Comments on: Comparing the Bubble Burst of 2000 to Today’s Job Search/Economy http://www.jibberjobber.com/blog/2009/09/16/comparing-the-bubble-burst-of-2000-to-todays-job-searcheconomy/ advocacy for the job seeker Thu, 09 Feb 2012 02:23:17 +0000 hourly 1 http://wordpress.org/?v=3.0.5 By: Lonny Gulden http://www.jibberjobber.com/blog/2009/09/16/comparing-the-bubble-burst-of-2000-to-todays-job-searcheconomy/comment-page-1/#comment-425530 Lonny Gulden Thu, 17 Sep 2009 22:05:23 +0000 http://www.jibberjobber.com/blog/?p=2838#comment-425530 I facilitate a job transition group in Eden Prairie, MN and have since 2001. The economic downturn which began in 2000 was the result of several factors. One was the easy access to venture capital, another the Telecom Deregulation Act of 1994 and the over building it encouraged, yet another the impact of billions of dollars in IT spending being sucked out of the marketplace by non-productive Y2K remediation. All of this was intensified when 9/11 came along. We started our group shortly thereafter and began seeing an influx of IT (infrastructure and COBOL programmers), transportation (airlines) and hospitality (hotel, travel) professionals. One of the biggest moderating factors was the housing market. New home construction was decent and low interest rates drove a record number of refinances. I know many IT professionals who abandoned IT and became loan officers or realtors. By late 2003/early 2004 the impact of 9/11 had subsided and IT leaders realized they were falling behind their global competitors in IT spending/investment. That's when I saw the market for IT come back. However, the resurgence what is application development rather than infrastructure. The forklift upgrade to IP networks in the 90's was over. New network capacity was being driven only by organic growth of traffic. I find it highly unlikely that we will ever see the money spent in the 90's on network infrastructure again in our lifetime, barring the development of a totally new network transport technology. At that time we were averaging 30 - 40 jobseekers every Monday morning. Today, we are seeing 150+ jobseekers every Monday morning including a steady stream of 40 - 50 new people every week. The one industry that had been somewhat immune was healthcare, but with the increases in the number of uninsured and the $$$ they cost the system, even nurses are getting laid off. In addition, corporate America continues to restructure, flattening org charts, eliminating entire levels of middle management. Face reality, those positions will NEVER return. If you are an out of work IT manager or director you better reposition yourself as an individual contributor right now. If you are early in your career, never remove yourself very far from a hands on role. Managers today have a target on their backs. The older they get, the more senior ($) they get, the larger the target becomes. Entrepreneurship is at an unprecedented level and I believe it will continue to be the best alternative for those capable of adapting to the new economy. I facilitate a job transition group in Eden Prairie, MN and have since 2001. The economic downturn which began in 2000 was the result of several factors. One was the easy access to venture capital, another the Telecom Deregulation Act of 1994 and the over building it encouraged, yet another the impact of billions of dollars in IT spending being sucked out of the marketplace by non-productive Y2K remediation. All of this was intensified when 9/11 came along. We started our group shortly thereafter and began seeing an influx of IT (infrastructure and COBOL programmers), transportation (airlines) and hospitality (hotel, travel) professionals. One of the biggest moderating factors was the housing market. New home construction was decent and low interest rates drove a record number of refinances. I know many IT professionals who abandoned IT and became loan officers or realtors. By late 2003/early 2004 the impact of 9/11 had subsided and IT leaders realized they were falling behind their global competitors in IT spending/investment. That’s when I saw the market for IT come back. However, the resurgence what is application development rather than infrastructure. The forklift upgrade to IP networks in the 90′s was over. New network capacity was being driven only by organic growth of traffic. I find it highly unlikely that we will ever see the money spent in the 90′s on network infrastructure again in our lifetime, barring the development of a totally new network transport technology.

At that time we were averaging 30 – 40 jobseekers every Monday morning. Today, we are seeing 150+ jobseekers every Monday morning including a steady stream of 40 – 50 new people every week. The one industry that had been somewhat immune was healthcare, but with the increases in the number of uninsured and the $$$ they cost the system, even nurses are getting laid off.

In addition, corporate America continues to restructure, flattening org charts, eliminating entire levels of middle management. Face reality, those positions will NEVER return. If you are an out of work IT manager or director you better reposition yourself as an individual contributor right now. If you are early in your career, never remove yourself very far from a hands on role. Managers today have a target on their backs. The older they get, the more senior ($) they get, the larger the target becomes. Entrepreneurship is at an unprecedented level and I believe it will continue to be the best alternative for those capable of adapting to the new economy.

]]> By: Mike http://www.jibberjobber.com/blog/2009/09/16/comparing-the-bubble-burst-of-2000-to-todays-job-searcheconomy/comment-page-1/#comment-425444 Mike Thu, 17 Sep 2009 15:08:18 +0000 http://www.jibberjobber.com/blog/?p=2838#comment-425444 Absolutely on the spot. In addition, what I tell my friends/network who are looking is to look at new/adjacent industries. For example, there is tremendous growth in the alternative energy industry now. How can you apply your skills to needs in that industry? As Heather says, you are in sales now, sell yourself. Absolutely on the spot. In addition, what I tell my friends/network who are looking is to look at new/adjacent industries. For example, there is tremendous growth in the alternative energy industry now. How can you apply your skills to needs in that industry? As Heather says, you are in sales now, sell yourself.

]]> By: Brendan http://www.jibberjobber.com/blog/2009/09/16/comparing-the-bubble-burst-of-2000-to-todays-job-searcheconomy/comment-page-1/#comment-425237 Brendan Wed, 16 Sep 2009 20:47:25 +0000 http://www.jibberjobber.com/blog/?p=2838#comment-425237 Interesting point about having different versions of your resume. I had to do exactly that when I was laid off in the Spring of '08 (before the current mess.) I definitely got discriminated against for being overqualified thus tailoring your resume to the position was the only way to get a callback. Interesting point about having different versions of your resume. I had to do exactly that when I was laid off in the Spring of ’08 (before the current mess.) I definitely got discriminated against for being overqualified thus tailoring your resume to the position was the only way to get a callback.

]]> By: Kristen Jacoway http://www.jibberjobber.com/blog/2009/09/16/comparing-the-bubble-burst-of-2000-to-todays-job-searcheconomy/comment-page-1/#comment-425178 Kristen Jacoway Wed, 16 Sep 2009 14:01:22 +0000 http://www.jibberjobber.com/blog/?p=2838#comment-425178 Such a timely post and she's absolutely right. Be resourceful and don't assume that your resume' is a "one size fits all." You must customize your resume' to highlight how you are the best fit for a position. Customizing isn't re-writing the entire resume'. Sometimes, I've made changes in my profile, job descriptions, and core competency section to highlight some of the skills that I have that support the job posting. Look for the noun and noun phrases in the job posting. Those are usually the words that are set up in search parameters on resume' scanning systems. IF you have those skills and abilities listed, make sure that they are on your resume'. Don't assume that an employer is going to "read between the lines" to see if you are the best fit. In today's economy, it's up to you to make sure you demonstrate to the employer how you are the best fit. Such a timely post and she’s absolutely right. Be resourceful and don’t assume that your resume’ is a “one size fits all.” You must customize your resume’ to highlight how you are the best fit for a position. Customizing isn’t re-writing the entire resume’. Sometimes, I’ve made changes in my profile, job descriptions, and core competency section to highlight some of the skills that I have that support the job posting. Look for the noun and noun phrases in the job posting. Those are usually the words that are set up in search parameters on resume’ scanning systems. IF you have those skills and abilities listed, make sure that they are on your resume’. Don’t assume that an employer is going to “read between the lines” to see if you are the best fit. In today’s economy, it’s up to you to make sure you demonstrate to the employer how you are the best fit.

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