Career strategies in economic uncertainty Jason Wodlinger
Industry Centre > Blogs > Career strategies in economic uncertainty | Jason Wodlinger
Posted by Jason Wodlinger
on Monday, December 08, 2008.
Categories: Careers
It’s an unsettling time for both the economy and the media sector. With the major media organizations laying off significant portions of their workforce, it can be a nervous time for those searching for a new job or trying to break into the industry.
If you’re considering switching from your current job into a new opportunity, consider the following issues:
- LIFO, a manufacturing inventory term for 'Last in First out' – in other words, in these turbulent times, the last person to be hired is a target for the first to be laid off
- Consider if the impetus to leave your employment is due to a desire for a new job or a new career – they are very different issues. If it's a new job, make a list of the reasons motivating you to leave. Are your concerns due to problems that any company could have or are your frustrations specific to this place of employment? For example, leaving because of a disagreeable boss doesn’t guarantee you'll get a better one at a new job. However, if you work for a sector like technology and you can't stand technology, then this is a more specific reason to move on.
- If it's a new career you desire, perhaps it's best to ride out the recession first before taking too great a risk – maybe go back to school or seek out some mentors in the career you want to see if that's the right direction for you. Now is a perfect time for reflection and not necessarily spontaneous action.
- The competition for jobs is fierce right now with fewer opportunities and more people in the workforce due to layoffs.
- Most companies will probably have a hiring freeze – that is, either they're not allowed to create new positions or they’re not allowed to replace positions which have become vacant.
- If your current company is not allowed to replace people who have recently left, perhaps now is the time to request more responsibility. A company may be more motivated to keeping you happy versus having to lose you and not be able to replace you.
There are strategic actions one can take even in this recession environment if you recognize the opportunities:
- Now is a great time to seek out information meetings (see my previous post). Although some managers can't hire new staff right now, that doesn’t mean they're not thinking about it. The moment hiring freezes are lifted, these positions will immediately become high priorities. If you have already met with prospective employers via information meetings, you're already ahead of the game.
- Keep an eye on executives who have been laid off. While I do not make light of their very stressful situation, many senior executives who are now 'free agents' decide to branch out on their own (like consulting) and they're always looking for fresh faces to join their team.
- Perhaps now is the time to ask your company for educational tuition assistance. Most corporations have an education account that is controlled by HR and therefore is not subject to elimination due to corporate financial challenges.
- If now is not the time to jump ship, you can always take a pause in your job search to learn more about your industry, discover a new one or even start taking night classes or correspondence courses. Although jobs may be scarce, the industry keeps evolving and those developing sectors will continue to need employees once the economy gets back on its feet.
- Sometimes when a corporation lays off employees they make a rather broad sweep; however, upon economic recovery, they may realize that they need to rethink their decisions possibly requiring immediate hires; again, getting your name known within these departments is a strategic move.
- Now is a great time to network with your colleagues – in this climate of financial anxiety and a looming ambiguous future many individuals need to trade information in order to understand the full impact on all areas of the industry. People who may have been nervous before about networking are probably well motivated now to connect with professionals.
Overall, given the uncertainty of our national economy and the trickle down effect on our media industry I would not recommend making any drastic moves which are not heavily calculated or whose associated risks are not fully taken into consideration.
Of course if your current employment situation is intolerable or if you have the guts of steel, then by all means leap. However, if you are more inclined to weather the storm, these are a few of the many developmental strategies you can adopt for your career. jason@wodlinger.com
Other posts by Jason Wodlinger
NSI on the web
Views expressed here are the views of the author and do not necessarily reflect the views of the National Screen Institute - Canada (NSI).
Comments
Login with Facebook
You can post comments using your Facebook account by clicking the button below.
Login with your NSI account
Sign in to add comments or join (it's fast and free).
The views expressed here are the views of the author and do not necessarily reflect the views of the National Screen Institute - Canada (NSI).