Navigating The Jobless Recovery: Surviving the Alphabet Storm

What does this mean?Nov282008 pics 002

It is a known fact that the economy, stock market and job market are interrelated. If you have been watching the stock market and reading the economic news, you may have heard the pundits refer to the alphabet to (Click this link to watch a video about the ABCs of Recovery) predict the shape of the recovery . Some say we will have an “V” or a “W” or a “U”. Others have forecasted an “L” or a dreaded “M”. Regardless of the letter shape the economy takes, job seekers and those who are still working need to be prepared for the precipitant changes in the job market. While I am tempted to go with a “ship in a storm theme”, I will stay on point because your career and livelihood are at stake.

Tips to Weather the Storm

  1. Take a class on budgeting and personal finance: This recession came from a collapse of the financial system and housing market. You will need to take precautions to safe guard your family’s finances for at least one year if the economy takes a turn for the worst. Your personal budget should include a savings plan where you will not need to use credit cards or borrowed money to pay daily living expenses. It is also a good idea to check your 401k and other retirement instruments to ensure they are allocated properly.

  2. Create a backup plan for your insurance needs: Most Americans get their health care and life insurance through their employers. However with the proposed changes to the insurance industry through government actions. It is a wise decision to investigate if there is a plan that will fit your family’s budget and needs if you lose your job.

  3. Write your resume and keep it updated: At this juncture, your resume is a both a marketing and a financial document. You should update your resume at least once every six months. Keep a hard copy with your important papers and an electronic copy saved in a format where any computer can read the files. If you are unemployed, you should have several versions of your resume because each job opportunity has different requirements.

  4. Become a lifelong learner: A personal professional development plan is essential to career success. You do not want to be in a situation where you have little or no transferable job skills or old experience. There are many accredited colleges who offer flexible programs for adult students.

  5. Network, Network, Network: The hidden job market is best accessed through relationships. Even in the present economy, companies are still hiring through their employees and other relationship sources. Social media networks like Linked In, Facebook and Twitter are even more important than ever. Many networking opportunities are lost because of improper etiquette. Make sure you are thoughtful in your approach. It is also a good idea to keep an ongoing list of people you meet through social events and social networks. They may be a door to financial and job opportunities.

  6. Learn a foreign language: Your next employer may not speak English as a first language and your next job may not be in the US. Arabic, Chinese, Hindi and Spanish are always in demand. This is an investment that pays dividends

  7. Get your industry certification or professional license: Certified and licensed professionals have the option of becoming well paid consultants or entrepreneurs. People in this category have a few more self employment options and are also among the first hired.

  8. Develop your other talents: There are thousands of stories of people leaving corporate America and becoming successful in a new career field or as entrepreneurs. If you have an idea for a book, movie or business now is the time to develop it.

  9. Don’t buy into all of the hype: What goes up must come down. Don’t allow the news media or “unproven friendly advice” dictate your emotions. Focus on the things that are basic and provide reliable results.

 

 

 

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Comments
2 Responses to “Navigating The Jobless Recovery: Surviving the Alphabet Storm”
  1. This is excellent and positive advise! It is definitely time to invest in oneself. Get trained and you will emerge as a shining star in your profession. There are no words to describe how important that is.

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