In: Finance
Brad's Dilemma: Finding a New Job Brad Thomas, a 53-year-old retail store manager earning $75,000 a year, has worked for the same company during his entire 28-year career. Brad was recently laid off and is still unemployed 10 months later, and his severance pay and 6 months' unemployment compensation have run out. Because he has consistently observed careful financial planning practices, he now has sufficient savings and investments to carry him through several more months of unemployment. Brad is actively seeking work but finds that he is overqualified for available lower-paying jobs and under-qualified for higher-paying, more desirable positions. There are no openings for positions equivalent to the manager's job he lost. He lost his wife several years earlier and is close to his two grown children, who live in the same city.
Brad has these options:
Wait out the recession until another retail store manager position opens up.
Move to another area of the country where store manager positions are more plentiful.
Accept a lower-paying job for two or three years and then go back to school evenings to finish his college degree and qualify for a better position.
Consider other types of jobs that could benefit from his managerial skills.
1) What important career factors should Brad consider when evaluating his options?
2) What important personal factors should Brad consider when deciding among his career options?
3) What recommendations would you give Brad in light of both the career and personal dimensions of his options noted in Questions 1 and 2?
4)What career strategies should today's workers employ in order to avoid Brad's dilemma?
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Imperative profession factors for Brad to consider when searching for another activity incorporate pay, open door for progression, his transferable aptitudes that could apply to a field other than retailing, accessibility of advantages, accessible preparing programs, kinds of ventures and organizations (measure, workplace, and so on.) that intrigue him, and educational cost repayment strategies so he can complete his degree.
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Individual factors that Brad should consider as he researches openings for work incorporate area/need to move (his kids live in the zone), individual way of life needs (is he willing to movement, work additional time, drive further?), kind of work circumstance most appropriate for him (overseeing others, a player in a group, level of open contact, and so on.), and any individual interests that could open ways to another vocation. (There is some cover amongst vocation and individual elements.)
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Brad ought to consider a lower-paying employment on a fleeting premise and in the meantime search for an administrative activity in another field. He can't bear to endure the subsidence; his assets will run out in a couple of months. This two dimensional approach is in this manner desirable over either.
An occupation at a lower pay, especially one with great advantages and an educational cost repayment strategy, would enable him to complete his degree or acquire other employment preparing to meet all requirements for a superior position.
Since he has no wards, he ought to have the capacity to cover his everyday costs, in spite of the fact that he may need to reduce some optional costs. He should look in a few fields and not confine himself to retailing, especially in the event that he doesn't wish to move to another zone of the nation far from his developed kids.
On the off chance that he is focused on remaining in retailing, he presumably should move. He needs to decide his own needs to settle on these choices. We don't have enough data to comprehend what they would be. He might need to take an interest in some vocation workshops or get some profession advising to work out some of these issues.
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There are numerous techniques the present specialists can utilize to abstain from being set in Brad's position. Remaining with one manager and one essential kind of labor for a long time, as Brad willed, be the special case instead of the run the show. Employment changes, regardless of whether intentional or automatic, ought to be made in view of specific goals, for example, expanding your base of understanding and adapting new abilities—for instance, PC aptitudes and administration obligation. Staying aware of industry patterns and general monetary conditions is vital.
This can alarm you to the abilities required for future achievement and give progress ahead of time of conceivable downsizings. Try not to enable yourself to be "categorized" into one particular sort of employment for a really long time; search for chances to exchange inside your organization or to another firm to get more different experience.
Think about your abilities as far as general aptitudes that can be connected to different employments, organizations, and businesses. Create and keep up a system of expert contacts in firms and enterprises that interest to you, and offer your insight with other people who require your assistance.
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Hope this answer your query.
Feel free to comment if you need further assistance. J