CMS Career Blog

The economy has been shrinking for over a year now. We are officially in a recession. Unemployment is highest in the nation it has been in nearly 2 decades. Is there a bright spot in this economy? Well, yes. Actually, there are several bright spots in this economy! We are seeing opportunities in a several areas, but it may require you to think differently about who you are and what you do. Today I want to share some of those with you, gentle reader, with the hope that you will be able to capitalize on these opportunities to enhance your career.

1. Healthcare, Education, and Government.  The unemployment figures from December 2008 show that nearly every sector was effected.  However, as pointed out in an AP news article last Friday, the three sectors that held steady were Healthcare, Education and Government.  They most certainly will feel the crunch in the months to come, especially government with lower tax revenues, but for now, there appears to be opportunity there.
2. Construction (infrastructure) and Alternative Energy.  My hunch is that the new administration is going to do everything possible to pour large sums of government subsidies into these areas in order to jump-start the economy.  It may take some time, but that’s good news if you don’t already have experience in these areas.  NOW may be the perfect time to get some additional training so you can position yourself for the wave that is most certainly coming.
3. Contractors and Consultants.  Last week I met one-on-one with more than 40 people who have been laid off within the last 3 months.  10 of them told me that they are getting phone calls from their former employer asking if they would be willing to provide consulting services for some of the projects they were working on before they left.  One man told me that he is going to be hired as a temporary contractor to manage a project he bid on 6 months ago.  Since he knew exactly what the contract was going to pay, negotiating salary was a breeze.  It appears that some companies cut there workforce out of a sense of fear, and without considering their longer term obligations.  This is certainly NOT an option for everyone.  But perhaps a few of you may find it could work for you.
4. Temp-to-hire.  We are also noticing that companies are a bit fearful about bringing on additional staff — even when they have positions that need to be filled.  Some of them are hiring temporary staff (at ALL levels - including Managers, Directors and even VPs) to fill the positions temporarily.  Sometimes there is a promise (or at least a hint) that the temp person will have first shot at the job when the economy picks up.  The good news for job seekers is that you can test drive a position, earn a paycheck, and you don’t typically have the major stress of a full time employee.  Companies like this arrangement because they can often pull the funds from an account other than employee expense and they aren’t as locked in to long term employment commitments should things not work out.  [note - this "hired gun" strategy may actually become a more standard means of employment in the future, as both sides come to appreciate the flexibility it offers. But that's another post.]
5. Niche markets.  The jobs may have gone away, but the needs being filled by their products and services are still there.  Maybe NOW is the time for you to consider starting your own company to address those needs.  Small business is the backbone of our economy and the government may have start up funding to assist you.
6. Go back to school.  A down economy is often a good time to go to grad school or complete your degree.  A colleague says that she often suggests to clients that “hide out at grad school” during a recession.  If you have been thinking about enhancing your educational credentials, this is the time to take that opportunity seriously.
7. Small companies.  Small companies are typically more agile than large companies.  They are oftentimes more ready to jump into an opportunity when they see it than the larger employers who need time to ramp up.  If you’ve always worked for a larger company, now may be the time to think small.

There are ALWAYS opportunities, even in difficult economic times.  If you want to respond to those opportunities you might have to think differently about who you are and what you do, but that’s not a bad thing either.  Keeping your eyes open and knowing what value YOU bring to the marketplace will help you take advantage of the opportunities presenting themself in this difficult economy.