By Katie Kieffer
If you’re like most young professionals, you want to know when this recession is going to end. We’re young and generally optimistic, but reality is starting to bite. If you’re paid on a commission, you’re drowning. If you’re salaried, you hope your job won’t be cut. So, what can you do for your career during this down-cycle?
Chicago, IL: Rumblings of the recession, its length and its impact sifted up the rainy skyline. This month, I participated in a conference with about thirty other young professionals in commercial real estate from across the country. We all wanted to know: “When is the recession going to end, and what can we do to boost our careers in the meantime?” To this end, we invited Dr. James R. DeLisle to come present on the economy and capital markets. Here are my key takeaways from DeLisle’s presentation that can help you build your career up during this recession:
- The economy is not going to rebound overnight. Dr. DeLisle said it could be at least three years before our economy is healthy again. Prepare yourself for a long ride.
- This recession is “not just about layoffs. Your own company may be going away, so you may as well go in style.”
- Go in style? Practically speaking, I think this means you need to be proactive. If you’re still working and you like your job, work harder. “Read more, act faster, be analytical and come up with new solutions, but be quick,” said DeLisle.
- If you see inefficiencies in your business, start working on a solution. Be the person who can do more with less and who can innovate when others are whining. There are deals to be done, even in this climate, and you’ll find them by pounding the phone and thinking creatively.
- The days of excessive corporate perks are in the past. As a young person, you actually have the advantage of being near the bottom of the ladder. You aren’t used to huge corporate bonuses. You can move ahead and work with a shoestring budget while your superiors may be stuck fantasizing about the glory days of the past.
- If your company goes down or you lose your job, it’s not the end of the world. I know of some senior real estate executives who were laid off in this environment and started their own companies. They brought bright young talent along to work for them: Be open to partnering with a peer or a senior leader and starting your own gig. It’s a lot of work, but the best time to start your own company is when you’re young. See here, here and here for real-world inspiration.
- Clients are getting feistier and more demanding. Try to anticipate their needs. Make it a game. Provide your clients with solutions before they present you with problems. Check in on clients regularly with a friendly phone call, note, email or text to show that you care and to find out what’s on their mind.
- The stimulus didn’t work. The U.S. labor market is still in the tank. There’s no magic wand to fix this recession. Rather than waiting for Tinker Bell to sprinkle her pixie dust, create your own magic. Many “problems” are hidden opportunities.
- Educate yourself so you’re a resource within your industry. You don’t need to go back to school and accumulate massive debt. You do need to talk to senior leaders within your industry and read all the trade journals you can. Read about business and innovation outside your industry and outside our country too. This will keep you on your toes and help you innovate.
- If your company is stubbornly doing the same things it’s done for clients for decades – despite signs of needed change – you’ll have difficulty promoting your innovative ideas. Recessions are about doing things differently because the old ways no longer work: This is the kind of company that will be going away soon. So, instead of wasting your time trying to convince leaders who are set in their ways to accept your ideas, use your time at night and on weekends to think of your own ideas: What kind of company would you want to start? What are your talents? What’s your dream job? If your company goes under in six months, what’s your game plan?
As I walked out of Dr. DeLisle’s presentation, I looked up at the Chicago skyscrapers. These tall, beautiful buildings are a tribute to the American entrepreneurial spirit. The new Trump Tower, in particular, is a symbol of optimism. I recalled what my taxi-driver had told me earlier that week as we drove past Trump Tower: “Do you know he (Trump) went bankrupt twice before he built that? You’ve got to keep trying.”
America is still a place where young leaders can thrive. Small government, entrepreneurial vision and hard work are still a recipe for success here. Seize the day, and make it your own!
I completely agree with you! Innovation and creative solutions to complex problems are the key to success in this economy.
After the economy tanked, we started our own business. Although being a business owner is extremely difficult and there are always long-hours, my thoughts are that if we can make it through this tough time, things will turn around for us.