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Changing Part Time into Smart TimeBy Vincent MasinoVP of Operations, WallStJobs.comTuesday, August 05, 2008 |
A subtle shift in the employment paradigm is underway. As the economy has stumbled, unemployment numbers, while daunting, are not as dire as what was predicted by the gloomiest of economists (although my area of expertise, the financial services community, has been especially hard hit). However, there is a trend emerging that I have not seen before.
I have noticed firms using a different strategy than wholesale lay-offs as a response to the economic conditions. They are cutting back the working hours of employees, using four day and even three day work weeks to trim bottom line expenses. This does not show up on unemployment reports but the effects on employees are profound. In all cases, the cut backs impact the salaried portion of the compensation package and it diminishes bonus numbers as well. In some cases, health benefits are eliminated.
This “under employed” scenario creates full-time challenges. If you are fortunate enough to have sufficient savings or additional income streams, the part-time work schedule may not require emergency action. However, in most cases, the sudden reduction in income usually requires mitigation. Here are some thoughts on possible action items.
Is this permanent?
You have to ask yourself this hard question. Will you be called back to full time status? Do you even want to be? Is this the time to make a real change in your work and career? These are all important questions that, in my opinion, are best addressed in the context of looking to fill in the gap created by a new working schedule. I sincerely suggest that you seize this moment to at least investigate all possibilities, and assume that the reduced schedule is a long term situation.
Act fast.
In most cases, there is a surfeit of suddenly available talent with time to spare. Register for temporary work and contact your network to let them know that you are available for consulting or project work if, indeed, you want it.
Self-Help.
If appropriate, look into courses that offer professional certifications or advanced degrees. See if the timing works for you. These credentials will always improve your marketability and sense of worth.
Experiment.
With the extra time that the new schedule gives you, why not look into things that interest you beyond your current career? I know of a person who got involved with local politics, joining civic boards and is now an elected official, having left his former employer for this new role. If you can afford it, donating your time to charitable organizations is a wonderfully fulfilling way to use your time productively. It has happened that qualified volunteers are sometimes offered a full time, paid position as a result of their work in a social service or charitable organization.
In some ways, a cut-back schedule is more challenging than an outright separation. Questions of loyalty as opposed to bottom line considerations are murkier than if you were suddenly let go. Irrespective of your decision, this new arrangement can provide you with opportunities to re-evaluate your career and personal goals. But don’t let too much time pass by if you do not have a sufficient financial cushion to see you through. There is no real negative to taking a temporary or consulting assignment while you think things out.
About WallStJobs.com
WallStJobs.com is the premier recruiting source exclusively for financial service professionals and is a member of the Jobosaurus family of uniquely specialized recruiting sites.
I have noticed firms using a different strategy than wholesale lay-offs as a response to the economic conditions. They are cutting back the working hours of employees, using four day and even three day work weeks to trim bottom line expenses. This does not show up on unemployment reports but the effects on employees are profound. In all cases, the cut backs impact the salaried portion of the compensation package and it diminishes bonus numbers as well. In some cases, health benefits are eliminated.
This “under employed” scenario creates full-time challenges. If you are fortunate enough to have sufficient savings or additional income streams, the part-time work schedule may not require emergency action. However, in most cases, the sudden reduction in income usually requires mitigation. Here are some thoughts on possible action items.
Is this permanent?
You have to ask yourself this hard question. Will you be called back to full time status? Do you even want to be? Is this the time to make a real change in your work and career? These are all important questions that, in my opinion, are best addressed in the context of looking to fill in the gap created by a new working schedule. I sincerely suggest that you seize this moment to at least investigate all possibilities, and assume that the reduced schedule is a long term situation.
Act fast.
In most cases, there is a surfeit of suddenly available talent with time to spare. Register for temporary work and contact your network to let them know that you are available for consulting or project work if, indeed, you want it.
Self-Help.
If appropriate, look into courses that offer professional certifications or advanced degrees. See if the timing works for you. These credentials will always improve your marketability and sense of worth.
Experiment.
With the extra time that the new schedule gives you, why not look into things that interest you beyond your current career? I know of a person who got involved with local politics, joining civic boards and is now an elected official, having left his former employer for this new role. If you can afford it, donating your time to charitable organizations is a wonderfully fulfilling way to use your time productively. It has happened that qualified volunteers are sometimes offered a full time, paid position as a result of their work in a social service or charitable organization.
In some ways, a cut-back schedule is more challenging than an outright separation. Questions of loyalty as opposed to bottom line considerations are murkier than if you were suddenly let go. Irrespective of your decision, this new arrangement can provide you with opportunities to re-evaluate your career and personal goals. But don’t let too much time pass by if you do not have a sufficient financial cushion to see you through. There is no real negative to taking a temporary or consulting assignment while you think things out.
About WallStJobs.com
WallStJobs.com is the premier recruiting source exclusively for financial service professionals and is a member of the Jobosaurus family of uniquely specialized recruiting sites.
