Since
the fall of the financial services empire and nearing
what could be the last stand for some major corporations,
new to mid-level recruits and decorated veterans of the
workforce are finding themselves in a time of both uncertainty
and opportunity – one that requires strategy, ingenuity
and sheer determination.
With experts predicting worldwide job losses to reach
10 percent by 2010, the job market is starting to play
out like a game of Risk. While the goal isn’t world
domination, the workforce, and those seeking to gain entry,
is tasked with utilizing new strategies and tactics to
battle market forces.
Casualties
of recession
The U.S. Labor Department has reported a loss of more
than six million U.S. jobs since the start of the global
recession in 2007. To stay productive and cost-effective,
a staggering number of companies and industries have cut
jobs and instituted layoffs. According to the U.S. Bureau
of Labor Statistics, between December 2007 and June 2009,
there were 39,822 mass layoff events – layoffs involving
50 or more workers, with 4,090,538 initial claims filed
in those events. These stats are the highest numbers recorded
since the bureau began collecting this type of data in
1995. Workers relieved of duty are finding themselves
back on the job market, many for the first time in a number
of years or even decades, and experiencing few job openings
and fierce competition.
“Employers are using this time to trade up,”
said Greg Demos (BGS 2005, Bryant U.), who has worked
in the HR and staffing industry for more than 10 years
and currently serves as vice president of sales at Veritude
Investments. “There’s a trend to reduce the
lower-quality employee and find better qualified individuals
at a lower cost than in the past.”
He said employers are also seeing an overwhelming number
of candidates.
“It might be easier to find an applicant, but it
has become increasingly more difficult to sift through
the number of applicants,” said Demos.
Seasoned professional Jonathan Donahue (BGS 1998, Columbia
U.) has been trying to get to the top of the applicant
pool since he found himself out of a job in November 2008,
just six short months after relocating from the New York
City/Connecticut area to take a position with a private
equity collections firm in Charlotte, N.C. Donahue, who
has held several c-level titles throughout his 18 years
in the financial services industry, had his role eliminated
after the company restructured.
To find a job, he’s utilized a number of resources
and shared how he’s approached the search since
his unemployment.
“I started out by casting as wide a net as possible
and then fine-tuned my search to learn what industries
were hiring, what companies were out there and what kinds
of roles I’m a good fit for,” said Donahue.
That wide net was cast to exactly 3,676 email recipients
– professional and personal contacts, executive
recruiters and private equity firms. He has kept a detailed
log of his search methods and has recorded the response
and opportunities that have come as a result.
“I
had about 96 tangible opportunities from all of that,
nine of which I am currently at different levels of discussion
with,” said Donahue.
While he has experienced interest, he’s also had
to cope with rejection in a highly competitive job market.
“Companies are absolutely a lot pickier. There are
positions that I am applying for now, I would have been
a shoe-in for a couple of years ago, because I had 70
percent of what they needed,” he said. “But
today, they don’t want me, because I don’t
have that other 30 percent – and they want 100 percent.”
To combat the competition, Donahue has mostly relied on
a core strategy rooted in the art of networking.
“People think networking is, ‘Do you have
a job for me?’ or ‘Can you help me get a job?’
That is not networking,” he said. “Networking
is, ‘I am in the market and this is my skill-set.
If you know anyone that needs help, let me know.’
Meanwhile, ‘If you know anyone that I can help,
let me know.’”
Donahue established Working Hands Career Ministry, a resource
developed at his church that provides programming for
a variety of career issues.
“The act of getting involved and creating this ministry
to help other people find jobs and opportunities has really
helped me with my own job search, because I get to meet
more people,” said Donahue. “Getting involved
in the community and organizations and being proactive,
not only for yourself, but for others, builds a real network
that can really distinguish someone’s job search.”
Survival of the fittest
For those currently employed, keeping a job now might
often be as stressful as it is for those looking –
especially if they happen to be working in industries
and at companies that have already experienced mass layoffs
and a decrease in employee benefits.
It may appear there isn’t much rhyme or reason for
who stays and who goes when a company decides to restructure
its workforce, but often a number of factors determine
an employee’s worth.
“Employees are investments, from the base salary
to the bonus and benefits – those are all things
that are costs to the firm – so they’re looking
at who can work the most efficiently and who can learn
and handle several roles,” said Jacqui Tedaldi (BGS
2005, St. John’s U.), a senior recruiter at Coalesce
Search, a boutique staffing and consulting firm.
Jonathan Stiffy (BGS 2005, Clarion U.), a mid-level manager
at a plastics compounding company, was recently faced
with the uncomfortable task of determining the worth of
his employees when he had to restructure and downsize
his department.
“I took a hard look at my employees and the vision
I had for our laboratory once conditions in the economy
improved,” he said. “I asked myself questions
like, ‘Do I see this employee being an integral
part of what we want to accomplish over the next several
years?’ ‘What does this employee add to the
group that others don’t?’ ‘What has
this employee done to develop him/herself over the past
years to make (him/her) more valuable to the group and
achieving our goals?’ And most importantly, I asked,
‘How diversified is this employee’s skill-set?’”
This last question was the most critical for him, because
he knew downsizing would ultimately involve shifting roles
and responsibilities. In addition to asking difficult
questions, he also made a chart that listed all of his
employees on one axis and specific attributes on the other,
including leadership, initiative, skills/training, skill
diversification and attitude. He then ranked the employees
based on the criteria and looked at employee performance
appraisals for the previous two years. He also solicited
input from other managers familiar with the employees
to get a “360-degree evaluation.”
“All of this took a lot of work, but the extra diligence
made the decision much easier. Not to mention making it
much easier on my conscience afterwards,” said Stiffy.
Although this was the first time in his relatively short
career that he had to manage a downsizing – he joined
the workforce in 2005 after graduating with his MBA and
has only been at his management post for a year-and-a-half
– he said he’s gained insight into what it
takes to stay employed during this time.
“Employees that embrace change as an opportunity
for growth throughout the course of their careers are
the ones who will most likely remain employed during a
downturn.” said Stiffy. “Employees need to
have a diversified skill-set and determine the things
they can do better than any of their peers – and
keep doing them consistently well. One thing I’ve
noticed since the downsizing took place is everybody has
been competing to show his or her worth,” he said.
“The ones who have been doing that all along will
likely stay employed regardless of the business environment.”
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So what are some ways to stay marketable
and valuable?
“Seizing new opportunities to continue education
and cross-train in new jobs when they arise are essential,”
said Stiffy. “Continually improving your span of
knowledge in your field or industry is very important.
Education doesn’t stop once you get a diploma –
it needs to continue throughout your career.”
Tedaldi agrees and also suggests, regardless of your profession:
“Take a few courses to learn a new system or get
a certification – something new to put on your resume
to show that you’ve mastered and are continuing
to better your skill-set.”
Aaron Kerwin (BGS 2007, U. of Northern Colorado), a young
professional working as an IT consultant who has survived
a downsizing at his Denver-based firm, offers his take
on staying employed during lean times.
“It comes down to being marketable, motivated and
flexible,” he said.
Kerwin, whose employer went through a round of layoffs
in January, said his willingness to work outside the Denver
area has been a big reason for his continued employment.
When he took this position a little over a year ago, Kerwin
said he, along with many of his co-workers, were hired
under the agreement they would work in the metro area;
however, his company has struggled to find work in Denver
and many jobs require travel.
“The trend I’ve noticed is when consultants
are not willing to travel to a project that fits their
skills, management changes their attitude and in some
cases has let people go,” he said.
Kerwin’s flexibility may be helping him stay employed,
but he also has plans to continue his education this fall
to get his MBA.
Opportunity costs
Many people have found themselves at a crossroads during
this recession – whether that involves a job loss
or making a career change. Some see this period of economic
instability as a chance to seize new opportunities –
pursuing higher education, starting a business, or switching
careers. But how do individuals weigh the costs and manage
the challenges they are likely to confront?
In 2007, Brian Decker (BGS 2009, U. of North Carolina
at Charlotte) realized an opportunity to pursue a different
path after working for 16 years in the healthcare industry.
While employed mostly in clinical settings as a medical
technologist in Charlotte, N.C., he found opportunities
for advancement to be both scarce and competitive. He
was also interested in healthcare administrative positions,
but noticed education requirements were vastly changing
for those jobs.
“I knew for advancement, I needed some kind of master’s
level degree to even be considered, when that didn’t
used to be the case for those jobs,” he said.
Decker said that was a big reason he decided to go back
to school and pursue his MBA. Another consideration, he
adds, was to potentially market himself outside of healthcare.
“I had 16 years of experience in healthcare, so
getting my master’s in healthcare administration
seemed a little bit redundant,” he said. “I
wanted to diversify, so I could go outside of healthcare
if I wanted to.”
In September 2008, he started searching for a new job
in healthcare administration or consulting. But instead
of leveraging his networks in the healthcare system he
was familiar with, Decker chose to focus his search on
consulting groups, and manufacturers and suppliers of
clinical instruments.
Without a strong network to rely on, he had to use other
tactics to get in front of employers.
“One of the best tactics I learned and recommend
to others is, prior to submitting a resume, call and actually
talk to a recruiter and ask some questions,” he
said. “This is a good time to do that, because you
are weighing the decision to apply or not and legitimately
have honest questions. And sometimes you can even leverage
that conversation into sending your resume and cover letter
directly to that person.”
Decker said the majority of recruiters were responsive
to this tactic and it allowed him to better target and
tailor his applications. He landed several interviews
using this strategy, but still found economic factors
challenging. One position he targeted at a healthcare
consulting firm was ultimately eliminated due to the economic
climate.
“It was very disappointing and I questioned whether
that was the real reason; or was this just their way of
not being honest and brushing me off?”
Uncertain, he reached out for insight to the recruiter
with whom he had developed a relationship. He said she
helped reassure him and put things in perspective.
Not too long after that setback, another position with
that same company opened up. He inquired with the recruiter
he knew, applied and went on a series of interviews. He
eventually landed the job – analyzing healthcare
information and products to determine opportunities for
cost-savings and improved safety and clinical outcomes
for facilities across the country.
Decker thinks his clinical background definitely helped
secure the position.
“That was exactly what they were looking for. There
are very few people with my medical background with their
MBA.”
Charting new territories
Like Decker, many people are seeing their industries change
and are taking steps to market themselves for career advancement
or a job switch. Some are even taking hold of the reigns
and starting their own enterprises. In fact, a recent
CareerBuilder.com survey found that one-in-four workers
who have not found jobs in this job market are considering
starting their own business.
A major draw towards self-employment in this economic
environment is the ability to pull the strings in your
career, but for those who’ve assumed the role of
puppet master, the control is accompanied by a new set
of challenges and risks.
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In 2007, after working 20 years in the marketing department
at a music products company in New York City, Laura Whitmore
(BGS 1998, Hofstra U.) began questioning her future.
“After 20 years, you start to think, ‘Maybe
I need to try something else – how far am I going
to go with this company? Maybe there are other things
I can do,’” said Whitmore.
During this same time, her husband had also been offered
a very tempting position in California, making the idea
of change much more imminent.
Ultimately, her family moved to the San Francisco area,
but prior to the move, she decided she would start her
own marketing company – focusing on the industry
that she knows, music products.
“Fortunately for me, the biggest tradeshow in this
industry is in Anaheim, Calif. Before we moved out here
I went to the show and it kind of gave me an ego boost,”
said Whitmore. “It was great talking to people and
having them say, ‘Hey, when you’re ready,
call me.’ I got really energized from that.”
With the interest she received from her networking efforts,
on April 1, 2008, she launched Mad Sun Marketing. She
started out with just two clients, but has steadily built
her client list.
Whitmore is finding that in her industry and this economy,
her experience and value have helped her find work.
“I’m a more affordable alternative to some
of the larger agencies that companies have traditionally
used,” she said. “I have more than 20 years
of experience in this industry working with top brands
and my hourly-rate is a lot lower than an agency that
probably doesn’t have my level of expertise.”
However, she hasn’t been completely shielded from
the hardships of the economy and the challenges one encounters
starting her own business.
“I do get a lot of interest from people saying,
‘Wow, that’s a good idea,’ but they
won’t close, or they wait awhile before they say,
‘Let’s go ahead,’” she said. “I
definitely get the vibe that people are doing what they
have to do, and those extra things they would have done
without thinking before, they just aren’t doing
them right now.”
Since starting her business she has also had to reach
out to people more.
“I never really thought of myself as a salesperson,
but that is part of working for yourself – putting
yourself out there and assessing a need you perceive,” Whitmore said.
Much of her marketing effort consists of cultivating her
network and reaching out to people by email, or making
a phone call to let them know what she’s doing.
“When I was working in the marketing department
at a company, I had a budget and salespeople called me
because I was the one spending on resources like myself,”
she said. “Now, I’m on the other side of the
table, which is a bit bizarre. I definitely have a lot
more appreciation for those people because I now know
the feeling of waiting for a client to get back to me.”
Now that she is self-employed, Whitmore has some added
perspective and advice on what it takes to get started.
“If you’re considering starting your own business
in this economy, you have to know if there is a market
for what you want to do and know you’ll be able
to support yourself, because it’s a lot of blood,
sweat and tears.”
If individuals are weighing their options and deciding
what to do next, she suggested doing some research. Whitmore
said it can be beneficial to talk to others who work in
the industry you seek to enter. She said it can often
provide unique insights that can’t be found in other
places.
Keeping a finger on your industry’s pulse is vital.
“You have to make sure you keep your perspective
fresh...” she said. “They have to know that
you’re really legit – you have to walk the
walk, live it and love it. That’s why they want
you instead of Company XYZ. They want the person that
gets it.”
Barriers to entry-level
They are bright-eyed, ambitious and armed with a freshly
inked diploma. Their admission fee into the workforce
has been paid in the currency of lectures, credit hours
and high marks. However, many recent graduates looking
for jobs are learning a new lesson in economics as they
compete in the toughest job market in at least 25 years.
According to a report released in March by the National
Association of Colleges and Employers (NACE), employers
said they expect to hire 22 percent fewer 2009 graduates
than they hired from the class of 2008. And not surprisingly,
more than two-thirds of employers said the economic climate
was the determining factor. Employers also said they were
uncertain about the future. More than 46 percent said
they were unsure about their fall 2009 hiring plans, and
17 percent reported they expect to further scale back
college hiring.
The report sheds light on some grim realities. Just 19.7
percent of 2009 graduates were able to find jobs by their
graduation date, according to a more recent survey conducted
by NACE. In comparison, 51 percent of those graduating
in 2007 and 26 percent of those graduating in 2008 who
applied for a job had one by the time of graduation.
One of the lucky ones was Samantha Toigo (BGS 2008, Marquette
U.), who completed her accounting degree at Marquette
University in May 2009, and was fortunate to receive several
job offers prior to graduating. In the fall of 2008, Toigo
accepted a position at a public accounting firm.
Although reports show a strong demand for accounting professionals,
Toigo hasn’t been completely immune to the woes
of the economy – her start date has been pushed
back from September 2009 to January 2010. According to
CareerBuilder and USA TODAY’s Q3 2009 Job Forecast,
nearly one-in-10 employers have presented job offers with
postponed start dates this year to secure talent while
delaying expenses associated with additional headcount.
While finding a job didn’t prove too difficult for
Toigo, other recent grads are finding the market to be
more daunting than they anticipated. Emily Williams (BGS
2008, U. of Denver) has been looking for full-time employment
in the marketing industry since August 2008 when she graduated
from the University of Denver with her MBA.
“I thought I was going to graduate from this really
great school, with this really great degree and get a
job pretty quickly – and a high paying job,”
said Williams.
Instead, she encountered few prospects in an industry
currently experiencing budget restraints and cutbacks.
“Initially, I only did online job searches. I probably
filled out 150 applications and only got one response
for an interview.”
After little interest, which she thought might be due
to lack of work experience and possibly having more education
than required for an entry-level position, Williams decided
to change her strategy. In February, she sought the advice
of a career consultant. She determined her skills and
interest to be geared towards market research and has
started looking for positions in that field.
Williams, who describes herself as shy and introverted,
has also been pushing herself to network.
“I tell everybody I talk to that I’m looking
for a job,” she said. “If I’m out at
Starbucks and the barista asks what I’m doing, I
tell her that I’m looking for a job. I’ve
gotten several leads that way – by not being embarrassed
and just embracing, ‘This is what’s going
on in my life right now.’”
Williams keeps busy by consulting – helping others
with marketing, resume writing and design work.
“When I go on an interview it gives me something
to talk about – what I’ve been doing for the
last year – rather than not having anything to say,
because that’s not appealing.”
Over the past year her attitude towards finding a job
has changed.
“This year has been an exercise in expectation management
for me. I’ve realized that it’s not all about
me; it’s about making myself appealing to an employer
and proving who I am as a worker,” she said. “It’s
about how I can benefit them, not how they can benefit
me.”
