In a White-Collar Job (even if you hate it) You're Doing Fine, But If You're White-Collar, Unemployed and Were at High Compensation, You're Probably Royally Screwed

"The more you earn, the harder it is to find a job ..." Business Insider, April 30, 2024

Vanguard is among the businesses which are studying the dynamics of the white-collar recession and the blue-collar boom. 

As a coach I have direct access to this unfolding saga. 

White-collar clients who have jobs know to stick with them, despite hating them. Professional anonymous networks such as Blind, Reddit, Fishbowl and Glassdoor record The Great Lament. Some, of course, have jitters about being forced out. 

Those who have been terminated and had been at a high salary are not having success in finding comparable jobs. More and more are embracing realitiy. They are changing careers through certifications as well as training for blue-collar paths and starting businesses.

On the other hand, my blue-collar clients are busy managing all the work coming their way and feeling good about themselves. They're the ones who can afford those big RVs parked in the driveway next to the house. 

 

Why is reversal of fortune happening.

First the blue-collar piece, which also gives insight into the decline of the white -collar. The folks signing the paychecks want those to be for concrete things getting done, not managing or telling how to do the work (think of all those management consultants unemployed). 

Other things going on in the white-collar sector creating this transitional state for the unemployed include:

Low attrition rate. As a result there are fewer openings. 

Cost-efficiency. Employers balk at continuing to pay high compensation except for the powerhouse skills/brandnames that are totally necessary. About the latter, large law firms ranging from Kirkland & Ellis to Paul, Weiss are willing to pay a premium to hire the kinds of stars who bring in the business. 

Anticipating hard times coming. Employers are preparing for that by positioning themselves as a kind of lean machine that doesn't require so many moving parts.

There is good news. though. 

Back in the mid-80s, middle managers, mostly middle-aged, got downsized out of Corporate America. As a result, many of us boomers became Accidental Entrepreneurs. Staples, which launched the category of office supplies for small business, caught fire. We could have become The Lost Generation of Managers. But we didn't. 

Self-employment, espcially providing a direct hands-on service, might also be in the cards of this most recent generation cast of the Paradise.

Limiting beliefs? Self-defeating? Stuck? Complimentary consultation with Coach Jane Genova (text/phone 203-468-8579, janegenova374@gmail.com)