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Economy Meltdown Executive Candidate Survival Tips

Written by: Kylie Hammond

Article Overview: When the going get's tough, the tough get going!

Economy Meltdown Executive Candidate Survival Tips

When the going get's tough, the tough get going!
We are currently experiencing unprecedented economic conditions. Like many of my colleagues, I experienced the dot.com crash first hand. The current situation is different, complex and we are monitoring the situation closely. We have seen significant increases in redundancies and retrenchments. The vast majority of clients are entering a "hiring freeze" and preparing their businesses for a recession. We have seen dramatic increases in ex-pat candidates wishing to return home to a secure job. Many executives have lost money on the sharemarket, some are over-extended and were already doing it tough before the market took a turn for the worse, and many older executives nearing retirement are having to reassess and many may have to continue working to survive. This scenario raises a number of challenges and opportunities for candidates and our clients. Below are my personal tips to survive and prosper during these uncertain times.

Pack Your Parachute
Prepare for the worst, and if you work in industries such as Banking, Finance or Property which will be the first industries to experience the full brunt of the economic crisis, you need to pack your parachute and get ready for significant changes. We will most likely experience one of the most radical shifts in the employment market seen in decades. This means rethinking your overall career plan, consider reskilling in another career path, consider contract employment versus permanent employment, always having your resume up-to-date, keep in touch with your network (including recruitment and executive search firms) and most importantly keep a close eye on the situation. Investigate career opportunities in recession proof industries, and consider engaging with a professional Career Coach to help execute a significant industry or job role / career change. Recessions force many businesses to close their doors, but other industries boom in these times and provide interesting opportunities for the Executive who is prepared to reinvent themselves.

Don't Pick A Fight With Your Boss

If you are in a relatively stable job, and working for a good company, stick with it! Now is not the time to instigate radical career change, so if you don't have to move jobs i.e. you have been retrenched, you are well advised to hang in there until the market situation is clearer. This is also not the right time to be picking a fight with your boss. Work harder, get into the office earlier, don't grumble when asked to take on extra work, support your colleagues, in particular support your manager and do everything possible to hang onto your job! Be positive and focused on helping the company's bottom line. Be a part of the solution, not part of the problem.

This might seem like strange advice coming from a Search Consultant who makes a living from people changing jobs, but I am also very aware that people usually make very bad career decisions when under duress. Keep in mind that an economic crisis like we are currently experiencing, puts everyone under pressure and people are effected in different ways. I have never had so many stressed out executives in my offices who have lost their jobs and didn't see it coming, or have been unemployed for many months and still can't find suitable work. So if you have a good job, be grateful and work hard to maintain your position. Whether you are trying to balance your personal budget, family budget or your company budget, you are feeling the pressure right now. Support your manager when difficult decisions need to be made and support your staff who may never have lived through anything of this magnitude in their lifetimes. Superior change management, communication skills and management skills are critical at this time; consider engaging an experienced Executive Coach or Business Mentor to help navigation through challenging times and circumstances and keep your team focused and on track.

Get Professional Helop
If you have been retrenched or accepted a redundancy package, you need to work diligently to get re-engaged in the market within 90 days. There will be many more unemployed executives in the market by mid next year, so it is critically important to be one of the lucky ones to secure new, meaningful executive employment. Use this experience as an opportunity to change career direction and secure an exciting new role. Engage with a Professional Resume Writer to develop a new resume that will help engage you in job interview, and remember to back this up with Interview Coaching to make sure that you perform at your optimum in interview and secure that new position!

Hire Top Talent, Think Outside the Square
It is understandable that companies will initially freeze hiring plans and expansion plans until the market is clearer, but when companies do start to re-employ, the current situation will provide many excellent opportunities to hire top talent. The number of candidates and overall talent pool to employ from will increase significantly, and this means that your recruitment process will need to be rigourous, as there will be many more applicants for positions and from a more diverse background than ever before. With many top talented senior executives suddenly available, I would encourage companies to think outside of the square. Consider taking on board a candidate from a completely different industry, consider employing a much older executive, consider employing a more senior executive into a more junior role and consider executives who demonstrate a willingness to re-skill or retrain into a different area of your business. Don't be ridgid in your hiring approach. Top talent will be available across many diverse backgrounds and this is an opportunity to hire executives who bring many diverse skills and capabilities to the table. I would also enourage both companies and employees to re-think pay scales and salary expectations. If we enter into a full blown global recession or financial system meltdown, this will be the most radical shake-ups in the employment market that we have ever experienced and companies will benefit from mature, experienced executives to help navigate through challenging, unprecedented circumstances.

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Article Tags: brunt, career change, career coach, career path, career plan, contract employment, dot com crash, dramatic increases, economic crisis, employment market, executive search firms, personal tips, professional career, proof industries, radical shifts, recession proof, recessions, redundancies, sharemarket, uncertain times



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