In Era Of Downsizing, Be Ready If The Ax Should Fall Shrink Financial Obligations, Stay Attuned To Job Openings

In the 1980 film “North Dallas Forty,” Nick Nolte’s character, the star receiver Phil Elliott, shoots his crippled knee with pain killer and catches the touchdown pass that would have tied the crucial game, but for a fumble on the extra point.

Deprived of the championship, the owners and coaches use a preposterous morals charge to drive Elliott from the team and save the cost of his contract.

Sounds like corporate America, ‘90s style. Just as the owners and coaches of the North Dallas Bulls talked about family and team, companies today are full of rhetoric about empowerment and partnerships. But when the boss isn’t talented enough to make the company grow, he may well save his skin by falling back on the tried and true: Blame the economy, stick it to the employees.

Financial and outplacement advisers say workers at all levels should prepare for the worst, searching for household economies and maintaining cash reserves to cover six month’s expenses.

Don’t get swamped with debt, they say. A smaller mortgage and cheaper car will help you afford a longer unemployment.

Obtain a home-equity line of credit while still employed, since loans are hard to get when one’s out of work, says Peter Zanneo of RTD Financial Advisors Inc. in Philadelphia.

To lessen the chances of being let go, workers should broaden their skills so they can switch jobs within a company; that will also attract more prospective employers.

Next, remember that 60 to 80 percent of all job openings never appear in the want ads. So keep in touch with friends and colleagues from earlier in your career, join industry associations, know who’s hiring and watch for companies that might use your skills, even if they’re in other industries.

If a headhunter calls, hear her out no matter how secure you feel - she won’t be interested “after” you’ve been fired.

If the worst happens, overcome the impulse to hide out. Get out and meet people. Spread the word you’re looking. Mailing a blizzard of standardized resumes and cover letters doesn’t work.