How to Flee an Ailing Industry
As reported by Diana Middleton of WSJ
With the unemployment rate hitting a new 25-year high Friday, many workers and layoff victims in the worst-suffering industries are looking for safer sectors.
Industries including autos, financial services and retailing have been hit especially hard during the recession, shedding tens of thousands of jobs. Even as the overall job market shows signs of stabilization, companies in some of the worst-hit sectors may recover more slowly, and job-seekers may be better off looking at new industries.
But making that change can be tough. We asked career coaches and human resource experts how to navigate into a new sector.
Redeploy your current skills.
Look for growth industries – or less hard-hit ones – where you can put your current skills to use. If you’re an accountant at General Motors, for instance, look for companies in other industries that need accountants. “People often don’t want to leave their industries, because they’re comfortable there, even when they’re miserable,” says Trudi Schutz, a Connecticut-based career coach. She suggests job-hunters look for “careers that use those same skills they love, but in a new way.” She worked with a former car salesman, for instance, who found work within the last six months as a pharmaceutical salesman.
Which industries to target? Consider employers in healthcare or “green” technology, which are both experiencing growth, said David Lewin, a management professor at UCLA’s Anderson School of Management. Education and government are also stronger than most.
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