How Wall Street's Meltdown Will Affect Your Career

No one is safe, indeed, and I hope that this is a wake-up call to pour more dollars and resources into our public schools. We need to educate the next generation or they will be even in more hurt the next time the economy rolls.

It's good that you mentioned Greening as a safe haven during these dark times, Rachel. For my own business, I decided to start a totally sustainable and environmentally-friendly bakery/bookstore, called Much Ado About Muffin. We only buy from fair trade growers/retailers and all of our ingredients are 100% natural - guess what? Our business hasn't suffered in the past few weeks (compared to our competitors). It's all about marketing - sustainability is the way of the future, and Joe Six-Pack is finally realizing it!!

Employers shed 159,000 jobs in September and while the unemployment rate is steady at about 6%, things are looking pretty dire in the job market. This is the 9th consecutive month of jobcuts. It seems we are moving into a season of mergers, buyouts, buyups, consolidations and cost cuts. Lots of things are moving down, and it seems like the sky is falling.

Which is why I must be forced to agree with Jeffrey, who I feel is most likely on the opposite side of the political spectrum from me, but it's hard to ignore that in these turbulent times, it helps to keep one's mind open to green possibilities. Innovation and VC money will no doubt be contributed to the "green-volution" that's on the way. Though, if I may, Jeffrey, I would have called the store "Lord of the Fries" or perhaps "The Heart is a Lonely Muffin." Thank you Rachel for writing this article. In the cold, trying times ahead of us, this article is like a warm muffin.

As the economy flounders, the credit crunch becomes a freeze and then small businesses take the hit. Thus people lose jobs, they lose the ability to pay people or be paid for what they are doing. The middle layers of the supply chain get hurt because they can't get pair either.
What happens is that small and medium businesses will lay off more people. spend less and hope that they can keep their customers-- regardless if it's wholesale, retail, supply chain or tech.
What we need is an FDR-ish approach to jumpstarting the economy and a serious kick in the butt for the real estate market for that supply chain to rev the economic engine.

The trick will be is that people will have to get by (and buy) less. That's not good for the economy because of the lack of trust in the siutation.

With the economy sinking into recession, companies around the U.S. are slashing workforces.

As boomers begin their involuntary retirement, indications are that the weak economy is squeezing exit packages. David Broman, CEO at compensation adviser Syzygy Consulting Group, says his firm's annual survey shows "a significant pullback in what [companies] are willing to pay outgoing employees during downsizing."

Some 62% of employees polled by research firm Weber Shandwick predict their company would have trouble meeting its goals in the next year while 54% say they haven't heard anything from senior managers about what the financial crisis means for their company.

Yet, AARP tells us that 28 percent of Americans devoted more time to reality TV in the last month than to retirement planning in the last decade. Perhaps, you should be considering how you will get by when your boss tells you that you have lost your job...

In most cases, the law doesn't require employers to pay a cent to laid-off workers.

While top executives often negotiate lucrative departure packages, few employees have such contracts. The trend these days is toward differentiated plans: one for CEOs, another for senior executives and another for the rest of the staff. Where do you fall in these three employee categories?

According to a 2007 survey by WorldatWork, a nonprofit human resources organization, most policies offer one or two weeks' pay for each year an employee has worked, often to a maximum of 26 or 52 weeks. But employee handbooks that set forth severance policies typically state that the companies are free to modify them. Says Steven Gross, who advises businesses for HR consultant Mercer: "Companies have gotten very stingy in their stated policies so they can come back and be more generous if they want to be."

Many managers feel that treating ousted workers well sends an important message to those who remain behind. "Everybody who survives looks at how well the other people were treated because someday they may be in that situation," says Mercer's Gross. But the primary reason employers offer severance is that they extract something in return: The departing worker must waive all rights to sue the company.

Mass layoffs in particular put companies at risk for age discrimination suits, because cutbacks often target higher-paid boomers, who tend to be older. Demanding a waiver is "really a mechanism that employers are using in a very effective way to eliminate the numbers of claims that come out of a reduction in force," says New York employee attorney Pearl Zuchlewski.

You are advised to begin planning your exit strategy today...way before you are escorted out the door.

Source: BusinessWeek, November 3, 2008

A recession--or maybe this is a depression--is a wake-up call to everyone to take charge of your career. The fundamental issues in this networked economy should be clear. That includes an intelligent network that is more than an echo chamber, strategic management of one's own career, and an ongoing developmental program that will provide for opportunities--limited thought they may be--beyond your current job experience. Dan Erwin

The real travesty of the job market and stock market collapse is that the baby boomers will not be retiring in the near future. The young generation keeps waiting for positions to open in many companies but are blocked by the large glut of people who are in the waning years of their careers. Don't get me wrong there are some very talented people in many of these positions, but some of the older generation were promoted based upon tenure and not ability.

The real travesty of the job market and stock market collapse is that the baby boomers will not be retiring in the near future. The young generation keeps waiting for positions to open in many companies but are blocked by the large glut of people who are in the waning years of their careers. Don't get me wrong there are some very talented people in many of these positions, but some of the older generation were promoted based upon tenure and not ability. We as the next generation have creative and innovative ideas that can push business and the economy forward. Unfortunately we are being blocked and stymied by the older generation.

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Some 62% of employees polled by research firm Weber Shandwick predict their company would have trouble meeting its goals in the next year while 54% say they haven't heard anything from senior managers about what the financial crisis means for their company.тантра