compatibility.

A Transitional Career - The New Job Market



In the ‘60s and ‘70s, a

prospective employee who worked for more than two employers in the preceding

ten years was suspect. Where was his or her loyalty? Why wasn’t the individual

following in the footsteps of his or her parents, proudly receiving their 30,

40 or 50 year recognition pins?

During the latter part of the

last century and into the current decade, employment tenure took on a new

twist. The dot.com revolution produced a whole new generation of technology

driven companies. Capital flowed into start-up and early stage companies with

ideas from great to marginal. Public offerings made many wealthy beyond dreams.

Similar circumstances were encountered in the financial services industry. Greed

set in. Job changes were driven by the search for higher salaries, major

bonuses and stock options. Everyone wanted to get on the bandwagon. It was not

uncommon to jump ship for another more promising job after less than two years.

In 2001, the dot.com bubble burst

and the same thing happened to the financial bubble in 2008. Employment in many

technology sectors slowed down and a major retrenchment has taken place in the

financial services industry. If you had a good job, you stuck with it. Stock

options and financial incentives based on future outcomes as a lure to a new

position lost its attractiveness. Now salaries and more predictable cash

bonuses became the tenure magnet. Then the economic down-turn of 2008 and 2009 hit,

and hit hard. Unemployment is rising to levels that had not been seen in decades.

Employers have become concerned about both the size of their payrolls and the

costs of hiring employees. Professionals and managers at all levels have seen

their jobs eliminated. The management consulting industry flourishes. What is

this all about?

In tough economic times companies

seeking to keep their embedded cost to a minimum are motivated to engage

management consultants and interim managers for specific projects and tasks

rather than take on full-time, “permanent” employees. Project or task-specific

“employees” are just that – “engaged” for a period of time with no long-term

obligation.

Usually benefits such as medical

insurance or vacation pay for those engaged professionals are either very

modest or non-existent. These professionals aren’t viewed as employees in the

traditional sense and can be terminated at any time without notice or severance

costs. The employer’s unemployment insurance premiums are not affected. The

work is done- thanks and good bye.

This new job market environment

is likely to continue for a number of years. To thrive in it, one must first

recognize that on-going career transitions will be more prevalent. Having a

solid understanding of what you have to offer and how and where to market your

services will give you a decided advantage in the increasingly competitive race

for work opportunities. Managing the transition process from one engagement to

another becomes a significant effort in itself. Successful management

consultants, independent contractors and other similarly engaged professional

service providers know this and spend a minimum of twenty-percent of their time

marketing their services.

Be prepared for this new job market. Brand yourself so that you name becomes synomanous with your capabilities and skills.

Author:.

Richard J. Pinsker, CMC, FIMC, is President of Pinsker and company, www.pinskerandco.com, an executive selection consulting firm. He coaches executives on how to hire people who exceeds expectations, and conducts retained search enragements for board members, presidents and CEOs, and the full executive team.

He is the author of "Seven Steps to a Rewarding Transitional Career,"  "Hiring Winners," and "Seven Rules for Hiring Extraordinary Talent." A recognized professional...

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