It's been a long time since I've written about this, so it's time to bring it up again. What should you do when you need a backup plan for a position in industry?
A longtime reader says that they're hearing rumblings about problems with finances with their firm, and wants to be prepared, and asks if there are any good resources out there for chemists.
If there is a book or a solid series of articles out there, I'm not aware of it. (Readers, any ideas?)
My personal thought process would go as follows:
- I would try to understand the available runway for my firm - is it 1 month? 3 months? 6 months?
- I would give myself a solid understanding of my personal runway - if I were to quit tomorrow, how long would I need before there would be a dire financial pinch, and I would be required to take the next available job, no matter how undesirable?
- I would immediately begin networking with people who I trusted, and asking them who was hiring.
- I would immediately brush up my resume and my LinkedIn profile.*
Overall, I still think the job market out there is pretty good right now. With that in mind, I would try to transition sooner rather than later. I have no idea what 2022 will bring for the chemical job market, but I would rather be on the job market before and not after the Fed raises interest rates three times in 12 months.
Readers, what do you think?
*and remember to fiddle with the settings to hide my updates from my coworkers/employers
Often because chemists are so specialized the next job might not be in the same location you live now unless you're in some sort of major hub.
ReplyDeleteI think understanding where you are willing to live is a good thing to think about. Would you (and perhaps your family if you have one) consider living in Ohio or Texas if you've been in the Boston area for a decade or more?
Is this the time to make the big career switch you've always wanted as in going into product management or a non-R&D role?
What types of jobs are you willing to accept in the event your place of employment evaporates?