Recession-Proof Your Career

With rising oil prices, the housing slowdown and unstable stock market, it’s understandable that many Americans fear the worst. U.S. housing prices are falling at a rate not seen since the Great Depression. Experts report that the probability of a recession in 2008 now exceeds 50%.

A primary concern for many Americans when considering a recession is job stability. Will their company downsize? Undergo a merger? Lay off employees? In such uncertain times, it is a good idea to consider how you may be able to recession-proof your career.

Q: What are the warning signs that your job may be impacted by a recession?

A: You may be able to anticipate a downward turn within your field or at the company where you work. It’s your job and your responsibility to stay informed. There are warning signs that you can look for.

Warning signs include:

 Company begins to outsource, close facilities, and reduce inventory
 Company is stretching time limits on paying their bills; vendors are calling to inquire about payment
 There is talk about the possibility of a merger or acquisition
 There is an increase in the number of veteran employees taking early retirement

Q: What can you do to recession-proof your career?

A: There are actions that you can take that may help to recession-proof your career. There are also steps you can take to prepare for the possibility of a change in career path.

Tips to Recession-Proof Your Career

 Be valuable and visible at work
 Be a positive employee
 Invest in yourself (additional training, workshops, etc.)
 Network (if you do lose your job, this may make it easier to find a new one within your field)
 Stay aware of what the market wants (what new skills you should learn, what the trends are in your field, etc.)

Preparation is key. However, in times of recession, even the most intelligent and productive employee’s job may be at risk. If after assessing your current situation it seems that your company or position within your company is at risk, prepare for change.

 Get personal finances in order. Are you living within your means? Do you have money saved?

 Update your resume. Employment experience and accomplishments should be up to date. Develop a skills-based resume. Your natural skills go with you from job to job, regardless of your work experience. Be sure to identify them. You can do so by reviewing projects that you have completed successfully and noting what skills you used to complete them. These skills may include writing, analyzing, etc

 Network. Networking is a powerful way to build professional relationships and develop new contacts. Join a committee, volunteer, or attend an event or workshop – these are just a few of the many ways you can network

 Make note of opportunities. Don’t haphazardly start applying for jobs, however, it is a good idea to visit job boards and be aware of the opportunities available

 Depending on your field, it may be advantageous to build your online profile/presence. If appropriate, you can create a website or blog. Social networking sites such as facebook or MySpace are also useful tools for social networking

 Identify similar industries. You may have skills and accomplishments that set the stage for changing directions and entering a different field

Q: Which career fields tend to be hardest hit during a recession?

A: Unfortunately, unemployment always sees an increase during a recession. The unemployment rate jumped to 5 percent last month, and many industries including banking, construction, and real estate have seen some significant job loss.

Q: Are there any career fields that are less likely to be impacted by a recession?

A: Yes, there are several fields that are less likely to be impacted by recession. Some fields will even grow, regardless of the recession.
 Education - Careers in the education field are relatively recession-proof – schools need to be open and funded
 Energy - Energy is a major issue for the economy, and jobs related to oil, gas, and alternative energy are likely to see growth
 Health care - Many of the fastest growing occupations are in health services -- including medical assistants, physical therapists, physician assistants, home health aides, and medical records and health information technicians -- according to the U.S. Bureau of Labor Statistics
 Security - Police officers and other security professionals will continue to be in demand, as crime does not lessen during a recession


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Top Jobs for 2008

Q: What is the current state of the job market? Where is it headed?

A: The job market is "relatively strong," even though the new national unemployment rate showed an increase to 5% from 4.7%. However, in a variety of sectors, hiring is still strong.

In fact, according to the Bureau of Labor Statistics, between now and 2014, total employment is projected to increase by 18.9 million or 13%. In the short term however the unemployment rate may increase, but as Baby Boomers retire out of the workforce, the projections look good for people with the right skills.

If you have the right education or training you may be well positioned for success in this growing job market. If you're not quite there yet, take a look at these fast growing occupations and see if you can get on a fast track to a new job or career.

Q: What are the fastest growing occupations?

A: FASTEST-GROWING JOBS

1. Home health aides
2. Network systems analyst
3. Medical assistants
4. Physical assistants
5. Physical therapy assistants

Q: Four out of the five top jobs are in the medical profession. Why do you think that is? How much specialized training is required for these jobs?

A: Simply put, as Baby Boomer retire many of our “new or growing jobs” will be focused on caring and servicing this population. How can you make yourself more attractive for these jobs? Well, in addition to the medical training that is needed for many of these professions, other skills to make you more competitive are as follows:

• Interpersonal communication skills – many medical careers rely on the ability to communicate clearly, understand needs, and provide comfort and rapport.
• Technology skills – from drugs prescriptions being filled electronically to medical records being digitized, computer and technology skills are becoming essential life skills.

Q: The other jobs that made the top 10 are in the technology sector (network systems and data communications analysts, and computer software engineers). What kind of special training is required for these jobs?

A: In addition to the required certifications and credentials needed for these jobs, let me go back to the notion of communication. As the American population becomes more and more diverse, the ability to understand different cultures in all career fields will become increasingly important.

Also, the idea of clear communication is really important. Think of it -- everyone is not a computer wiz! Having the ability to explain complicated concepts, walk someone through networks and functions, and keep the end-user calm is very important. As most of us can relate, we just want our technology to work properly all the time! It can be very frustrating when things don’t work. Being able to calm a situation, evaluate needs, AND fix the issue is very valuable!

Q: We have previously seen a boom in the tech sector, with college grads flocking to computer-related jobs...only to make quick fortunes and then lose them. Why do you think that it is now safe for people to return to tech jobs?

A: Tech jobs are no longer an industry within itself. Technology, and thus technology careers, can be found in all industries. From ordering your food shopping online, renewing your car registration online, to fixing your car – all of today’s tasks involve technology. Historically growth industries have rapidly expanded and then violently contracted -- likes those entertaining and painful DOT COM days! Technology careers have really come full circle. Once considered a luxury, today many of these jobs are indispensible.


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A New Year’s Resolution to Make Adequate Retirement Planning a Priority

Fewer than 20 Percent of New Jersey Workers are Financially Ready to Retire

Roseland, NJ (November 30, 2005) - The results of a poll conducted by The Ascher Group, a leading provider of contract human resources professionals in Roseland, New Jersey, show a vast majority of workers in New Jersey do not feel they are financially ready for retirement, even when they are near or past retirement age. Fewer than 20 percent of New Jersey workers say they are financially ready for retirement. In addition, one third of New Jerseyans who are currently retired say they were not financially ready when they left the workforce.

Close to eight in ten New Jerseyans surveyed who are currently in the workforce say they have not set aside sufficient savings to support them through retirement. For those between the ages of 18 and 54, the readiness numbers drop to one in ten. Among workers who stay in the workforce past the retirement age of 65, three-fifths say they do not have the financial resources necessary to retire.

“This alarming trend is changing the face of retirement as we know it,” says Susan P. Ascher, President and CEO, The Ascher Group. “As New Jersey’s current workforce, especially the Baby Boomers, reaches retirement age, more people will be opting into a new working retirement phase of their lives for both financial and self-fulfillment reasons.”

Of respondents who either work full time, part time, or do not work close to 80% say they are not ready financially to retire. This compares to just 17% who say they are ready. Looking at differences between men and women, 15% of women are confident about their financial readiness compared to 20% of men. Retirement financial readiness among the non-white New Jersey residents is only about 8%. Hispanic residents of The Garden State are more likely than white residents to say that they are not financially ready for retirement.

For respondents who are already retired the financial readiness picture is a bit better. Among that population, nearly two-thirds (63.5 %) say they were financially ready for retirement when they left they workforce. About one third (32%) say they were not. The numbers are somewhat worse in the non-white population in general and the African American population in particular. In the non-white group, about half (51.7%) say they were ready, while 48% were not. In the African American group just 40% report they were financially ready while 60% say they were not.

The poll was conducted in conjunction with Fairleigh Dickinson University’s PublicMind Poll from a randomly selected sample of New Jersey residents aged 18 and above via telephone from November 15 through November 20. The sampling error for 600 adults is +/- 4% at the 95% level of confidence.
With clients ranging from Fortune 500 to emerging growth companies, The Ascher Group is the premier provider of HR contract professionals. Susan P. Ascher, President and CEO, The Ascher Group, is a leading authority on workplace and job market trends and is a regular contributor to ABC World News This Morning.
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