Finding or Keeping a Job in the Financial Sector: Economic Crisis Means Rethink Your Strategy

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Every industry has been hit with the economic crisis, and at this time of year many dread the feared pink slip or lay off. Stay ahead of the game in the Financial industry by rethinking your strategy.

Adjust Your Expectations

The gravy train was nice while it lasted, but it’s over. Forget the $500k salary for now; it’s not about what your think you’re worth, it’s about what the company is willing to pay. Remember, right now it’s about staying in the game and riding out the economic crisis. You’re the product to sell, so think in terms of future assets. What can you offer the company, and what can they offer you for the future. Yes, it is going backwards a bit, but sometimes you must take a step back to pick up the momentum.

Network, Network, Network

Yes, you know this. In fact, probably the Financial Sector invented this! Now is the time to call all of your cards or favours in – who knows who, what’s going on in the industry at your end of the world, etc. Use all your contacts to network to open up any potential opportunities. And follow up on each and every one. Yes, this takes time and effort. But it will prove to a potential possibility that you really are a “go-getter”, and one that would work well for that company.

Contact a Professional Head Hunter

Often Head Hunters know where the job is before the workers do. Make sure though that the one you choose is discrete and confidential. Be honest with him/her – what are your real talents? What is your real salary range? Be prepared to adjust your salary expectations, but don’t sell yourself too short. A good Head Hunter will know the ranges for the work and/or company.

Think Outside the Box

Don’t just look for work on Bay Street – there’s a whole world out there outside of the stock markets. You most likely have an MBA, which means you can work for any business. Start expanding your horizons and look outside of the Wall Street gang. Businesses have to first exist for a stock market to exist – so be part of the start, not the end.

Use your business acumen to find companies that are weathering the economic crisis, then approach them with how you can help. Don’t forget to create your own business plan for how to weather this storm; being prepared is half the battle. Use your financial sense to think about areas you could work in; or even create your own small business or consulting firm. There are many local and provincial/federal government programs that will help get you started with financial loans/grants.

Bottom Line

By rethinking your strategy and looking outside the box, you’ll find those jobs within the Financial/Business Sector. Don’t forget about creating your own job. It’s tough out there, so adjust your expectations of previous compensation.

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