The Idea in Brief
Even if you’re a top-notch executive in the best of times, you can still lose your job. But can you lose it the right way?
For some executives, getting fired is cause for lashing out, sinking into depression, or silently retreating. But these responses make it difficult to generate new opportunities—and can destroy careers.
How can you avoid these termination traps and make the best of being fired? First, get rid of the “tenure mind-set”—that falsely comforting sense that your organization will take care of you until you formally retire. Instead, adopt the “assignment mind-set”—seeing each job as a stepping-stone, a temporary project in your long-term career.
Then, take steps to control how you’re fired—and how you respond. The payoff? You position yourself for excellent new opportunities and you make a great catch for your next employer. You’re in control.
The Idea in Practice
Termination Traps
Executives risk falling into these traps when losing a job:
Assume You’ll Be Fired—and Lay the Right Groundwork
How to manage the possibility of being fired? Accept the impermanence of your job, and take these systematic approaches to your next move:
- Insert a termination clause in your employment contract—Counterintuitive, yes, but it’s your best hedge against a bitter exit. You’re never as attractive as the day you sign your contract.
- Schedule network phone calls—Make networking a disciplined, regular part of doing business. Keep your web of professional contacts intact.
- Raise your visibility—Conduct your own public-relations campaign, keeping a strong industry profile. Serve on for-profit boards in and outside your industry. Volunteer for trade associations’ externally oriented committees.
- Watch for exit signs—Getting fired should not come as a surprise. If your firm hustles people out the door, raise your own guard. If the company itself has an exit plan, find out how it affects your position. Consult with trusted, seasoned advisers who can alert you to potential changes.
- Volunteer to be terminated—if the firm’s exit strategy includes you. This makes you the actor, rather than the one acted upon.
Even in the best of times, executives get fired, and in the worst, they get fired with disquieting frequency. Indeed, as the economy softens, you only have to glance at the newspaper to see layoffs left, right, and center, mainly to cut costs. You can be a top performer today and still lose your job. The question is: Can you lose it the right way?