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Tapping Into The Hidden Job Market

In 2009, Layoffs Is the Business to Be In

From the New York Times

As companies across the country eliminate hundreds of thousands of jobs, one field is hiring: the layoff industry. Businesses that specialize in “career transition” can barely keep up with the demand as corporate America cuts staff.

“I can’t remember a busier time,” said Elaine Varelas, a managing partner at Keystone Partners, based in Boston. Right Management, another company that specializes in outplacement, reported a 39 percent increase in profit last fall. And William L. Ayers Jr., president of the 28-year-old Ayers Group in New York, said his business had had a 75 percent spike in so-called career transition work last year.

Several of these outplacement companies say that they are hiring to help companies lay off workers. Right Management’s overseas practice is adding staff in Austria, Poland, the United Arab Emirates and other countries. The Ayers Group, which employs about 30 people in the New York-New Jersey market, hired an additional consultant last month.

Ms. Varelas of Keystone Partners said the severity and the swiftness of the current economic crisis were similar to the banking crisis of the early 1990s. This time, though, “we’re much busier,” she said, “and partly that’s because career transition and outplacement has become a much more accepted benefit.”

02/24/2009 - Posted by | Economy, layoffs |

1 Comment »

  1. Banking Bust Boom: FDIC Jobs Set To Be Lucrative, Contested

    In 2009, the biggest source of new, six-figure jobs in Orange County could end up being a banking regulator.

    The Federal Deposit Insurance Corp. is in the early stages of hiring for its new office in the Irvine Spectrum, which is set to open its doors shortly to handle West Coast bank failures.

    More than 200 positions advertised by the agency have yearly salaries that can start at more than $100,000. The jobs are sure to catch the eyes of those unemployed by the mortgage and larger financial sector meltdown as they look to get a little government bailout experience on their resumes.

    But competition could be fierce as hopefuls fight for jobs with current and former FDIC employees.

    “It’s like the Blues Brothers,” he said. “Jake and Elwood are calling everyone, saying they’re getting the band back together.”

    Most of the FDIC jobs are temporary, with the expectation of two-year terms for most of the Irvine positions. Those jobs can be extended another two years depending on the state of the market, according to the FDIC’s Web site.

    A majority of the roughly 300 open positions are being advertised with salaries one may not expect for a government position, including some as high as nearly $180,000 a year.

    A manager in the resolutions and receiverships department can make up to $177,000, according to the FDIC’s Web site.

    The most common position-a resolutions and receiverships specialist-has a salary of $75,000 to $156,000.

    Technical support staff can earn close to $64,000. A secretary with enough experience stands to make up to $73,000.

    Those salaries come with the expectation of a busy couple years.

    Comment by Bear | 02/24/2009 | Reply

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