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FINANCIAL ADVICE FOR YOUR 20s & 30s
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As job seekers, we've been remarkably loyal to our industries. About 60% of professionals with new jobs stayed within their industry during the third quarter of 2007, according to a recent survey. That put the year on track for a record-low level of industry-switching -- until trouble broke out in the housing and finance sectors. Now, outplacement firm Challenger, Gray & Christmas expects a spike in industry crossovers early in 2008, similar to the one that occurred in late 2001 as the dot-com bubble collapsed.
Starting anew can be invigorating, but it's risky to your earning power. "The secret is to be conversant in the language of the industry you're moving to," says Jan Cannon, of Cannon Career Development in Boston. For instance, networking skills means something very different in the tech field than it does in public relations, says Cannon. "You don't want the person reading your résumé to do any of the work -- you have to do all the translating."
People who've hopscotched before have an advantage. Twenty-year veterans of a single industry may have to draw on outside volunteer work or other interests to highlight their adaptability. If you have to take a pay cut to get in the door, try to negotiate an early performance and salary review.
It helps to target thriving industries open to newcomers. Harriet Wiggin, 59, was downsized out of her marketing post at a technology research firm in Boston. She hopes to land a similar position in manufacturing -- among the few bright spots in a struggling economy this year. "I think there's more opportunity," says Wiggin, acknowledging that challenges await as well. "There's always a learning curve."
POSTED BY: Tim (January 10, 2008 02:24 PM)
This is exactly what I went through when switching job fields.
I worked my way through school and payed my way out of pocket by working in the oil field and construction as a heavy equipment operator and fleet mechanic. When I finally got my degrees I had so much construction experience that I was very highly paid in that area and almost no computer company would take a second look at me because of my long work time in such a radically different environment. When I did land a second interview I found myself in the unfortunate situation that nobody would hire me because I was way overqualified for entry level and could not get anything above that because of having no actual real world experience in the computer field.
I ended up having to purposely ask for a low salary on a entry level job just to get my foot in the door. It was rough going at first making less than half what I was accustomed to but less than a month after getting hired my boss realized my skill set and gave me a office, a new position, and a sizable raise and then two more throughout the first year. Now 2 1/2 years after switching fields I'm making what I was in construction, it was tough to take the income hit at first but having predictable hours, pay, and being inside made the change well worth it.
