Be prepared if job future is uncertain

Jul 25th, 2005 | By Bill | Category: Employment News



Be prepared if job future is uncertain

Alan Dages lost his banking job in the early 1990s when every other middle manager also seemed to be receiving a pink slip.

With few banking prospects on the horizon, the former assistant vice president in international trade finance accepted a carpentry job with a friend. He also took on a $10-an-hour job in the DuPont Co.’s legal department, but continued to look for a management-level position in financial services.

“And, as it turned out, I didn’t find a suitable comparable job at all,” said Dages, 58, of Wilmington, who ended up starting his own translation business after some serious soul-searching and networking.

The job market today is a lot less bleak. But if you’re insecure about your job — or face the possibility of job cuts, as do 6,000 workers at MBNA and Bank of America — now is the time to take a good look at your financial situation and begin planning for a new job or even a new career.

Delaware’s banking sector is maturing, and the number of jobs in that industry isn’t growing. However, experts say, there are plenty of job opportunities for those whose skills are transferrable to other industries or whose skills are constantly in high demand within the banking industry, such as customer service.

A recent quarterly survey of 3,000 job

seekers, mostly managers and executives, found that it is taking a little more than three months to find employment, according to Challenger Gray & Christmas, a global job placement firm in Chicago.

That’s slightly better than it took a year ago but, experts say, the sooner you start planning for your next employment move — and how you will support yourself in the process — the smoother the transition will be.

Figure out your finances

If you believe you’re going to be handed a pink slip, think about how you’re doing financially.

“Before doing anything, it is crucial that they consider creating a financial plan,” said Cynthia Hewitt, first vice president of investments and a financial adviser at Merrill Lynch in Wilmington.

Figure out how much money you have readily available in savings and other investments, then calculate your expenses and debt.

“If possible, look for a way to pay down credit card debt, and don’t incur any more,” Hewitt said.

If you don’t have any savings, it’s time to start that emergency fund.

If you plan to make a big purchase — say, a house or car — you may want to hold off until you’re on more solid financial footing.

Also, figure out which benefits you will and will not have once you’re laid off. Is your company likely to offer a severance package? What will it be based on — age, years of service? How much will you have to pay for COBRA if you want to continue with your health insurance plan after you are laid off? Do you have other alternatives for health insurance?

You also may want to visit the doctor to get your annual checkup sooner than later.

“Minimize your expenses and polish your rsum as soon as you can, so you are prepared,” said Bob Cronin, 58, who was laid off twice from banking jobs since the mid-1980s.

Start your job search

If your company anticipates layoffs, a lot of anxiety and plenty of rumors are bound to be flying around the office.

Take that nervous energy and turn it into something proactive, said Jeffrey Yamaguchi, manager of a workplace-related humor Web site, workingfortheman.com.

Yamaguchi lost two jobs in New York City during the dot-com bust.

“Dust up your rsum. Start putting your feelers out there and start looking for a new job,” Yamaguchi said. “You have to gear up into that mode, and it’s great to do that while you still have that job.”

While you might be able to find something quickly that will help pay the bills, some career advisers suggest you take this opportunity to evaluate your career and where you want to head in the long run.

“Figure out if you are on the right track, do you want to change your career direction?” said Kate Wendleton, author of soon-to-be published “Navigating Your Career” and editor in chief of a career coaching newsletter, The Five O’Clock News.

Wendleton suggests that job seekers try to visualize themselves 15 years in the future and consider these questions:

Who are your friends?

What do you do for a living?

Where are you living?

How is your health?

Do this exercise again, but this time think ahead only five years from now. This can help you figure out what you really want to do and whether you’re ready for a relocation or career switch.

“It’s an opportunity to do something else,” said Cronin, who decided to pursue real estate full time after he lost his second banking job. “Sometimes you go through life and say, ‘Maybe I should have — and would have — gone after more risk and gotten more reward.’ ”

If your company is being acquired or is merging, you may not have to look far to find another position. Have you considered looking at opportunities with the other company?

If your skills are transferrable, Wendleton recommends that you rework your rsum, making sure you use the right terminology.

For example, if you work in check processing and want a job in health care or some other field, you can say you have experience handling financial transactions.

Other suggestions: Read trade journals. Join associations. Broaden your network.

After Dages lost his job, he decided to pursue his love of languages. He joined the French American Chamber of Commerce and attended international trade meetings. At one such event he even won a raffle — two free tickets to Paris. In France, he was able to job-hunt and meet potential clients for his translation business.

“I was out circulating in public and meeting with people,” Dages said. “I didn’t try to hide the fact that I was unemployed. The more people know about it, the more you can expand your network.”

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