Laid off but have tons of expertise in your field? You may want to look at smaller competitors for job opportunities.
Small companies are benefiting from a rise in the talent pool caused by layoffs at larger competitors, according to a report today in the Wall Street Journal. Typically, smaller companies are priced out of the high end of the labor market and forced to rely on employees with less experience and fewer business connections. From the article:
- In March, Jack Rabbit Collection LLC, a three-person handbag and leather-accessories maker in Los Angeles, was able to snag a large rival’s design-development executive after that person was laid off. Founder Mollie Culligan says the new hire, who has connections to tanneries and vendors, has helped the label reduce per-unit costs 20%. Plus, Ms. Culligan doesn’t have to spend as much time mentoring and can instead concentrate on her design work.
- “Before, I had to train people myself and really dump so much energy into inexperienced people who didn’t really add value,” she says.
JumpStart NYC is a 10-week program developed by the city of New York and a state university of New York (Levin Institute) that connects job seekers with experience at large financial firms to startups that are hiring. The program has seen some success in attracting former employees of Bear Stearns, Lehman Bros and Goldman Sachs, according to the WSJ article.
Yet, the article is keen to point out that working for a smaller company may not have all the same salary perks, benefits and daily work expectations as larger companies.
If you’re considering looking at smaller companies and keeping your job search as broad as possible, having a clear strategy for dealing with the salary and benefit differences should help alleviate some of the pain. Remember, these days it’s all about quantifying your return on investment.
[Image by gshowman via Flickr, CC 3.0]
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