Helping Former Colleagues Find New Positions

Dear K.F.,

I fear we are in the season of reductions in force (RIFs). I have received several inquiries from colleagues like this one recently – companies large and small. While there are business reasons for these decisions, there is an emotional impact too. You reference this when you say you hired and mentored them, alluding to a personal sense of responsibility.

I ask people to consider a layoff – either for themselves or for a colleague you will miss – as akin to a mourning period. It’s a loss. A loss of job, friendship, collaborative working, and for many people even identity. Think about our lives – for most of us we spend more time working than we do any other thing. We want to “make time” for family and friends because work plays such a dominant role in our lives. Our work friends become our “work family” and we care deeply about them. To ignore or refuse to acknowledge this aspect is not healthy.

However, if you are one of the remaining team members you have to move on while you support those you care about who have been asked to leave. There are a few ideas depending on your level and connections:

1. Help your former colleague focus on what they do well, and what they like to do. Depending on someone’s circumstances – for example, if they are the primary breadwinner in a household – it could be “just get a job.” If the person has latitude and can think about what they’d like to do next, help them consider this. If you’ve worked closely with them, provide insights on where you see their strengths.

2. It’s often all about networking. While you might not be able to find your colleague their next job, you can introduce them to people you know just to have an informational conversation. I often tell people to look at my LinkedIn page. While I am not close with all my 3,000-plus connections, many I know well. If I can make an introduction, I will. It’s hard to put pressure to ask a friend or colleague to find something, but many a new opportunity has been uncovered through networking! I advise staying in touch with people regularly just to keep relationships with those you care about, and to follow trends and changes in the financial services industry.

3. Ask questions to help your colleague think about what they want next – small or large company, cultural fit, specific aspects to a new role, types of colleagues they work alongside and so on. Take a step back and think about what you have enjoyed in certain cultures and jobs, and what you want to do differently. Be the sounding board for your colleagues as they think this through.

4. Let them vent, cry, moan or complain. As I stated above, this is an unexpected passing – the mourning has to take place. It hurts. It feels unfair. It can be devastating emotionally and financially for those who live paycheck to paycheck. Be a shoulder and an ear for your former colleagues, and help them navigate to where they need to be by being honest about their experience.

5. Things do happen for a reason and many people who go through this end up in a better place, but not all. If your colleagues need encouragement and reinforcement, be positive and offer it. But if they aren’t in a place to hear this yet, refrain from offering Pollyanna advice where it isn’t wanted.

Dear Bev,

My firm let go of one of our most popular leaders – a veteran of the business and a champion for our firm. My team and I are experiencing a lot of anger and disgust over the decision.

I’m no fool. I get that long-term, senior people cost a great deal of money. When times are tough or expected to become so, it’s best to cut budgets. The person who is filling the role is a late 20s, rah-rah person, already telling us how “great” everything is going to be. He has no sensitivity at all to what we are experiencing. Is this the new normal now that the economy is teetering? I feel like I want to make a career move and get away from this environment. But I am not sure if this is short-sighted.

J.S.

Dear J.S.,

I’m going to bet most people reading this can relate to what you’ve written. Seeing someone who didn’t “deserve” it be let go, especially a well-liked and very experienced individual, is painful. It is especially hard if you believe the person filling the shoes doesn’t have the background or expertise. Unfortunately, it is the business culture we live in and have for some time. No longer is the gold watch awarded just for staying with the company for decades.

Your question is two-fold. While you ask if you should leave right now or if this is too risky of an environment to do so, what you are also asking is – if you stay – how do you deal with this in a professional manner? You are angry and upset and this makes it hard to be positive and do your job with enthusiasm and support.

That’s a question only you can answer. If you can’t stay committed and focus on what’s next, instead of what just happened, you should consider going elsewhere. Your negative mood will color your ability to do your job most effectively. This doesn’t mean, as I mentioned in the column above, you shouldn’t mourn, be sad and feel some distress about what’s happened. That’s normal. The question is whether you can pull out of it and put a focus back on being successful and looking forward.

It isn’t easy. You shouldn’t be judged by whether you can accept the decision to terminate this person However, only you can make the decision and determine what you are capable of.

Beverly Flaxington co-founded The Collaborative, a consulting firm devoted to business building for the financial services industry, in 1995. The firm also founded and manages the Advisors Sales Academy. She is currently an adjunct professor at Suffolk University teaching undergraduate and graduate students Entrepreneurship and Leading Teams. Beverly is a Certified Professional Behavioral Analyst (CPBA) and Certified Professional Values Analyst (CPVA).

She has spent over 25 years in the investment industry and has been featured in Selling Power Magazine and quoted in hundreds of media outlets, including The Wall Street Journal, MSNBC.com, Investment News and Solutions Magazine for the FPA. She speaks frequently at investment industry conferences and is a speaker for the CFA Institute.

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