January FAQ — What Can I do to Protect Myself in an Uncertain Environment?

One Friday, each month, I dedicate the post to looking at some questions I have heard recently from developing leaders. Sharing those questions and my thoughts for them is a way for me to spread the information to as many leaders and future leaders as possible. If you have a question about leadership, or just a situation you would like some additional insight on, please email me at Effective Retail Leader. Let’s take a look at this week’s question.

I am reading about a lot of retail store closures and even several companies closing all their stores. Is there anything I can do to protect myself during these uncertain times?

This is a really fair question these days. I am certain there are many retail leaders asking themselves the same question. Even if they don’t want to admit it, or think about it. However, being mentally, and in this case, financially prepared can give you a peace of mind that allows you to continue to perform at a high level, and still be proactive in taking care of yourself.

Permission: It is okay to be seeking new opportunities or positions outside your existing company at any time. I appreciate loyalty. It is an admirable quality. I consider myself to be extremely loyal, serving nearly twenty-five years with one company, and nearly eight with another. I stayed at my first company for five years. So I understand loyalty. In hindsight, I’m deeply grateful for the opportunities and the life my companies have given me. At the same time, I recognize that I may have missed out on chances to learn more, explore new areas, and even earn salary increases along the way. So it is perfectly fine to prioritize yourself and your personal goals ahead of blind loyalty.

Even if people within a company want to remain loyal to their teams, circumstances will sometimes prevent that from happening. Ask anyone impacted by large company layoffs or the many retailers that have closed stores, filed for bankruptcy, or gone out of business in the past few years. You can look across LinkedIn and see waves of retail leaders looking for new roles due to sudden impacts of business outcomes. Taking care of yourself proactively is required in today’s world.

So, back to the question. What can you do about it? Here are a few ideas on things you can begin thinking about or working on now, regardless of how stable you believe your job or company may be. (And some I wish I had done a few years ago myself…)

Perform

First, the best thing any leader, in any business, can do at any time, is continue to perform your job responsibilities at a high level. Performance matters. If decisions have to be made on role eliminations, the top performers will almost always be provided the most options. While there are many factors in these situations, and performance is not always the top driver, it remains a critical element. I have certainly experienced examples where great performers were let go due to the nature of the business climate or specific company situation. That said, you never want to give someone else (someone you may or may not know well) the opportunity to eliminate your job because of subpar results. This is a sample of ‘control what you can control.’

Stay aware of the industry

Remaining aware of what is happening in the retail industry overall is a good practice any time. But this can especially important if you are in a specialty area of the business. News updates can keep you aware of potential challenges that you or others in your sector may face in the near term.

Build a worse case scenario plan

Begin to think about what would happen if you were to lose your job tomorrow. What would that mean to you financially and for your family? The good news is hopefully that you won’t lose your job tomorrow. Beginning to ask ‘what if…’ will allow you to plan differently. All of us want to believe it won’t happen to us. Trust me, everyone who has ever found themselves in that spot thought the same thing just days before it happened. Take time now, when it is not an emergency, to understand your savings plans, how much money it takes to pay your monthly commitments, and where you may be able to cut back or change quickly. This shouldn’t be about panicking, rather giving yourself the opportunity to plan ahead. Don’t be scared, be prepared.

Keep your resume current

This is another tip that is good practice at any time. Have your resume up to date and ready to share with others immediately. You never know when great opportunities may present themselves. Keep your work history and critical information current with a modern looking resume. You may even consider seeking a resume coach to help frame up your accomplishments and keyword history. Again, better to be ahead of the curve than wait until it is an urgent issue.

Capture your successes and achievements

Speaking of accomplishments, now is a great time to pause and reflect on the many successes and accomplishments you have in your current and previous roles. This does not need to be fancy in any way, just write down in as much detail as possible what your successes have been and ideas about what enabled them to happen. These are things you will want to include on your resume to some degree, but more importantly, have ready for the discussions in interviews you’ll have in the future. Plus, it is an excellent way to make some time for self-recognition as well.

Plan what would be your next ideal job

Finally, ask yourself, “what would be my next ideal job?” Or, if you have done multi-year planning as part of your annual goal setting, you may review and update that vision. Understanding what you want to do next, and what would make you really happy is important to know, but also keep you grounded when you need to make those decisions. Either way, it is value-added work. You can use this as a career path even if you remain employed, or it can help guide your search direction if you find yourself looking for new work.

Certainly, this is not an exhaustive list, but these are all things that I have found would be, or have been helpful for me when I have found myself searching for a new position. Each has their own benefit, even if you don’t end up needing them on an unexpected basis. They can even help strengthen your position in your existing company. While the industry is quite volatile, I am also optimistic that we will see success stories continue to happen. And, taking a proactive approach to your career will only help strengthen your standing, regardless of the external factors happening around you.

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