laid off...how to explain gap in employment
Hey guys.
I was laid off in late october (my position was a TAS type role in big 4).It is almost getting to about 3 months and I have still not been able to find a job. I am still trying hard and for all I know I will get a job in a matter of weeks. But in the event that I still cannot find a job within a few months, how can I explain this gap in employment? What are some viable activities I can become involved in (besides going back ot school) that will look reasonable to potential employers? I dont really have the money to travel. Does temp work look bad? I worry that it will be 6 or more months before I find a job and I will have to explain what I have been doing since I was laid off (even though in this market in NYC i clearly don't really have to explain myself). Any feedback would be greatly appreciated-thanks!
Here is a recent article in the WSJ that speaks to how to manage short job stints in light of getting laid off.
http://online.wsj.com/article/SB123177063019573397.html
"How to Explain Two Jobs In a Year on a Resume"
~~~~~~~~~~~ CompBanker
Im curious of this myself i haven't been laid off but its taking me quite sometime to establish my first job.
FAIR WARNING: People that were laid off recently can realistically expect to be out of work 3-6 months, if not longer. Unfortunately, this is just the reality of the job market today. That being said, don't despair. The good news is that it's easier today to explain a gap on a resume, and employers won't raise an eyebrow. They will understand.
Back in the day, about 2 years after undergrad, I completely decided to switch industries. It was a very difficult transition to make. Honestly, it took me about a year to do. So clearly, I have a year gap on my resume. Ofcourse, I wasn't idle. I did a variety of very humbling temp work -- whatever I needed to do to pay rent, have spending money etc. You gotta do, what you gotta do.
Most of the time, when I interviewed people didn't really care about that one year gap. When directly asked, I would explain that during that year I spent time doing "contract work" in the industry I ultimately wanted to be in so that I could gain credibility, experience etc. It was honest. It was simple. Most all interviewers were satisfied with that.
However, I do remember interviewing with this young kid who was a complete idiot and who had the worst interview skills. He was just stuck on the chronological thing. I couldn't get past that in the interview. Frustrated and perhaps even a bit defensive, I finally spoke up and said "Listen, I only have a 1/2 hour with you, is there anything I can address about my direct relevant experience and how it applies to this position?" He didn't budge. When I got feedback from this company, the HR person said that everyone generally liked me but someone said that I was "standoffish". Let me guess, who was that? The little moron? Sigh.
I share the story, so you could anticipate attitudes like that. It happens. Not often, but it happens. The best interviews will always be conversational and engaged. The worst will be e.g. "so you worked here for 2 years and why did you leave?" Very methodical, disinterested, bland. A sign of a bad interviewer. So YOU have to manage the process. Understand?
What advice do you have for undergrads? I've talked to several alums in prominent firms that say they are all scaling back. Its very difficult to find development positions right now and I think all firms are looking for kids with experience regardless of their academic background. I understand that its the worst economic crisis since the great depression but it is a little nerve racking to be trenched back a year or so due to the current climate.
I don't think what I would say to undergrads would be any different than what I would say to someone with 1-3 years of experience. The advice is the same, i.e. be prepared to fight for a position. Competition is very fierce. Normal channels don't work effectively in this environment. You need to network, network, network. Your A-game has to be on at all times because you never know who you're going to meet when/where and who's going to give you a lead on a job. Keep an open mind. There are alternate career opportunities out there, equally rewarding.
I really do understand what you kids are going through. Very difficult and I've been there, done that. TWICE. I have a non-traditional degree. Took scut level temp jobs to get by. Seriously, very humbling.
Even once you're in the business (doesn't matter what side, IB, S&T, Equity Research) or a complementary business (e.g. Big 4, Valuation Advisory, TAS, MM, PE, HF etc.) then it's a whole other fight to excel in your job, build political capital, gain recognition, respect of your peers, promotions etc. The battle never ends. So it's important you really like what you do, otherwise the battle will just AGE you.
"then it's a whole other fight to excel in your job, build political capital, gain recognition, respect of your peers, promotions etc. The battle never ends."
Where do you get the motivation?
How Do I Explain A Layoff?? (Originally Posted: 09/07/2010)
If anyone can give me a quick critique/some advice that'd be great....Basically in my most recent position (____, LLC) I was laid off. I worked there from the 1st week of June through the 1st week of August.
Right now the time length is just Summer 2010, but may give off the impression that it was an internship like my other experience..To be exact, I worked there June 7-August 3. The other 2 positions labeled winter 2010 and summer 2009 were internships.
What can I put on here to indicate it was a full time position? Also should it portray I was laid off?
Also under the job I am talking about (the most recent under work experience), the blocked out word in the bullet points is also the name of the company.
http://www.razume.com/documents/16572
Did other people get laid off?
If everyone in a certain group or class (IE: new hires) got laid off across the board, that's your explanation. Even better if you can get a reference at your old firm.
But how do I justify this on a resume? A few potential employers didn't have a problem with it as is, but a recruiter today told me it may help to explain the position was full time and you were laid off.
Just say "Laid off along with XX other employees as part of a large corporate realignment" or something along those lines. Put it in small print and try not to attract too much attention to it, but leave it there in case someone needs an explanation.
I would not put anything related to being "laid off" on your resume. Get an interview first, then be able to talk through the circumstances on why you are not working at ____ LLC any longer. The issue of "what happened at _____ LLC" will almost inevitably come up, so be prepared and have your story straight.
I agree with the above, I wouldn't bring attention to you being laid off on a resume. It will come up in the interview, and you'll explain it in person.
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