You have been with your employer for over three years. Unfortunately, you have seen some pretty scary signs in the past few months which you’ve desperately tried to ignore. The scariest sign is the frequent, closed door management meetings. Perhaps, it was the full page splash on the company Intranet home page about EAP benefits. You definitely did not miss the office gossip around the coffee machine. Does this scenario sound familiar? Your company could be preparing to slash the budget and lay off workers.

While you’re hunched over your desk hoping that they will pass you by, you’re probably asking if there is any way to prepare for the inevitable. The answer is “absolutely yes”. The first thing I tell my staff, however, is that there is no point in worrying, until we know exactly what we need to worry about. That doesn’t mean you should walk around like it won’t happen to you, but it’s time to take stock of your surroundings and your habits.

Take a good honest look around the company. If you’ve never paid attention before, try looking at it through management’s eyes. Has the work load decreased considerably? This is a sign that the company does not need as many workers. Do you see a lot of employees that never seem to have any work to do and huddled around the coffee machine? Rest assured that management has seen it too and has concluded that it’s possible they are overstaffed.

If you see all the signs of an imminent lay off, then you may need to start taking a few personal assessments. These assessments not only include your job knowledge, skills and market potential, but also your personal finances and current life style in a stark, before and after scenario. This doesn’t mean that you should go into maximum stress overdrive, but a little planning now, will go a long way in being ready if the time comes. (Please note the word “if”).

Before starting any assessments, do a little personal brainstorming and identify where your biggest challenges may be. For example, if you’ve got a healthy savings account (rare but possible) then “how am I going to pay the mortgage” may be far down on your list. If you are living paycheck to paycheck, like many people, then there are some things you’re going to have to look at right away. The biggest concern may be your budget – including mortgage, food, utilities, etc… For example, do you really need the cable television with every premium, deluxe HD channel, many of which you probably don’t even watch? You may find that your family is just fine with a slightly expanded basic service and save yourself over $100.00 per month.

As we go through the next few months, I will be introducing to you a series of assessments to look at including: ways to save money in tough economic times, how to not stress when the word is spelled out in all capital letters. Remember, a little brainstorming and a lot of planning and you will make it through.