Mortgage lending and financial services are both national industries that have collapsed over the past couple years. Employees in these industries have lost many of their jobs without warning. At first it was the subprime mortgage sector that was in trouble, but when problems started creeping into prime lending, employees nationwide realized that all their jobs were in jeopardy. Most mortgage and financial professionals, including mortgage brokers, realtors, title agents and bankers, have seen the very existence of their positions disappear.
Employment recruiters have seen their numbers jump since the housing crisis. This increase in candidates equates to a larger selection of well-qualified, experienced, potential employees. Although the number of lay offs is staggering, there may be an upside to this tragedy. A job loss may be the perfect opportunity for one to explore his/her true passion. Many ex-employees from these industries became accustom to making large sums of money. Those who made smart and modest financial decisions while times were profitable should be in a somewhat stable position at this point. If this is the case, then a career change could be a blessing in disguise. While a pay cut may be a possibility, one has to start somewhere.
The mortgage and financial businesses were lucrative during the housing boom. While the money was good, the work was often stressful and time-consuming. No one in their right mind would say that they couldn’t wait to go into work if it wasn’t for the potential to earn big money. These industries offered that potential, but at a price. Long hours, persuasive sales skills and less than savory business practices were all part of that deal.
Now that the bubble has burst, those left without a job can finally pursue a career path more to their liking. If it is within one’s realm of possibilities, go back to school. Earning a master’s degree can increase income to about $2.5 million over a lifetime compared to $2.1 million for those with a bachelor’s degree or even $1.2 million for a high school diploma. Either way, it is important to remember that you are not alone. Far more than 86,000 people have lost their jobs within these industries and change is inevitable.
Filed under: Job Seeking, Jobs | Tags: economy, firing, Hiring, insurance, recession, unemployment
The economy is getting scary. It is time for Applicant Tree to help you.
CNN reported this morning that jobless claims are up as more and more laid-off people are signing up for benefits. The number of applicants filing for unemployment insurance has continued to increase from the 309,000 last July to 366,000 that ended last week.
Cautious employers continue to cut jobs which is reaching the half a million mark in total job losses for this year. Between the high energy crisis and housing crisis, many companies are coming to a standstill when it comes to hiring and making new investments.
Applicant Tree is ready to pair you up with a company that fits your needs. If the economy has hit you hard then we might be able to help. Find a company that is in the business of hiring and not firing.
You are faced with decisions every day at your job. Some of them can be a little tricky though. Here are some of the toughest career dilemmas you will face and some advice on how to solve them:
Dilemma #1: You find out that a coworker makes more than you do and you have the same job! Uh oh. Don’t overreact and go running to our boss to complain. Evaluate your work and your value to the company and observe your coworker’s work habits. Is he or she putting in more effort than you? Are you ok doing the minimal amount of work asked of you just to get by? Research salaries for your position and compile reasons why you should be receiving the same pay as your coworker and then go to talk to your boss.
Dilemma #2: You are offered a new job even though you are happy with your current one. Before you give a yes or no answer find out more information. Compare your current job with the salary, benefits, advancement opportunities, and job description of the job being offered to you. It never hurts to have an interview with the company to get a better understanding of the position and the company. Research the new job, talk to your family about it, and keep it on the down-low at work.
Dilemma #3: You have the opportunity to take on a huge project at work. You know you can get praise and possibly a raise or promotion with the success of such a huge project but failure is always looming behind you. Weigh the pros and cons and make sure you can make the commitment. Can you manage your daily workload and still have time for your new project? Do you have the time to do an amazing job or only sub par? It will look worse if you take on a project that you can’t do properly then if you had just said no in the first place. Make sure you can wow your boss and others if you commit to it.
