Volume 8, Issue 3

June 17, 2008

Beyond Success Newsletter

Managing Your Career in an Economic Downturn

by Trish Pratt

The experts finally agree -- the U.S. is in an economic downturn. So, what does this mean to your career? As a dip in the economy typically translates to a slower job market, a general rule to follow in managing your career is to take fewer risks and "play your cards a bit closer." Whether you're a manager or an individual contributor, the following guidelines will help you maintain your job options, as well as keep your success on track.

Stay in the "Now" and use best practices in managing your work.

  • Stay responsible. This is the time to be zealous about the practices you use to get things done. Identify and manage commitments for "on time" delivery, or delivery ahead of time.
  • Stay present to your attitude. The pressure companies feel during slow periods can create a work environment that is disconnected and reactive. Your focus on clear and non-judgmental communications, allows you to be present in your work, and a great team player. And, this attracts success to your efforts.
  • Take rumors at face value. Yes, the rumor mill is often more accurate than the company "spin". However, your power is in the awareness of actual changes, not reacting to everything you hear. Make note of changes being talked about, and avoid over-thinking "worst case" scenarios.
  • Maintain a positive perspective. First, notice your perspective. Then, step back and assess a situation - creating a back-up plan should it seem warranted. Keep in mind that excess worry can zap your energy, drag your attitude down and, in doing so, can work against your success. So, keep your perspective realistic and in balance.

Stay in the "Know" - Be proactive in meeting your needs.

  • Keep your resume up-to-date. Maintaining an updated resume allows you to respond to changes or opportunities adeptly. An updated resume requires less prep time, and less dependence on your memory or files, for extracting the skills, projects, training, etc. that you have accumulated through the years.
  • Manage your finances. Experts recommend having a financial reserve to cover months of living expenses should you need it. Somewhere between eight and twelve months is the amount suggested by financial expert Suze Orman. Consider what amount you would need to maintain your budget, if a job change were required. If you feel the need for financial planning support, get help from a financial advisor.
  • Stay current with your industry. Read newspapers, magazines, journals, etc. to stay up to date with industry trends and vernacular. You need to remain current with the changes in your industry, and with your competition.
  • Network to stay connected. Being connected is about maintaining your network of family, friends, colleagues, and clients. Networking works best when it is an on-going support to your career and life in general, not when it's reserved for times of unemployment. It benefits your career, as well as the careers of your contacts, when you stay in touch.
  • Attend to your work/life balance. Make sure you are taking time to "smell the flowers" and that activities of enjoyment, relaxation, and fun are on your to-do list. Staying whole and grounded is necessary for success and happiness.
  • Be clear about what you want. In listening to some clients reflect on past job experiences, they often report having lost a job that wasn't a good fit for them. If you're biding your time, hoping to make a shift away from a career or job that isn't the right fit for you, don't let economic jitters keep you from making that change. Have a clear vision for your ideal work and support it with a plan. While a down economy is not the time to make changes frivolously, moving into work that you love is always a great strategy for managing your career success!

Wishing you continued success,
- Trish

~~~~~~~~~~<<<<<<<>>>>>>>~~~~~~~~~~~

About Trish

Trish Pratt is a professional certified coach and consultant. She is also a certified PaperRoom coach trained in pattern recognition (see www.momentumcoaching.com/paperroom.html for more details). Trish helps managers and other professionals bring their best clarity, communication and leadership to their work. She does this with one-on-one coaching, training/workshops, and through articles she writes. Contact Trish today for a complimentary consultation at: 978-298-5561 or via email at: trish@momentumcoaching.com.

Subscribe/Unsubscribe

Beyond Success is written and produced by Trish Pratt. Please send any feedback, suggestions or coaching questions to trish@momentumcoaching.com. If you have friends, family, co-workers or neighbors who might be interested in receiving this newsletter, please let us know. Your friendship and referrals are most appreciated!

Anyone can subscribe to the Beyond Success Newsletter, by sending an email
To: Success-request@momentumcoaching.com
Subject: subscribe (To unsubscribe - Subject: unsubscribe)

Thank you for reading this issue of the Momentum Coaching Beyond Success Newsletter. This newsletter is a free email publication from MomentumCoaching.com.

Legal Notice

© 2008 Momentum Coaching, LLC. All Rights Reserved.

"The PaperRoom" is a trademark of Boston Coaching Company. Trish is a certified, licensed PaperRoom coach. Permission is granted to reproduce, copy or distribute this newsletter as long as this copyright notice and full information about contacting the author is attached.