In times of change, it’s your chance to step in and bring stability. Change often leaves gaps, and providing steadiness is key. Focus your work on what the company needs most right now, which usually involves core services, reducing costs, and improving efficiency while also keeping employees and customers happy.
James, despite the challenges, quickly understood the need to cut costs in the tough economic period and to concentrate on the most important parts of the business. He shifted his team’s focus to only the most critical operations, putting aside several innovative projects. It was a tough choice, but his smart decision-making didn’t go unnoticed by the higher-ups, who valued his strategic approach.
Seize opportunities for immediate impact
In challenging times, quick results can make a big difference. Morale might be low across the company, from entry-level staff to top executives. By identifying and swiftly addressing areas for improvement, you can show that you’re a key player who delivers results and has the company’s best interests in mind.
Look for opportunities where you can make a noticeable difference quickly. For instance, you might:
- Negotiate better terms with a supplier.
- Find more cost-effective sources for materials.
- Work with another department to save resources.
- Introduce automation to make a process more efficient.
- Create a campaign to encourage customers to buy again.
- Launch your product in a new market that hasn’t been explored yet.
Explore lateral moves
During a downsizing, the typical upward career progression might slow down, but lateral moves can still offer valuable chances to learn and grow. These moves widen your skill set, making you more versatile and valuable to the company. For instance, if you’re in sales, moving to product development can deepen your understanding of product creation, market research, and customer needs. Your sales perspective can help align the company’s products with market demands.
A sideways move also introduces you to new colleagues, broadening your professional network. This can lead to collaborations on upcoming projects, mentorship chances, and a better grasp of the company’s internal dynamics. You’ll also meet new key players, including decision-makers and senior leaders. The more people you connect with and the more people who know your capabilities, the more opportunities will likely come your way.
Advancing your career during a downsizing means adjusting how you think and act. By embracing these approaches, you can transform challenging times into opportunities for your professional development.
