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Last week one of my graphic design friends told me that not only was she laid off, but her whole company was closing down. Here's what she should do now.
Unemployment - the "u-word" as I’m seeing it referred to in the headlines of my google reader is touching the lives of several Gen Yers in my social sphere. Last week we had a dinner with all of my graphic design friends and one of the girls at dinner told us not only was she laid off but her whole company was
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Comments
12.08.08
This is great, practical advice, Elysa. When the recession first started I didn't think it would affect Gen Y, but tons of young people are now asking for help. I'd add that a lot of the emails that I receive are from young professionals looking for marketing/PR jobs. In times like these, you should try and branch out to increase your chances of success.
12.08.08
I agree Rebecca, branching out or specializing are important to set yourself apart in this competitive market.
12.08.08
You might also consider applying to Seth Godin's intense 6-month alternative MBA. This could really turbocharge your career and the timing couldn't be better! Here are all of the details:
And here is a facebook group to connect interested applicants:
12.08.08
Unemployment is something Gen Y should be prepared for, and maybe even expect. "First ones in are the first ones out" when it comes to trimming the fat at most businesses.
12.08.08
Amen to the "multiple streams of income" directive. My hubby's passion for his photography hobby has led to some impressive extra income. My column and blogging on the side covers my cell phone bill and gas each month.
Still, I'm amazed at how many folks actually look DOWN on the idea of having multiple income streams. Like we're cheating on our primary gig or something.
Both hubby and I relish the extra creative outlet; if you can pocket extra cash while you are at it, more power to ya!
12.08.08
@Rob I've read about Seth's Alternate MBA that would be a great opportunity. I'd love to participate if I could.
- The first ones in and first ones out phenomenon can be an issue however, I think Gen Y can hold their place by pulling their weight and making sure they are adding value to the company. Often the "first ones in" have the lowest salary and it is sometimes the person who's been there 15 years making twice the amount that will suffer when the budget is cut.
@Margie you are lucky that you and your husband both have a source (or two) of extra income. I don't feel like it's cheating your primary job unless it's taking away your performance during your company's hours. And I agree it's great to have extra creative outlets with our without the money.
12.08.08
Another consideration for those who are newly unemployed: lack of health insurance. If your company was self-insured and goes bust, then you can't buy COBRA or run to the doctor to squeeze in a physical before your insurance runs out because you'll end up paying out of pocket.
I was appalled when I read this: http://online.wsj.com/article/SB122852525037084565.html
Best to check on your coverage if you think you might fall into an insurance gray area.
12.08.08
Elysa - all the advice is really practical and actionable. I only take issue with number two, "Don't [take a vacation]!" Obviously this is true if your buried under bills, but I wouldn't write it off so quickly if you have some extra cash, and always dreamed of traveling to Europe/taking a cross country trip/become a ski bummer for a while. Seems like you're passing up a (possibly) great opportunity, especially if you don't even consider it in the first place.
12.09.08
I completely agree with "Don't take a vacation." Unless you are rolling in dough, maybe you should save the cash. We need to move away from the mentality that as long as we aren't in completely in debt that we have money to burn. If you have no steady source of income, that is a time to live as meagerly as possible until you find another job, not a time to burn through whatever money you may have left in Europe (especially given the current weakness of the dollar). If you want to see Europe, find a new job, earn some paid time off. That way, not only do you still have some money left in your savings, you'll still be earning money while your away.
12.09.08
I have to say that you should take a vacation and it doesn't have to be a ski jaunt up the swiss alps. You won't have that free time again but you will get money later because you will get a job. During an unemployment stint, I took a road trip to a very rural part of my state to check out the hot springs, geological wonders, and do some hiking. I also went back East to visit friends for a week and saved money by couch surfing. I haven't been in a position since where I could do that.
The trick to unemployment is to be able enjoy the free time and flexible schedule. Yes, keep "working" and clocking time in the job search but allot time to take advantage of the time that you have.
12.09.08
I've seen more than a couple people from our generation crumble under the "I'll make the money later" mentality. Debt and savings have one thing in common, they both get bigger with time. Sure, almost everyone in Gen Y who is laid off will get a job. But that doesn't mean right away, and it doesn't mean that this new wage will be very high.
You need to consider for how long you will be unemployed, and if you have enough money saved to keep you eating and paying rent. What if you get a part time job right away, and you're earning half of what your used to? It's expected to take us another six months for the economy to turn around, maybe two years until unemployment goes back below 6%. Is your plan to dip into your savings or take out another credit card?
12.09.08
Put together a plan and work, work, work it. Multiple revenue streams will always be a great strategy. Tap everyone you know. And make sure your resume is customized for each job.
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