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 Many
of Arthur Andersen’s employees have known only one employer since
they graduated, and may find it hard to find themselves joining
the burgeoning ranks of unemployed professionals. MOHAN BABU
focuses on the fickle nature of the corporate world
The
biggest tree makes the most noise when it falls—so goes an
old saying. Arthur Andersen, until a few months ago was a hallowed
part of the “Big Five”, and the best and brightest from
top universities around the world vied to join its ranks. And then
came the Enron fiasco, with it the “100-year-flood” (as
Andersen executives like to call it). This 100-year-flood has already
dragged the firm into an inextricable jam, which some suspect may
lead to its disintegration. The collapse of the company is especially
catastrophic for the thousands of bright young professionals who
bet their future on the organisation. Many of them have known only
one employer since they graduated, and may find it hard to find
themselves joining the burgeoning ranks of unemployed professionals,
especially in the current job market. This story brings home the
fickle nature of the corporate world in which we live. The story
also highlights the need for professionals to prepare themselves
to plan for sudden changes in their careers. If a solid company
like Arthur Andersen can start faltering in a matter of just a few
months, who is to say that the company you or I work for is going
to remain forever?
A
few weeks ago, I read an interesting book titled Free Agent Nation,
in which the author Daniel Pink talks extensively about the paradigm
shift in the workforce. The author spent a few months travelling
across America, researching and talking with people, and concluded
that the job-market as we know it is changing. Modern day employees
are starting to question the future of their jobs, and are preparing
to mitigate the losses in case of unforeseen events leading to loss
of jobs. Pink sees the emergence of moonlighting as one of the ways
in which professionals are trying to hedge their bets in a changing
world. The author goes on to add, “Moonlighting is a way to
diversify your human capital investments—and hedge against
the risk of your company collapsing or your job disappearing. In
some sense, we’re all moonlighters, because in every sense,
we’re all risk managers.”
The
job market as we know it is undergoing a sea change. Job guarantee,
or a career for life is already passé, and professionals
entering the job market today can no longer expect the assurance
of lifetime employment in return for their “loyalty”.
This is the reality not just in the US but in other parts of the
world too. I hear that layoffs are becoming more commonplace (at
least in the IT industry) in India too. If layoffs are a reality,
are individuals prepared for a shift in their careers?
Surprising
as it may sound, even in the West, most people are not prepared
for drastic changes a job loss can bring. Individuals invariably
fall into the “not me” comfort-zone, and go about their
lives by trying to bury their heads in the sand. Every time there
is news of layoffs, downsizing or cutbacks, they hope and pray that
the climate of economic uncertainty will pass them over. They probably
shouldn’t be passively waiting for the cloud of uncertainty
to lift. People join organisations with the hope that they can work
and grow with the firm. Most employees make plans with respect to
careers and other aspects of their lives based on the jobs and place
of work. A job or career is a big factor in planning for other aspects
of one’s life. However, as a career starts resembling a series
of gigs, one needs to shift one’s focus and plan accordingly.
Professionals
probably need to start looking at their careers like a series of
gigs. This is almost like the way actors or writers look at their
careers. For example, an actress who is a “superstar”
today may be relegated to a secondary status right after her big
hit when the next new face emerges from the shadows. She may even
lose out completely when the new crop of talent comes around. Do
actors wait for the next generation of talent to overtake them?
No, a shrewd actor will work hard on creating a niche—a dance
sequence or something else that will remain evergreen and sell!
Similarly, programmers and IT professionals need to carve out a
niche in their areas of expertise. One way to do this would be to
acquire certifications and/or by gaining experience in emerging
areas. Professionals need to be prepared for the turbulent times
ahead and distance themselves from their peers in any way that they
can.
This
strategy is no guarantee against layoffs but can help one land on
one’s feet if an inadvertent layoff does happen. Professionals
also need to start commanding higher premiums for their skills and
save for lean times. The key is to de-link one’s personal ambitions
from that of organisations while working diligently in the current
job. By this I do not suggest that professionals detach themselves
from the happenings in the organisation where they spend a good
part of their working days. What I mean to imply is that individuals
need to think of their careers as independent gigs, different from
the goals of organisations.
Now,
with the benefit of hindsight, we can say, “if only Andersen’s
bright young professionals had the foresight to de-link themselves
from the fortunes of their company”... a lesson for other professionals
like you and me.
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