Tough Times Alter Ground Rules for Job Hunt

No one feels a recession like someone who is out of work. And the nation’s current economic malaise has caused the ranks of the unemployed to burgeon to levels not seen in nearly five years.

These job-seekers are facing a difficult challenge. Although looking for a job can be tough even in good times, experts say when there are far more applicants than opportunities, the traditional rules of employment-seeking don’t apply.

So how does one look for a job in these difficult times?

It’s a balancing act, according to the experts. Job-seekers must keep an eye on the diminishing opportunities, but still seem confident when they approach prospective employers.

Here are some tips to keep in mind both before and after you start looking.

Those who have been working in ailing industries--such as financial services, defense and real estate, among others--should stop to assess their skills and talents before they look.

Why? They might be better off seeking jobs in other industries.

If, for example, you were a bank loan officer, you might find job opportunities non-existent in that particular niche right now. But good loan officers have developed a wide array of skills that can be transferred easily--and possibly profitably--into another industry.

“You have to think broadly,” said Gary Hourihan, president of Strategic Compensation Associates in Los Angeles. “If you were a loan officer, you probably have marketing skills and tremendous analytical skills. You should start asking yourself what skills are saleable elsewhere.”

A wide array of companies might be looking for credit officers, Hourihan notes. And marketing talents are easily transferred into sales jobs, he said.

But job-seekers also need to stop for “a reality check.”

In some industries, such as investment banking, relatively young workers were making six-figure annual salaries. Before looking for another job, workers need to determine whether such salary expectations are realistic and whether they can, or should, accept lower wages.

One former investment banker said her personal reality check resulted in her taking a salary that was half her previous income. “I realized it was unreasonable to expect someone my age to make that kind of money,” she said.

However, she turned down jobs where the future earning potential was less than her previous salary.

This reality check should also include a look at job titles and responsibilities.

“This is where egos come into play, and the fear that someone might be stepping back in their career,” said Randall W. Hill, a regional managing partner at Heidrick and Struggles in Los Angeles. “Both of those considerations, I think, are a waste of emotional energy.”

Job-seekers, particularly in depressed industries, should worry less about “diluting their resumes” and think more about the experience and wisdom they have to offer new companies, he said.

Taking a job of lesser stature is not necessarily a step back, if that company can provide opportunities to advance and learn new skills, experts said. “This is not gloom and doom, it is a time of change,” Hill added.

On the other hand, job-seekers should not act desperate--even when they are.

Regardless of the well-known economic woes, employers still tend to look at over-anxious job-seekers as less-than-desirable. Act interested, not desperate, employment experts advise.

And there is no reason to abandon all salary negotiations just because times are tough, these experts note. Getting a reasonably good deal on the front end is every bit as important now as it was a year ago.

How do you do that?

First, find out all you can about the company and its financial health. It may be that the company cannot currently afford to pay you as much as you want. But you might be able to wrangle some non-cash compensation--such as stock options--which costs the company little now and could provide a big payoff for you in the long run.

If stock options are not available, and the salary offer is substandard, you might ask to have your performance and salary level reviewed within a particular period of time, such as six months. That gives the company some time to get back on its feet, and gives you a reasonable period of time to prove your worth.

Lastly, workers should not succumb to feelings of inadequacy just because they’ve lost their jobs. Times are simply tough right now, and good people are out of work. You don’t lose your talents, skills and intellect just because you’ve lost a job.