According to Bloomberg as of March 6, “the unemployment rate in the U.S. held at 9.7 percent in February and employers cut fewer jobs than anticipated, indicating improvement in the labor market even as East Coast blizzards forced temporary closings of some businesses.”
I suppose this is good news particularly if the intensity of the snowstorms hitting the East Coast were truly to blame for the hold in a declining unemployment rate. Professionals of all ages ask me what these difficult times mean for their careers. I tell them all the same thing – it’s a good time to reflect. A time to reflect on where you are in your career and were you want to go.
Let’s start by talking about the individual who has felt the sting of a lay off this year. Of course, ideally you had your finances in order and have the time to put your career onto the right track. If your bank account is less than secure, here are a few tips:
- Don’t cancel credit cards or pay them all the way down (they are so very hard to get now) – rather, for the months until you find more work, pay the minimum and keep the rest in savings.
- Cut back wherever you can. Do you really need HBO, a box of cigs, or a latte every morning (cut out these and you’ll save almost $400 per month plus the benefit of living a few years longer)
- Put any severance pay into a savings account
- File for unemployment
Finances aside, for many a lay off is just the kick in the butt needed to move on in your career. People often get stuck in a position not having the confidence or commitment to look for their next career move. Take this opportunity (yes, I said opportunity) to review where you are, where you have been and where you want to go.
For those of you that fear a lay off could be imminent, prepare now! Get your finances in order following the advise above, spent some time polishing your resume and portfolio, and lastly, keep your network working for you. Jobs are being had even during these tough times but they take longer to get (on average eight months) and are most often found through a personal and professional contacts.
Now let’s talk about taking the time to reflect. Start by taking a moment to look at where you are right now, what you like about what you are doing and what you don’t. Next, think about what you have done in the past that you enjoyed, maybe parts of your career you didn’t pursue or interests you had that got away from you. Lastly, look at where you’d like to go. I often call this creating a career brief. It a process designers work through with their clients, why not use that same strategy on ourselves.
I cannot stress enough how important it is to be prepared and be proactive. Although experts believe that the unemployment rate is leveling off, we’ve undeniably got months and months of slow growth and changing landscape on the professional front.
