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Career Management in an Uncertain Economy posted on Friday, 24 October 2008

When dealing with uncertainty, most of us tend to imagine the worse.

Faced with an endless barrage of media reports (Unemployment figures reach an ALL TIME HIGH), coupled with anecdotal “evidence” (My niece lost her job, her home AND her dog) we could take the reactive approach and bury our heads in the sand, hoping the economy will turn around. A more effective response, however, might be to perform a realistic assessment of your career, your industry, and seize some personal control.

Proactive career management, the lifelong process of setting goals and creating strategies for achieving them, is something we should all practice, all the time, not just when faced with a changing economic landscape. By maintaining a diligent focus on our careers, industries and communities, we can gain insights that lead to timely resolutions.

Mergers and Acquisitions
Yes, it happens. The oldest, most firmly entrenched institutions frequently merge with others. Young, vibrant start-ups get acquired by established companies. The interesting thing about M & A’s is that, often, the acquired company appears to be conducting business as usual right up to the day they make the formal announcement! They might continue to launch new products, hire new employees, remodel the lobby – when suddenly – everything changes. Even amidst rumors of a merger, many employees cross their fingers and keep plugging away, hoping they survive the change.

The likelihood of a merger occurring in your career lifetime is extremely high and makes a strong case for proactive career management. Why? Because no position is safe – everyone is expendable when the organization finds itself with two of everything. And if your organization is positioning itself to be acquired, it can appear as if all operational logic has gone right out the window while they strive to become as lean as possible to attract potential buyers. Employees who find themselves “downsized” to help reach that magic bottom line number often repeat the same mantra, “Who is going to do my job?” Those who are down in the trenches, performing the day to day tasks know what it takes to get the job done so they mistakenly think they are “safe”. The follow-up statement is usually, “I never saw it coming…”

Dormant Industries
Let’s face it – this may not be the best time to launch a career in mortgage banking, but after all the time, money and effort you’ve poured into gaining knowledge and experience, you don’t want to just walk away, either. In order to continue to make a living, you may need to consider another career that makes use of the talents and skills you’ve developed in your previous position. By highlighting your accomplishments in terms of professional skills rather than in the context of a particular industry, you can position yourself for a new direction. For example, a job posting for a sales professional might include requirements such as “demonstrated ability to exceed sales goals” or “proven track record in building a referral based clientele”. Don’t count yourself out of the running simply because you’ve never worked in that industry – the talents you possess are transferrable. In making your case to the hiring manager, highlight your accomplishments in the context of what you can do for them based on your past successes. And when things pick up in your “real” industry, use the same tactics to transition back. Who knows, you may find you never go back.

The Power Perspective
Layoffs, downsizing, mergers, stalled careers, changing economic priorities … whatever the catalyst for your career transition, how you handle the change will determine how quickly you rebound. If you are currently employed but beginning to feel a bit uneasy, now is the time to take a proactive approach and assess your options. Don’t count on your ability to live off your severance package while you find your next position; in many cases, there is no severance package. Maintain some control over your destiny by considering your options before a change comes. If you are already experiencing the reality of change, this is the perfect time to hit the pause button. If that sounds counter-intuitive, it is. Take just a minute to slow things down and regain some control. Look back at what you have done, take a realistic inventory of your current situation and look forward towards what steps you need to take to find your next great opportunity. Don’t allow this situation to define your past achievements or your future success. The key to gaining the power perspective is to behave proactively, avoid the victim mentality, and position your skills and accomplishments to address the needs of a changing workforce.

Pattie Vargas, co-founder of the San Diego-based career transition services organization NextWork™, utilizes her vast experience in the executive/management/team development industry to help individuals identify their personal strengths to gain clarity on how to achieve career fulfillment and work-life balance. For more information on the services that NextWork provides, call (760) 420-8444 or visit www.nextworkservices.com.

Posted by Pattie Vargas | 1 Comments