Sital Ruparelia

Cross posted on the Career Hub Blog 

Following on from the collapse of Lehman Brothers on Monday and the continued fall in banking stocks, there is understandably a lot of concern about what is happening in the financial markets. The press and media are full of nightmare stories of what may or may not happen to banks as a period of consolidation begins. 

But for Lehman employees looking to get back into work, they would be well advised to stop listening to all the noise, and instead focus on moving forward with a plan that will secure their next role:

Easier said than done, I know. But here are 6 steps that will help:

1. Ensure you don’t lose your Lehman contacts 

In a tough market, it’s your network that you will lean on for help and support. Your colleagues, clients, counter parties and internal stakeholders will know what you’re capable of more than most – and so they will always be the best people to recommend you to their contacts. Yes, they may also be looking for jobs, but the more you collaborate in your search, the more successful you will all be. 

2. Get clear about what you want 

Do you want to continue in the same type of role? Do you want to change into a different part of the industry or is it time for a career change, leaving the banking sector completely?   Recruiters and your contacts can’t help you unless they know what you want to do.

3. Be clear about what makes you different

With fewer vacancies and more people on the market, you need to have an edge to stand out. So get really clear about your skills and knowledge along with the value you have created for Lehman Brothers, their clients and counter parties – and how that differentiates you from the competition.
 
4. Develop a compelling marketing message

Articulate a clear message about the value you bring and how that makes you stand out. The ‘message’ needs to be in the form of a punchy, high quality CV, a covering letter, and your answer to the “so what do you want to next?” question. 

5. Get out in a big way

In the current market, you cannot rely on a couple of head hunters and a few contacts to find your next role. You should be searching via multiple channels – head hunters, contingency recruiters, job boards, newspaper and magazine adverts, direct applications and of course your network.

Networking in fact should be the primary focus. I wrote recently of how the cost of recruitment is currently under huge pressure in most houses. In an attempt to reduce costs, firms want to rely less on recruitment firms and do much more direct sourcing and hiring via employee referal programmes.

So ensure your search reflects this by gaining the help of contacts and referrals instead of just focussing on recruiters and job boards. And ensure you use social media platforms such as LinkedIn and Facebook to leverage your online network for suitable opportunities.

6. Be flexible

Whilst it’s important to be clear about what you want, it’s also healthy (and sometimes pragmatic) to remain open-minded.  Be open about working in different roles, other parts of the banking sector and indeed looking at suitable opportunities in other sectors (here and abroad) which your skills can translate into.

For many people from Lehman Brothers or other employers, losing their job during a downturn can seem like the end of the world. But it’s usually not. In fact, approached in the right way, you can turn what seems like a major set-back into a golden opportunity to start building the career and lifestyle you have always wanted. Just stop focusing on the bad news and instead stay focused on some of the solutions outlined above.

The above steps may seem like a lot of ‘work’ – but you can set most of this up in the next 48 hours. If you’re looking for a head start with your job search after being laid off, then I’m offering free career advice for people who have lost their jobs in the banking sector.

To book your complimentary 30 minute phone session to kick-start your job search just email info@6figurecareermanagement.com and we will book a mutully convenient diary slot.

This is only valid until 30th September so act now if you are interested. 

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