Risk management is an essential skill in today’s world.  If you are smart you use it in business all the time.  But are you also  looking at your own life through a risk management lens?  2024 is going to be a year of uncertainty.  All the big existential risks are ticking their own boxes, and in a year of uncertainty you have two choices:

1. Ignore it (always a favourite and sometimes it’s OK).
2. Take it seriously and make some plans.

To remind you how important this many large and small companies (including the big four accountancy/consulting firms) are all looking at large layoffs.  Redundancy always comes as a shock and it undermines confidence, especially if you are in a senior role.  Getting a new job is a whole lot tougher in an environment of oversupply, put the work in before it happens.  It will not be wasted.

If you decide not to ignore the threat, then here are 10 things to think about:

1. If you are currently employed, then how long can you survive without income (maybe assuming a reasonable redundancy package)?
2. If you are self-employed then how long can you survive without income – or a lower income?
3. Can you reduce the amount you need for you and your dependents to live on? I’ve done this exercise with a few people lately and it’s surprising what you can do without.
4. Put time into thinking about the skills you have. Senior people often haven’t thought about this for years.  Look at what the market is demanding, then look at the gaps and think how you can fill them.
5. Where are you with your own development? Are you up to speed with the latest management thinking, are you up to speed with technology?  If not, then start to study.  Do not rely on your past career.
6. Start on a basic document that lists your skills and achievements that resonate with what today’s world wants, because what yesterday’s world wanted is a whole different thing.
7. Consider how mobile you are? Today’s job market is global, can you envisage a career in another country?
8. Make a list of the people you know who could help and the head-hunters who operate in your area of expertise and start to network.
9. Get your social media up to date and engaging.
10. Don’t assume that the world owes you a living (or even a job).

The future may not be great, but preparation can make it a great deal easier to navigate.