I have been saying for a while that there is a lot of good that can come out of all this bad. It’s all in how you look at it and choose to respond to it. Credit is going to be harder to get. Bad thing? Some people think so. I see it as a good thing. Credit will be loaned only to people who actually have the ability to repay the loan. Thus making our banking system more stable. Companies are going out of business. Bad thing? Sometimes. But many times these companies are going out of business because they were surviving only because times were prosperous and not because they were any good at supplying a high quality product or service. So I say, “Bye-bye” to them and good riddance.
I get a lot of emails about people losing their jobs and being out of work. I know how hard this can be on families and the financial impact it has on people. I am not a calloused jerk when it comes to the hardships caused by this recession. But losing your job might be just the opportunity you need. Maybe you need to look at it from a different perspective.
This week I received an article, written by George Bullock, a friend of mine from my old hometown, Tulsa, Oklahoma. It sums up my feelings about the job market better than anything I have seen to date. And since it comes from a person who is looking for a job, I think it carries more weight than my words would on the subject. I hope it causes you to think.
Great Time To Be Looking For A Job by George Bullock
When the question, “So, what are you doing these days?” comes up, I’ve stopped saying, “I’m doing some career assessment.” I’ve also sworn off, “I’m working on expanding my network,” along with “Searching for a new opportunity.” Nope, not any more. In the words of…well…seemingly everyone these days, “It is what it is”: I’m looking for a job.
A funny thing happens these days when you answer that simple innocent question with an equally simple and direct response: People suddenly begin behaving like you’ve just told them you have three weeks to live. It comes in many forms—just like my previous attempts to dodge the original question—but generally sounds like, “Man, I’m sorry. Pretty crummy time to have to look for a job.”
An even funnier thing happens, though, when I tell them, with absolutely no hint of irony or sarcasm, that I think it is a great time to be looking for a job. Once I convince them I’m not smoking crack, I give them the short version of my reasoning. There are two primary reasons.
First, there is always a market for top talent; talent matters…a lot. Second, when times are tough, only the smart companies are hiring.
Let’s go a little further in depth.
There is, in fact, always a market for talent and a talented, highly-performing team is never more valuable than when times are tough. Of particular value are people who bring two important characteristics to the table. First, they need to have the wisdom to know that while tough times don’t last, tough—and talented—people and organizations do. Second, they need to bring a variety of skills into the organization…and a willingness to apply them for the good of the cause, regardless of the task.
Did you notice I didn’t mention a word about industry-specific knowledge when talking about the two important things new talent brings to the table? The fact is, bringing in talent from outside your industry could be an excellent decision when times are tough. When you stare at the same old challenges day after day, seeing them from a new perspective becomes extraordinarily difficult. It has been my experience that the most complex and daunting business problems I’ve faced become much more manageable when someone asks, “Why do you do it that way?”
But why are only the smart companies hiring? It’s pretty simple, actually. Because they are well-run, smart companies, they’ve already got their “tough times” plans in place. And, because they didn’t over-reach when times were good, their tough times plan more resembles a nip and a tuck than a whole-body makeover. The smart companies are spending their time thinking about what opportunities are going to present themselves when the economic tide turns and what new talent they will need to quickly capitalize on them.
Another reason why it’s the smart companies doing the hiring during otherwise tough times is because they know that one of the most important things a manager does is always look for ways to raise the average talent level on their team. It may sound cynical but using the cover of a downturn to shed a few “C-Players” and eventually replace them with “A-Players” is a smart-company strategy.
Don’t misunderstand me; I’m not whistling past the graveyard. The economic crisis we face is grave and complex. Few industries and companies will be spared at least some disruption. There will be, though, in virtually every industry, smart companies that will do better than the pack and use tough times to position themselves for extraordinary success when things improve.
So, it may, in fact, not quite be telling the whole truth when I tell friends and acquaintances, “I’m looking for a job.” What I’m really doing is looking for a job with a smart company. And the best news? When times are tough they are a LOT easier to find!
Larry, Thank you
The economic downturn is rough, and a lot of people are losing their jobs. However, I happen to agree with your friend this is a good time to look for a job, but it doesn’t stop there. This is also a good time to look for good investments, stocks, bonds, real estate, they are all assets that have been clocked by the economic tsunami we’re calling a recession.
I ain’t got no money for investments, at the present, but as a commercial real estate professional I’m out there looking for “work” everyday. And my prospective clients or my “new bosses”, the “smart” ones at least, are telling me they too are looking for opportunities that others must pass up because they were not smart enough to plan for this down down turn the the economic opportunities that are now presenting themselves to smart investors.
I reiterate that “Thank You”, and add a “Thank Goodness!” I am actually very optimistic about my job search and look forward to finding smart companies!
I can tell you that it is a good time for Wall Street CEOs to be looking for jobs. They all deserve to be unemployed.
Hey Larry –
Thanks for sharing this. A new perspective that offers hope in these tough times. I’m sick of all the fear generated by TV, newspapers, etc. Fear keeps us stuck and we sure don’t need that!! This article offers hope and a challenge to be tough in these tough times. I love the words – Tough times don’t last, tough people do. Inspiring!
There’s much pain out there. And there’s more to come, so they say. But there’s also opportunity for growth in all sense of the word.
Big companies laying people off? New companies will form. The men who came up with the barcode used everywhere were former defense industry employees. People will start one-person service businesses. Many of the rich and upper-middle class don’t have as much on paper as they had a year or two ago, but they’re not starving. Do you think they’re going to cut back on hiring a landscaper or an office organizer or a top-flight housekeeper/nanny? Uh uh.
Many of my vintage (I just turned 57) whimper, “But I’ll have to work longer, or for the rest of my life.” Did anyone really expect to pack it in at 62 or so then live another 20-30 years on just a pension (maybe) and SS? Good luck with that. I’d rather drop at 95 just like the actress Kitty Carlisle did, shortly after completing her cabaret peformance! I bet she never had a dull moment in her so-called golden years.
As for bargains in the stock market, they are there. Even those of us pre-seniors should be going for a certain amount of growth. No better time than now. Real estate? If you can’t buy, you can rent in the neighborhood of your dreams for probably just about as much as you’d pay to lease in a lesser area. Cars? If you have some cash, you can pick up a good, pre-owned quality car.
Credit? My FICO’s in the 800’s. I worked 10 years after a BK to get it there and there it will remain.
Think of this: those of us with a few bucks left and the brains and drive can not only help ourselves and those we love, we can have the privilege of giving to those less fortunate now by helping to fill up a food pantry or even buying a tank of gas for a friend down on his luck.
Much of this depends on your perspective. I remain grateful for what I had, grateful for what I still have, and grateful for what I will have. Past, present and future, all summed up in one sentence.
Bring it on, world.
Excellent article. I have a lot of friends that are staying put on dead-end jobs solely due to the economic crisis. But, honestly, what better time than now to find a REAL opportunity? The way I see it, if you accepted your current position in the faith that it wouldn’t be eliminated, downsized, etc., then why not use that same faith and improve your lot in life regardless of the financial meltdown? Oh well, maybe it’s just me. Chris T, I’m a little confused by your comment. In one breath, you claim you “ain’t got no money for investments,” but then in the very next sentence berate those who “were not smart emough to plan for this down down turn.” Which is it: are you smart or dumb? Can’t have it both ways simply because of your three-word “disclaimer.”
Great read! So applicable too! I believe the same thing that the smart and tough ride out the storm and survive to be the new leaders once the storm clears. Thanks for reminding me of that!
Great “food for thought.” Good article.
Larry, I agree with your friend 100%. I was just in his position. I was retrenched from a finance job (seems to be quite a popular thing to do at present here in Australia). I looked at as an opportunity. I ended up finding a better job. The funny thing is it’s still in the banking industry which is supposedly not hiring.
I think you need to be upfront about telling people what you are doing. Then you may find they can help you. When people asked what I was doing at the moment I was like your friend. I said “Looking for a job”. One of my friends gave me the name of a great recruiter who found me my new job. If I hadn’t been upfront about looking for work and used some weasel words to describe my situation in a vague way my friend would not have told me about the recruiter.
You’re friend sounds as switched on as you are. And I love the new book. There are definitely some home truths in there.
top ideas are you ever coming to Australia !!
Good post Larry,
I saw this coming about three years ago.I kept telling everyone I know to get ready for it. But did they listen? No! They job jumped for more money. They bought the big house with a large mortgage-because they could. They kept spending and spending. Me,I stayed tight with my money.I kept my $825.00 per month mortgage. I live a simple life and keep it that way. I’m working and staying busy now because when the-times were good-I kept everything in perspective. Perhaps that makes me a Smart Company?
Sparky
Excellent article. As Sparky did, we planned, have no debt and are doing nothing more than being our usual, cautious selves. I did retire a year ago..so I am kinda unhappy that everything tanked. BUT, I can walk into a job anywhere in the states if the need arises. (I do worry about my adult kids, tho without any significant debt, mothers are required to worry about their kids)
As always, enjoy your take on things! (I gave your book “It’s Called Work for a Reason” to my boss as my going away present when I retired…you can draw your own conclusions about why I retired!)
My husband has been saying for years that “People are idiots” when it comes to money. I am such a Pollyanna, I just thought that most people managed their money properly, after all I have been managing my own since 15. How shocked I still am when I find out that you and he are both right!!!
LARRY YOU’RE THE MAN!!!!!!
Come to the UK!!!!
I’m currently out of work. I have enough to cover me and maybe invest in a potentially nice money making project. The only real debt I have is school loan debt which is on hold to my satisfaction with a nice low interest rate. No credit cards at all. I’m doing without a lot of important things until I’m working and bringing money in. I’m from the poor side of the tracks – so I naturally worry about money. While I’m officially “not working” I find little projects to keep me busy and build up my resume. I actually helped a friend get a useful resume of her own and am helping her along on the job hunt – a kind of mutually beneficial buddy system. And I can use her as a reference, too. We gotta do what we gotta do. Your advice helps decrease my worrying!
Thanks Larry!
Larry you are right on !!!
HAVING HEARD YOUR PRESENTATION IN PERSON LAST YEAR, I RESIGNED FROM MY JOB IN FEBRUARY, DID SOME THINKING AND REVAMPED MY RESUME AND PICKED UP A BETTER JOB IN OCTOBER. I SURE DID BRING IN NEW TALENT BECAUSE 90 DAYS INTO MY JOB, I GOT A GOOD RAISE, AND I CONFIDENTLY ASKED FOR IT. I WAS ALSO ASKED TO RECOMEND SOMEBODY I WOULD LIKE TO WORK WITH IN MY TEAM. I WAS READY WITH MY FRIEND’S DETAILS RIGHT THERE. I KNOW SHE WILL JOIN US SOON!!!!!
Thanks Larry,
Great article and great, positive, yet practical perspective on the current goings on.
Wow! I’m not alone. This has been my position from the day I got laid off. People always feel so bad when they find out I’m out of work and I catch them off guard when I say, “don’t worry, I’m fine and I’m not worried”. Companies need good, no GREAT, sales people now more than ever and that’s me. So now its just a matter of finding that smart company that believes in excellence and sees the current situation as opportunity.
Excellent “other side” perspective. I was searching for a job towards the end of last year when most people I know were being laid off. Every single person told me to just stick with the job I had because the market was so bad. I looked for a new position, only apply to the ones I really found would be interesting and a good use of my talent(s), while keeping my other job.
Within three months I had a brand-new job with a $7K raise, which I wasn’t really even looking for!
My sister quit her job a few weeks ago due to workplace strife…within two weeks she had a new job much more in-line with what she was seeking.
The bottom line is, if you’re really good at what you do, have the references to back up your resume, and are willing to think outside of the box, and you’re willing to give 100% effort at your new endeavor…chances are you’ll find what you need, maybe even what you really want.