Warning: Life (and your finances) can change without notice. The recent redundancies made so public, so swiftly are a reminder that in job markets today, no one has a job for life, no one can become complacent, no one should ever, ever think that they are irreplaceable (regardless of talent and expertise).

If you think your job is on the line, are you prepared? Job redundancies happen for myriad reasons: political expediency, economic conditions, relocations, technology improvements, outdated skills, or pure personality clashes - the last are referred to in company vernacular as not buying into the new company vision.

In 2003, this column commented on assessing your employment environment during the history-changing event of the Bermuda Bakery production facility. I still feel that loss every day - gone forever since childhood, the heavenly smell of fresh bread wafting over Hamilton. That was a significant loss in many ways for many people; one less local product produced locally by local people in Bermuda.

In the last five years, global capital markets have experienced another boom, but are now coping with the advent of bear conditions. While we hate to think of it (and many of us are still in denial imagining the money faucet is turned permanently on here) Bermuda, too, is vulnerable to world economic conditions. Companies must place their capital to the most profitable areas, those that will generate the best return for shareholders. No company or CEO, in their right mind, can operate altruistically (and unprofitably) because the final unpleasant alternative is to go out of business. Then no one has a job.

Time to switch to survival tactics. In times like these, the general public perceives employers to be greedy and heartless. Some are. We read every day about those self-absorbed individuals-in-charge who have taken their firms down, all in the name of more - more for me and only me. Some of them are in jail today, being served their just deserts, having been remanded to survive on less, much less - just like their loyal employees whose lives were destroyed. Poetic justice works - sometimes.

Many more decent, caring employers have no choice. For their own survival, they must implement economic triage (from the French verb to sort that means a process for sorting injured people into groups based on seriousness of their injuries. Triage is used routinely in hospital emergency rooms, on battlefields, and at disaster sites when limited medical resources must be allocated. One only need change limited medical resources to limited capital dollar resources, and it is very clear why companies downsize.

Is your job in jeopardy? Is your internal radar sending intuitive messages? Pay attention to what is going on in your work environment; keep your eyes open to subtle body language and your ears tuned to oblique comments. Network more vigorously with your co-workers.

One professional associate told me that she knew her job was going when her manager stopped looking directly at her (as if she no longer existed). If you pay attention, a change in company operations should not come as a surprise. Anticipating changes allows you to put your redundancy survivor tactics in place.

What to do if you think your company might be announcing redundancies:

l List all critical bills due, particularly, rent/mortgage utilities, phone, car payments and gas.

l Review your finances to assess if you have enough cash right now for three to six months of living expenses to cover these critical bills and food.

• No cash cushion? Start saving as if your life depended on it. It does.

l Sell what you do not absolutely need. Extra designer bags, find a cheaper car and get out from under those large car payments. All cash adds up.

l Radically cut back on all non-essentials. In order to save, you must stop spending on everything that is superfluous and unnecessary: cell phone use, eating out, snacks, new shoes, leisure clothes and shopping sprees, vacations, little expensive electronic treats. Cut your food budget down to plain, practical small portion meals. You'll lose weight in the process.

l Make credit card charges a complete no-no. Reserve it for absolute emergency use only. The psychological effect of coping with large credit card balances can create tremendous stress. Pay any balance you have down to a manageable level.

l Home equity line - if you are a two-income earner family and own your home, arrange to have one put in place now. You cannot borrow money if only one of you has a job, and you don't have to use it unless you absolutely have to.

l Talk to your mortgage officer. If cash is going to be tight, talk to your mortgage officer about a short-term interest only payment plan. If you rent, talk to your landlord - you may be able to negotiate a lower fee, or look now for a less costly rental.

l Get your CV updated immediately and start quietly networking with friends, business acquaintances, and family contacts.

l Step up your personal grooming. This is not the time to let your appearance slip, no matter how miserable you may feel. In your job search, you must look like an absolutely confident, poised, polished professional at all times. The first impression is the only impression.

l Be proactive - do not act like a deer frozen in car headlights. If you think you can handle it, and you are sure the company is downsizing, be one of the first to ask your current employer for a separation package. Those who volunteer themselves out the door first, often walk away feeling very financially fit. Warning, do not attempt this move without reviewing your personal finances and the available job market first. If you are sure you can get another position - then this is a good thing.

l Increase your athletic activities. Do not let yourself go - work out that stress and uncertainty on the fastest walk or run you can. Picture that mental image of a confident, poised, polished professional. No one can define who you are, except you.

l Operate in this survivor mode until you know for certain that your job is still intact, or that you have attained another.

Now, none of this may come to pass for you personally, but what have you done. You are a changed professional. You just may find yourself receiving a promotion and a brand new career. The sceptics think I am kidding, it happens all the time.

REINVENTION (of yourself), RENEWAL (of your educational aspirations), RESOURCEFULNESS (in the face of adversity) promotes RESURGENCE of interest in you and what you can contribute to your employer's bottom line. YOU WILl BECOME THE EMPLOYEE everyone wants.

Change is inevitable. You become the change agent; embrace it and use it to your advantage. You will remain the person in charge of your life.

How resilient are you? The Resiliency Centre (www.resiliencycenter.com)

Next week - what to do if you receive the dreaded 'pink' slip.

Martha Harris Myron CPA -NH1929, CFP® -67184 (US licences) TEP - Society of Trust and Estate Practitioners. She is a Senior Wealth Manager at Argus Financial Limited, specializing in comprehensive financial solutions and investment advisory services for individual private clients and their families, business owners, endowments and trusts. DirectLine: 294-5709 Confidential email can be directed to mmyron@argusfinancial.bm The article expresses the opinion of the author alone. Under no circumstances is the content of this article to be taken as specific individual investment advice, nor as a recommendation to buy/ sell any investment product. The Editor of the Royal Gazette has final right of approval over headlines, content, and length/brevity of article.