Changing Your Career Plan

In this current economy many people have been forced to make alternative job choices. This has especially been the case for middle aged Americans and recent college graduates.

Due to the instability of the economy and job market, it has become harder to chart out a traditional career path. As an example, there are thousands of college graduates that majored in banking who expected find a banking related job after they graduated. Unfortunately for many, finding a job in the banking sector has proven to be very difficult. This is due to the fact a large number of major banks like Wells Fargo and JP Morgan Chase have experienced financial losses and huge company layoffs. As a result, these grads had to find alternative career options.

For some, this meant taking their banking degree and going to work for an insurance company or financial services firm. Now instead of being a corporate banker, these individuals work as portfolio analysts or finance managers. These positions don’t pay as much as a high profile corporate banking job, however in this economy most of these grads are just glad to be working.

Then there are recent college grads who majored in marketing, who had hopes of working in the marketing department of a major consumer brand company like Nabisco, American Express or Coca-Cola. Unfortunately, many of these companies have significantly cut back on their hiring. This has resulted in some of these marketing majors going to work for a manufacturing or technology startup. Working at start up is definitely something they had not envisioned for themselves after they graduated. However, many have found that working in a small innovative work environment is very challenging and invigorating. They have also found that working for a startup provides more flexibility.

The current economic conditions have also forced many middle aged workers to re-think their career path. Many have worked for the same company or in the same industry for the past twenty years. Up until a few years ago they had hopes of moving into a higher position that would give them more authority and a higher salary. Unfortunately the economy has destroyed some of these hopes and dreams. So now instead of waiting for a promotion they will most likely never happen, some have started branching out into other fields and industries. This has included taking their skills and starting their own business or going to work for a competitor. It can definitely be a little scary changing career direction after the age of fifty, however in most cases those who have felt they didn’t really have a choice if they wanted to continue working.

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