Want to land on your feet post-layoff? You might want to take the “lessons learned” approach to some new sobering statistics. According to new research discussed in this New York Times article, many laid off workers take years to recover and get back to their previous salary and most, on average, will not return to their pre-layoff incomes.

This new working paper by Columbia University economist Till von Wachter and two other economists found that from 1984 to 2004:

• most workers do not return to their pre-layoff salary within 15 to 20 years;
• starting over with a new employer and/or a new industry reduces your salary;
• largest long-term income losses happened to those with the longest tenures at their previous employers;
• stability at a company may lead to over-specialization of skills, making it less likely those skills can transfer to another company;
• workers who are laid off are more likely to be laid off again;
• older workers suffer more income decline than younger workers;
• workers with college degrees do slightly better than those without them.

These statistics don’t apply to everyone – the research was done with companies laying off at least 30% of their workforce and the laid-off workers had been with the employer at least 3 years. And most employees were men. I would also say that this research included more of the old style, cradle to grave type of career paths that no longer exist (except in government, perhaps).

What can we learn? It’s a reminder that getting too comfortable in your career can damage your ability to survive a layoff with your income level intact.

Our article “The Free Agent Outlook on Work” has a number of suggestions on how to avoid, when possible, the outcomes described in this research. I also wrote a blog series earlier this year on each of the 6 principles guiding the Free Agent Worker. And finally, a few more ideas:

• avoid too much specialization, locking yourself into work with one employer;
• continue updating your education throughout your career; even if it’s part-time; and
• take advantage of employer-provided training.

This blog post was graciously submitted to BizzyWomen by The Career Key Blog, run by Juliet Wehr Jones, J.D.  The Career Key™ gives you expert help with your career search and career choices  career change, career planning, job skills, and choosing a college major. Our career assessment helps you find a career by matching your personality with careers and providing you complete and accurate information about each career you choose to explore.

Wednesday Inspiration #17

Don’t wait for extraordinary opportunities. Seize common occasions and make them great. Weak men wait for opportunities; strong men make them. -Orison Swett Marden

Most of us have at least one person in our lives that has been waiting for that perfect opportunity to do or have what they really want. The girlfriend who has always wanted to start her own business and has been waiting for a financial windfall to give her the perfect set up. The uncle who always wanted to go back to school but has been waiting until till he found a job with more flexible hours. The brother who has dreamed for years of working for a particular company but is waiting until he hears they are hiring again. Or the person in your network that has been waiting for years to be promoted to the next level and is sure it will happen when the current person in that role leaves.

It is a dangerous defeating trap to believe that our opportunities depend solely on time, people or circumstance creating the window we need. Especially when we hold the keys to unlocking opportunity. If opportunity seems to be passing you by, start with changing what you are thinking and saying about the opportunity you need. Then start talking to people about what you want to do – and make sure you are talking to the right people. The right people are those that will hear you, support you and can help you connect with the information or other people you need. Turn over every stone and explore every trail – especially the ones that seem less conventional.

Challenge: What opportunity will you create today for yourself? For others?

As “The Career Makeover Coach”, Tai Goodwin is on a mission to help ambitious individuals reinvent their professional lives by centering on their passion and purpose. Holding as a core belief that we are all called to divine purpose and gifted with a unique passion, Tai uses a results driven, spiritually grounded approach to help clients create career paths to support the lifestyle they desire. Whether it’s helping people go from embittered to empowered professionals or making the transition from employee to entrepreneur, Tai is committed to helping clients tap into their own potential for brilliance. Tai has been empowering others through teaching and coaching for over 14 years. A gifted and insightful communicator, Tai holds a Bachelor of Science in Elementary Education from Drexel University and a Master of Science in Education from Capella University. She has completed ASTD’s (American Society for Training and Development) Coaching Certificate program and is pursuing professional coaching certification through the International Coach Academy. Originally from Philadelphia, Tai currently lives in Delaware with her daughter. She is currently working on her first book: Reclaiming Your Brilliance: Seven Ways to Take Your Life from Bright to Brilliant.

Web site: http://www.careermakeovercoach.com

I was pretty shocked when Michael Jackson died – not because I thought he was in the best of health, but he was such a big part of my teenage years. I wasn’t a breathless fan with his poster on my bedroom wall but I did enjoy his music.

In 1992, I remember listening to a concert of his in Munich from a nearby hilltop, with several thousand other penniless fans. It’s one of those memories that takes you back to where you were in your life. I can clearly picture the stormy evening sky, warm but a little threatening. Unable to afford study abroad, I found a way to pay for my summer in Europe as part of a university work abroad program. I worked in Siemens’ corporate legal department. That summer was lonely, wonderful and a big influence on me.

At that time a junior in college, I hadn’t decided whether I wanted to be a lawyer or a professor like my father. I’m now surprised how few career options I gave myself. It was an exciting international time – the Berlin Wall had come down and I had recently returned to Checkpoint Charlie, 12 years after I’d lived in West Berlin as a child. Gone were the mines and anti-tank “crosses” and in their place… grass.

I can think of a lot of school and career advice to give myself back then – be more confident in yourself, take a little more time to smell the roses, give yourself more options, don’t be too influenced by what your friends are doing, etc., etc. – the usual cliches. But if I knew all those things from the beginning, then life so far would not have been as interesting. Being too wise would’ve been predictable and boring.

I didn’t tune into the Jackson memorial service today; I’ll stick with my own memories of that time period in my life and how his music was a part of it. The funny thing is that the energy his music brought out in me is still there. So I’m confident that 2 career paths later – and more to come, it will be there to power me forward.

This blog post was graciously submitted to BizzyWomen by The Career Key Blog, run by Juliet Wehr Jones, J.D.  The Career Key™ gives you expert help with your career search and career choices  career change, career planning, job skills, and choosing a college major. Our career assessment helps you find a career by matching your personality with careers and providing you complete and accurate information about each career you choose to explore.