Take a Tip from the Tech Meltdown

Not long ago, thousands of highly trained tech professionals were in the same position as many of today’s financial professionals, when major firms downsized and smaller companies vaporized in the great tech meltdown of 2001.  If you are looking for jobs in banking, you’d be wise to follow some of the strategies the most successful job seekers back then used for landing on their feet, as highlighted in the Globe and Mail:

  1. Act Quickly: start your job search fast, given that so many others will be looking.

  2. Broaden your thinking: ask yourself whether you want to stay in your current field or consider a different field.

  3. Be flexible: don’t limit your search by geography. If you can relocate outside your city, region or even country, your options widen. Also consider smaller companies who may welcome the opportunity to hire someone with your skills and background. You may even have to take a temporary cut in compensation and work your way up again.

  4. Use online resources to the fullest. One recruiter tells us that during the tech meltdown, colleagues and friends created private email networking groups and circulated news and job leads among group members. That way if one group member heard about a job opening that didn’t apply to him, other members of the group could go for it. This type of networking rapidly multiplies the number of job leads you hear about. It also pays to prowl chat rooms and niche job sites, and use online tools such as Linked-In, Facebook and MySpace.

  5. Upgrade your skills. If you can afford it, this might be the perfect time to go back to school to acquire new skills and wait out the softness in the current job market for a year or two.

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