WSJ: Life on Severance: Comfort, Then Crisis

On page one of the November 10^th issue of the WSJ, an overview was done on how several executives have responded to their unemployment.

The first executive was a small bank CEO, age 44, with prior income over $200k, a $200k severance package, and savings of $100k. He chose to look for a job without changing his lifestyle. In normal times, that risk would be low. In six months, he will be out of money.

The second executive was an executive director of marketing with only $20k to live on. Her condo has not sold. She used to make $140k. Now she is blasting out resumes hoping to land a $70k job – without results.

The third executive is an advertising executive. He has a young family, received a $60k severance, and is now down to his last $600. They are selling their assets for a fraction of their value just to make ends meet.

The fourth executive has always lived a discliplined life and kept his lifestyle under his income level. Even he is now open to contract work and lower paying jobs – if he can get one.

Think these stories are uncommon? Although most are embarrassed to admit it, I hear them all the time.

So, what is the answer?

First, there are no guarantees. But in every one of these cases they were pursuing jobs with methods that used to work but no longer work. The odds of them getting a job is like playing the lottery or going to gamble. Yet they are following the “advice of experts” who are experts at the old way of looking for work. Are there better ways that work today? Of course, but unless you are willing to take a different path you will likely have a similar story. You will have plenty of company.

Second, the answer means you have to be willing to change and adapt to today’s world. No one can really help you until you first decide to help yourself.

Third, you have to find someone to help you. Most unemployed can only offer limited help to each other. Whether you look at Job Doctors International as an option is up to you, but I strongly encourage you to find someone who understands what is going on and be willing to invest in getting help.

One thing is certain. If you don’t change, the risks are high of you becoming a statistic like those in the WSJ story.