The official blog of Abacus Group — a place to share our knowledge and thoughts on trends in recruiting

October 14, 2011

The Road to Career Recovery

It’s common knowledge that the current economic conditions have been less than friendly to many Americans, including Finance professionals. Job stability in the financial sector has experienced incredible disruption in recent months, leaving many scrambling for comparable new work. With over 54,000 layoffs so far in 2011, the financial industry ranks second to government in total job cuts, according to CFI Financial. In addition, Bank of America alone plans to let 30,000 employees go in the next five years, while some other 10,000 investment bankers and brokers may be out of work by the end of 2012, says Reuters.

These figures inevitably elicit some important questions: What are the best courses of action for a recently laid-off Finance professional in terms of pursuing a new career? How can he or she expect to recover after becoming comfortable in familiar work environment and attaining reasonable success after say, eight or ten years with a firm?

An article by Susan Adams of Forbes, written last month, explores some of the methods by which professionals may gracefully handle and recover from the shock of job loss. Without undermining the often difficult consequences of a layoff – whether financial, social, psychological, etc. – Adams takes a realistic look at how a recently laid off individual can reduce the burden and effectively commence recovery.

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