How to save my job? How to keep my job? Are you asking yourself these questions? Here are some clear signs that your job might be in jeopardy within the next 2 to 3 months, threatening your job security. As a viewer, you may feel anxious about potential job loss, job cuts or getting fired especially when management consultants are brought in, signaling a threat of job loss.
You're probably wondering what exactly a management consultant does and how to spot them in your company, as they could be indicators of job cuts, no more weak economic indicators, not so poor company profitability, corporate restructuring or getting fired. Typically, they handle important projects for the CEO or senior management, which can vary in nature and impact on your job security. They often work in small teams of young, smart individuals and may have an office either in your building or nearby, presenting signs of job loss or poor company profitability.To determine the nature of their project, you might inquire with office administration or observe whom they're meeting with. If they're engaging with purchasing or sales managers, your job is likely safe, reducing the threat of job loss. However, projects related to corporate restructuring, cost-cutting, or acquisitions could mean trouble ahead, potentially leading to job cuts or even being fired.
You keep asking ,,How to save my job? How to keep my job?”. Job cuts usually don't happen out of nowhere; there are usually warning signs such as poor business performance. For instance, if the company is experiencing bad signs like losses, losing clients, or key managers, layoffs might be imminent, posing a threat of job loss. Sometimes, departments are closed down due to redundancy or poor business performance, leading to job cuts.
How to save my job? How to keep my job? However, large companies often have certain protections in place, like labor laws or union agreements, limiting their ability to lay off employees and providing employee protections. Layoffs might occur through voluntary agreements in the corporate restructuring or based on criteria of employee protections such as marital status, age, or performance, as per management consultant layoff criteria, including those of McKinsey, BCG, and Bain, increasing the signs of job loss.Social scoring systems are becoming increasingly common, with many countries implementing them to evaluate citizens' behavior and assign scores based on various criteria. Critics argue that social scoring could lead to privacy concerns and social discrimination.
Despite potential worries, it's rare for a company to lay off a significant portion of its workforce, offering some hope for job security in the job market. So, if you notice consultants in the house, don't panic immediately. So hopefully you stop asking yourself ,, How to save my job?” or ,, How to keep my job?” and won’t be afraid of corporate restructuring and panic there are no jobs for you in the job market.
Video transcript:
In this video, we will talk about clear signs that your job may be gone in 2 to 3 months' time. People are often afraid of losing their jobs when they know that management consultants are in the house.
By the way, if you want to become a management consultant, visit my website www.GabrielGoldbrain.com and read about the Goldbrain Success Training, which will help you break into the top management consulting firms.
Many of you watching this video will wonder, "What is a management consultant, and how do I spot if we have a management consultant in the house in the company?" Management consultants often do important projects for the CEO or senior management. Therefore, it will pretty much depend on what kind of project the consulting firm is doing at your company to assess whether your job really is in danger. We will come to that later in the video.
Now, let's first talk about how to spot management consultants in your company. Management consulting firms usually work in small teams of very smart people. In most cases, the teams are very young, so when you notice a team of very young and smart-looking people meeting with the CEO, CFO, or other senior managers, that's a good indication that these are management consultants. Oftentimes, they will have an office, possibly somewhere in your building or a nearby building. If they are at your site or in a building next door, it means these guys are working on an important project.
The first thing you should find out about these young and smart guys coming in best suits is what kind of project they are working on. Is this really a problem for your job? A good starting point is talking to the office administration because they often have to arrange an office for them, ensure they can work on-site, and provide everything they need. If you're lucky, the office manager might know a little bit more about what kind of project they are working on. If the office manager doesn't tell you or doesn't know, then you may need to guess what kind of project it may be by observing whom these guys meet. For instance, if the consultants only meet with the purchasing managers or the sales managers, it's unlikely that your job will be in danger if you're not working in one of these departments.
What you can say is that they tend to talk to those departments and those parts of the business and organization which is subject to their optimization. Sometimes they are only coming to state the obvious, prepare a presentation for the shareholders, to state the obvious and then communicate the decision and prepare the communication for the decision.
What is The Project About?
You may easily find out what the project is about if you find or talk to persons to which those consultants talked. By the questions they ask to those people, you can easily find out what the big topic seems to be about they are working on. And depending on that, you may be relaxed because you know this is not a project where my job is in danger.
I'll give you an idea about which kinds of projects usually won't harm your job where it is not about job cuts. If you find out that the consultants are working on debt refinancing, usually nothing to care about for you—your job is safe. Consultants like KPMG, Ernst & Young, PricewaterhouseCoopers, or Deloitte, these firms oftentimes do audit and finance-related work. So if you find out that this firm is in the house, that's also no big alarm sign usually. Firms like BCG, McKinsey, or Bain, they may be more problematic, but there are also projects where it is absolutely uncritical if they are in the house. If you find out that these guys work on expansion projects, maybe a new factory site to be built, that's usually unproblematic. Also, if they work on price increase projects maybe on supplier management projects. Uncritical for your job. But, if you come across buzzwords like "restructuring", "process optimization", or "cost-cutting", then the house may be on fire, and your job may be at risk. Also projects like divestments, carve-outs, or acquisitions may lead to some headache. If a carve-out or divestment is being prepared, that might mean your old employer will no longer be your employer in the future. Maybe some private equity firm purchases the carved-out business, and then you got a new ownership and more pressure. So you may have to change old habits. Maybe they even then do job cuts to make more profit out of the acquired company. That can also be signs of trouble ahead.
It's important to understand that job cuts don't come out of the blue. There are other very important indicators that will tell you if you really have to be afraid about your job. If the business is doing very well and writes record after record profits each quarter, there is typically not much to be worried about. The worries here are more like how you can increase production capacities, win new employees and so on. Critical are the cases when the company is making losses, when cost, production costs increased, when you lost important or big clients, when sales are weak, or suddenly some senior managers left the company. In most cases, you and the other employees know that things are not going well and that jobs cuts are about to come. Sometimes whole departments are closed because everyone knows that what they do, I mean it is redundant. No one really needs it. So maybe to survive a hard time, it can make sense to shut down an R&D department which never turned out any profitable product. Sometimes, you know that the shifts, the production shifts are very well staffed, so reduction of headcounts could also happen there, maybe even by the installing of new machinery, purchasing robots replacing human workforce. That can also happen in optimization projects.
If it seems inevitable that your job may be gone in the future or some jobs next to you maybe gone in the future, then there is another level you should consider. Management consultants are typically only seen in large businesses, stock-listed companies that have several thousand employees, or private companies of comparable size. And in these big companies, often unions are active, or these jobs are protected by labor laws. In many jurisdictions, you just can't lay off everyone as you like. There are certain rules that have to be applied. Maybe the unions negotiated a deal with management that they are not able to do layoffs during the next 3 years. So the worst thing that could happen is that they offer you a contract when you sign that you would agree to leave voluntarily in exchange for a good leaving bonus. If you're good and qualified and find a new job easily, you should go for it! Because it is money easily made.
Whose Job Is In Danger? (Criteria Of Layoffs)
In other cases, layoffs may work in a way where they have to do a social scoring. In such a process the first ones that are being bitten by the dog are the young and unmarried employees. Married employees with children usually have a better protection. The same applies to elderly persons, those who may only have 5 to 10 years left before they are eligible for their pension. Therefore, not always, the most obvious candidate may maybe a real C performer will be laid off. Sometimes it gets the good ones, the smart ones, which is particularly sad from an entrepreneurial perspective because these are the guys the company wants to keep. So you should know about the criteria by which layoffs are done within your country and company.
But despite all that, you shouldn't worry too much. It's very rare that a company lays off more than 5-10% of its workforce. So even if you know that there are consultants in the house, don't worry too much it may be unjustified in most of the cases. If you're afraid of losing your job, I recommend to you my video about industries with hilarious salaries. And if you're interested in how management consultants work and what their lifestyle is, watch my video on that topic. Don't forget to subscribe my channel. Thank you for watching.
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