The good and the bad of the financial markets upheaval

As those who follow the markets, and even those you do not, we all know there has been a sizeable correction in the global financial markets over the past few weeks. Not just contained to the United States we have seen up to 10% corrections in the levels of all major international stockmarkets. Credit markets have taken the main blame considering that corporate profits are strong, valuations are reasonable and there is no immediate decline in global economic growth (except perhaps the US).

Of more immediate concern is the finance industry in the United States and the impact the recent blowout on subprime debit and other debit will have on the jobs front going forward. I read today that at least one mortgage company is shutting down and shedding thousands of jobs. Over investments houses and hedge funds will be doing the same thing as they bear the brunt of huge losses and no demand for particular products in the market. The bad news is that many people will lose their jobs. The good news going forward is you now have a chance to take a career change and will be forced to consider your next steps and take action that perhaps you had been putting off. Here is some advice;

1. Do not panic

Demand and supply for occupations has and will always trend up and down, never in a straight line, so this is not a once in a lifetime event. Accept that what has happened is not your fault and you have skills that are transferrable into other occupations.

2. Consider your options

This could be a blessing in disguise, forcing you to assess the current state of your career. Believe it or not you will have options to choose from simply because you have skills that can be transferred to other occupations. Leadership, technical financial knowledge, IT skills, HR skills.....whatever you have someone else will want in some way.

3. Research future job trends

It does not make sense to take a job in an industry where demand is predicted to decrease in the future. Why take the risk that you would be laid-off or downsized within the next few years. Rather undertake some research as to where future demand lies. Career coaches who specialize in research career trends (www.dynamiclifecreations.com) can assist you in determing a suitable path and identifying the skills you may need to take the next step. This may require going back to school, parttime or fulltime, but look as this step as building a solid foundation for your future.

4. Make a plan

Look at your financial obligations, your career goals, your level of knowledge, your skills and your interests. Put a plan in place that takes all of these areas into account. Talk about them with your close friends and family and take heed of their advice. But most importantly take the time to make a plan, I would say for the next five years at least. This will prevent you making any rash decisions. In most cases there is little difference between taking a job tomorrow and taking a job in a month - but the consequences of taking either choice will be huge in five years.

Signs that you need to consider a career change

Career goals are all well and good but how do you know if you are making plans in a career that (a) is going nowhere or (b) is not the career that you want to continue with in the medium to long term. There is no sense in making career goals if you are only going to change careers in the short term. The following five signs may alert you to the fact that you truly need to change the career you're in;

1. Lack of motivation

Lack of motivation can be seen in a variety of ways - not eager to get up in the morning for work, mind drifts at work onto other matters, you look forward to the weekend on Monday and dread Mondays with a passion. Lack of motivation is different from pressure or stress from too much work, rather it stems from conflict with your personal values surrounding work and leads to a lack of interest and subsequently lack of motivation to perform.

2. Using work time to work on your hobbies

Hobbies can be seen as the interests we wish we could focus on fulltime if we didn't have financial obligations or if that hobby could provide a level of financial security. Many of us enjoy our hobbies immensely and these could range from property speculation, stock trading, painting, writing, singing, shopping, professional sports....the list is endless. However working or thinking of your hobbies during work simply represents a distraction from the task at hand and is a sign that your focus is not on the job you are currently doing. It may mean you don't have enough work to take up the 8 or 9 hours of the working day but if you were dedicated to the job you would find more work or become involved in additional projects.

3. Admitting you don't like your current job

This is quite explanatory in itself. If you say you don't like your career then you don't like your career. That is not to say you should quit tomorrow as you may have other reasons eg. financial obligations or level of lifestyle that is keeping you working the job you don't like. In this case having fun may be more important than job satisfaction. However depending on your personal values and how they change in a year or two may see you move from a position where your highest rated personal values are not being met. All I am recommending is that if you don't like your job start exploring some possbilities for change in the future and having a plan of action. Waking up one day needing to quit your job today with no plan is not the way to go.

4. You are jealous of your friends' lifestyle

Jealously is about the fact that you see others having or experiencing what you want. This could be from a financial aspect, lifestyle aspect, relationship aspect etc. You may think 'why don't I have that'? Well first of all jealously comes from the fact that again your personal values are not being met by your current life however you see what is important to you being lived out by someone else. For example you may see someone who earns less but has their own business and works their own hours. Now if quality of life to you means relaxing and stress free existence you may be jealous. However if it means financial abundance and power then you probably wouldn't be so jealous. My advice here is take the actions necessary to achieve what you want. One of my favourite sayings is this 'if you always do what you've always done you'll always get what you've always got'.

5. You don't see a future in this career

Put simply if you don't see a future for yourself in the career you are currently working in then you must consider making a change. First step is consider all of your options and start researching today.

Secrets of Effective Career Networking

How important is networking to your short and long term career goals? Extremely important and will continue to increase in importance as our society becomes a freelance, self-employed, social and business networking monster. As companies continue to squeeze out forever increasing profits by downsizing and reducing numbers of employees in preference to technology and freelancers and contrators the importance of effective networking can not be understated.

Through independent research and interviews of many successful people, both in big business and self-employed I have discoverd the following five points that are critical to effective career networking.

1. Quality not quantity is key

Many people feel that networking with the world is the key underlying driver to networking success. Well it is if you want to count spending countless hours on the internet as your ultimate goal. Networking is not about the numbers per se, it is about numbers of quality networks that directly or indirectly have a connection to your goal or objective. Be selective with your networks and don't be afraid to reject networking opportunities if you cannot see a connection just because you don't want to say 'no thanks'. The only person who is disadvantaged is yourself.

2. Create short term and long term networking plans

As your goals change so will your networking objectives. Be clear on the networking path you must take over the next few weeks, months and years so you don't remain stagnate in a network that though it worked wonders last year does nothing for your imediate objectives. A long term plan is not set in stone, it is allowed to be altered, but it makes sense to have some idea of whom you would like to network with next year based on your plans for your occupation or business a year from now.

3. Do the work

Believe it or not networking takes time and effort and trial and error. People will not network with you just because you introduce yourself on LinkedIn. Time means money to many people and once the initial warm and fuzzy feeling of connecting with someone new is over, then the true test begins - is this person worth my time or not? Networking is an art in itself and those who say they are poor networkers cannot then say the 2 hours a week on the internet and the Friday lunch drinks at the pub for some reason didn't allow them to create effective networks. You must put in the time, improve your knowledge of networking and continually learn from what didn't or did work.

4. Horizontal as well as vertical networking

Many people's concept of networking is to find people that can provide them a boost up the career or business ladder. This is a fault of many humans and particularly younger generations that if something can be achieved for less effort that is great. Don't get me wrong, making unnecessary effort is a waste of resources but at the same time look at this from the person you're trying to have help you. What do they get out of this? So when networking, whether in an office or for your own business, look to also network with those people on the same level or slightly below you. Perhaps look for people in different departments or industries who someday could be a key member of your network. This may take years to cultivate but building a solid foundation is a key requirement to establishing an effective network.

5. Way of life

Finally don't think networking only has to be performed at the office or over the web. Effective networking means being open to networking opportunities that may present themselves to you at any time. Dinner parties, international plane trips, the subway....don't discount any potential opportunity. This requires that you are alert and receptive to these opportunities. As The Secret puts it the Law of Attraction is effective if you truly want something enough.