Greetings Friends,
With so many of our clients being impacted by today's economic crunch, I wanted to offer some insight and suggestions that are proving very helpful for them. I hope they will be beneficial for you as well. Please feel welcome to respond to my blogs to let me know your thoughts. This is a forum for all of us to engage in meaningful dialogue.
If you've been faced with layoffs, unemployment and what seems like the never-ending job search, you're definitely not alone. Today’s global economic crisis has wreaked havoc on industries across virtually all sectors in every country, resulting in the highest unemployment percentages in decades. Forecasters and trend analysts predict, at least according to today’s news reports, that the “economic downturn” (a euphemism for “global financial crisis”) will be front page news for another 14 months. (How the experts determined this is never explained; I guess we'll have to take their word for it ...)
According to the International Labour Organization (ILO), the tripartite labor body of the United Nations, “the Economic turbulence largely due to credit market turmoil and rising oil prices could spur an increase in global unemployment by an estimated 5 million persons in 2008.”1 “This year’s global jobs picture is one of contrasts and uncertainty,” said ILO Director-General Juan Somavia. “While global growth is annually producing millions of new jobs, unemployment remains unacceptably high and may go to levels not seen before this year. What’s more, though more people are in work than ever before, this doesn’t mean that these jobs are decent jobs. Too many people, if not unemployed, remain among the ranks of the working poor, the vulnerable or the discouraged.”2 Some of the hardest-hit industries in terms of layoffs and unemployment include IT, legal, banking, mortgage, automotive, service sectors, hospitality, retail and wholesale. But, chances are, no matter what your field or career, you’re probably feeling the sting of these challenging economic times. With so many people living in “survival” mode right now, it can be difficult to see the light at the end of the tunnel.
The good news is that there are myriad proactive measures you can put into place to navigate the turbulent economic waters. First and foremost, it’s essential to maintain an optimistic outlook. Things are not going to be unpleasant forever; they will turn around. And, while it can be difficult to feel cheery when you've just lost your job, there really is no benefit to wallowing in negative energy. Do your best to close the chapter and move on.
If you’ve read any of the self-help books published in the last twenty years, undoubtedly you’ve come across the saying, “What you believe is.” Trite as it may sound, the reality is this statement is quite true. To a great extent, we create our own reality. Thus, despite what we hear on the news, it is possible to thrive – not just survive – in today’s financial times.
Following are some key strategies that will help you stay on the course to success:
1. Consider transitioning into a “sustainable” career. By that I mean a career that is more recession-proof than most. Jobs in fields such as health care, education, government, security and the environment are proving stable despite massive layoffs in other industries.3
According to Kiplinger.com, jobs remain plentiful for physicians, nurses, pharmacists, physician assistants, nurse practitioners, physical therapists, bilingual teachers (and those who specialize in math and science education), college professors, police officers, detectives, private security guards and international security experts, ecologists, hydrologists and environmental chemists.4
Jobs in the public sector are three times more stable than private sector jobs, mainly because, no matter how bad things get, governments rarely go out of business. Additionally, government jobs offer attractive benefits, bonuses and pensions. If you’re not intimidated by massive behemoth organizations, governments offer a plethora of job choices, from accounting and human resources to defense, the arts, education, public policy and human services, just to name a few.5
Other recession-resistant industries include beauty, gaming, bankruptcy law and services, debt collection, financial consulting, debt management, luxury goods (the uber rich often remain relatively unaffected by economic downturns), politics, funerals and grocery/food.6
If you don't have a college degree, job possibilities still exist, especially if you focus your search on jobs that can't be off-shored. While hospitality and retail have been especially affected by the economy, there are still jobs to be found if you look or, better yet, apply in person. Industries such as health care, automotive, HVAC (heating/air conditioning) and electrical repair also tend to be stable industries for workers without a four-year degree. Health care, in particular, has proven to be a universally stable field and, for those without the college diploma, jobs such as home health aid and medical or dental assistant are usually very solid choices. Many of the aforementioned careers often require either minimal training or certification which require far less time than obtaining a university degree.
Still, most career counselors agree (and I'm one of them) that it’s important to get as much education as possible. It's no secret that more education equals more choices and higher wages.
2. Be flexible. We’ve all heard the saying, “Desperate times call for desperate measures.” While perhaps a bit dramatic, the message here is really about having a “whatever it takes” attitude. If your career as a lawyer has been temporarily sidelined by layoffs and corporate closures, consider temporary options such as management consulting, writing, blogging, speaking, teaching, coaching, or even private practice work. Likewise, if you’re an administrative professional, consider temporary, project and contract assignments, and home-based work such as desktop publishing, bookkeeping, editing and virtual administrative positions. Creativity and open-mindedness are two critical keys to success.
3. Stay connected. It’s normal human behavior to retreat when times get tough. While it's normal for many people to withdraw during hard times, it's important to stay in touch with people who can provide introductions, solutions and nurturing. No matter how bleak things may appear, friends, family and close business contacts can shed a fresh perspective on your situation and, more likely than not, they will know other people in a position to help you. Continue networking, attending business functions, collecting business cards and following up with everyone you meet. The great contact you met at today’s networking breakfast could very well be your employer next week.
4. Create a résumé library. If you’re like most people, you’re probably applying for jobs outside of your primary field of expertise. While it’s imperative that you keep your principal résumé up-to-date, it’s also essential that you create a variety of résumés (and cover letters) that highlight various aspects of your experience and competencies. I strongly advise tailoring each résumé for the job to the specific qualifications being sought. Since most companies now scan résumés electronically, it’s very important that keywords be used prolifically, but strategically.
When it comes to letters of reference, you might ask your references for permission to tweak their recommendations slightly to complement the position for which you’re applying. Employers, who often receive hundreds of résumés per day, are no longer able to give each candidate’s materials the personal attention they certainly deserve. Therefore, it’s advisable to make their job easy and to match yourself on paper as closely as possible to the job you’re seeking.
5. Recession-proof your career. While there are no guarantees in today’s economy, you can take proactive steps to position yourself last in the layoff line. Having a great attitude, quickly volunteering to help out (even if the work isn’t in your job description), continually learning and honing skills, maintaining positive rapport with your boss and coworkers, and maintaining high visibility are smart, savvy strategies.
It’s equally important to be alert to changes within the company and your industry. Sign up for job alerts and stay abreast of positions for which you can apply – just in case. Utilize your memberships in professional associations to search for jobs, study professional journals, connect with peers, attend conferences and build your network.
6. Plan for a brighter future. Now is the time to plan for the economic upturn. You can position yourself for phenomenal success by formulating your turnaround game plan sooner rather than later (remember the old saying, “The early bird gets the worm.”). If you’ve been considering starting an entrepreneurial venture or changing careers, this is an excellent time to begin strategizing your transition. Most important, don’t stop investing in yourself and your career. Hire a coach or mentor now to help you formulate your long-term strategy and to put together an action plan that can be accomplished in small do-able tasks. Complacency, stagnation and fear have no place in your career plan, no matter how bleak a picture the media is painting.
Speaking of the media, turn them off! (See my blog below for more on this topic.) Sure, it’s important to keep abreast of major news but it does absolutely no good to listen to daily messages of doom-and-gloom. In fact, research has shown that continual exposure to negative news can contribute to depression and other mood and behavior disorders.7 You’ll be much better off listening to motivational, inspirational, spiritual and self-help CDs, upbeat Podcasts or books-on-tape. Try it for a week and you’re sure to see a difference in your outlook.
The bottom line is that life is cyclical, comprised of ups and downs, and joys and sorrows. It’s really how we choose to process and cope with life’s challenges that dictate our ultimate success or failure. Ask yourself if “the economy” might offer some important lessons to be learned or opportunities for personal and professional growth. One thing’s for certain, these challenging times are testing everyone’s mettle but what gives me tremendous solace is knowing that we’re all human beings in this thing called “life” together.
Peace and blessings,
Dr. Debra
1. http://www.ifsw.org/en/p38001245.html?force_folder=038000059
2. IBID.
3. http://www.kiplinger.com/columns/starting/archive/2008/st0326.htm
4. IBID.
5. IBID.
6. http://www.hrworld.com/features/top-25-recession-careers-022008/
7. http://www.allacademic.com
Friday, November 21, 2008
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