Being a young professional has always been difficult but as the financial sector further falters the careers and lives of young professionals hang in the balance. Fidelity has further cut their staff as the economic crunch continues to cripple the former financial powerhouse. According to Reuters, Fidelity announced that it would begin previously discussed layoffs this week, eliminating some 3,000 jobs from their sprawling business divisions. 1,300 individuals are expected to get the ax this week.
When I heard the news I instantly thought of a few friends of mine. They jumped on board with some of Fidelity’s subsidiaries straight out of college in 2007 and were excited that their careers were going to jump off so quickly. As the slide began to worsen in 2008, many became concerned with their position within the company. Stuck between the decision to stick it out or jump ship was not an easy one to make, and surely not one I would be interested in.
Shortly after reading about the layoff plan I received a few text messages regarding the peril and mass hysteria that was spreading across the financial world. It is awful to hear of young adults terrified for their jobs and hanging by the string of “last one in, first one out”. Those were were signed on with companies that Fidelity ate up during the crunch are not looking to safe at the moment either and things are looking bleak.
When I receive a text message from someone my age stating they “might be moving home” after their job remains largely at stake is both heartbreaking and terrifying. As a freelancer I have felt the crunch as well. As magazines, newspapers and online publications begin to tighten back the trickle down effect is becoming a significant problem and one is forced to wonder when the cutbacks will end.
Can these companies really run well while they cut out those who have worked long and hard for them and more importantly is such a decision going to create a generation of young workers who are bitter and resentful towards the massive companies that once employed them? Can a company really lighten the blow to their employees when their executives activities are spread across the pages as exorbitance at it’s finest?
Laid off individuals need to breath, retrieve their unemployment benefits and simply regroup. As the financial sector remains in a spiral downward the unemployed still need to find employment and work. A friend formerly in the financial sector has taken his degree and gone elsewhere after a layoff slashed his department and took his job. Some might want to consider doing the same. Alternative sectors are welcoming to those with business experience.
Alternative options are few and far between beside getting those resumes in early and searching for sectors that remain somewhat stable.