Tens of millions of American workers have lost jobs, experienced temporary furloughs, or have seen a significant reduction in business. The current situation has understandably led to feelings of fear and anxiety for many people. However, in times of crisis, there’s often more to the story.
Major life disruptions are often a catalyst for a meaningful change, particularly in careers and business opportunities. Many in the workforce will develop new skills, connections, and opportunities that were unimaginable before the current crisis.
At MMI, we know this firsthand because some of our valuable teammates came to us during incredibly challenging times. We interviewed several of our colleagues to help illustrate this reality.
CAREER TRANSITION IN CHALLENGING TIMES
“I came to MMI in 2009 during the Great Recession. I was working as an insurance agent and paid on commission. Due to the economic downturn, I was not able to make sales because clients did not have the money and were even tapping their retirement funds to help pay bills. Since my income was low, I needed to find a position with a steady income that I could count on. A temp agency helped secure my interview with MMI, and the rest is history!” —Michael Franciscus, MMI Sr. Counselor
“My first career transition occurred because of an injury where I became unable to walk for a time. I became a successful Realtor in a niche market, helping people with low income, bad credit, and mental or felony restrictions find rental housing. Ultimately, the goal was to help people restore their credit and become homeowners. However, when the housing market ballooned, this business was no longer sustainable, and I was left seeking stability. A family friend told me about MMI, where I’ve worked for more than 12 years.” —Damon Page, MMI Housing Counselor
“In the early ‘90s, my husband was a partner at a music and entertainment retail chain. We both derived our incomes from this endeavor, but when Napster decimated the music landscape in the early 2000s, the economics quickly changed beneath our feet. By 2010, we were both unemployed.
“While my husband leveraged his network to start a new endeavor, I went to work for Consumer Credit Counseling Services, later MMI. Within a few months, I went from contractor to full-time team member. I felt fortunate, as the job change occurred in my early 50s at the height of the Great Recession.
“Although I never dreamed that I would work in this capacity, I quickly realized how much I enjoyed the regulatory and legal aspects of my job. I’ve since attained a paralegal certificate, which has further increased my capability and excitement about the work I do each day. The moral of this story is to stay positive, don’t look back—only forward—and if you’re middle-aged, you’re still a valuable asset to many employers with your broad knowledge and life experience.” —Jill S. Smith, MMI Sr. Compliance Specialist
These are just a few incredible stories of professional transition that can originate from periods of disruption. We found it to be a theme among our teammates at MMI, with more than a dozen employees expressing similar stories—some dating back to the 1980s!
HOW TO MAKE THE JUMP
While change is hard, it’s also hopeful, and there are some things you can do to help ensure that you emerge from disruption with a triumphant story of your own.
#1 Anticipate an earnings decrease. A career transition can mean lower earnings, especially in the short term. Don’t be surprised or discouraged. Instead, plan ahead by reviewing (or creating) your budget, minimizing expenses, and identifying opportunities to improve your financial picture.
#2 Commit to constant improvement. New careers often require new skills, and your perspective on growth and development is critical. Training keeps your skills sharp and relevant, increasing the opportunities available to you. With that in mind, commit to taking steps to grow and advance during the downtime.
#3 Use your resources. Unemployment, underemployment, and other transitional disruptions often come with access to services and resources that were previously unavailable. Identify available support and ensure that you are receiving the appropriate benefits. If you need help finding them, visit benefits.gov and call 2-1-1 for information and referrals to meet your needs.
#4 Don’t walk alone. Disruption can be a gateway to new opportunities, but that doesn’t mean that the journey won’t be perilous. Whether you need help evaluating your budget, identifying available resources, or just a trained support system, reach out to get the help you need.