Every executive career does not follow a logical and linear path. If you are an executive who is anticipating returning to work after a professional hiatus, you have a lot of preparation to do. You’ve probably taken this time away due to health issues or because you were one of the employees made redundant after a merger.
In this transitional phase, you can prepare by formulating a strategy which works for you. But remember there are many things you must navigate. Below are some things you can do while priming yourself for the eventual return.
Update your executive resume
Whether you’ve taken a six-month break, or it’s been a considerable time since you were working, one thing is certain: your career documents need to be looked over again. Review your resume with a critical eye. Do you need to add something? Or does it need to be updated so it meets the current standards?
In case, you are struggling with this then it is best to seek out experts who can craft a perfect, up to date resume and cover letter for you. There are experts who specialise in optimising executive resumes and LinkedIn profiles, always keeping industry requirements in mind. Every industry has certain key words and terms that executive recruiters and head-hunters place more value on. Including these will help bring your resume to the forefront. Cover letters should be customized according to the company/role you’re pursuing. LinkedIn profiles are essentially the starting point for recruiters these days so your needs to be among the finest for it to attract a recruiter.
Volunteer or donate your time
Volunteer for a cause that is close to your heart. This is a good way of showing how you’ve been using your time while you’ve been away from the professional scene.Find a charity or non-profit where you can donate your time and put your skills to good use. Volunteering is always appreciated and valued by prospective employers. It could also potentially be a good networking ground.
Embrace part time or consultancy opportunities
If everything is favorable, you will be able join the corporate world quite soon. But not everyone is fortunate to find a rewarding job within a couple of months. It is important to consider alternatives such as working as a consultant or taking a part-time role, in the meanwhile. Such roles help you ease into the industry world while still allowing you to showcase your expertise and build your network.
Prepare for the inevitable question
Everyone re-joining the professional world after a break will be asked the reason behind their hiatus. It is inevitable for you as well. Always answer with a solid reason, never showing your last employer in a negative light. Perhaps the company was merging with another and you couldn’t connect with the new direction of the company. Talk about your desire for gaining an educational degree. Or maybe you wanted a few years to understand and manage the fatigue brought about by decades of continuous hard work. Demonstrate you had strong reasons and how you’ve benefited from this pause.
Widen your search
The first few months after you re-join the job market can taxing. You have a list of companies you would like to work for. There is your resume to prepare and cover letters to write. You have executive recruiters or head-hunters to meet with. Try to minimize how draining this time can be by drawing up a list of companies you would like to work for.
It helps if you expand your search by including companies that aren’t normally in your high priority list. Use this as opportunity to get comfortable answering questions about your hiatus. Involving these companies in talks can also help make you feel more relaxed about easing into the job market. It can overall feel less stressful when you finally get interviewed for the role you want at the company of your choice.
7 Signs Your Business Face Financial Trouble
Within the last few decades, many companies, from high-profile mainstays to small local businesses, have fallen by the wayside. While some of those closures, administrations, and liquidations come seemingly out of the blue, there are somewhere in actuality the warning signs for the business were there before the final nail was driven in.
Listed below are seven key signs your business is in financial trouble.
Your Cash Flow Is Imbalanced
As the word goes, running a business, “cash is king.” An easy cash flow, where enough arrives to cover your outgoings, is key to keeping your organization operating. However, this flow could be sensitive, especially in small businesses. A supplier or customer perhaps not spending punctually may impact your cash flow, as may premature expansion or overspending in times wherever in actuality the going is good.
Negative cash flow is appropriate in the temporary while a fledgling company sees its legs or in the aftermath of an important expansion. But without positive cash flow, in the future, a small business cannot pay its costs and thus cannot survive. If your fund office is postponing spending its costs or team, it may indicate imbalanced cash flow.
Creditor Pressure Is Growing
The best way to help keep your creditors happy and minimize the pressure on your own company’s shoulders is to cover them on time. If your outgoings outnumber your income, it’s tempting to delay spending invoices. But doing this is just a sure-fire treatment for sour relationships along with your creditors, who may start chasing you for payment.
This may start the slippery slope into further trouble, as they’re likely to carry on chasing you until your debts are paid off. Creditors could even resort to legal action in an endeavor to retrieve their money, and you might wind up facing bailiff action.
You’re Always Refinancing
Refinancing alone isn’t an indication of financial trouble; it is a legitimate way of freeing up cash tied up in company assets by borrowing money secured against an assets’value. It can be used to lessen rates. While refinancing once isn’t abnormal, the business must manage to afford the repayments. If it occurs usually, it could be a sign of higher financial problems, and lenders may become cautious of companies continually refinancing, which may lead to more economic troubles later.
Until you are the main trader, staff are one of the very most vital the different parts of your organization, and employee morale often correlates along with your company’s health. One of the very obvious signs of financial trouble linked to staffing is layoffs and cutbacks in employee benefits, bonuses, or even a pay freeze.
The business could also change its contracts with staff, reduce hours, introduce zero-hour contracts or make staff work more for the same money. Doing so risks souring relationships along with your personnel and could cause to another location point.
Bad Company Atmosphere
Reducing advantages while increasing objectives on personnel will likely result in a bad environment and a drop in work satisfaction. Work can become less of a place of work and more of a place for fighting fires, constantly coping with problems instead of being productive. Team may lock onto that downturn and modify the atmosphere and start causing higher figures, too, taking people back to the last position about staffing issues.
Counting on Individual Contracts or Projects to ‘Sort It Out.’
Whenever a small business is operating healthily, it will have many clients or customers on the books with consistent income. Businesses in a less healthy position might put more weight on the agreements they do have. If one improvements company or stops being fully a regular source of business, the consequences will have an even more detrimental impact.
You could notice the company is relying more on fewer clients or focusing all of its efforts on acquiring new ones to the detriment of those they already have. This could sour relationships with existing customers and be described as a sign the directors are desperate for income.
Your Customers Have Noticed
Clients are very good at spotting when things change, and if they feel they’re getting less while paying the same money, they’re unlikely to stay quiet. If your employees are unhappy, prices suddenly rise, or benefits such as loyalty programs are scale back, rumors may start circulating, customers may start asking whether you’re closing, and in the worst-case scenario, it could get found by local or national media.