How to I get over the fear of getting trapped in a low-wage job?

Question

I was laid-off five months ago from a very high-paying, prestigious job. I had been climbing the corporate ladder, paying my dues and making good career choices for twenty-five years. I did extremely good work at my last job, but because of politics, I got canned. I went from shock and anger to major depression. I am now climbing back out, but the job market in my field (technology and financial services) looks awful. In the meantime, I am doing my networking and looking for another decent job, but I feel the need to get some kind of work, even if its a low-paying job, just anything to feel more productive and useful, and have a schedule. However, I am fearful I could get stuck doing low-paid work, and it is causing to procrastinate & feel frustrated. My resume is good, but the economic future looks very shaky. Anyone else have this experience and know how to get over this emotional obstacle?

Answer 1

I have a pretty average job there are people with college degrees and who used  to have better jobs that are there. Stuff happens. What you would do is just take that low paying job and when a better job opens up you would apply for that one. YOu would have a better chance of getting it because you would be an employee there. maybe look at it as a challenge and get a job to learn a skill you dont know how to do. There are also lots of foreignors with big degrees overseas delivering pizza and waiting tables until they can find a break. Just keep looking when you get that job.

Answer 2

Been there, and of course the fear is real because there's never a guarantee that you'll get another job like the one you had.

However, in your case...

1. You have a solid work history, solid experience, skills, knowledge.

2. If you've been climbing the corporate ladder, you're at some level of management, and management skills are highly transferrable.

3. It's only been 5 months. I realize that to someone who hasn't experienced unemployment, that seems like a long time, but you likely aren't suffering too much financially. You have solid savings built up after 25 years of steady work, you probably got a severance package, you probably get unemployment and with the extension, will continue to do so for another few months. You've probably done some belt tightening, but you're not financially desperate.

What I'm getting to here is that you have room to make some choices.

But first, let me mention the downsides:

1. You're over 40. Especially in technology, age is seen as a detriment. Maximize your chances of being hired by getting trim and fit, if you aren't already. You need to be seen as energetic, not tired.

2. The hiring process for management and executive positions is often extensive, taking much longer than non-management positions. Meaning even if you have possibilities, they may take a few months to become offers.

3. The need for tech and financial services will continue, but of course so much tech is being offshored. The economy may take several years to recover, with it possibly getting worse before it gets better. Realistically, it may be a few *years* before you find something back in your field. And then you'll have the stigma of "Why were you out of work so long? Something must be wrong." to fight.

So back to choices:

1. If you're feeling lost without a regular job, take one. But you have no idea... if you've been making six figures, you may find it impossible to get a $30,000 - $50,000 a year job, because employers will be convinced that you'll leave at the first opportunity, that you won't be happy, etc. No matter what you do to convince them otherwise. You may find yourself stuck in $8/hour jobland, where they know you'll likely leave, but they're not risking much because they already have high turnover. I'm not saying don't apply to these, but don't make this your only direction.

2. Consider consulting/contracting. I don't know how much of a market there is for it, but it's worth a few calls to agencies. Companies do use consultants at all levels of the organizational hierarchy.

3. If you could stand it, I'd suggest trying financial or tech sales, because you can still make excellent money here, your background would be a plus, and you could network as you sell. And it wouldn't be an oddball on your resume.

4. Consider reinventing yourself. What other paths would you like to try? Now might be the time to turn a hobby into a profession, such as putting together a band, becoming a golf pro, finding a niche as a photographer/writer/filmmaker, crafting fine furniture. Or becoming a professor, doing some volunteering overseas or maybe managing a nonprofit.

5. Start your own business. Entrepreneurship isn't for everyone, but if you ever wanted to, now's a good time. How about banding together with some others in your boat and starting a company that does what your last one did, only better, or using a business model you always wanted to try, or developing a product your old company considered and rejected? Or maybe something entirely different, something greener, more ethical, not offshored, something that fits the needs of this economy, whatever?

Point is, don't just wait for a job doing what you were doing (and even working in a low-paid job, you're in waiting mode), because that possibility of getting stuck IS there. So open up the possibilities for other avenues that you would like to take.