|
Business Are you prepared if you lose your
job? Barbara Rose 948 words 5 May 2008 Chicagoland
Final English Copyright 2008, |
|
Photo
(color): An online profile on a networking site is 'a way of getting that
information out there without the awkwardness of your employer seeing your
resume posted on job boards.' --Diana Smith, managing director in Not
to spoil your Monday, but how prepared are you to lose your job? There's
little excuse these days for not being ready to kick a job search into high
gear at a moment's notice. Better yet, aim to become the type of perennial
passive job seeker who stays in touch with former colleagues and industry
peers and gets a call every now and again from a recruiter looking for
candidates. There's
little mystery about how it's done. The hard part is remembering that it's
necessary. The threat of recession is a good reminder. "In
survival mode, people hunker down as opposed to taking risk," said
Sharon Noha, senior vice president at
Bannockburn-based executive development firm Robertson Lowstuter
Inc. "There's tremendous opportunities for people during mergers and
restructurings to step out into areas where they don't have a lot of
experience. Yet, in the times when there are the most possibilities, a lot of
people lose out. "If
you've got your head down and you're tucked in a little corner someplace,
your boss leaves and then who knows you? If you've done your work by creating
some visibility, you have a much better chance of somebody carving out a new
responsibility. It's not really that different from networking externally,
and you need to be doing both." Here
are some other suggestions from experts: Be
visible. Neil Schermitzler, a regional human
resources manager in Rosemont for Fujitsu Computer Systems, recommends,
"Be visible in a very positive way. Volunteer for projects. Volunteer
for overtime. "Network
online. If you haven't created or updated your profile on a professional
networking site such as LinkedIn, you are missing
out on an easy way to raise your external visibility, said Diana Smith,
managing director in "It's
like your Internet business card," Smith said. "Treat it just like
you would a good resume, only you're not limited to two pages the way you are
on a resume. Show concrete accomplishments and information about what you
could bring an employer. It's a way of getting that information out there
without the awkwardness of your employer seeing your resume posted on job
boards." Ask
your boss to write a few sentences about you for your profile, she
recommends, or "write one for them first and ask them to return the
favor. I've had a lot of my staff ask me to do this for them over the years.
As a manager, I would expect them to put themselves out there and stay in
touch with colleagues." Set
benchmarks. Financial planner Michael Haubrich
of Milwaukee-based Financial Service Group Inc. recommends benchmarking
yourself every few years against the job market to find out how relevant and
transferable your skills and experience are and what others in comparable
positions make. "It's
a good tactic for everyone periodically but especially now," he said. He
recalls a client who initially resisted the notion that her biggest financial
risk was job loss because she was overpaid, based on a career adviser's
assessment of what her job was worth and her transferable skills. "When
the company was sold, her job was on the chopping block," he said.
"They kept her long enough to do the knowledge transfer. She ended up
working in a different industry, but her income is considerably lower." Start
a career fund. Haubrich also recommends preparing
for the inevitable job changes and career transitions by starting a
"career asset working-capital fund," in addition to your emergency
reserves of three to six months of fixed expenses. The
fund has three functions: to continue lifelong education, to finance job
changes and to fund sabbaticals during career makeovers or when you step out
of the workforce for family or personal reasons. One
option is putting money aside in a Section 529 college tuition savings plan,
where it can grow tax free. Most people think of using 529 plans to save for
their children and grandchildren, but you can make yourself the beneficiary. The
main lesson from Haubrich's suggestion is that you
will need to invest in maintaining your most important asset, often without
help from an employer. The amount depends on your salary, your career's
volatility and how many changes you make. Young
workers face the prospect of changing jobs nearly nine times before they
reach age 32, according to the Bureau of Labor Statistics. In March, the
average length of unemployment for all ages was nearly 17 weeks. Workers over
50 face longer job searches. "It's
obvious that a fund for job-change costs is a necessary part of a personal
financial plan," Haubrich said. "Figure
out how much are we talking about and where can you get access to it so it's
available when you need it." -
- - Starting
points *For
online employment and career resources, check out The Riley Guide, www.rileyguide.com
[http://www.rileyguide.com], and CareerBuilder.com
(part-owned by Tribune
Co.). *Create
or update your profile on a networking site such as LinkedIn
or Facebook. For help, consult "Seven
Days to Online Networking" by Ellen Sautter
and Diane Crompton (JIST Publishing). *Make
a list of places you might want to work and network. ---------- berose@tribune.com Your Space |