How to Bounce Back After Massive Industrial Retrenchment

When pursuing our individual careers, we tend to stick to particular industries. And in case you lose your job in one company, you’re likely to look for another one within same industry. Moreover, when we search for better career opportunities, we tend to hover around an industry that needs more of our services. But what’s the fate of someone who’s been retrenched as a result of a massive industrial retrenchment?

Which Factors Tend to Bring About Massive Industrial Cuts?

With the recent spate of collapsed industries and high unemployment rates, we’ve all witnessed massive cuts. Unfortunately, many end up succumbing to shallow presumptions largely fuelled media reports. However, behind the public relations curtain, there are dynamics that bring about downsizing and cost cutting, such as:

  • Overproduction coupled by many number of competitors within an industry.
  • Unprecedented technological advancement that tends to sweep through industries unexpectedly which abruptly make human labour obsolete.
  • Production outsourcing as multinationals seek to establish new industries within low-cost countries regions.
  • An Industrial Bubble Burst brought about by the importation of cheaper products.
  • Sudden labour turnover as companies seek to shift their industrial focus following negative forecasts.
  • Government Policies that tend to inconvenience and discourage key industry players with over-taxing austerity measures.
  • Economic wars between nations through sanctions, product bans and so forth.

How Then Does one Bounce Back after Massive Industrial Retrenchment?

When bouncing back, you should have the retrenchment factors in mind and use them as guide stones to recovery. In doing so, you should:

#1 Spread your risks by Experimenting in Several Industries

When one industry collapses there are, other complementary industries are likely to follow suit. And the last thing you want is to have your bounce back short lived by several subsequent retrenchments:

  • And so, in a bid to reduce chances of absolute loss, you should adapt to the tactics of stock brokers by spreading your risks. 
  • Have some exposure to several industries once in a while through paid internships (preferably), contractual engagements and short-term volunteer work. 
  • That way, you’ll be indispensable and have an array of work experiences in case you’ll have to make several shifts again.

#2 Stay Updated on Modern Trends within your Initial Industry

For every retrenchment, there are remnants retained. This can largely be attributed to their up-to-date skill level and exceptional talent so to speak:

  • Enquire from them and find out what kept them in the loop despite imminent collapse. 
  • Maybe the cuts are temporary and your industry is simply redefining itself through labour turnover of a different skill. 
  • Get the necessary skills needed through short vocational courses. Maybe a bounce back might be key to boosting your career prospects.

#3 Make Exclusive and Informed Decisions that are Devoid of Peer Influence

When a resounding majority lose their jobs in certain industries, they usually succumb to plausible deniability:

  • First, it’s the denial that the industry is collapsing and so they go knocking doors for a while within the same industries. 
  • Then it’s solely experimenting on complementary industries which of course have felt the effects of their neighbouring industrial collapses. 
  • Finally, it’s complaining about unemployment for succumbing to the common career mistakes of the masses. 
  • However, this doesn’t have to be your fate if only you make exclusive, independent and informed career decisions.
  • That way, the path you pursue won’t be flooded and so your efforts to revitalize your career prospects won’t be frustrated.

Many people today say that times are tough. This hypothesis reigns supreme in many industries as labour turnover is experienced unlike any other time in history. The good old days of getting a job and working hard till retirement are long overdue. Plus, employers are nowadays more than glad to let go of unnecessary labour baggage in an instant.

That’s why it’s necessary to avoid plausible deniability and prepare for any negative career events including massive retrenchment. It all boils down to whether you’ll treat such an incident as an eternal Armageddon or as temporary phase in your career. As the saying goes, "tough times don’t last, but tough people do."

Sourced Image: Bounce Back