#73 Hope for Displaced Boomers

You probably know a person (maybe even yourself!) who is struggling after suddenly finding himself or herself out of work.Years of loyal service used to mean respect, a secure future, and a good pension. However, a lot of baby boomers like David, discussed below, find that many years of hard work have earned them none of that.

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 SITUATION

A Chicago private equity firm bought David’s St. Louis company and dismantled his division in spite of its high profitability. Suddenly, David’s years of contributions were worth only a small severance and generic outplacement package. He found himself out on the streets at age 54, after 17 years with this employer.

After recovering from the initial shock, David told his family and friends that he would land on his feet. He scoured Monster.com and CareerBuilder.com diligently, posted his resume on job boards, applied directly through company websites–and came up empty-handed.

Despite what he thought was an impressive resume, no one seemed interested. Weeks, then months, went by. David was dumbfounded to find himself still looking for work one year later. It’s no wonder he felt discouraged.

SOLUTION
Even in our difficult economy, people like David aren’t out of the game. Many companies have changed their view of the experienced worker. Take time to assess your skills so you can articulate how you can help a business.

This is especially important for people who haven’t had to look for work in years. David’s been so busy accomplishing things that he hasn’t thought about what he does best. Systematic review was an important step David took toward landing his next job.

If you can’t describe your contributions and value, the chances that someone will find a place for you are slim.

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Aimlessly handing out resumes and getting others to feel sorry for you because you are out of work is not only humiliating,  it’s  ineffective, even damaging. Don’t do it.Instead, use a focused strategic approach to people you know and/or have been referred to. The purpose is to determine what problems need solving so that you can pursue opportunities to solve those problems.2. Create an Effective Pitch for Your Services–Your Own “Unique Selling Proposition”Jay Abraham, a well-known marketing consultant and “guerrilla marketing” author, insists that any business have its own unique selling proposition to make it stand out above the rest of the crowd. You can do the same thing for your business, “You, Inc.”Learn from the tactic David used to win his job. He stressed the value of experience over youth, saying “Most people today stay in a job for only two or three years before moving on. With my experience, I bring stability and the opportunity to contribute longer term to this business’s future. I’ve kept up with technology and I know this industry thoroughly. When it’s fourth down and a minute left, you don’t have to count on the rookie, you can count on the seasoned veteran.”3. Determine Your Market ValueAn excellent starting point is to visit two salary websites: www.salary.com and www.payscale.com for national and regional salary information. Study compensation ranges carefully to get a sense of your financial worth in the marketplace. Don’t overprice or underprice yourself.

Businesses eliminated layers of middle managers partly because, after years of automatic raises, those mangers’ salaries outstripped their value to the company. Consequently, the belief is that you have to accept less to get hired. This isn’t automatically true. Do your research, assess your current value, and negotiate on the basis of your productivity and contributions.

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JibberJobber is an online resource that helps you organize and track your job search and networking contacts and activities. It includes  people and company names, dates of contact,  follow-up action, and additional information that you accumulate as you strengthen your professional relationships.The site’s name is weird, but its purpose is right on target! In addition to the free version,  two tiers of monthly pricing provide additional features.

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