Career Corner: The Sky is Falling (not!)

Maintaining the proper perspective during trying times.

By: Donna Carroll
VP, Business Development & Recruitment - Systems Personnel

Remember the story of Chicken Little, the little chick who believed the sky was falling after an acorn dropped onto her head? She decided she must warn the king immediately, with the help of her feathered friends Henny Penny, Ducky Lucky, Goosey Loosey, and Turkey Lurkey. And so begins their perilous journey through the woods where they eventually meet up with Foxy Loxy who convinces them all to follow him back to his den.  After this point, there are many different endings to the story. In one of the more famous endings, Chicken Little and all of her friends meet their demise when Foxy Loxy eats them all once he gets them back to his den.

Much like her feathered friends believed what Chicken Little had told them about the sky falling, many people today fall into the trap of believing every word the media reports about the state of economy today.  (More on the tale of Chicken Little a little later in this article...) 

I am the first to admit that I am no economist... I won’t even pretend to be one on TV. So, this article will not provide my analysis of empirical data on the status of today’s economy. I am, however, a seasoned recruiter who has worked through three separate periods of a ‘declining economy’ (euphemism for the ‘R’ word). I have worked for the past 20 years in the trenches of the employment field in both thriving and desperate times. So, I’m in a distinct position to offer insight and anecdotal evidence about the health of today’s job market.

For those of you who prefer a more fact-based analysis of the economy, Harold L. Sirkin delivers a promising prognosis for the U.S. economy in his recent article featured in BusinessWeek.com.

Debunking the Myths of a Declining Economy

Myth #1: All industries are downsizing or, at best, maintaining the status quo without any job growth. While it is true that there is no such thing as a recession-proof industry, Healthcare is certainly one of the safer fields from which to collect a paycheck today. As other industries experience major restructuring and reductions-in-force, there are still shortages of workers in the Healthcare field. Healthcare employers continue to struggle to find qualified workers and even offer sign-on bonuses for specific hard-to-fill positions.

Myth #2: It’s too risky to make a job change in the current market. Let’s be honest here, there is always a risk when one decides to make a job change. Everyone thinks “last man in, first man out.” However, many people mistakenly believe that the risk is higher in a declining economy. I believe the reverse is actually true. When companies are still hiring despite a declining market, it’s often because the positions are deemed of such importance that they cannot manage without a qualified individual in that role.

Myth #3: Many of the opportunities available today are contract positions which present a less stable career choice. Are you sure about that? Contract assignments can actually shield you from tough economic times. While it is true that many contracts are limited to short-term projects, there are many contracts with fixed durations which represent a long-term solution to employers. With head count within companies almost as precious as profits, bringing in a contractor instead of a new permanent hire is one way companies can secure the key workers needed despite tight hiring restrictions. And, once the economy improves and new budgets are approved, that once-thought short-term contract can convert into a permanent position with full benefits.

Practical Advice for Trying Times

For Job Seekers

The best piece of advice I can offer job seekers in our present economic times is to be realistic and flexible about career options. If you find yourself suddenly unemployed, you don’t want to be scrambling for answers in the midst of dire financial straits.

First, if you are currently employed, take the time to consider your true reasons for seeking a change. Perhaps a candid conversation with your current employer might eliminate those reasons or at least alleviate some of your concerns. Don’t rush to find a new employer until you’re sure that you’re ready to leave your current one. Always live up to your commitment to the new employer once you’ve accepted their job offer, and never revert to your current employer when they dangle a counter-offer full of promises in front of you. It’s an extremely rare instance when accepting a counter-offer works out as you hope.

Next, if you’ve decided it’s definitely time to seek a greener pasture, do your homework first. You must take the time to fully evaluate what options you can or cannot accept. Are you willing to accept a lower salary in exchange for a better growth opportunity? Are you in a financial position to sell your current home? How will your family handle the logistics of relocating to a new city? How long can you afford to remain unemployed versus hold out for a higher salary? Is it more important to remain employed in your current field, or to make sure your family is fed, clothed, and sheltered? These are tough decisions, for sure, but ones that have to be made prior to being laid off or conducting a new job search.

For Employers

Perhaps one of the best pieces of advice I’ve seen for employers is offered by Harold Sirkin in his aforementioned BusinessWeek.com article. "...if your company has not yet taken the steps necessary to win on the upswing—cutting fat and turning it into muscle—now is the time to do so. Take advantage of the fact that some companies are struggling, thus creating the opportunity for you to hire their best people, claim their customers, and buy their assets on the cheap."

There is no doubt that human capital is your organization's most valuable asset.  To learn more about how to capitalize on Sirkin’s advice, I suggest you read Topgrading: How Leading Companies Win by Hiring, Coaching and Keeping the Best People by Bradford D. Smart, Ph.D. In his book, Dr. Smart introduces the concept of Topgrading—how and why it works. The secret is hiring the right people—the “A” players. Research shows that the cost of a mis-hire (hiring the wrong person for the wrong job) can be up to twenty-four (24) times their salary. It’s not hard to see how such a mistake can be a financial drain on your organization.

Maintaining the Proper Perspective

Okay, now back to our friend, Chicken Little. Depending upon the version of the story you remember, the moral changes. In the "happy ending" version, the moral is not to be a "Chicken", but to have courage. In other versions the moral is usually interpreted to mean "do not believe everything you are told". In the latter case, it could well be a cautionary tale: The Chicken jumps to a conclusion and whips the populace into mass hysteria, which the unscrupulous fox uses to manipulate them for his own benefit.

So, before you fall prey to the media’s mass hysteria about the state of our economy, put it all into perspective. Don't be a chicken little. Do not be afraid. The sky is not falling!

We have many clients still hiring qualified MEDITECH professionals. If you're really ready to make a job change, give me a call at 413-569-1111 for a confidential conversation. I'd be happy to discuss your specific situation and give you an honest assessment of your options. Regards, Donna.