I just got Fired – 2.0

https://interimcfo.wordpress.com/2021/04/06/i-just-got-fired-2-0/

I Just Got Fired

Abstract:  This article is the second in the series that addresses the initial stages of going through a career transition. Career management articles in the blog have been popular. A transition is a traumatic event, to say the least, especially the first time. These articles address what you should be doing BEFORE your transition occurs.

In the last piece that is the first in this series, I addressed the fact that there is little relationship between how good you are at what you do and the probability that you will end up in a transition.

This article addresses what you should be doing to prepare for an unplanned transition.

The ACHE tracks hospital CEO turnover. The average annual rate is around 18%. According to Challenger, Gray, and Christmas, hospital CEO is one of America’s most dangerous occupations measured by potential longevity or lack thereof in a position. One of my most popular articles discusses some of the many reasons for executive turnover that have little to do with performance. A lot of people are very interested in the topic.

HFMA does not track CFO turnover, but it is probably equally rampant as CFOs too often get credit for substandard organizational performance despite having little control or influence over the incurrence of operating cost or results. CFOs and other C-Suite inhabitants bear a disproportionate risk of having their career disrupted by CEO turnover.

If you start asking around, you might be surprised to learn how many healthcare executives were involuntarily ‘freed up to seek other opportunities’ at least once in their career. When I told my friend John at a reunion that I had decided to go into the consulting business, he immediately accused me (correctly) of having been fired. John went on to tell me how lucky I was because few executives that are disruptive innovators have not been fired at least once. To my friend, having been fired is a rite of passage.

John’s career goal at the time was to become the CEO of a large hospital, and he believed that a transition would strengthen his CV. As fate would have it, not too long after the reunion, I got the call from John and, you know, the rest of the story. John went on from this setback to become the long-running CEO of one of the largest Baptist hospitals in the southeast.

For those who push hard in organizations to get them to change their culture for the better and get on a better track, the risk of being let go is much higher. With one exception, every person that I have ever worked with through a transition has emerged a wiser, stronger person in a position much better suited for their skills and talents. While I would never encourage anyone to go through a transition, the process’s outcome has been both cathartic and career-enhancing.

So, given this risk, what should you be doing? Your preparation for a turnover event should start IMMEDIATELY!! If you wait until you are out, you have waited WAY TOO LONG!! If you do not have a networking database, you need to start immediately to develop this asset. My networking database commenced during my first transition. It now has over 3,000 companies and over 4,100 contacts. Most of my contacts are business-related, and most of them will respond to an email or return a call. Contrast this with the call I get too often from a newly terminated executive asking for connection assistance, that never bothered to record phone numbers or email addresses of people that may be in a position to be of help. Too many friends had contact files stored on a corporate phone or a corporate database and lost them when they turned over a phone or access to corporate systems was terminated. Frequently, access is restricted right before the victim learns of their fate as a security measure of the organization. Getting your data back if this happens is not going to be easy or fun.

For this reason, I have successfully refused to use a company-owned phone or put my networking database developed over twenty years on a computer system I do not control. The problem with having business and personal data on the same device is if you give the organization access to ‘their data, they cannot lock it selectively. When they lock or wipe the device, they are going to destroy everything on the device. My networking database is my most valuable personal asset. There is an article in my blog dedicated to networking. The time to start building your networking database and skill is before you need it.

You should start the process of thinking through the next step in your career. Get out a piece of paper. What do you like about your current situation and wish to preserve? What do you want to change? Where are you willing to relocate? What is your idea of the perfect relationship with a superior? What will the effect of a termination/relocation be on your family, and how will you manage that? In other words, what are you going to be when you grow up? A turnover event is sometimes the catalyst that causes someone to decide to start their own business. Is there a path forward in your current situation, or should you be thinking about proactively inducing your turnover event or at least beginning preparations? People that have been through transitions will tell you from experience that it is a lot easier to get a job while employed than when you are not employed.

A turnover event is a huge psychological and physical burden. Everyone around you is going to be affected. Do not delude yourself into thinking you can manage a transition without help, especially the first one. My dad had a sign in his shop,

Shop Rates

Labor – $20

If you watch – $40

If you help – $80

If you already worked on it yourself, $200

My most significant learning from consulting experience is recognizing when an expert is needed and understanding the necessity of getting my ego out of the way in the process of seeking and availing myself or my client of expert assistance. Clients and consultants do more harm than good by trying to do something they have no business doing in a frequently futile effort to save money. Sometimes, the results are disastrous. We have all heard the adages that a doctor treating himself has an idiot patient or a lawyer who represents himself has a moron for a client.

Contact me to discuss any questions or observations you might have about these articles, leadership, transitions, or interim services. I might have an idea or two that might be valuable to you. An observation from my experience is that we need better leadership at every level in organizations. Some of my feedback comes from people who are demonstrating an interest in advancing their careers, and I am writing content to address those inquiries.

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I encourage you to use the comment section at the bottom of each article to provide feedback and stimulate discussion. I welcome input and feedback that will help me to improve the quality and relevance of this work.

This blog is original work. I claim copyright of this material with reproduction prohibited without attribution. I note and provide links to supporting documentation for non-original material. If you choose to link any of my articles, I’d appreciate a notification.

If you would like to discuss any of this content, provide private feedback or ask questions, you can reach me at ras2@me.com.

The perils of prolonged unemployment

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Nearly 4 million Americans have been unemployed for 27 weeks or longer — trapped in a vicious cycle that makes it harder to get back to work.

The big picture: Long-term unemployment during a pandemic is a double whammy. Millions are experiencing food and housing insecurity and lack health care when they need it most.

What’s happening: “The troubling amount of long-term unemployment and its continuing rise is dangerous for the U.S. labor market,” says Nick Bunker, an economist at the jobs site Indeed. “A fast labor market recovery will help alleviate these concerns, but that bounce back is still a ways away and dependent on controlling the coronavirus.”

  • The number of Americans experiencing long-term unemployment — around 4 million — is far from the worst of the Great Recession, when long-term unemployment reached 7 million.
  • But it’s remarkable considering where the U.S. was before the pandemic. The long-term unemployment rate is 2.5%, which is comparable to the 3.5% overall unemployment rate in January 2020, Bunker notes.

Why it matters: Studies have shown that long-term unemployment hurts workers’ physical and mental health, reports Bloomberg. And the longer someone is unemployed, the harder it is for that person to get another job — let alone another job at the same pay level.

Job-seeking is even more exhausting during a pandemic, says Tim Classen, an economist at the Quinlan School of Business at Loyola University in Chicago.

  • To start, there are fewer jobs out there than there are unemployed people.
  • On top of that, people may be attempting to juggle job-hunting with parenting kids who are learning remotely.
  • Not everyone is comfortable interviewing over video calls, and not everyone has the broadband access required to even attend those interviews.

“The fluctuations in uncertainty play into this, too,” Classen says. Millions of restaurant workers, flight attendants, retail workers and more aren’t sure when the pandemic will end — or if their employers will even survive it.

There’s a bit of a silver lining, though.

  • While losing a job is a traumatic event and can really chip away at someone’s sense of self-worth, it can also be easier to bear if millions are going through the same thing. Job loss doesn’t feel as personal in a pandemic, says Classen.
  • “There’s a sense of, ‘Yeah, I’m depressed, and I’ve lost my job, but I’m not alone in my suffering,'” he says. “Maybe in some way that tempers it.”