Reduction in force (RIF) is a way of cutting corporate costs or restructuring a business. While layoffs and reductions in force appear interchangeable, they differ in some ways. For instance, layoffs may result from the immediate financial need of a company, while a reduction in force may be part of an extensive restructuring process. How do you navigate a reduction in force?
Navigating a Reduction in Force
While a reduction in force may happen to increase profitability for the company, layoffs act as an immediate solution to a financial crisis in a company. Reduction in force happens through a well-planned process and decides which employees will be retained.
A great way for employees to handle a reduction in force is to stay up to date with the trends in their career path. Assessing your skills and determining possible career paths that will match your interests, experience, and skills is crucial. Networking is also vital. Talk to your friends in the field and gather insights on possible job openings. Maximize LinkedIn to find recruiters and hiring managers.
In addition, it’s advisable to find out details such as the criteria for selecting the employees who will be retained in the company. Visit your company’s human resources office to find out the chances of being retained. You may also want to inquire about any other job opportunities that may arise within the company.
Plan Your Next Career Step
Navigating a reduction in force requires preparation and prompt measures. Knowing the difference between a reduction in force and layoffs can help employees manage the process better. If you do lose your job, seek assistance from a recruiting agency like Accurate Placement to help you secure another opportunity faster.
We help clients in the Phoenix metro area with recruiting, consulting, staffing, testing services, matching skills, and more. Our goal is to find the most suitable candidates for a given job. We also help employees craft professional resumes and prepare for job interviews. If you want to take control of your career path, then contact us today.