Challenge: You are an unemployed executive. You have assessed your marketability and have come to the conclusion that in order to come close to the earning level of your previous job, you will have to leave the area. For personal or family reasons, you strongly prefer not to relocate.
Commentary: This is a dilemma with which talented managers and executives are frequently faced. Professionals in their forties and fifties will likely have children in high school, elderly parents to be near, or both. The family’s needs seem to be conflicting with your earning power, as well as the benefits and status you have accumulated with a successful career.
Strategies:
-
If you are committed to not relocate, first look at the financial impact on your short term needs and long term goals. Invest in working with a certified financial planner. This process will help you (and your spouse or partner) to clarify your financial objectives and maximize the options to reach your goals.
-
If you are bound to traditional employment, realize that convincing an employer that you are willing to accept a lesser job with lesser pay will be a major challenge. Your best bet is to find a growing company where you can potentially recover your status and earnings down the road. Position yourself as a value-priced candidate, one who can help grow the business more quickly because you’ve done much of what they need in your previous role.
-
Consider self-employment or consulting. More and more companies are outsourcing niche functions and services. Where might you fit in? Some former local execs have networked together to form small consulting groups or small business entities. Other professionals are managing to stay local by joining regional or national consulting firms. These typically require a lot of travel and/or overnights, but they pay well and allow you to keep your home here as your operating base.
Challenge: Your employer has notified you that due to a merger with a competitor, your job will be eliminated. You have several months notice and have been offered a lucrative “stay bonus” in addition to severance if you work until the date they determine. You are wondering how to time and pace your search.
Commentary: The good news is that you know where you stand, and your employer has been fair and perhaps even generous in their severance and bonus plans. The difficulty, of course, is balancing the known with the unknown. Employers know that once you’ve been told your job is eliminated; your focus, motivation and dedication to the work at hand will diminish. You will be naturally pre-occupied with thoughts about yourself, your career, and your future.
Strategies:
- All professionals should have a current or relatively up-to-date resume on hand at all times. If you have not done this beforehand, start putting it together now. As soon as the word hits the streets that your company is letting people go, you can expect the phone to start ringing from headhunters. Don’t get carried away with their sense of urgency. They want to be the first to have you registered in their database. Do take the time to put a thoughtful, quality resume together, and distribute it when you are ready. This will pay off in the long run.
- Know your marketability. Even if you are intending to stay until the end, you should start early in researching the kinds of jobs that are out there, what they pay, and where you do or don’t fit their needs. The Internet is a wonderful source to get a pulse on hiring activity and requirements in your industry, discipline, or any targeted geographic area. Understanding how much in demand your skills are in the marketplace will help you to determine when to accelerate your marketing efforts.
- At least three months prior to your end date, apply to targeted opportunities. You will want to have some experience with interviewing in the current marketplace early on. The best case is that you could discover a terrific job and company where you want to work. The worst case is that you will have done additional research and have had current interviewing experience.
