533,000 jobs lost in Nov 08: I see opportunity!

Today, several news outlets including CNN and the Wall Street Journal reported that an additional 533,000 jobs were lost in November alone which is the highest in over 30 years. The unemployment rate is at 6.7% it's highest level in about 15 years. I think we all agree that most of us have never seen numbers like this in our lifetimes. While attending a Women's Leadership Exchange event last month, the group of women executives was reminded that the Chinese symbol for crisis and opportunity is the same. I remembered hearing it somewhere before but at this time it was particularly relevant. On a national economic level 6.7% unemployment is definitely a crisis that needs to be addressed at the national level by creation of new jobs, restructuring of the financial markets and other things that the government should and can help facilitate. But for the individual, these tough times can represent a new beginning for some.

So, what do you do if you're one of the over 1.5 million people who have lost a job this year? Here's my list of some things that can help turn your personal crisis into a potential opportunity:

1. Research emerging and recession-proof industries. Some industries still manage to do well in a down economy. Research those industries and skill needs in those industries to determine if you have transferable skills. It's important to stay current with what's going on in the overall economy and workforce not just on your former employer and industry.
   Re-skill. Essentially if you're in an industry that has been hit hard and isn't like to recover in the next five years or so, look closely at other industries where your skills may now be in-demand. Where you lack the industry specific skills, get them! Your state's Department of Labor has several great resources to help you with research and your job search.
2. Develop a "career portfolio". If the perfect opportunity presented itself tomorrow, would you be prepared to take advantage of it? If you were with a company for several years and your resume hasn't been updated, it's time to give it an upgrade. The standard resume format and content that was popular 10-12 years ago, won't cut it today. Companies and recruiters want to know less about what you've done and more about the results or outcomes of all your work. You need to have that work documented and compiled in one place. A Career Portfolio should include a brief summary of your professional experience including industries you've worked in, highlights of 4-5 major career accomplishments, work experience with results (not just a list of activities or duties) and sample work products (things you actually produced - widgets, processes, training, improvements, revenue, expense reduction, etc.). Some candidates opt to create their portfolio's as password-protected web pages. This makes it easier to submit to prospective employers and/or clients.
3. Go back to school. If you don't possess some of the critical skills to become or remain viable in a time when the search for jobs is highly competitive, you may need to return to school to obtain new skills. Think carefully about the industry and function you will pursue. It should be something that compliments or builds on existing skillsets and will broaden your level of expertise. At 40 or 50 years old, you don't necessarily want to start over. Also some retirement plans allow for non-penalty withdrawals if you use them to take college-level courses at an accredited institution.
4. Work as an independent contractor. Even though some companies don't have funding for headcount, they do have budgets to hire consultants. Corporate executives know that in times like this, the work still has to get done. So even if they can't afford a permanent full-time resource (fully loaded for benefits and bonuses), they may be willing to outsource the work to an independent consultant. In some cases, you can consult with the employer that just laid you off. Make sure you are up to date on any legal implications and IRS requirements of working as a contract employee.

So, there are lots of opportunities out there for people affected by these massive layoffs. So once you're done crying and panicking and being angry remember, you're not a victim. Your career is yours to control. It always has been!