Friday Final Reflection: Job Loss
Welcome to another edition of my weekly Final Reflection. This week started off great but then was punctuated by a sour note. The company I work for Great-West Life, of which London Life is a subsidiary, announced they will be letting go 1500 people across Canada. This also means that more than 400 people will be let go here in London, Ontario. It comes as sad news to me but also an eye opener. One thing I try to promote through my website and here on FaceBook is empowerment. Take control of your finances, take control of your money, and take control of your life. 1500 people will lose that control soon.
This should come as no surprise to any of us. Companies have always and will continue to downsize. It’s part of doing business. How do any of us combat this type of action? It’s not easy, but it is possible.
It reminds me of my mom. She has worked for 2 different companies that chose to downsize and she ended up on the wrong end of it both times. Here is a quick take on her story:
She had worked at Carleton Cards in Brampton for over ten years when they decided to move to Ohio. She along with hundreds of other people lost their jobs overnight. Unlike many others, she ended up gaining employment immediately. During her time at Carleton Cards, she took advantage of their educational benefits and consistently upgraded her resume. She went from line worker to supervisor. Once the plant closed down she got a job right away making more money than before. Many others took a drastic pay cut at their new jobs.
She then worked at Karry’s Wholesale in Mississauga for several years. That was until an internal rift amongst the owners split the company up. Sadly a large portion of the staff was on the chopping block including all management. Two profitable jobs led to two sour endings. It has the makings to break someone. Instead, she landed back on her feet again working for Saputo, making more than previous positions.
What’s the lesson to learn here? Never rest on your laurels and never take anything for granted. It all can be gone in a second. Work you butt off and make yourself irreplaceable. If your employer doesn’t see it, don’t worry, someone will. Businesses have a bottom line to look after and that might not include your goals and dreams. Take advantage of any free education you can get your hands on. It might not help you with the job you are currently at, but know this, you might not always be there.
Something my Grandma said to me last year really stuck with me. I called her and she asked how are you doing? I replied good, just working a lot of a little tired. She responded in her broken English, “It’s good that you have a job, thank God.” This lady left her homeland with her family because there was no work. That humility is necessary. Earn your keep, but make sure you get all that you earn.
See you next week with my “Monday Morning Money Moment.” Have a great weekend!
“Starting a new job is always scary, or at least for me, it’s always scary. It’s like the first day of school.” – Sean Maher
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Joseph James Francis is a Financial Advisor. You can find him on various social media platforms and at budgetboss.ca.