Career Q & A: Recession

Everyone says "have a backup plan" for the recession? What does that mean?

Meredith Lavine, Artfulresumes.com:
One can expect a lot of opinions regarding this question. Here are a few considerations:

Have an exit strategy: make sure your resume is up to date and that you are continually updating your skills and connecting with your professional networks. Keep your eyes and ears open for new opportunities. Become active in professional organizations, volunteer to contribute content and present.

Don't limit your options: Explore careers and industries that are "cousins" to yours. Consider other ways of researching and delivering information if you are a librarian. Search for jobs by skill and not by title, you might be pleasantly surprised. Make a list of jobs that are interesting to you and research them. Look for jobs that are on the rise, or trends such as green companies.

Know your transferable skills: Identify and highlight skills that are useful across many disciplines and highlight them on your resume (customer service, internet research, technical skills, website design, supervisory experience, etc.).

Find something to pay the bills: Take an inventory of your skills and figure out what you can do to consult or take on a second position to earn some extra income. What have you done in the past to earn money? Are there opportunities to 'moonlight"? Maybe that will evolve into a new business venture (see below).

Consider starting your own business: Not everyone would agrMake a list of business that you could feasibly start. ee, but some of my clients are very entrepreneurial spirits and have come up with clever ideas to make money doing what they love. Interview a bunch of entrepreneurs to see if this is the life for you.

Review your finances with an advisor: Seek advice from a financial advisor on protecting your assets, building up savings/retirement and budgeting.

I heard we are entering a recession. What can I do to maximize my efforts in finding a job? Should I take a below-my-level job in the meantime?

Keith Gurtzweiler, VP of Recruiting, LAC:
Good question. Quick answer: if you’re survival depends on it — yes. If not, try to find a job that most closely matches the career and job you’d want to take. But at the end of the day you need to feed yourself and pay your bills. Any Hiring Manager would understand that — but then that means (on some level implies) that you’ll keep your eyes and ears open for that career-path type of job to move into as soon as you can.

Brad Rogers, Recruiter, LAC:
Most everyone needs some source of income to survive, so if you are in a situation where you absolutely need income, then you should absolutely take a job below your current level. The only concern with doing this is you will have to explain this decision twice; once to the employer who is wondering why someone overqualified wants this job and then to your next employer, who will wonder what type of level employee you currently are at. However, this is not a bad thing, but you need to be prepared to answer those questions fully and confidently. Most people have gone through tough times in their life, even hiring managers, so as long as you honest, open and confident in answering these types of questions, there should be no problem with taking a job below your current level in during the time of a recession.

Maximizing Efforts – Finding a job is in itself a full-time job. To maximize your efforts during a recession, you will have to get creative. Everyone is checking the job boards and seeing the same jobs, so those are very competitive. The number one thing you can do is network. Meet as many people in the industry as you can and network with past colleagues and friends. Also, working with a recruiting or staffing agency is a good idea as they sometimes have jobs not advertized other places or can contact you the minute a new job arises.

Meredith Lavine, Artfulresumes.com:
Maximizing efforts in an economic downturn takes a little more ingenuity. Finding a job is a full-time job, so the saying goes. Any activity that allows you the opportunity to network with others is worthwhile.

I am encouraging some of my clients to consider volunteering if at all possible for a library or a company which closely relates to the type of job one is seeking. Another option might be to volunteer at your child's or other local school to organize educational events and network with others.

One person took on a library system evaluation project at her child's school. It might be a good idea to volunteer for a professional organization which aligns with your career. Help organize an event, become a panel speaker, moderator or blogger, or write an article. Other networking techniques are to join job hunting support groups or social organizations where people gather to hear a guest speaker or a networking cocktail party and exchange business cards. Get some business cards made with your name, title/field and contact info ASAP!

You might also consider joining your college/graduate/previous job alumni directories and searching by library/company name or by person to initiate contact with folks who might be able to make introductions or who are hiring managers.
In an rough economy, it is understood that a lateral or upward career move is not always possible; hiring managers should understand this logic. It would be more ideal if the job relates to your desired career, pays the bills and allows you to leverage that experience to propel your career in a positive direction. Consider jobs that are "cousins" to your field. For example, if you are an academic librarian who managed the library's website, there might be a similar non-profit or corporate web content management position that might leverage your skills while keeping you on a similar career path.

Kathleen Schmidt, Recruiter, LAC:
Prior to beginning the job search, take time to conduct a thoughtful self-assessment, know your strengths and weaknesses and most importantly, know the kind of work for which you are best suited. Free personality assessments i.e. the Myers-Briggs are helpful. Reach out to companies that provide professional services like LAC, but make sure you've done the groundwork. Have an updated resume ready as well as specific questions about the job search or a position you'd like answered. Ask colleagues, former employers or someone you trust to review your resume and provide feedback. If you feel that there are skill sets you need to acquire, make that happen. Look for online courses, workshops, etc. You are responsible for your keeping your skills current and yourself marketable. Most companies want someone who can "hit the ground running" and often prefer to hire on a temp to perm basis so they can see if the candidate is an appropriate organizational fit. Employers like to see that candidates are involved in professional associations.

Additionally, attend library conferences, actively scan listservs and blogs for the type of positions in which you are interested in, joining professional associations, ALA, SLA and actively participating in those groups is a great way to help maximize your efforts. Attend career enhancement days, dine-arounds, lectures, etc. and inform your colleagues that you are actively looking for gainful employment. Make new contacts wherever you go. Join LinkedIn, Facebook or other social networking sites. Start a dialog about the needs of a particular organization that interests you and forward along your resume, making sure that it has been tailored to highlight the core competencies for which the company is looking. Every employer ultimately wants to know what you can do for them.

Whether or not you take a below-your-level job in the interim is a personal decision. If you feel that this job offers an opportunity to learn a new skill or learn more about a type of job in which you are interested, then take advantage of the opportunity. This is a situation where applying for temporary or contract work is ideal.

Interview as much as you are able. Arrive at every interview 15 minutes early and come prepared. This mean you should know as much as possible about the organization. Thoroughly review the company website-read the annual reports, know the business lines and the names and background of the decision makers. Companies want to know what is in it for them, know what they do and exactly how you can contribute to the organizational mission. Dress professionally always i.e. get and wear a suitto every interview. Always say thank you. Never underestimate the power of courtesy.Be prepared to accept rejection and don't take it personally. Learn what you can from every interview and move on.

My daughter has $100,000 in government-guaranteed student loans. I'm retired and unable to help her. Is there anything she can do to get the loan reduced or the rate adjusted?

Generally, borrowers with government-guaranteed loans have several options. They can request forbearance for a range of reasons, allowing them to put off payments, with an option of paying the interest that continues to accrue, says Edie Irons, a spokeswoman for the nonprofit Project on Student Debt, Berkeley, Calif. If borrowers are unemployed or making a low income, they often can defer payments based on economic hardship, Ms. Irons says; these are usually granted year by year for a maximum of three years. Deferments also are available for students who return to school or engage in military service. Borrowers in some loan programs may be eligible for forgiveness if they work in a public-service or nonprofit job. Also, your daughter may be eligible to consolidate her loans on terms more advantageous to her; see http://loanconsolidation.ed.gov for information.
Expanded help for people in your daughter's position will start next July, when the government will unfurl "a very big tent" for borrowers in the form of income-based repayment, Ms. Irons says. This program will tailor payments to the borrower's earnings, limit the interest owed and potentially forgive the debt after 25 years. Expanded loan forgiveness for borrowers in public-service jobs will be offered as well. More information about these programs can be found on http://ibrinfo.org and studentloanborrowerassistance.org.