Having a ‘Plan B’ is not a bad idea, particularly in today’s job market. Taking the time to think about an alternative career plan is smart no matter what state the economy is in, and the perfect time to construct a plan of action is when you have a job. One of the best things you can do right now — while you’re still working — is identify areas where you can leverage your skills.
Having a Plan B, a backup plan, is so important because it can substantially reduce the time it takes to land another job. Ask yourself this question: If your current job ended, how quickly could you find another one? If your response is “I don’t know” or “a long time,” chances are you need to add to your skills.
Being able to recognize industry trends will help strengthen your marketability and help with an alternative plan.
A great example of a Plan B is an engineer who had a strong background in the energy sector but was beginning to dread the industry’s ups and downs. Instead of waiting for another round of organizational restructuring, he began focusing on his interest in finance. He started taking classes in management, with a major in finance. He now has a degree in finance, and his background is more adaptable to changes in the market. His engineering experience, when combined with his finance degree, gives him more opportunities to transfer his skills to different industries.
Here’s a slightly different example of the same principle. Another finance executive wanted to transfer his accounting background to a sales and marketing position in a home-improvement chain. He spent several months training with the manufacturing facility and attending sales-presentation calls. It took him less than six months to transfer his skills to this new field.
You can start developing a Plan B by observing the market. Take advantage of training and development courses while you are working and attend industry trade and professional meetings. Trade shows are a great way to renew contacts with colleagues and meet new potential employers.
Here are steps you can take to develop a Plan B:
• Take a skills inventory and identify each skill you currently use.
• Keep a career portfolio that includes reviews, awards, recognitions, certifications and special achievements.
• Update your resume with recent accomplishments. Keep in mind, results sell and help validate your contributions.
• Know your specific industry, the clients and customers, and potential employers that could use your background.
• Look for ways you can immediately contribute to changing situations at work.
• Consider going to school or getting additional certifications that expand your existing skills.
• Network inside your current employer and elsewhere.
• Become comfortable talking about your skill sets, value as an employee and interests.
• Volunteer or serve on professional boards.
