For thirty (30) years I have recruited and placed Engineers, Software and Management professionals for Companies around the world. Some of my clients were Exxon, Shell, Mobil, Dupont, Duke, GE and many other companies. The clients were happy the position was filled, the candidate was happy they got a raise and a new position, and I was happy as my company made money.
Many things have changed in 30 years. Most baby boomers and parents had one job and company to rely on, and stayed 15-40 years with the same company, depending on a pension and Social security to retire on. What is the landscape like today?
The pension of 30 years ago is almost non existent, replaced by the contributory 401K, and often not utilized to full contribution and matching. Who wants to put 5-7% away when they are 25, when the new car or boat cost $30k, the McMansion cost $250k, and Starbuck is $4.00 (1.85 for regular). Remember we still keep up with the Jones’s that is what neighborhoods, schools and lifestyle are all about. Don’t want any stereotypes, but men buy boats, women buy shoes!!!!!
The current stock market fall from 14000 to 7000 back to 11000, has not recovered the pension, savings and retirement funds for people in their 50-60’s, but the cost of living continues to outpace GNP and inflation. I do not trust the stock market and the blather that we may be heading into another recession is BS, because we never came out of the recession started in 2007. To simplify loss and understanding the stock market fall; if you had 100000 it dropped to 50000, and if you kept your money in the market (most don’t) then you would have 75000. but if you kept in t bills and bond you would only have 60000. Now if you can’t find a job 17% unemployment for 50 year olds, you money will continue to dwindle, and your won’t be going to Starbucks at $3.00 or $1.85. Hooray …gas is dropping to 3.40, but it is still higher than $2.50
Now will we have a recovery? No No No because it is now and official election year and we will now have to wait and see who might be the next president and then Wall Street will either magically recover or will will continue to swirl into the recession depression.
So the BIG QUESTION has your career plan worked so far, because if your are not making enough to enjoy your life, then you have no life just a JOB, and if your think about it JOB stands for JUST OVER BROKE or a term back in the old days, LIVING PAY CHECK TO PAY CHECK.