In recent times corporate downsizing, restructuring, mergers and acquisitions, outsourcing, etc. have become commonplace and have resulted in a fundamental shift in terms of the employer-employee relationship. Unexpected events such as a major financial crisis or the outbreak of a major pandemic happen occasionally. There were massive layoffs during the global financial meltdown in 2008. The recent COVID-19 has resulted in millions losing their jobs worldwide. Specifically, individuals working today can expect that at some point in their career, they will be faced with the reality of job change or job loss. Such an exigency can affect employees of a company as well as self-employed individuals. For some, this change can be exceptionally disruptive.
Continual change is, and continues to be, the hallmark of the business environment today. Therefore, career resilience is one of the essential skills you will need to develop and nurture throughout your work life. In today’s VUCA world (Volatile, Uncertain, Chaotic and Ambiguous), you can expect that at some point in your work life, you will be faced with the reality of a job change or job loss. Some hard facts facing us today are:
- No lifelong job guarantee
- No “company loyalty”
- No definite predictability of your career path
- Downsizing, restructuring, mergers and acquisitions, outsourcing etc. are the neo-normal
- Layoffs and retrenchments due to unforeseen events such as COVID-19 pandemic
- Job loss due to technology such as AI (Artificial Intelligence)