Job market

[bonanzabucks]

The place I'm working for is in line for some pretty steep budget cuts in the coming year. On Thursday, I our CFO said that lay-offs are a possibility. Now, I don't know for sure if my position will be affected and I'll know more in a few months after we finish our projections for the upcoming fiscal year, but I'm not taking any chances and waiting around. I got to do what's best for myself and cover my own ass. As of Thursday, I've started an aggressive job search "just in case". If my position will be affected, then I want to make sure I won't be unemployed in this awful economy.

I work in finance. The job market in finance blows chunks right now. I don't really foresee things improving within the next year. I think this market might be worse than the two years after 9/11, when it was really bad. Most of my friends working in financial services are worried about their jobs and are actively looking as well. Actually, I can't think of one who has said that he didn't have any worries. Some of these guys have Stanford and Columbia MBAs and even they are ****ting bricks at the moment. Things really are that bad out there, especially in my industry. Finance used to be such a stable field before, which was one of the reasons I chose this as a career. However, things drastically changed after 9/11 and it's so volatile now.

Anyone else in the same boat as me? Anyone worried about potential lay-offs? Anyone doing anything about it?

[moose135]

You are not alone - I was laid off last fall, and I'm still looking. It's a rough market, and while I'm not in finance, I do know quite a few people who have been laid off from many of the big financial services companies, and they all say it looks to get worse before it gets better.

For now, keep your eyes open, work on building and maintaining your network of friends, colleagues, and other contacts, and if you do get shown the door, be sure to take advantage of any out-placement services they offer you. Good Luck!

On the bright side, being out of work has given me the opportunity for more photography then I would have otherwise had. :)

[bonanzabucks]

Oh geez. I'm really sorry about that. What industry are you in? Have you had any interviews during this time? When was the last one?

You know, it's really ironic. I was working as a stock analyst before this job and I was making more money, but a lot of us working there felt insecure due to the volatility of the market. I took a pay cut to work where I am now, not to mention I have an hour and a half commute to work and the job itself is largely boring, just because I thought it was vastly more stable and more or less recession proof than working with stocks. A lot of my finance colleagues were envious because they thought that my job would be more stable, even though I was making less money. We were all wrong!

I have tried networking and making calls, but everyone I know in finance is in the exact same boat as I am. Some have been laid off and others are actively looking too and even asking me if I can help them out, even if they make less money. You're absolutely right that it's a really rough market out there and just about every industry has been affected.

I hope for the best, but I'm trying to prepare for the worst. That's what it's come to these days.

[Lezam]

Todays job market outlook does not look good. I haven't started work yet, I'm in college going for accounting now. About 75% of my class are second degree students, its amazing. A few of my classmates got degrees from the big business schools, and weren't able to find a job. Others got degrees in computers, they also were not able to find jobs. It seems like there is major overcrowding in most fields nowadays. These people are forced to go back to school and get a second degree, hoping that they will be able to find a entry level job when they exit. Everyone seems to be hurting nowadays, but hopefully the economy will turn around soon.

Hopefully you wont be forced to exit your job, and all will be well. Theres always hope down the end of the tunnel, don't forget to look at the positives along the way. Good luck!

[T-Bird76]

Sorry to hear about the bad news mate. Are you willing to relocate? Right the market is still very strong in places like North Carolina, Texas, and Utah. In fact Salt Lake City is exploding right now and the cost of living is nil compared to NY. Canada is also in a strong economic state right now and their cities are growing by leaps and bounds as well. I know right now my company has a position open in our Financial Inventory Dept which is part of our Finance Dept. Not sure if that's your area but if it is drop me a PM, I can always forward a resume to our HR dept.

[USAF Pilot 07]

Well... You could always join the Air Force... :) The pay isn't too shabby and the job security is pretty good...

Seriously though, the "white collar" job market in NYC seems to really be hurting. I've got several friends working in the finance market who go to work everyday not knowing if it will be their last at that company.

To re-enforce what Tommy said, I've heard of more than just a few people who have relocated from NYC to more medium sized cities where the cost of living is a LOT less than it is in NYC and where mid-level job positions seem easier to come by.

The job market has a linear relationship to the economy. In good times, when everyone is making money, job security is good, firms are hiring left and right. Once the market takes a dive the opposite is true.

IMHO things will come around eventually - Even if the economy is slow to do so.Companies are cutting people left and right trying to save money, but will eventually realize they cut too many people and start re-hiring (albeit at lower wages).

Good luck with whatever should happen!

[bonanzabucks]

Sorry to hear about the bad news mate. Are you willing to relocate? Right the market is still very strong in places like North Carolina, Texas, and Utah. In fact Salt Lake City is exploding right now and the cost of living is nil compared to NY. Canada is also in a strong economic state right now and their cities are growing by leaps and bounds as well. I know right now my company has a position open in our Financial Inventory Dept which is part of our Finance Dept. Not sure if that's your area but if it is drop me a PM, I can always forward a resume to our HR dept.

I might consider relocating, but it depends on where. To be honest, I'd prefer it to be overseas. I don't like the South or Texas so much. Besides, I think bad economic times are everywhere, not just NY. Also, remember that although the cost of living might be lower in terms of rent in the South, you pay through the nose in auto costs because there's no public transportation so to speak in those places. I don't drive, so I actually save money living here.

As for Canada, I grew up there. No way in hell I'd go back. My family still lives there. And the economy there isn't that great, believe me. I actually moved back about four years ago and the only jobs I could find were at call centers. That was the worst mistake of my life. I know the job market has slowed there even since then. Those I know that still live there tell me the job market is not good at all. It's so bad there that my sister is moving to Europe and my brother is actually considering moving here! Besides, taxes are higher and the weather sucks.

Anyways, I'll drop you a line about the opening. I think I know which company you work for.