Harvard Business Publishing

Hi Marshall,

Great article and advice!

I agree - now is not the time to sulk or mope or cry over spilled milk. It is just a time to keep on working hard and develop more ideas and potential services for the economy.

People want information. And they want information that tickles and tantalizes their brain, exciting them to renewed levels of happiness and self-directed goal achievement. And what could be better than goal achievement in a time where many people are not that focused on accomplishment and growth?

Right now the economy is like a backhoe that has spent all night in the freezing cold of a Canadian winter - when you get up in the morning, put the key in the ignition, and try and crank over the engine, all you hear are some dull and whiny cyclic noises or failed attempts to get those cylinders pumping and the diesel engine humming.

Instead of turning the key over and over again in the ignition, potentially ruining the starter, it may be time to let go of some stubborness and start doing some more critical thinking and strategic planning. Speaking analogously, this may be as simple as grabbing an extension cord and energizing the glow plugs to get that engine to turn over while not overusing the starter.

As a twenty-something, with very limited corporate experience, I still believe that humor has a unique ability to wipe the slate clean and create a refreshed outlook on business and life. This may be as simple as observing someone else tip over in kayak right after they have made an overly confident and snarky remark. Such an experience may be enough to allow a person to laugh out any negativity that has been festering away inside.

Right now I feel like people in society are looking to connect emotionally - people want to know that they are not alone in uncertain and murky economic times.

Because of this, now is a time to be and remain entrepenurial (i.e. - Me Inc.), so as to avoid stagnation and promote forward movement. If we can word hard and produce new ideas and services, more wind will blow through people's sails, encouraging economic growth and an enhanced existential meaning.

Thanks for the opportunity to voice some thoughts!

Matthew-Thank you for your thoughts. I like your point about humor being able to create a fresh outlook. How very true!

Marshall,

Good advice. At the beginning of 2007, I bought too nice a car, too nice a condo, and spent too much on credit cards. Heck of a time to do it wasn't it!

Anyways, I think your and Eric's advice is sound and I think discipline will get me through the current turmoil.

I am by no means on the brink of bankruptcy or anything, but either way, not panicking, saving, job performance, and standing out will get me (and us) through this.

Thanks.

Great article, and not limited to Gen-Y twenty-somethings. I'm a Gen-Xer and, while being in finance for over a decade is certainly helping me weather this current craziness with better perspective than some of my Gen-Y colleagues who are new to the game, I still definitely feel that Eric's tips apply to us all.

Blunt but concise. Saving is hard when you are accoustomed to spending freely but now is the perfect time to learn how to save and reap the rewards later.

Daniel Salinas

JC-It sounds like you are on the right track. Keep it up.
Deb, Daniel-I agree with you!

I really like your positive advice to young job seekers. It isn't the best time to look for a job, but I do believe the job market will get better. I work for a staffing company, Hollister (www.hollisterstaff.com/?=451) and always encourage my clients to not get discouraged about the job market (although it can be very difficult). Thanks so much for this post, I cant wait to pass it on.

Holly-Thank you for your post! I love to offer readers new opportunities.

In times of economic downturn it will be harder for many employees to say yes to a lot of employees' ideas. Spend time on things you can say yes to yourself.

Right now is the time to invest your time and passion on improving yourself: use your spare time on education, networking, developing new skills and testing new ideas.

Well i've followed a simple principle since school and after i passed my ICSE exams and my graduation as a bachelor of computer engineering...

"Life stinks" and its pretty obvious cuz humans suck...
they suck beauty and all appreciable qualities from every other being on this planet and its resources...

So all i do is when 'Life stinks' i take a bath and move on it smells much better :)

Taylor-It sounds like you have a great plan and attitude. Keep up the good work!
Shabbir-Simple solutions are sometimes the best solutions!

The Canadian winter analogy was extremely helpful. I lived in the Yukon terrorities during the 1980s. Learning to deal with setbacks makes you freer. It gets you past the fear of making a mistake. Life is bigger than individual choices and you are bigger than your investment portfolio. Nothing sparks creativity faster than figuring out how to have a great life regardless of your variable financial circumstances. Life has seasons and cycles that both strengthen and sustain us. If you are young and healthy, this is not your winter.

It does my heart good to hear the tone of optimism and determination in the responses to my article. Quite frankly, I expected more posts from angry and/or fearful Gen Y's than from those with a positive attitude and an action plan.

My bad. Lesson learned.

In these uncertain times, we need to heed the words of legendary management guru, Peter Drucker, who once wrote "the best way to predict the future is to create it."

It's refreshing for someone to be practical and not try to instill so much fear in people. Great article and I will repost the link at http://www.ramenrentresumes.com.

Kristen-Thank you!

Dear Mr. Goldsmith, I run a small organization that focuses on Corporate Social Responsibility. I appreciated your comments, yet hope they continue consistently. Showing your A game is just a positive way to live life -- regardless of the circumstances. We sow what we reap. Additionally, it's not just our work, but our attitude/motive/intention behind it that truly makes it special, makes it shine. Any boss, manager or leader tells the difference between work getting done, and work that is inspired.

Thank you for your wise counsel... for anytime/situation!

Sincerely, Pamela

UniversalGiving.org
Founder and CEO
UniversalGiving.org
phawley@universalgiving.org

I think these tough economic times are teaching 20 something’s to reprioritize not only their work habits but their life as a whole. Generation Y has grown accustomed to the easy life that their Baby Boomer parents have provided for them...until now. For the first time they are beginning to jump into the real world without the safety nets that their parents’ resources have provided for them in the past. This is a good thing.

It is a good thing because where there used to be complacency and notions of entitlement, through this struggle character is being developed.

Outside of my professional career, I work with young adults between the ages of 18-25 and it's very interesting to see a shift from the selfish and materialistic view I'm used to seeing to a true concern for issues that go beyond their immediate circles of social interaction. Generation Y appears to be awakening to the reality of a changing world and the best thing of all, is that they are adapting and developing the skills that will allow them to meet the challenges face on.

Pamela-Thank you for your wonderful organization and comments!
Jose-I agree with you! This is will change the priorities of many young people.

Great tips here. Thanks for sharing. I am doing a presentation to some 15-/16-year old kids today and will use some of this info :-) My Gen Y son has decided to go to University to gain a better education etc., despite holding down a good job. He's only 21, so I am delighted that he has made this choice. My Gen Y daughter, aged 23, wants to head off to the mission field in Africa to work with AIDS orphans/Streetkids etc.and has no interest in money, large salaries, many material interests etc. The beauty is that none of us in our family can ever justify the multi-million dollar salaries people earn, no matter how hard others try to do so - crazy, greedy world sometimes, but many of these Gen Y folk (AND Baby Boomers!!) give us lots of hope. Thanks, again.

Robin Cox

Robin-Thank you for sharing this inspiring story!

I'm a Gen-Yer in a department that covers all generations, and as one of the youngest in our group I get a lot of 'advice' from older employees who have 'been there before' and are facing the current changes and the market with a lot of fear (especially those that have already worked hard all of their lives, and are watching their retirement plans crunch with the credit crash).

I may be a relatively recent entrant into the workforce, but I did also grow up watching my parents adjust to the 80's recession, and how they prevailed in their own fashion by going against the tide. They kept a positive attitude, brought in a great work ethic, and kept an eye out for any and all opportunities to learn the most from whatever they did and to bring all of those lessons learned to the next job, should their factory or company close down or downsize. And they took the very brave and challenging step of going back to school whilst managing the family and their jobs--we actually all graduated from our respective courses (and myself in high school) in the same year. Their peers thought they were crazy and there was a lot of negative backchat--but having worked hard to develop themselves and to succeed in their courses, my parents are still working in areas that might not be super-profitable but give them job and life fulfilment, and allows them to focus their time and energy on their family and friends (and not feeling the need to be 'better' than or possessing more than others, when they are perfectly content with being themselves).

They're the best example I can turn to in times like these. With their solid work ethic and good attitude, even when downsizing came about they were never out of employment for long.

I'm getting a lot of advice from those who mean well to resist the changes, try to keep my head low and keep my job. I'm trying to take the opportunity to learn as much as possible from where I'm at, and not to get too caught up in ideas of 'job security' right now; if a business needs to stay open it is going to have to make decisions, and respecting that uncertainty and learning to move with it and develop myself in the meantime is a good challenge.

It seemed 'easy' when I first started looking for jobs to go on the basis on skill and aptitude alone, but it seems that employers are now looking for other attributes--particularly attitude towards the job. I find this kind of uncertainty, while it casts big questions over my own job at the moment, is a good motivator for me to look carefully at my skills and my work ethic and see where I can make practical improvements. My own department is downsizing, so seeing this challenge through and taking a good hard look at my abilities and potential will provide a realistic basis for how I can best fit into a new role and what I can offer to a future employer, should the time come when I need to start looking.

Regards
Louise

Sane perspective for one & all - we are all in the same economic mess across the globe.

It would be interesting to see the over 30s, who have see downturns in the past, put into action learning from the past. Will they really make their past count?

And the 20 somethings - do they have a fresh perspective that will help them make the best of what is being handed to them by the crisis? A jolt early in their careers should definitely do them good.

As Eric mentions, the sky isn't falling - just makes for interesting times.

Cheers
Shub

Great Stuff.... I think this applies to all aspects of life. I think these lessons should be taught to everyone very early in the life.

There is a saying in INDIA for which the meaning is , anything in abundance is prohibited (Ati Sarvatra Varjyet). If we follow that simple saying and live our life in a balance we can wether this strom.

Thank you Marshall for posting this and Eric for writing this article. As a 20-something in the competitive work place, your suggestions and advice is extremely timely and helpful.

i liked the article. eventhough somewhere deep down we might be aware of all said, in this difficult times we are most likely to forget that these are the times where only the smartest and toughest will stay on top. so smile, keep positive and be innovative and creative. your competition will envie your success and question what is your secret, and your colleagues will look up to you.

Thank you for the eye-opening post, Marshall.

I particularly liked this insight: "Bring your 'A Game' to work; focus on what you're giving, not what you're getting. There are others who have lost their jobs, and they want yours."

We all tend to take our jobs (and other things) for granted right up until the moment we're about to lose them. You upbeat conclusion was great, too. Very well said -- Thanks!

Louise-Thank you for your story. You have a great perspective!
Shubhadeep, Aditya-I agree with you!
Billionaress, Romana, Bonnie-Thank you!

Makes so much sense to me!! I am 20 something and well like others was interested in having some re-assurance. Sounds a very right perspective for me atleast thanks Eric!

Rahul-Thank you!

As a 29 year old woman who works in business in a very competitive field and have since turning 21 (without an MBA), it's reassuring to see some actionable steps for us young people concerned about our jobs.

I think Eric's advice about saving 10% of your paycheck is very wise albeit difficult given the high cost of living in urban areas (especially NYC, Boston, SF etc). How do you stand on contributing to 401(k)s during this time? I try to contribute each month and I know that the large dip I've seen in my fund is only temporary; I'm young, I'll be able to weather this...but I'd also like to save up to buy a apt. Which is the wiser move? Put more $ in 401(k) or savings? Thanks!

Just saw your comment, Alex, and wanted to jump in -- I'm similarly situated (in my late 20s, living in an expensive area) and recently asked my financial advisor this very question, although it was about my IRA account since I don't have a 401(k). His answer? IRA, IRA, always IRA. (In fact, preferably a Roth IRA, but that's a whole different kettle of fish.) But in your case I think retirement saving may be even *more* of a priority, if your company matches your 401(k) contributions. You should check with your own financial advisor or other people in the know, but my guy's take on this situation was: a lot of good investments have just been thrown out with the bathwater, and investing for the long term now could reap us young'uns some very nice rewards down the road. As for me, I just moved a bunch of money out of my savings account (since interest rates are pratically nil anyways) so I could make the maximum contribution to my IRA before the year is out.

Good luck to both of us!

Alex & Sarah-It looks like you two are on the right track. Thank you for sharing and reading!

I am currently a sophomore at Vanderbilt University studying Humand and Organizational Development and Economics. We recently read your book "What Got You Here Won't Get You There" in our Leadership Development class. Two prevailing thoughts exist amongst my agers (19 yrs old) regarding the job market after graduation. First, and more optimistically, the economy is currently tanking. It will continue to tank for maybe another year or two. Hopefully the wealthy individuals who lost their jobs will have quit looking for a job after two years and the job market will be strong following graduation. Possibly companies will see the need for innovation and will look toward young inexperienced students as a cheap way to incorporate new and innovative thought in their companies. More realistically, this recession will be deep and long lasting. When we enter the job market we will have to compete against experienced talented individuals who are now searching for jobs after exiting the banking and consulting industries. This is the situation that students must prepare for. We must be able to stick out in a job market filled with successful and talented individuals who have lowered their expectations. We are currently learning the importance of networking, marketing our talents and we are focusing strongly on how to be successful leader. Unfortunately, the average Joe who wants to work 9-5 and make a decent living is losing his job to the inspired, well-educated, self-actualized leader. Doing your job does not cut it in a recession. What got you here is likely to get you laid off and we will need to utilize your teachings just to attain and retain our jobs in the future. In the long run, this will result in a more efficient, motivated and innovative work-force that could result in more sound and creative businesses in the long run at the cost of average Joe today.

Jordan-These are definitely "changing times." Thank you for reading my book and thank you even more for sharing your thoughts with all of us.

Hi Marshall!

I actually just read your book recently, as well. As a college student who just spent the past three hours researching potential occupations, your article was the refreshing "break" that I needed. I especially appreciated the last point that you made! I cannot agree with you more. Recently, I read about Blake and Mouton's Managerial Grid. This grid explained the importance of focusing on tasks and relationships in order to be a successful and effective. That being said, your fourth point it pertinent to reflect upon. You mention staying strong and optimistic, which can help a person behave a little (well...a lot) more reasonable in a stressful environment. You also mention to keep working hard. The focus on the task is so important too. I agree with your points greatly! If only every college student could stumble upon this blog. WE need to realize the challenge and rise to it!

Lauren-Thank you for commenting! And, thank you for reading my book. I am glad you enjoyed it.

Marshall
I believe one of the greatest assets for millenials, and conversely, a poorly developed asset for Baby Boomers, facing uncertain economic times, is their ability to adjust and adapt, especially to a changing workforce.

Older workers are entrenched. Their first reaction, and often their worst, is to slash and burn in an effort to maintain the status quo. In contrast I believe a preferable strategy would be to apply creative thinking and look for more sustainable solutions.

Those able to adapt, to learn lessons from changing situations, to think strategically and creatively, able to zigzag in and out of different environments will be the ones to come out on top and benefit from the upside when we move out the other side of the current doldrums.

Now is a time for millenials to learn from the experiences of Baby Boomers, who have been there (several times) previously. That doesn't mean they have to be preached at. Just extract the experiences and combine them with your natural ability to adapt and the future will be yours for the taking.

Let The Journey Continue
John Coxon
Taking You From Frontline Manager to CEO
Email john@johncoxon.com.au
Skype: john_coxon
Blog: http://healthsector.blogspot.com
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http://www.linkedin.com/in/johncoxon
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John-I agree with you! Thank you.

Sound advise. Logical and true.

Rahul-Thank you!

Hi Marschall,

Sound 'parental advise'!!!

When the markets are booming and things are fine, we take a lot of things for granted. It is only when things do not go in the direction in which we expect, we are forced to really reflect on our strengths and weaknesses and to improve on them.

What is important is to be calm but alert and at the same time ready for new challenges and opportunities.

Best regards

Joseph

Joseph-I agree with you. Thank you!

Thank you for the sound advice! Sometimes you know, but just need someone to put it down in front of you to give you a real kick with reality.

We obviously no longer have the upper hand in employment, and so it’s time to really toughen it up, as you said. Even if one doesn’t like one’s job, I think the best way to look at it is that we still have a job, and that it’s not the end of the world – a new and better job is just on the horizon. Tolerance is toughness at its best. And besides, the world may have fewer jobs but hiring doesn’t stop. With a job you can still look for a better one without the added benefit of unemployment.

I think that we also need to stay positive, and look to the future for hope. Some may say it’s a waste of time to do so, but if we believe that something good is around the corner, we tend to make it happen. For example, we could go as far as to say that it’s good that the entire world is in panic: it means that governments all around the world are doing everything they can to stimulate their economies and create and help jobs and industries, meaning this downturn may not be the End of the World as doomsday theorists predict. The sun has to rise sometime after all.

And Dr. Goldsmith, not only do I always find wise counsel in your column, I think a lot of us here appreciate that you also take the time to review comments and respond to them. Thank you.

Best wishes

Karn G. Bulsuk
http://karnbulsuk.blogspot.com

Thank you for sharing such great tips.

And to take it further, a little something for the under 20-crowd:

http://ivymama.wordpress.com/2009/03/05/spotlight-the-recession-and-i/

Best,
Mariam

Kam-Thank you for this nice post, and thank you for reading.
Mariam-Thank you for sharing this site!

Great Aricle!

The current crisis would bring back to focus the art of balancing one's material and spiritual life. Moderation would be the name of the game for many more years to come !! and also a time to explore the Inner Universe which offers a tremendous opportunity to acquire the great quality of 'keeping one level-headed' at moments of crisis;
Music and meditation cost virtually nothing, but could lead you to Innner Peace which is priceless; Highly ambitious youngsters should learn to live in tune with nature !!

Just wanted to add a small tip on creating a recession proof career. It would be a good idea to plan out your career or business by considering government contracting. This is a very lucrative financial opportunity that can help you stabilize financially and increase your income flow if it is done the right way.

If this is something that you are interested in to put an end to your financial worries, get yourself registered with the Central Contractor Registry which is a federal clearing house for vendors and small businesses too. Also identify a product or service that you can supply to the government and which the government needs in order to get a contract.

You can win such billion dollar contracts and secure your career or business better even during this phase of recession.