Singapore has grown to be the financial hub of not just Southeast Asia but also the world. Many gigantic corporates have their headquarters in this island, known for its fast growth, unparalleled business infrastructure, and consummate global linkages. In the dynamic corporate world that Singapore houses, restructuring isn’t an uncommon word. It happens all the time under various labels such as acquisitions, redundancy, and change of management. So, if you are working in this fast-paced corporate world, it is only wise to be prepared for each of these scenarios.
Navigate the tricky restructuring scenarios with the dignity and finesse
1. Your company is acquired
In the big, bad corporate world, acquisitions are just another part of the game. If your company is being acquired by another one, of course you will have a thousand questions in your head – “Will I lose my job?” or “Will my job profile change?”. It can be a really stressful situation and with the fear of the unknown, it is normal to feel unsettled and face lack of concentration. It is a situation where you might feel helpless and can only wait and watch.
How to deal with it: Apart from keeping calm and not making any hasty decisions, you can try and know more about the company that is acquiring yours.
Here are some more tips:
- It will be better if you acquaint yourself with the new management and help them understand your culture and teams.
- Keep away from gossip as it does not help anyone.
- In an acquisition situation, the key is to be patient.
- The other attitude that will help you sail through an acquisition in peace is to be open to changes. If at all your reporting manager or profile changes, it is best to go with the flow and be positive. Things will settle down before you realise.
Related: 5 Ways to Be a More Skilled Worker
2. You have been demoted or there has been a change in reporting structures
Companies carry out internal restructuring all the time. Sometimes it is to include a new business, close down a department, or to cut costs. If your company decides to change the management or your profile for any of these reasons, your life is bound to turn upside down. After all, nobody likes being demoted, suddenly have a new job profile, or a complete stranger as a reporting manager, especially if you have been with the firm for a long time.
How to deal with it: Make sure you don’t blame your performance for the demotion. It could be purely because the company is downsizing.
It helps to do the following:
- Clarify your updated salary and role with the management after asking for the reasons of the change.
- Don’t go around expressing your anger or disappointment and give your colleagues a chance to gossip.
- Always remember to be respectful towards your company and the new management, however difficult it seems to be. That attitude will take you a long way.
3. Your job profile has changed because your business unit has been shut down
Imagine you have worked in the content editing field your entire life including your current job and your company suddenly decides to outsource editing to cut costs. You have thankfully not been laid off but have been asked to shift to the sales team and pitch for new clients. Now, that is something you have never done and neither want to do. This situation can leave you frustrated and even lost. You might feel that all the skills you developed over the years are suddenly of no use and you have to start learning afresh for the new role that has been forced on you.
How to deal with it: Understand thoroughly why the change has taken place. Consider this as an opportunity to learn something new; maybe you will turn out to be really good at it!
Here’s what you can do:
- Let your manager know if you need any training for upskilling.
- It is also an ideal chance to understand how other departments in the company work and a perfect time to make new friends.
- If still, after a few months, you don’t like what you are doing, you can always have a frank chat with your manager. Something will definitely work out.
- Willing to accept changes with open arms must be your motto during this phase.
4. You have been made redundant
Layoffs are not easy to deal with. They mean rejection and make you feel unwanted. It comes as a slap on the face when the boss you adore awkwardly tells you that the company does not need you anymore. And of course, the words will be sugarcoated. Layoffs push you off the edge and make you question your financial future. Getting the pink slip can break you emotionally, mentally and financially.
How to deal with it: First of all, make sure you don’t lose your thinking power and make wrong, hasty decisions such as giving up on life. Remember, it is just a job that has come to an end and not your entire life. Don’t turn to alcoholism or any other potential addictions.
Here is some advice:
- Try and work out a solid severance package that will ensure a smooth functioning, at least in the short term.
- Make sure you check your savings and decide which ones will you use first, if need be.
- Simultaneously, start your job hunt but don’t be too desperate to pick up anything that comes your way. You could try your hand at part-time jobs until you come across a suitable full-time one.
- Update your LinkedIn profile and get in touch with your network.
Overall, be positive as that is the only thing that will help you get past this tough situation.
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