In these tough times, many people are losing their jobs and the same is true within the project management ranks as projects and programs are canceled. The question of how we can cope with the potential job loss is well documented and it is important that we develop the self-honesty and fortitude to deal with this possibility. I would argue that the financial side is potentially the most difficult part to deal with.
I often hear about the soft side of job loss. People and professionals often identify closely with their jobs. Thus, there is often a sense of loss of self-worth, a loss of the feeling of belonging, and other feelings of loss related to the loss of the job. Loss of the job can produce a real identity crisis. While therein, I think, lies the opportunity to grapple with real identity issues, enjoy the time to, perhaps, think more clearly, freely, and openly about each desire and the future, I think there is a financial key to having success in that area.
If we want to be able to turn a job loss into a good and positive experience for ourselves, we need to be financially prepared. We need to have an alternative cash flow, a pile of emergency funds, or both, in order to sustain ourselves during a job loss. While that might be stating the obvious, my point is that, in order to experience the positive about job loss, it is necessary to have this financial buffer in place. Otherwise, it will be very difficult to think freely, to consider career changes, to put ones self in a good negotiating position, and to enjoy the process of networking and getting to know other professionals. Planning a financial buffer provides one with a great opportunity to produce a happier future.
So while the psychological side of job loss gets a great deal of attention, and deservedly so, I think that a financial buffer provides the best insurance for psychological well-being. We need to take care of ourselves and having this financial buffer is one of the most important things we can do for our health, happiness, and well-being.
______________________
John Reiling, PMP
Project Management Training Online
Lean Six Sigma Training Online
19 responses so far ↓
1 casmith // Sep 23, 2009 at 12:13 am
If you think your job loss will give you creative time to reflect, enjoyable time to evaluate, and an over all sense of well being, just because you are finacially stable. Rethink this again!! I was without direction for 6 months, waiting on goverment paper work to return to school. I lost all “soft skills” and had all my bills paid on time. Financial security only saved me from a “break down”, but not a “melt down”!!
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