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To many people in the business community, "R&D" stands for research and development. To many others, the dreaded "R&D" refers to restructuring and downsizing. In today's global market, many companies that merge or buy out smaller businesses are required to make certain profit margins or need to cut costs in order to stay afloat. After reducing as much as possible from operating expenses, the next phase of "trimming the fat" often means reducing the workforce. In the event that you or someone you know has been "let go" (with or without a package), there are some emotional steps to deal with that will occur in one form or another. Your career/job should support your lifestyle -- not be your lifestyle -- so take a big breath and think about your new future with various opportunities. Remember, your job security is not in the job itself but in your talent.

To many people in the business community, "R&D" stands for research and development. To many others, the dreaded "R&D" refers to restructuring and downsizing. In today's global market, many companies that merge or buy out smaller businesses are required to make certain profit margins or need to cut costs in order to stay afloat. After reducing as much as possible from operating expenses, the next phase of "trimming the fat" often means reducing the workforce.

No one can be 100% sure that their jobs are safe. Employees, managers and executives are all fair game when companies scale back. One reason for terminating employment can occur when companies are bought and sold. Often the end result is duplication within departments: two credit managers, two controllers, multiple accounting staff, etc. In most cases the company buying the other business retains its employees and the company being bought out or merging with that other operation takes the hit in the staffing area.

In the event that you or someone you know has been "let go" (with or without a package), there are some emotional steps to deal with that will occur in one form or another. Once you have passed through these various phases, you can move forward, get back on your feet and gain meaningful employment again. There are some factors to consider before making a life-altering change. Losing your job is almost like going through a divorce or a death in the family. When they call you into the "room" with the "We've had to make a hard decision today and this isn't going to be easy for us" line, hold your breath and keep your cool. Don't get angry and say anything to compromise your integrity. You may need references from these individuals and you want to be portrayed in a positive light. Oftentimes an HR representative will sit with you and give you some options. They may provide assistance in the form of out-placement counseling. Make sure you take advantage of any help you are being offered.

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At one point or another you will experience some or all of these emotions:

* Shock/disbelief. What's going on? Why am I here? Panic may flash across your mind (thoughts race to how you're going to pay bills, support your family/lifestyle).

* Denial. This can't be happening to me.

* Anger. Why me? It's not fair.

* Bargaining. What can I do in order for you to take me back?

* Depression. This may set in once you leave the meeting (escorted or otherwise). Who's going to hire me? I'm too old. I'm too specialized, etc.

* Acceptance. It's going to be alright, I'm worthy/marketable. I'll find something else that I like better, etc.

There is an old expression that says, "For every door that closes, a window opens." This is very true in this situation. Perhaps a career change is what you need. Maybe boredom, office politics, stress and long hours have been taking a toll on you and your family so a new job prospect may be what you need.

I've always believed that a healthy lifestyle is like a three-legged stool. One leg is your health, one is your family/personal life and the third leg is your job. If any one leg is knocked out from under you, you can balance on two but for only so long before falling. You need the three factors in proportion to give your life balance and meaning. Your career/job should support your lifestyle-not be your lifestyle-so take a big breath and think about your new future with various opportunities.

Self-employed, Freelance Consultant or Employee

Self-employed

You can work for another company as an employee/manager/ executive, or you can start your own business or become a consultant to other businesses. Is there something you've always wanted to do? And is there a market for your product/ service? Then starting your own business may be just the ticket. You may have made many business contacts over the years and these can be potential customers for your new going concern. Continue to network within credit or industry groups. Small business groups often have networking breakfast meetings and new business is referred to the members all the time from many sources. If possible, get a small bank loan to start up. Get business cards printed and hand them out freely. Attend trade shows and conventions and capitalize on the fact that others will be setting up booths, displays and sample products to gain insight into how to market your product. Partnering with established entrepreneurs may also be an opportunity as they already have established clients and certain market share. If the partnership works out, the company could expand and down the road you could even buy out your partner and become the sole owner of a successful enterprise.

Consulting

Consulting is a good profession if you have a wealth of knowledge and experience in your given field. As an example, if you are a seasoned credit manager and want to be a consultant, attend credit seminars and give out your business cards. Write articles relevant to your area of expertise and try to get them published in your local trade magazines/newspapers. Attend credit conventions and relevant conferences and offer your services, whether it's setting up credit departments, training collection staff or collections of third party debts. Many smaller companies don't have a structured credit department and they could outsource their collections to you. Your fee could be a flat hourly rate or a percentage of what's collected. You can make a decent living at any one of the above two professions but you will have to allow extra income to cover costs for benefits no longer covered by not being with a company as an employee. Medical, dental, long- and short-term disability insurance, vacation and holiday pay and 401(k)s/RRSPs are costs you need to budget for; on the other hand, there is no cap on how much money you could earn.

Employee

If you decide that you want to find work at another company, you must get the following in order:

* Updated resume

* Business references

* Skills/aptitudes

* Letter of introduction

You can search for a job online or you can use an employment search company. You will need to meet with the placement agency so that they can do an evaluation of your abilities, personality and job requirements. They want you to find the position that's right for you. Be open and honest when they ask you why you left your last position. Downplay the R&D and emphasize your talents and abilities.

I recently read an article which said that CFOs are looking for financial managers with strong soft skills, so if you are a people person with good interpersonal skills, can motivate and manage staff, get along well with others and are a good communicator, then make a point of bringing this to the attention of prospective employers. Remember, your job security is not in the job itself but in your talent. If you can multi-task, can contribute to a team environment and through your people skills can motivate a department to a higher level of productivity, then there is a job out there custom-made for you. Good luck and good hunting!