What’s your plan B?

Marc Camras

How will you prepare?

In the last decade the career climate has changed dramatically. Gone are the days when “The Company” would take care of you until the day you retired. Folks could and did rely on something called “job security.” A trend no longer relevant in today’s job market. According to the US Department of Labor data (2010):

• 1 in 4 workers has been with their current employer for less than one year

• 1 in 2 have been there less than 5 years

• The average length of employment in the USA is 2.5 years

• As of May 2011, the average (mean) duration of unemployment is now 40 weeks

Here are two trends to pay attention to now. It’s time to become proactive rather than reactive.

Trend #1: Most managers and executives, especially in companies that rely on technology and knowledge, are obsolete by age 35. This trend was discussed in a Wall Street Journal article in regards to HP laying off 27,000 workers. Most of these workers will be older and higher paid, and made redundant by new, less expensive graduates and overseas competition.

The implication: If you are in your 30s or 40s, or older, and still working as an employee, you had better have a Plan B. For instance, starting a coaching/consulting/advisory business is a great for you way to take your expertise and wisdom and share it to help less seasoned employees and managers be successful.

Trend #2: Get ready to work until you are 80. The Government is going broke, and we are living longer. Prepare to pay your own way during the golden years. Everyone must be prepared to have a career that they love and that will sustain them — with income and fulfillment –into old age.