What's Your Plan B?

Here's a piece from US News that says the most important thing you can do for your career in 2009 is to have a plan B. The details on their line of thinking:

Having a Plan B is vital. In case you haven't noticed, your industry, your company, your job can disappear or be radically transformed in the twinkling of an eye.

That's why you need to think strategically. How could your experience and expertise be transferred to other companies or other industries? What classes can you take, or certifications can you acquire, that will strengthen your position at your current job or make you a more attractive candidate for other jobs? Have you explored cross-training possibilities at your current company, so if your department is outsourced you could find a place in another one? How much money do you have set aside? What are your long-term life goals? Whom should you be meeting and getting to know now, before you need new connections?

Your Plan B is basically a long-range agenda with contingencies. It involves thinking big and thinking long. And it's a good mental exercise!

Here's what my Plan B entails:

• I have an emergency fund that covers six months of my salary (which is about 12 months of living expenses if I needed to stretch it out).

• I am saving like a fiend and could access other funds if need be.

• I have developed a broad network of people I could rely on for referrals/job leads if my job ever disappeared.

• I have a strong side business that I could develop further to at least offset some expenses during a transition.

• I'm adding to my job skills by taking a couple seminars/classes this year.

How about you? Have you thought about a Plan B? Are you planning for it? If so, what are you doing?

Comments

[My Life ROI]

FMF --

Think a Plan B could simply be going back to grad school to get an MBA?

I am considering doing this regardless... but do you think that is a sensible backup plan IF a job loss occurred?

I, like you, have a year of living expenses saved up.

MLR

[FMF]

My Life --

It could be. Just make sure it's a "Plan B" and not an "escape." I've seen many people go to grad school simply to put off making a decision/avoiding real life.

[Taylor at Household Management 101]

Definitely need a plan B. I highly recommend it, but sometimes it isn't easy. The economy being what it is, you cannot rely on anyone else though, just yourself and your family. I am definitely finding that out for myself right now!

[Apex]

I prefer a plan A.

Do an exceptional job at your job and do even more to make yourself essential to your company.

Anything can happen and there are no guarantees but rather than focus on doing things to make me more marketable if I should lose my job I prefer to focus my efforts on doing things to ensure I am one of the last ones considered to be let go from my current job.

I believe strongly in plan B's like have good savings and backup financial reserves, but
I don't really believe in these kinds of "Plan B's". Go get a certification, go to a seminar. If the economy sucks and I get laid off, is the certification or seminar going to be the make or break issue to getting me a new job? It could make a minor difference but most likely its not the deciding factor and then there is the whole issue of whether or not the extra skill you acquired turns out to be relevant or important to the particular jobs you find available to apply for.

I guess maybe its just my philosophy but if I enjoy doing something and want to improve my skills in that area great, then I do it. But if I am doing it only to "improve" myself, and I don't enjoy doing that or find the "improvement" particularily valuable but people say its a good tool to have in your bag, I don't do it. I prefer to focus on things that WILL have an impact right NOW rather on things that MAY have an impact SOMEDAY.

So I go for the best Plan A possible, Plan B doesn't get much focus from me until its becoming clear that Plan A is in some real trouble. Then it's definately time for Plan B. But if I have a great Plan A I focus on that.

Just my 2 cents.

[Dave]

My plan B is to get a job with the federal government. They generally have better job security than the private sector. My plan C is to be a high school math teacher. Even in this economy, with shrinking state budgets, math teachers are in demand and also generally enjoy job security.

[Rhea]

I will move in with a friend in a much cheaper part of the country.

[Slinky]

No Plan B for me either! A solid plan should have many contingencies and consider all possible weak points and fall outs. Therefore, instead of having a plan B, I have a more thorough plan A. My plan A involves everything from an emergency fund to becoming financially independent to...wait for it....dealing with recessions. :) And remember, no plan survives the first engagement with the enemy, so you should constantly reevaluate and revise your plan.

[D.]

This is timely for me. I'm considering becoming a U.S. Army officer. Not for financial reasons (I'd actually be taking a pay cut to become an O-1 or O-2), but more because I'm proud of our civilian leadership again and find little personal reward in my present financial news job. Plus I have a degree in foreign affairs and Middle East Studies, and I'd rather put that to use for the military than let it gather dust.

I guess this makes it my Plan A, and I'm currently in my Plan C!

My other idea, Plan B, is to strike out on my own and start a financial news site targeting my specific beat. I even bought a domain name just two weeks ago.

Maybe there's a silver lining to the recession: The jobs we have and don't enjoy could get eliminated. In a downturn like this, even a prolonged one, I'm sure there's plenty of opportunity for intelligent, driven people to make money through something they enjoy.

[Paul Morales]

I wouldn't consider it a Plan B. But I am re-organizing my original life plans I have for the next couple of years.

I plan on taking my college education seriously to transfer out and get my BS and MBA. I am working on getting more computer technical certificates so I can get a decent paying job while attending college.

During college, I plan on receiving a full-time income and funneling my income into my internet businesses. I eventually want to create my own successful business that grosses over 1 million a year.

[poor boomer]

I don't have a Plan B. Actually, I officially gave up looking for a job yesterday, after reading about a local Asian restaurant that recently opened and received ONE THOUSAND replies in 72 hours to their job ad on Craigslist.