The chances of you getting laid off as a corporate executive increase as you age. If you are in your 50s or early 60s, you could be let go before you want to retire. And getting a new job might be very difficult. Would you be financially prepared?
If you are in your 40s, are you considering your 50s? The time to set yourself up to be protected against a massive income loss is now.
We go over ten ways you can protect yourself as a corporate executive on this podcast episode.
The chances of you getting laid off as a corporate executive increase as you age. If you are in your 50s or early 60s, you could be let go before you want to retire. And getting a new job might be very difficult. Would you be financially prepared?
If you are in your 40s, are you considering your 50s? The time to set yourself up to be protected against a massive income loss is now.
We go over ten ways you can protect yourself as a corporate executive on this podcast episode.
Pete: Good morning, Nat.
Nat: Good morning, Pete. I'm pumped up today. Let's keep the energy high today.
Pete: Always, always. You know what I'm pumped up about? I get to go to my happy place. I get to go to one of my favorite lakes of all time and spend the weekend at a friend's cabin. Nice. Yeah. Yeah. You know, the best kind of cabin is when it's not your cabin, right?
Nat: Exactly. Good point.
Pete: So, so we'll combine the, you know, going and it just, this puts me in the ultimate mood. I just, I can relax, I can decompress and stuff like that. So I'm super excited for this upcoming visit to the, to the lake. So today, what I thought we'd talk about is, is that. If you're a senior level executive, we'll call it in the 50s or you're in the 60s, you know, you are with, with just in general age discrimination that's happening out there today, that combined with a lot of these companies [00:01:00] downsizing and laying people off, you're at risk.
You're at risk of being pushed out of your company or, you know, basically laid off. So I thought maybe what we'd do is, if you're a senior level executive, you're maybe a little bit older, what do you do to protect yourself, if you're at risk of losing your job? I like it. Yeah, let's do it. Alright, what would you think would be the first thing you could do as a senior level executive to kind of protect yourself?
Nat: Like something that popped to my mind and I'm just joking, but you know, it'd be like, go to the gym, workout more, get a good haircut. But anyways, I think staying updated and relevant is super important. So continuously updating your skills and your knowledge. You know, you don't want these young bucks to get, get the jump on you.
So you got to stay updated and relevant, I think. Yeah, right.
Pete: You always have to be learning. And if you stop learning, you're dying. So you, you gotta, yeah, so, so they got to stay relevant. All right. We'll [00:02:00] be a second thing they could do to kind of protect themselves. Well, and I think
Nat: one thing that is actually a huge strength and benefit is, you know, guys like us still know how to network and talk to people.
So building and maintaining your, your network going to industry events. I mean, I think that that's probably a really good way to, you know, kind of keep yourself relevant is, you know, make sure you're dialed into your network. And, and Has, you know, you can help grow the company that way.
Pete: Well, I think it's the standpoint is that I think a little bit about LinkedIn.
LinkedIn is your network. And so staying connected with people you've known over the years on LinkedIn, because you just never know when your paths may cross again, or you may need them. And you don't want to be the person that you're reaching out, you haven't talked to him in 15 years, and then you're asking for their help as you know, from a standpoint.
So keep those networks, those relationships strong by being active in it.
Nat: Yeah, that's actually a really good point [00:03:00] with LinkedIn specifically, right? Because. I think even, you know, I think it would be, it's strategic to spend, you know, maybe whether you spend like one hour a week, like kind of time black it spent, like try to spend some intentional time on it.
It's also, you know, let's be honest, LinkedIn is kind of like an online resume to some extent. So just even having a good headshot and keeping that updated and relevant is, is really. You know can can help you. So I think that
Pete: Yeah, I think that's like the third reason right or third thing They can do is they can keep the resume up to date keep their linkedin profile up to date all that stuff present You know, it's interesting
Nat: I was going to say, even like just writing articles and commenting on other, you know, just being active online, I think is helpful.
Well,
Pete: I think you know, my son applied for a job, right? He was talking to a recruiter and instead of creating a resume, he just gave his LinkedIn profile. Yeah. Right. And so you need to always kind of keep that stuff [00:04:00] updated. So you want to have that always current and ready to go in case you need it.
Nat: My son is 18 and I was, you know, I did help him get, get a LinkedIn and I think he's all the way up to like three contacts. But that's the other thing, you know, when you're online or on LinkedIn is, you know, adding contacts too. I think that helps you build a better online presence or LinkedIn profile too.
Pete: Yeah, absolutely. And at least I know for my kids in college, they actually helped them develop their LinkedIn profiles. Yeah. So, you know, they got in classes. They actually kind of work on that kind of stuff. So it's, it's part of our world today. All right, we'll be a fourth thing. They could do. I think it's good to
Nat: always understand, like, job market trends.
So kind of what's going on? Although I guess right now it might make you a little depressed, but understanding, you know, what's going on in your, in your industry specifically, and just in, in the job markets in general is [00:05:00] helpful.
Pete: Yeah, like if you're a tech executive, you got to kind of start thinking, how do I expand my, my, my with, how can I go and maybe find other industries that are, that I can tie my experience to, but it's not a direct technology business.
Nat: Exactly. What was the term you used to explore your, your with? Your with?
Pete: Yeah. What's that? With them? What's in it for me?
Nat: Okay. Okay. Okay. I, yeah, I heard you say that. I wasn't quite 100% sure. So what's, yeah, explore your what's in it for me. Is that what you're saying? Sort of, yeah. I
Pete: don't know if I said whiff, but it's okay.
But I think it's more, but I think it's, it's this idea that If you see tech is going to go through some tough times here, and so if you can take your experience in tech and apply it to another industry or create a connection, so start looking beyond just your your industry that you're in now looking at market trends.
I see it going this way, like AI. For [00:06:00] example, we know a lot of stuff's going towards AI. How do I take my experience and shift towards that sector of AI,
Nat: right? And I think like you know, at some point I would suggest for people to consider entrepreneurship because, you know, sometimes it's more fun and energizing just to go, you know, buy a franchise, like who cares, you know, maybe it's a haircutting franchise or maybe it's you know a yoga franchise or something, there's a lot of ways to make money out there.
Pete: Right. Well, and I think what your, the point is, is you take a, and you start a business on the side, right? And you have a manager place and you watch over the manager. The term is executive model semi absentee. So if you can basically keep your corporate job and start that business on the side, if something happens, you get laid off, you have a business there.
You have an income. You have something to fall back upon. And heck, it might even supercharge your retirement.
Nat: Exactly. That would be a good podcast.
Pete: Yeah, I would. All right, let's do it. All right. Won't be another thing an [00:07:00] executive could do
Nat: if they're at risk. I think it's always important to understand the numbers.
So just understand your financial situation, develop a budget manage your expenses. Those are always things that I think are good. Especially if you're thinking about making some changes coming up, you know, you want to have, keep your powder dry, as I think you say it quite a bit. And, and just understand your, your personal financial statement.
Pete: Yeah, and I think Dave Ramsey would say have like six months worth of, you know, your monthly expenses saved, right? That, that, that war chest for lack of a better term. So you're not caught off guard. So if you get into it you, you have some money there to cover your bills. All right. What would be another thing they could do?
I know
Nat: a lot of people have used outplacement. You know, I'm not super familiar with that. Maybe, what, what are your thoughts or experience with outplacement? I think they're
Pete: great resources. When I left Ford, I got to use an executive outplacement service that Ford paid for. And it was an exceptional [00:08:00] service.
And I, and I made a great friend, the, the the placement executive that helped me he was, he was amazing and it ended up being a lifelong friend. So I I'm a big believer in outplacement services. So, you know, kind of starting to build connections there in case you ever need them. Isn't bad.
Nat: Yeah, that sounds really good because those guys also kind of have their finger on the pulse of what you know What's going on in the job market?
Yeah,
Pete: absolutely All right What would be another thing an executive could do to be a little bit safer or prepare? I
Nat: think starting like a consulting or like little freelance business on the side I mean, there's a lot of things that you could do It's also a good just to exercise those muscles of you know, providing a product or service and charging for it you know, I think that there's huge value in doing something like that.
Yeah, it's
Pete: monetizing your experience, right? And your connections. And if you can set up a little consulting or business on the side, that's not all bad either. Right?
Nat: [00:09:00] You know what they say an expert is, right? No, what is an expert? An expert is somebody that knows a little bit more than you
Pete: do. I like it.
But, you know, it's you know, when I talk to executives when they're laid off, they say, well, I'm exploring my many different options and maybe go back to the corporate world. I may start a consulting business. I might invest in a franchise. So it is certainly an avenue. What I find is, is that people that are trying to start consulting businesses, the hardest part is finding the engagements.
Yes.
Nat: 100%. Well, if you we're, we're buffing up your LinkedIn profile, you know what I mean? You could start to kind of. Like this kind of a lot of what we've been talking about. If you kind of take that, I don't know if you'd call it short term, midterm or long term, but if you're taking, like, maybe I have a 2 to 3 year mindset and you start.
Engaging more on social media on LinkedIn and you start writing content, you know, these things start to line up So then when you need it, you have [00:10:00] already built it and it's not like you, you know It's not like you get, red slipped and you just you know, now you now you Trying to figure everything out.
You already kind of put together a plan. Is it red slipped or pink slipped? I don't
Pete: remember. It doesn't make any difference. It's just a bad slip that you get. It's probably not even done that anymore. Right? It's probably just text. Yes. Sorry. Thank you for your 30 years of service. You're done. Which is just crazy.
All right, what would be another freeze, or another thing that an executive would do to prepare themselves, just in case?
Nat: I think you know, just making sure you're dialed into any professional organizations. Like in senior care, obviously we have associations and groups, both like local here in Chicago and, and national.
You know, so I think plugging into that and just better understanding what's going on, you know, throughout the... And your industry is always super helpful, too.
Pete: Yeah, right. It keeps you abreast of what's happening. It continues to [00:11:00] create those connections from that standpoint. So it keeps you relevant, keeps you in front of people from that standpoint.
So no harm in being part of professional organizations, you know. Perfect. All right, we'll be another.
Nat: I think just staying positive, like the glass is half empty, you know. It's like, just think about, oh, the experience that you've gotten over the last, you know, 20, 30, 40 years, right? And you just it's a diamond in the rough.
You just kind of have to figure out what to do with it sometimes. So I think stand positive contributing, giving back. I mean, you know, even like something we didn't talk about, but you could volunteer you know, help people that are less fortunate. There's so many things that we could be doing. And then just kind of keeping that positive mindset, you know, in our, in our, and gratitude even you, you talk a lot about gratitude.
I think gratitude is huge. Like just be grateful for, you know, the corporate experience that you do have and be open [00:12:00] to opportunities that are on the horizon.
Pete: When we think about a positive attitude, I think of a full glass of water, not a half a glass.
Nat: Are you sure it's not a vodka tonic?
Pete: You know, that, that's a whole nother story. That's just, well, that I guess makes it. Positive too, right? So a little vodka to that glass. But anyways, it is about having the right mindset because you don't attract people with a negative mindset and you attract success and an opportunity with having a mindset of gratitude agreed.
100%. All right. All right. I'm off to my happy place. We'll see you later.