Let Go? Explore 8 Alternatives to Boomeranging
Corporations are seeking stability in what is an increasingly chaotic world. The evolving strategy is to shed rigid fixed expenses for more flexible variable costs.
Many employees have been seriously impacted by this turmoil. They are, and they must also seek other options in this changing climate. After being fired (laid off, downsized or whatever the latest HR euphemism is for let go) they must investigate alternatives to the traditional full time employment in a Corporate setting. (Related Post: Congratulations! You Were Fired. Free at Last).
Boomeranging: return to the originator, often with negative consequences.
For those who are exploring other options, I present several alternatives. It should be self evident that I have a bias towards anything that does not boomerang you back into a full time corporate job.
Work For Someone Else
1. Emerging Company: Most of the new jobs created in the past few decades have been created by smaller emerging companies. Chances are that any job openings that you run across will be in this group of smaller companies.
Now this could be a culture shock. You need to completely understand that an emerging company is not just a smaller version of a large company. While some aspects of a smaller company — like its informality, the speed of decisions and ability to influence- may make you euphoric; there are some problems: Resources are tight and support mechanisms are fragile. Many corporate managers stumble when they get into such a situation. Have a candid talk with others, who have made the switch from a big to a small business. If what you hear invigorates you, mentally prepare yourself for the transition; otherwise stick to the familiar.
Emerging companies are more likely to be flexible enough to offer the alternative of part-time work or job sharing.
2. Part Time: 9 out of 10 companies offer this form of employment. Some organizations hire part timers from the outside to control or cut costs. Today part-time work is no longer a second-rate alternative to full-time employment. Many people are choosing it as a lifestyle choice. Trying it out may help you decide if this is for you, It may also lead to a full time gig if both parties like what they see.
3. Job Sharing: is a variation of part time work where salary, benefits and responsibilities are shared between two people. Interestingly, in 3 out of 4 situations, job-sharing is initiated by the employees.
Work For Yourself
4. Temporary Assignment: Using temporary employees is rapidly moving from an emerging trend to an important business strategy. Even a very high percentage of large firms use some form of contingent workforce. This growth allows you to explore areas that seem interesting to you but where you may have no experience. It also allows you to get a feel for several organizations and situations before you decide upon a new road.
“Temporary jobs” include several concepts such as:
5. Interim Executive: also known as temporary executives or rent-a- boss.
6. Consultant: More and more companies are switching the full control of certain jobs to independent contractors or free-lancers ( often lumped up as consultants).
The “sharing economy” has created many companies ( Uber, Airbnb, etc.) that are propelling this trend. They are hired for a specific job or for defined periods of time. While many companies find it difficult to manage free-lancers, because of their limited affiliation and accountability, this is becoming a cost-effective and rapid way of seeking out specialized skills. Be aware of the risks of proper classification between employee and contractor. We do not want the IRS coming after you at a later date. Again, this is a remunerative way of exploring a direction that seems interesting but where you may not have any experience.
7. Partnering. Find an emerging company founder who is looking to fill a gap in their venture with someone with your skills. Wallah! you can be a partner.
8. Start your Own Company: You may have dreamed about being in business for yourself, and this could be your chance. Are you ready for the severe ups and down? Do you have some funds stashed away to tide over till you reach positive cash flow? Can you work long tedious hours? Can you handle great degrees of uncertainty? Before you get too enamored by the lure of becoming an entrepreneur, sort out these nagging questions.
Some models of being in your own business are:
- Franchisee: is one way to mitigate many of the risks. It is a proven business model, with a lot of step by step support.
- Income Replacement Business: where you are selling your time. It is akin to solo Consulting. It may involve making a product (Etsy! ) or a service (Outsourced Book keeper).
- High Potential Business: This is the entrepreneurial new venture.
- But before you take this leap, here are some sobering statistics: 67% of the working population has this dream; 33 % will take the rudimentary steps of finding out more about what it entails; and only a small fraction will actually do it; and even smaller percentage will succeed. Do these statistics scare you? Numerous programs exist to help emerging entrepreneurs sort out these questions. Plug into any one of those and you will find others.
Success, particularly in a new direction, doesn’t happen by itself. It has to be brought about. It is an organized, thoughtful and reflective activity, conducted with common sense. Nothing is particularly hard if it is planned out. Invest time in sorting out your thoughts and preferences- -the time spent will pay rich dividends.
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Dr. Rajiv Tandon is an Entrepreneur, Educator and Mentor. He facilitates peer groups for CEOs of fast-growing companies in Minnesota. To learn more, sign up to get the email newsletter.
