Home
 
Job Search - Avoiding a Personal Bailout
 

By Tim Tyrell-Smith, on 05-10-2008

Favoured : 4

Published in : Career Advice, General Career Advice

Job Search - Avoiding a Personal BailoutWhether you are looking for a job today or fear the possibility of needing to dust off your resume involuntarily in the near future, you need to be conscious of the financial risks. Those risks need to be a driving force in your feeling a sense of urgency toward creating and proactively executing your job search strategy.

 

The reality is that being out of work is full of ups and downs. The ups include the excitement of proving yourself in an interview and the possibility that your search will end in that perfect position (great boss, more $ and a really short commute). The downs can be staggering and painful to accept - especially if you have been employed for most if not all of your career. So, is it possible that your personal finances could get so bad during transition that you need to bail yourself out?

What would be the equivalent of a Wall Street Bailout in your house? How bad could it get and is it really possible?

Here's the set up:

 

1. You are a popular and well-thought of (insert title here) at your company. You've been there a year and have made good progress in helping your business unit grow and become more profitable. While not well off, you live comfortably and have some savings (let's say you have 2 months worth of salary).

 

2. One surprising spring morning, a press release hits your desk announcing a partnership with one of your biggest competitors. Hmmm. Well, you say, that should be interesting.

 

3. A day later, during an impromptu meeting, you learn that your company is being acquired by your competitor (who happens to be bigger and stronger).

 

4. Despite a real threat, you make the confident assumption that your role is vital to the company and the odds of your being "released" at some point is unlikely.

 

5. You clear the first round of cuts, quietly "high-fiving" others not on the separation list.

 

6. One month later, cut # 2 comes and you are walked down a hallway where your boss and the HR representative share the news of your separation. You are offered two weeks for every year worked (you've worked one). Lucky for you, the company has a minimum severance of 8 weeks - it starts Monday.

 

7. Monday AM you are sitting at the kitchen table in your pajamas, shaking your head. You turn on the computer and look for two things. The list of recruiters you worked with 12-15 months ago and the bookmarks you hope you saved for all those job search engines. You set up alerts on Monster and Yahoo!Hot Jobs and review a few keyword search results. You call and leave messages for the 3-4 recruiters who called you back last year.

 

8. Monday PM, after the kids are asleep, you and your spouse have a positive and optimistic discussion about what comes next, how you'll work together "to make it through this".

 

So when does the bailout become necessary?

 

During the next 8 weeks you get your resume updated, re-write last year's cover letter, continue trying to contact recruiters, continue pecking away on your laptop waiting for that magic job alert to hit your in box. The truth is 8 weeks is not a long time in the job search world - especially in a tough economy. Even if you landed an interview on day 1, it can take up to 8 weeks to get through two to three rounds of interviews.

 

During the next 4 weeks you come to terms with real budgeting now that not only are you out of severance but you are also now paying the cost of your prior company's medical plan. Where does this money come from? In some form, assuming you do not have Hank Paulson as your father-in-law, you will need to borrow money or spend your emergency savings.

 

During the next four weeks, next four weeks, next four weeks - If your search, despite valiant efforts, continues beyond the value of your severance, your emergency savings and your initial borrowing, what next? You've got a 401k, right? A line of credit with a few thousand left on it? This is the kind of bailout that we all want to avoid.

If you are a working professional, what are the lessons of this scenario?

 

1. Never assume that you and your company will never part and always have yourself ready in case things change. In this legal climate of "at will" hiring, it is smart and not disloyal to be prepared.

 

2. Keep all of your personal documents updated at least twice per year. This includes your resume, cover letter, list of references, biography, one page summary, personal business cards.

 

3. Stay in touch with your references and make sure they are aware of cool things you are doing at work. It will make it easier for them to support you down the road.

 

4. Take recruiter calls and do the best you can to help provide only solid and relevant candidate references.

 

5. Maintain your network even when you don't have to do so.

 

6. If you can (tougher today), qualify for and take out a home equity line on your house. Get as much as you can and don't spend any of it. This is harder to do once you are unemployed.

 

7. If you sense that something is not right - you are hearing rumblings - start your silent search. This includes a more aggressive engagement of your personal network as well as identifying upcoming local networking events, discussions with a few trusted recruiters, the updating of your online network profiles. Google yourself and determine how strong your brand is online.

 

8. Build your job search strategy now instead of waiting for an announcement.

OK, so that's the "scared straight" perspective. Please, please, please do not assume that it takes 3 months to find work. It may and I hope yours is successful in that timeframe. It may take 6 months or more.

 

Be proactive, have a sense of urgency about your search effort and give your network all the tools they need to help you. While you may not completely avoid the bailout, you can anticipate the financial pressures, plan for them and have a strategy to succeed.

 

Tim Tyrell-Smith is a veteran consumer packaged goods marketing executive with a passion for ideas and strategy. He writes the blog Spin Strategy™ - Tools for Intelligent Job Search, a new efficiency-based job search strategy and tool set that is based on the concept of "plate-spinning". It helps place the right efforts against the right resources to maximize the return in job search. He created Spin Strategy in 2007 after coming out of his own job search experience with a desire to share his new found methodology with anyone needing support in finding that next great role.

You can view Tim's blog at http://quixoting.typepad.com/spin_strategy

 

Tim Tyrell-Smith - EzineArticles Expert Author

Last update: 05-10-2008

User comments Quote this article in website Favoured Save this to del.icio.us Related articles
Discover 3-Six Figure Jobs on a List of Salaries For Careers
 

By Sarah Sterns, on 20-09-2008

Favoured : 5

Published in : Career Advice, General Career Advice

Discover 3-Six Figure Jobs on a List of Salaries For CareersIn this article, you'll easily discover six figure jobs which can be found on a list of salaries for careers. We are talking about the $100K a year range; which contains some of the highest paying occupations that undoubtedly call for hard work and consistency.

 

You get no free lunches on your road to wealth. Moreover, there are no get rich quick routes available to you either. As a matter of fact, you should plan and plot your pathway by learning each of the six figure jobs found on the list of salaries for careers.

 

Career moves are always an acceptable option. Increasing your education foundation adds favorable versatility to the skills you bring to the table. This angle can certainly enhance your ability to reach your six figure income goal. This article will consider salaries of six figure jobs.

 

Software Engineers

 

You'll need a bachelor's degree in computer programming in order to get yourself a decent start. Depending on where you obtained your degree, you could start right on the precipice of $100k per year.

 

That's a solid start to any career. It will take some time for you to reach the magical $150k arena, but with experience and hard work, it can be achieved.

 

Actuaries

 

Do you have exceptional math and statistical skills? Are you comfortable in the financial or insurance sector? Consider becoming an Actuary.

 

Mind you, actuaries must go through so many rigorous certification exams; that by the time they become an Actuary they are in the $120K area anyway. Topping out at $160k is not unheard of.

 

Actuaries do a lot of number crunching, estimates, insurance and investment strategies. The vast majorities hold a bachelor's degree in statistics, math or finance and sometimes they hold advanced degrees.

 

Marketing Managers

 

If you are worth your salt as a Marketing Manager, you've got it made. You can end up in a very demanding position, but you can also wind up raking $170k into the coffers.

 

Depending on your experience, advanced degrees, organizational skills and most of all your creativity, that $170k can end up being left in the dirt. The sky would be the limit.

 

Marketing Managers must be able to juggle, while always keeping their eye on the ball. They must be able to jell customers, with products and services. They lead complex marketing campaigns that involve not only customers, but also their competition.

 

When considering how each of these six figure jobs makes it onto a list of salaries for careers, two planks that seem to be necessary ingredients are experience and continuous education. These are some of the highest paying occupations, so hard work must also be figured into that mix.

 

There you have it, three heavy hitters in the six figure jobs market which can be found on a list of salaries for careers. Check out my Free Report about online job opportunities that can be done at home. Grab it here: http://www.clefinfodesigns.com/six-figure-jobs

 

Last update: 20-09-2008

User comments Quote this article in website Favoured Save this to del.icio.us Related articles
3 Essential Interviewing Secrets You Must Know to Quickly Land Your Next Job
 

By Michelle Dumas, on 02-09-2008

Favoured : 15

Published in : Career Advice, Interview Tips

3 Essential Interviewing Secrets You Must Know to Quickly Land Your Next JobThe single most important thing you can do to get a job is to interview. That's right. You've promoted yourself with a stand-out resume, you've opened the right doors, attracted the attention of the person with the power to hire you, solicited an invitation for a meeting, and now it is the moment of truth.

 

If you've brought your job search to this point, congratulations are in order! Success-the job of your dreams-is in sight.

 

And yet, many people are fearful of interviews, anxious that they might stumble or freeze on a difficult question, scared of appearing unqualified, or afraid of rejection. While it is natural to feel this way, interviews are also the time when you can shine and where you can position yourself strategically to win the job.

 

This article will teach you an easy way to prepare, so that you can feel confident and really shine in interviews. With an understanding of these three interviewing secrets and the preparation that goes along with them, you will have the ability in your next interview to engage in a conversation and paint a picture in the interviewer's mind of exactly how you are the best qualified candidate to meet their needs and help them solve their problems - ultimately winning the job offer.

 

Secret #1 - Know your prospective new employer

 

Take your time to do your research before the interview. Preparation is an absolute must. Before your interview, you should take the time to learn all you can about the industry and trends in the industry, the company you are interviewing with, their strengths and weaknesses, their competitors, and the challenges that they are facing.

 

But, don't stop there. Try to uncover some information about the position you are filling. Will you be replacing someone? Can you find out why? How does the position "fit" in the overall plans and goals of the company? What will be the expectations of you in the position, the challenges you will face, and the problems you will be expected to solve? These are, of course, all good topics for conversation and questions AT the interview. But, if you go armed with some knowledge already, you will have a basis for understanding the motivation behind questions the interviewer may ask, and will have a stronger foundation for framing your answers.

 

Finally, you should also take the time to learn about the interviewer, the person who will be your boss, and your boss' boss. What keeps these people up at night? What are their top issues? What goals and objectives are they tasked with achieving for the company? All of this knowledge allows you to be prepared with success stories from your past that will illustrate you're your strengths and value proposition are a perfect fit for the needs of the company.

 

Take the time to do your research and you will shine in the interview, easily differentiating yourself from the competition through your knowledge, sincere interest in your future employer, and your initiative.

Secret #2 - Know your value proposition and how you will deliver ROI to your new employer

 

It is essential that you understand the bottom-line motivation of every company: that each of their employees deliver value-a return on their investment in hiring that employee.

 

Value and returns can be defined in a variety of ways, so it is helpful to remember that at the core every job is designed for one or more of three purposes:

 

1) To make money for the company
2) To save money for the company
3) To solve a problem for the company

 

Prior to your interview, it is essential that you give some deep reflection to the questions of how YOU will make contributions to your prospective new employer. How will you make the company better? More profitable? Stronger? More productive? More efficient? What problems are you especially well qualified to solve for them?

 

In the answers to these questions, you find your value. Communicating your value during the interview, particularly as it relates to the drivers and issues you uncovered during your research, is a crucial key to the success of your interview.

 

Secret #3 - Be prepared with success stories to illustrate your proven ability to add value

 

At this point, you are probably thinking about preparing to answer questions during the interview. The best way to do this is NOT to just prepare memorized speeches to the hundreds of potential questions you might be asked!

 

Sure, you should be familiar with typical interview questions and be ready with a general strategy for answering them. But if you put too much time into memorizing them, your answers will come across as stilted and rehearsed, and when you are asked an unexpected question you are likely to freeze.


Remember this essential truth: At its very core, a job search is a marketing campaign very similar to any other marketing campaign in which you are selling a product or service. But in a job search you are selling the ultimate product - YOURSELF!

 

At the essence of all marketing campaigns is an understanding of the priorities and problems of the target audience, and then of course the communication of the benefits and value that the product or service that you are selling will deliver in relation to those. We've covered each of these in the first two secrets of interview preparation.

 

I would like to encourage you to begin thinking about your job search in this very same way. You are the product that you are selling and as such, you have value and benefits to offer your target audience - the employers and hiring authorities. These values and benefits need to be conveyed in all of your job search interactions and communications. Your job search really is a personal sales and marketing campaign.

 

Knowing all this, how do you prepare for answering interview questions? As much as possible, you'll want to phrase your answers in terms of the benefits and value they will add to the employer. Don't just tell the interviewer you have a strength-give them an example that illustrates how you have used the strength to produce positive results in the past and provide context that will help the interviewer understand the strategic importance of the delivered results.

 

Your interview answers will be derived from what is commonly known as CAR Success Stories (Challenge-Action-Result Success Stories). Before your interview, take the time to think about and document between six and twelve CAR Success Stories. What are some of your greatest accomplishments that illustrate the strengths you want to highlight in your interview? What were the challenges you faced related to these accomplishments? What actions did you take to meet the challenge? What were the results-quantified results when possible-of the actions that you took?

 

Take your time to write out these stories and then learn them backwards and forwards. You will call on them to answer nearly every question you are asked in an interview, successfully turning your interview from a simple Q&A session into a memorable, positive, job-winning dialogue.

 

Want to Use this Article in Your Ezine or Website? You are welcome to as long as you use the following text with it:

 

Nationally certified resume writer, career marketing expert, and personal branding strategist, Michelle Dumas is the founder and executive director of Distinctive Career Services LLC. Through Distinctive Documents http://www.distinctiveweb.com and her Executive VIP Services delivered through http://www.100kcareermarketing.com Michelle has empowered thousands of executives, professionals, and managers all across the U.S. and worldwide with all the tools and resources necessary to conduct a fast, effective job search.

 

To learn more about her job search products, resume writing services, and career marketing programs, and to sign up for many other free resources, visit her websites.

 

Article Source: http://EzineArticles.com/?expert=Michelle_Dumas

Michelle Dumas - EzineArticles Expert Author

Last update: 02-09-2008

User comments Quote this article in website Favoured Save this to del.icio.us Related articles
<< Start < Prev 1 2 3 4 5 6 7 8 9 10 Next > End >>

Results 1 - 4 of 128
 

Polls

Top 10 reasons why people quit their jobs
 

Who's Online