THE CAREER CHANGE FINANCIAL PLANNER

This story of making Pink Slip Lemonade from layoff lemons comes from guest blogger Pamme Boutselis of TrackAhead.com, an education and career focused social network launching later this summer.  

The phone call came mid-morning on my first day back from vacation in early August ‘08. I had just inked the contract for my daughter’s upcoming wedding and put a deposit check in the mail. It was the president of my company, who left a tense board of managers meeting to give me a call. Things were not looking good financially, and the board had made a quick, crucial decision to cut expenses immediately throughout the company.  I was laid off with two weeks severance and health insurance benefits to last only for the remainder of the month.   

Having been through this experience once before, I felt that I had a few solid things in my favor this time around. I had acquired quite a bit of experience in several fields, which widened my options, and I maintained a diverse network of contacts and acquaintances as a result of those experiences. Fortunately, I had a small financial cushion to offset unemployment but would have to be very careful with money, particularly with a wedding in the near future.

With two children still living at home, one of whom was in his junior year at college, there were adjustments to be made, and bare bones expenses whenever possible. Contact was made with my son’s college to establish whether additional aid might be available (and it was) given this change of circumstance. (Sherrill’s note: For more on paying for college post-pink slip, check out this advice from the experts at Strategies for College, Inc.

When it came to cutting costs, I started with the basics and worked from there to tighten our belts across the board.

1. Groceries: I shopped less, and made a concerted effort to buy foods that went a long way, avoiding drive-by quick pick up grocery trips whenever possible which often translated to impulse buys and picking up far more than I really needed. Household items bought in bulk made a big difference, particularly when it came to laundry detergent and paper goods.
2. Entertainment: Our Netflix membership (as low cost as it was) was canceled, and we took advantage of free movies on cable, and $1 bargain price to rent movies through Redbox. On the occasion that we ventured out to the cinema, it was bargain matinees only.
3. Social Life: It was important to maintain a good attitude and keep up with friends and business acquaintances, particularly throughout the job search. I had to swallow my pride more times than not and allow friends to treat me to dinner or lunch, knowing that I’d happily reciprocate when the tide turned. When I did go out on my own dime, however, I was quite conscious of cost, and looked for low cost alternatives such as an appetizer rather than a meal, and enjoyed water rather than a costly beverage. A bagel and cup of tea at Panera made for an extremely inexpensive way to have a meal out with a friend, for instance and not break the bank.
4. Bargain shopping: I took full advantage of the internet to look for the best prices on anything big that I needed to buy. When it came time to purchase a dress for my daughter’s wedding, I found that I not only didn’t like much of what was available locally, but was aghast at what the costs were. I found exactly what I was looking for on-line at about a fifth of the cost of some of the ‘mother of the bride’ dresses at bridal shops in the area. We created our own centerpieces, favors and programs at a fraction of the cost of those done professionally, and they were personal and very nice.
5. Resources Online: There are countless books and services available to lend a hand when one is in the midst of a job search. However, the costs can add up and be completely prohibitive for those on a limited income. I found a wealth of information on line regarding the latest resume and cover letter info and successful interview and follow up techniques. Perhaps the biggest surprise was the sheer volume of great videos available on YouTube that address every aspect of the job search, from resumes to interviewing.

It was vital to get the word out immediately regarding my unemployment, and I began contacting everyone that I felt might be beneficial within the first hour of my layoff phone call. I had absolutely no idea which direction my next career move would take me in, which in and of itself was liberating and very exciting.

Over the past decade or so, I have held some great positions; admin work, which led to marketing for a local restaurant chain, community relations for a national book retailer, writing for a daily newspaper and other publications, and marketing and public relations consulting, some of which was done in tandem. Each position enabled me to meet a lot of terrific people in diverse lines of work, from writers and corporate leaders to directors of non profits and just about everything in between.

Throughout the years, I also put in a ton of time as a community volunteer, and not surprisingly, the strong skills I developed in volunteer work were utilized in many of the jobs I have had.

Where’s this all leading to? Simply this: The contacts made and relationships built throughout the years were my first resource in looking for a job, and one that cost me nothing but my time. People cannot recommend you or even think of you for a position if they have no idea that you’re on the job prowl. One of those relationships, which began in a very peripheral sort of way at my last career stop led to the perfect opportunity to embrace and expand upon all of the things I liked best in my former positions; writing, marketing, and working with educators, young adults, and non profit organizations while making use of technology in a creative way to further a greater purpose.

I was recently offered the position of Director of Content and Programs for an educational start-up called Track Ahead, which will launch later this summer.  The brainchild of a former colleague, the company’s mission is the promotion and expansion of educational and career opportunities for all students, with a particular focus on assisting disadvantaged and underserved students of all races and backgrounds; the design, development and operation of programs to assist and empower students to achieve success in their pursuit of higher education and career while developing character and leadership skills that they can utilize their entire lives. By bringing together the ideas, resources and energy from a variety of sources and utilizing the latest in technology, our plan is to build a broad internet community consortium with the ability to achieve outstanding results by working together.

This new position enables me to stay true to the things which really matter most to me, and make a positive contribution to others as well. In this ever-changing job market and increasingly unstable corporate world, I couldn’t ask for anything more.

Tags: Career change stories, Involuntary career change, Job loss, Pink Slip Lemonade, Uncategorized // 2 Comments »