Keeping Your Job Search Alive
Posted by Spencer Cutter
Mr. Cutter was a senior vice president at Lehman Brothers Holdings Inc., working in the leveraged finance group. After nine years with the firm, He was laid off in the spring of 2008. He holds an M.B.A. from UCLA and lives in New York with his wife and 20-month-old son.
I have learned that, like many other processes, the job search has a life cycle of its own. There was the Introductory Phase, when I initiated my job search by preparing my resume, doing research, and making some initial contacts. Then there was the Growth Phase, where I perfected my resume and elevator pitch and targeted specific companies to begin aggressively marketing myself. I was busy making phone calls, submitting applications, following up on job leads, and going on as many interviews as possible.
The Growth Phase seems to then be followed by the Mature Phase. Since I have been out of work since the spring of 2008, I reached the Mature Phase of my job search sometime last fall. At some point, the activity level slowed down and leads ran out. The evolution of my life cycle was accelerated by the collapse of my former employer, Lehman Brothers, and the fallout that followed.
In August, people interviewing me were defensive. By October, they were locked-down in their bomb shelters and were not going to answer the door for anyone. For example, I was extremely close to landing a job with a large, international bank here in New York last September. However, in early October, after watching the Dow Jones Industrial Average plunge by 700 points every other day, they decided to put everything on hold. We agreed to keep in touch and I followed up just a few weeks ago. Their business has fallen off a cliff and now, rather than considering hiring, they are hoping to be able to avoid layoffs.
The next natural step of the life cycle is decline. Since I have not yet bought the winning lottery ticket, I cannot afford to allow my job search to enter the Decline Phase. Things naturally slowed down over the holidays and I took the time to regroup, both literally and emotionally, and made the decision to kick off the New Year with a new effort.
I don’t have many leads or ideas that are genuinely new, but I do have a lot of contacts that I allowed to go somewhat dormant since they didn’t seem to be going anywhere. I am starting the year by reaching out to everyone that I can think of. I am turning over rocks that I may have turned over before in hopes of finding out that something new has developed there in the last five months.
I am encouraged by the fact that the volatility in the financial markets seems to have subsided somewhat and a new year means a new P&L for many places. However, this is likely to be a long fought war of attrition and the key to success is going to be fighting to avoid the Decline Phase.
Readers, how do stay optimistic during a prolonged job search? Share your thoughts and experiences in the comments section.
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Read more: Spencer Cutter
Comments
Report offensive comments to alina.dizik@wsj.com
Get up and get moving every single day. Be systematic. Keep track of the contacts made so that you can go back to people at defined intervals. You have to pump yourself up every day, do things you don’t want to do, and persist persist persist. The opportunities are few, but there are always opportunities developing. If you want to get one of them, you have to be in the mix constantly, no matter if you think people are tired of hearing from you.
And when you do finally get the job, be sure to get back to and thank EVERYONE.
Comment by Tom - January 16, 2009 at 9:57 am
I was laid off at the end of 2008 and I am very early in the process. I am in just in no position right now to start selling myself. My resume is together, but just having to start over again just sucks. What really sucks is that I feel like I would be going back to some financial job that is going to put me right back here through the next cycle. I am grateful and opportunistic for the clean slate of choices and options I have ahead of me, but I have to face the harsh realities that come with it.
Comment by Bamski - January 16, 2009 at 10:17 am
I was a director at another major Wall Street bank, and I was laid off in January 2008. I went through many of the phases you describe. Starting over is really hard, especially since, as Bamski mentioned, your first instinct is to find another job that will put you back to where you were.
I have since found another job here in NYC, also in finance, but I have a completely different role and consequently, a different salary. In order to secure a position, I found I had to readjust my expectations and fall back on older and different skills.
Comment by Isabelle, NYC - January 16, 2009 at 12:15 pm
One good way to avoid discouragement is to set short-term goals that can be achieved solely based on your actions (e.g. # of new contacts this week). You sound like you have read up on good job search practices, so I won’t comment on that. Just remember that your best odds of getting a job will be through your network.
Comment by Tim - January 16, 2009 at 12:35 pm
Stop looking and start trading!
Comment by Elliot - January 16, 2009 at 12:39 pm
Tom’s advice is key. Systematic process and good recordkeeping will sustain you into the darkest hours because there are always dozens of other people to be added to the database.
My advice - be fearless. Most people want to help. They don’t know how. In your intro/pitch give them an easy way to help you, not an easy way to say no. I know it sounds lame, but the question, “I need to learn more about xxxx to help me prepare for another networking call. ZZZZ thought you might be able to help me get my arms around this industry/opportunity.
It goes without saying, never ask for help getting a job unless you are talking to someone in the inner circle.
Tom’s comments about thanking everyone are key as well.
Comment by Tim, Chicago - January 16, 2009 at 12:42 pm
Dont give up. Exercising/meditating in the morning, or your preferred time of the day, is critical to staying emotionally stable. Dont stop communicating your feelings. it is critical that you remind yourself that tomorrow is another day and that it will get better.
I used this when I was in a similar sitution in the last down turn. In dealing with the prospect of further layoffs, I still exercise/meditate to remind myself that there is more beyond what is happening right now.
Comment by Anonymous - January 16, 2009 at 12:46 pm
I was laid off from my VP job at the end of the year. After talking to recruiters and my contacts I believe there are very (very) few jobs available. However, much of the work we all used to do still exists. So I started my own company and am looking for work (projects), not a job. It will be hard but whatever I come up with will be mine and less susceptible to decisions by corporate leadership. Good luck to all.
Comment by Steve - January 16, 2009 at 12:46 pm
I’ve been laid off a couple of times now, and found it’s very easy to lose motivation once you feel like you’ve exhausted every lead and pursued every contact in your network.
What I found helpful in staying motivated was to treat my job search as a job. I got up each morning, dressed for work, and set about working on the daily goals I established in my job search plan. At the end of the day, I’d follow my normal routine of meeting friends after work, unwinding and spending time with my family.
The sense of normalcy it gave me helped a lot with motivation, my family had increased confidence that I was actually working hard to find another job, and I could actually discuss my work day with others as if I just had a new career and was learning the ropes.
Comment by Chris - January 16, 2009 at 12:48 pm
Track your hours on a spreadsheet and graph it out. The more you can track your metrics, the better.
Comment by Holmes - January 16, 2009 at 12:52 pm
You’re not going to find another job in finance. You just need to accept that and start thinking about other lines of work. If you don’t you’ll spend years in a hopeless search for a job in an industry that’s going to be shrinking for years and emerge permanently much smaller.
Comment by Ted - January 16, 2009 at 12:56 pm
Hang in there!! Have you called recruiters? They can be really helpful. Even if they don’t have anything right now, stay on their radar. I also find exercising regularly can keep any blues at bay, job hunt blues included. Since you were relatively high level, what about consulting / contract work? People might be willing to take on that expense versus a full time person and then you have your foot in the door and more people know you. Or you could print an article in a national newpaper lots of finance people read so LOTS of people know your name. Oh wait - you already did that. Nice job.
Comment by Jen - January 16, 2009 at 12:58 pm
It took me ten months in 2002 down turn to find a full-time job when I gratuated from MBA, and I learned that the longer a person is out of job, the harder for him to find one. A long time fruitless job search can really wear a person down mentally. So I worked temp jobs, and even at fast food restaurant just to keep myself motivated, and from being still. The full-time job I landed was below my scope, but I built upon it, and worked myself up. So consider jobs outside or below of your previous scope. If you have the skill, it will not go unnoticed.
Comment by Hao - January 16, 2009 at 1:03 pm
I have been through this as well. I like the suggestion on treating the job search as a job in itself. That’s what I did the last time. The meditation and exercise are very important for emotional and cognitive well being. Maybe spend a little time to nurture a long-neglected hobby. Reconnect with the family. Good luck and may the force be with you.
Comment by Pat - January 16, 2009 at 1:07 pm
Reading these comments, it’s clear to me that the message isn’t getting through. The financial model these folks know is dead. Wall Street will never be the same. It will be years before we see a robust economy again and then MBA’s will be a dine a dozen. The current “laid off” folks will be over the hill and will be replaced by a whole new, younger and more conservative breed. Rather than looking for a job on a sinking ship, they need to take a breath, think about their real passion in life, and start over. I’d suggest they read “Authentic Happiness” by Martin Seligman.
http://www.authentichappiness.sas.upenn.edu
Comment by Chuck - January 16, 2009 at 1:19 pm
At this point, you need to think about a career change, particularly if you are not in a position to leave New York. Give some serious thought to what skills you have developed over the years and whether there are other industries that might be able to make good use of them - there surely are.
Quite frankly, the big winners in the frenzy that got us here were Wall St. employees such as yourself. I am not saying that you are to blame and are being “punished” but you should think of yourself as very lucky to have had several very good financial years. You sort of won the job lottery for several years. But this, I think we all agree now, was not sustainable so you likely will have to significantly lower your compensation expectations to get a new job. There are, unfortunately, a lot of people like you around right now and the sooner you reset your expectations, the sooner the labor market can start clearing again.
Comment by Andrea - January 16, 2009 at 1:28 pm
–Join LinkedIn and join groups with similar interests with people that can help you with your job search. Alumni groups, professional interest groups, for example, are great.
–Develop your own themes and mini-business plan, and respective ideas, for each job you target and have specific ideas how you can contribute to the new job in 6 months. Know and develop your personal ROI for each target job.
–Think of potential customers, deals or business you can bring to your new job, and validate the opportunities with your respective client contacts.
–Network every day and view networking meetings like sales calls. Everyone can help if you know what you need from them, and what they can deliver. Just align expectations and outcome for every meeting.
–Stay positive and don’t discount yourself.
–Stay up to speed in your target industry, deals, transactions, people, etc…
–Regarding level/position, its not where you start, but where you end. Strategic entry-points in new jobs with good people can take you where you want to go.
–Workout and meditate–essential
–Avoid alcohol as much as possible, its a depressant.
–Know that you are not alone, and view this as an opportunity to learn from the past and kick-ass in your new job.
Comment by LameDuck - January 16, 2009 at 1:28 pm
With a BSEE and an MBA, I had a long search trying to leave the evaporating Automotive electronics industry. It’s important that you consider how to leave for another industry. Not easy since your contacts are in the asme industry as you. Consider this a full time job; 9 to 5. Personal contacts are only one method. Research recruiters (recruiterlink.com) and have a spreadsheet to track, target 200! Select targeted job boards(The Ladders). Be prepared to relocate! Have goals for each day/week that depend only on your actions. Have personal goals you can control outside the search (train for a Triathlon, volunteer, etc.) that you wouldn’t normally have time for, but will help you feel accomplished, and get you out of the house. Be prepared for ‘bad’ days, they’ll pass.
You have the chance to re-write your life!!
Comment by John - January 16, 2009 at 1:31 pm
I will most likely to go on to a Master Program after my college graduation in May, since I had no luck during the job search. Or, hopefully get a job in a foreign country for a while until the US economy gets better.
Comment by Amanda - January 16, 2009 at 1:35 pm
One might want to consider a consulting/temporary spot while the market is still slow.It will allow you to earn some money, keep busy, and get your foot in the door. When the market picks up, you’ll already have proven yourself.
Comment by Anonymous - January 16, 2009 at 1:36 pm
Try a service like Zentact/SocialMinder to stay connected to everyone in your network in a real way.
Comment by Jared - January 16, 2009 at 1:36 pm
I survived for almost 26 months because I took a series of long-term Navy Reserve orders in the DC area and overseas. I was a new partner at a multistate firm that went pfffft^@%#$% 8 years ago. I had limited clients and a tough time getting interviews, even though I was competent in business and securities litigation, bankruptcy/workouts and tax.
So I exited the law scene for a while, then came back. It worked. I was a Navy Reserve commander- in intelligence - not a JAG. Intel is a high-demand officer specialty and reservists can pretty much write their own tickets. When I finished that duty I had banked a lot of money - in a hostile fire zone, a portion of pay isn’t taxable.
I started an employment search anew and landed an of counsel position tracked to partner and made it a couple of years later.
This may have been bad for a guy with family issues but it worked for me since I wasn’t married.
Comment by Navy - January 16, 2009 at 1:50 pm
Posted by Spencer Cutter
Mr. Cutter was a senior vice president at Lehman Brothers Holdings Inc., working in the leveraged finance group. After nine years with the firm, He was laid off in the spring of 2008. He holds an M.B.A. from UCLA and lives in New York with his wife and 20-month-old son.
I have learned that, like many other processes, the job search has a life cycle of its own. There was the Introductory Phase, when I initiated my job search by preparing my resume, doing research, and making some initial contacts. Then there was the Growth Phase, where I perfected my resume and elevator pitch and targeted specific companies to begin aggressively marketing myself. I was busy making phone calls, submitting applications, following up on job leads, and going on as many interviews as possible.
The Growth Phase seems to then be followed by the Mature Phase. Since I have been out of work since the spring of 2008, I reached the Mature Phase of my job search sometime last fall. At some point, the activity level slowed down and leads ran out. The evolution of my life cycle was accelerated by the collapse of my former employer, Lehman Brothers, and the fallout that followed.
In August, people interviewing me were defensive. By October, they were locked-down in their bomb shelters and were not going to answer the door for anyone. For example, I was extremely close to landing a job with a large, international bank here in New York last September. However, in early October, after watching the Dow Jones Industrial Average plunge by 700 points every other day, they decided to put everything on hold. We agreed to keep in touch and I followed up just a few weeks ago. Their business has fallen off a cliff and now, rather than considering hiring, they are hoping to be able to avoid layoffs.
The next natural step of the life cycle is decline. Since I have not yet bought the winning lottery ticket, I cannot afford to allow my job search to enter the Decline Phase. Things naturally slowed down over the holidays and I took the time to regroup, both literally and emotionally, and made the decision to kick off the New Year with a new effort.
I don’t have many leads or ideas that are genuinely new, but I do have a lot of contacts that I allowed to go somewhat dormant since they didn’t seem to be going anywhere. I am starting the year by reaching out to everyone that I can think of. I am turning over rocks that I may have turned over before in hopes of finding out that something new has developed there in the last five months.
I am encouraged by the fact that the volatility in the financial markets seems to have subsided somewhat and a new year means a new P&L for many places. However, this is likely to be a long fought war of attrition and the key to success is going to be fighting to avoid the Decline Phase.
Readers, how do stay optimistic during a prolonged job search? Share your thoughts and experiences in the comments section.
Permalink | Trackback URL: http://blogs.wsj.com/laidoff/2009/01/16/keeping-your-job-search-alive/trackback/
Save & Share: Share on Facebook | Del.icio.us | Digg this | Email This | Print
Read more: Spencer Cutter
Comments
Report offensive comments to alina.dizik@wsj.com
Get up and get moving every single day. Be systematic. Keep track of the contacts made so that you can go back to people at defined intervals. You have to pump yourself up every day, do things you don’t want to do, and persist persist persist. The opportunities are few, but there are always opportunities developing. If you want to get one of them, you have to be in the mix constantly, no matter if you think people are tired of hearing from you.
And when you do finally get the job, be sure to get back to and thank EVERYONE.
Comment by Tom - January 16, 2009 at 9:57 am
I was laid off at the end of 2008 and I am very early in the process. I am in just in no position right now to start selling myself. My resume is together, but just having to start over again just sucks. What really sucks is that I feel like I would be going back to some financial job that is going to put me right back here through the next cycle. I am grateful and opportunistic for the clean slate of choices and options I have ahead of me, but I have to face the harsh realities that come with it.
Comment by Bamski - January 16, 2009 at 10:17 am
I was a director at another major Wall Street bank, and I was laid off in January 2008. I went through many of the phases you describe. Starting over is really hard, especially since, as Bamski mentioned, your first instinct is to find another job that will put you back to where you were.
I have since found another job here in NYC, also in finance, but I have a completely different role and consequently, a different salary. In order to secure a position, I found I had to readjust my expectations and fall back on older and different skills.
Comment by Isabelle, NYC - January 16, 2009 at 12:15 pm
One good way to avoid discouragement is to set short-term goals that can be achieved solely based on your actions (e.g. # of new contacts this week). You sound like you have read up on good job search practices, so I won’t comment on that. Just remember that your best odds of getting a job will be through your network.
Comment by Tim - January 16, 2009 at 12:35 pm
Stop looking and start trading!
Comment by Elliot - January 16, 2009 at 12:39 pm
Tom’s advice is key. Systematic process and good recordkeeping will sustain you into the darkest hours because there are always dozens of other people to be added to the database.
My advice - be fearless. Most people want to help. They don’t know how. In your intro/pitch give them an easy way to help you, not an easy way to say no. I know it sounds lame, but the question, “I need to learn more about xxxx to help me prepare for another networking call. ZZZZ thought you might be able to help me get my arms around this industry/opportunity.
It goes without saying, never ask for help getting a job unless you are talking to someone in the inner circle.
Tom’s comments about thanking everyone are key as well.
Comment by Tim, Chicago - January 16, 2009 at 12:42 pm
Dont give up. Exercising/meditating in the morning, or your preferred time of the day, is critical to staying emotionally stable. Dont stop communicating your feelings. it is critical that you remind yourself that tomorrow is another day and that it will get better.
I used this when I was in a similar sitution in the last down turn. In dealing with the prospect of further layoffs, I still exercise/meditate to remind myself that there is more beyond what is happening right now.
Comment by Anonymous - January 16, 2009 at 12:46 pm
I was laid off from my VP job at the end of the year. After talking to recruiters and my contacts I believe there are very (very) few jobs available. However, much of the work we all used to do still exists. So I started my own company and am looking for work (projects), not a job. It will be hard but whatever I come up with will be mine and less susceptible to decisions by corporate leadership. Good luck to all.
Comment by Steve - January 16, 2009 at 12:46 pm
I’ve been laid off a couple of times now, and found it’s very easy to lose motivation once you feel like you’ve exhausted every lead and pursued every contact in your network.
What I found helpful in staying motivated was to treat my job search as a job. I got up each morning, dressed for work, and set about working on the daily goals I established in my job search plan. At the end of the day, I’d follow my normal routine of meeting friends after work, unwinding and spending time with my family.
The sense of normalcy it gave me helped a lot with motivation, my family had increased confidence that I was actually working hard to find another job, and I could actually discuss my work day with others as if I just had a new career and was learning the ropes.
Comment by Chris - January 16, 2009 at 12:48 pm
Track your hours on a spreadsheet and graph it out. The more you can track your metrics, the better.
Comment by Holmes - January 16, 2009 at 12:52 pm
You’re not going to find another job in finance. You just need to accept that and start thinking about other lines of work. If you don’t you’ll spend years in a hopeless search for a job in an industry that’s going to be shrinking for years and emerge permanently much smaller.
Comment by Ted - January 16, 2009 at 12:56 pm
Hang in there!! Have you called recruiters? They can be really helpful. Even if they don’t have anything right now, stay on their radar. I also find exercising regularly can keep any blues at bay, job hunt blues included. Since you were relatively high level, what about consulting / contract work? People might be willing to take on that expense versus a full time person and then you have your foot in the door and more people know you. Or you could print an article in a national newpaper lots of finance people read so LOTS of people know your name. Oh wait - you already did that. Nice job.
Comment by Jen - January 16, 2009 at 12:58 pm
It took me ten months in 2002 down turn to find a full-time job when I gratuated from MBA, and I learned that the longer a person is out of job, the harder for him to find one. A long time fruitless job search can really wear a person down mentally. So I worked temp jobs, and even at fast food restaurant just to keep myself motivated, and from being still. The full-time job I landed was below my scope, but I built upon it, and worked myself up. So consider jobs outside or below of your previous scope. If you have the skill, it will not go unnoticed.
Comment by Hao - January 16, 2009 at 1:03 pm
I have been through this as well. I like the suggestion on treating the job search as a job in itself. That’s what I did the last time. The meditation and exercise are very important for emotional and cognitive well being. Maybe spend a little time to nurture a long-neglected hobby. Reconnect with the family. Good luck and may the force be with you.
Comment by Pat - January 16, 2009 at 1:07 pm
Reading these comments, it’s clear to me that the message isn’t getting through. The financial model these folks know is dead. Wall Street will never be the same. It will be years before we see a robust economy again and then MBA’s will be a dine a dozen. The current “laid off” folks will be over the hill and will be replaced by a whole new, younger and more conservative breed. Rather than looking for a job on a sinking ship, they need to take a breath, think about their real passion in life, and start over. I’d suggest they read “Authentic Happiness” by Martin Seligman.
http://www.authentichappiness.sas.upenn.edu
Comment by Chuck - January 16, 2009 at 1:19 pm
At this point, you need to think about a career change, particularly if you are not in a position to leave New York. Give some serious thought to what skills you have developed over the years and whether there are other industries that might be able to make good use of them - there surely are.
Quite frankly, the big winners in the frenzy that got us here were Wall St. employees such as yourself. I am not saying that you are to blame and are being “punished” but you should think of yourself as very lucky to have had several very good financial years. You sort of won the job lottery for several years. But this, I think we all agree now, was not sustainable so you likely will have to significantly lower your compensation expectations to get a new job. There are, unfortunately, a lot of people like you around right now and the sooner you reset your expectations, the sooner the labor market can start clearing again.
Comment by Andrea - January 16, 2009 at 1:28 pm
–Join LinkedIn and join groups with similar interests with people that can help you with your job search. Alumni groups, professional interest groups, for example, are great.
–Develop your own themes and mini-business plan, and respective ideas, for each job you target and have specific ideas how you can contribute to the new job in 6 months. Know and develop your personal ROI for each target job.
–Think of potential customers, deals or business you can bring to your new job, and validate the opportunities with your respective client contacts.
–Network every day and view networking meetings like sales calls. Everyone can help if you know what you need from them, and what they can deliver. Just align expectations and outcome for every meeting.
–Stay positive and don’t discount yourself.
–Stay up to speed in your target industry, deals, transactions, people, etc…
–Regarding level/position, its not where you start, but where you end. Strategic entry-points in new jobs with good people can take you where you want to go.
–Workout and meditate–essential
–Avoid alcohol as much as possible, its a depressant.
–Know that you are not alone, and view this as an opportunity to learn from the past and kick-ass in your new job.
Comment by LameDuck - January 16, 2009 at 1:28 pm
With a BSEE and an MBA, I had a long search trying to leave the evaporating Automotive electronics industry. It’s important that you consider how to leave for another industry. Not easy since your contacts are in the asme industry as you. Consider this a full time job; 9 to 5. Personal contacts are only one method. Research recruiters (recruiterlink.com) and have a spreadsheet to track, target 200! Select targeted job boards(The Ladders). Be prepared to relocate! Have goals for each day/week that depend only on your actions. Have personal goals you can control outside the search (train for a Triathlon, volunteer, etc.) that you wouldn’t normally have time for, but will help you feel accomplished, and get you out of the house. Be prepared for ‘bad’ days, they’ll pass.
You have the chance to re-write your life!!
Comment by John - January 16, 2009 at 1:31 pm
I will most likely to go on to a Master Program after my college graduation in May, since I had no luck during the job search. Or, hopefully get a job in a foreign country for a while until the US economy gets better.
Comment by Amanda - January 16, 2009 at 1:35 pm
One might want to consider a consulting/temporary spot while the market is still slow.It will allow you to earn some money, keep busy, and get your foot in the door. When the market picks up, you’ll already have proven yourself.
Comment by Anonymous - January 16, 2009 at 1:36 pm
Try a service like Zentact/SocialMinder to stay connected to everyone in your network in a real way.
Comment by Jared - January 16, 2009 at 1:36 pm
I survived for almost 26 months because I took a series of long-term Navy Reserve orders in the DC area and overseas. I was a new partner at a multistate firm that went pfffft^@%#$% 8 years ago. I had limited clients and a tough time getting interviews, even though I was competent in business and securities litigation, bankruptcy/workouts and tax.
So I exited the law scene for a while, then came back. It worked. I was a Navy Reserve commander- in intelligence - not a JAG. Intel is a high-demand officer specialty and reservists can pretty much write their own tickets. When I finished that duty I had banked a lot of money - in a hostile fire zone, a portion of pay isn’t taxable.
I started an employment search anew and landed an of counsel position tracked to partner and made it a couple of years later.
This may have been bad for a guy with family issues but it worked for me since I wasn’t married.
Comment by Navy - January 16, 2009 at 1:50 pm
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