More than 22 million jobs were lost due to the coronavirus. Experts say some 22% of those jobs are gone forever.
The hardest hit industry is the service economy—especially Leisure & Hospitality. The service sector accounts for 40% of the permanent job losses the country has suffered. According to Yelp, nearly 16,000 restaurants and almost 5,500 bars and nightclubs have closed permanently. That leaves millions of people unemployed, and in industries that will take years to recover.
The government stimulus programs have provided temporary relief. And Congress is working on another stimulus pact but that, too, will be temporary. As those funds run out, unemployed and underemployed citizens need to figure out, “what’s next?”
Loans were local Fortunately, there are lots of options. None are overnight solutions, but with thought and investigation, it is possible for a new—and even better—beginning.
I have some experience with this—a devastating loss that turned into an entire new career.
In the early 90s, I was in the banking industry. I was a Vice President of a Florida bank, managing a branch, developing business, and making loans. During that period, mergers and acquisitions were rampant in many industries. That was mostly predicated by the 1990-1991 recession the country was undergoing, as well as a move to deregulate banking, trucking, long distance telecommunications, airlines, and energy, that started in the 1970s.
Banking was particularly hard hit, by both the recession and the merger frenzy. In fact, from 1989 to 1994, there were 169 bank mergers. The recession and the mergers led to massive layoffs in the banking industry. And after eight years in the industry, my job was axed when a larger, regional bank bought out my bank. In fact, all of our branch managers lost our jobs as the new owner merged branches which were ultimately run by its own managers.
Fortunately, I was able to transition to a new career with new opportunities—with help from an outplacement resources firm.
Read this article now to find out how outplacement firms work—and to get the details on 5 top companies that provide these services.
When you read this article in the November 2020 issue of our Magazine, you’ll get all the details on alternative work options, including:
- Side Hustles: Learn how to land a side job—or side hustle—that capitalizes on your talents and interests. And get specific examples of how some people have evolved with their specialties.
- Transitioning to a New Career: Get 3 top resources for discovering the education and training you might need to switch careers.
- Remote Jobs: Discover the list of 14 well-known business that are committed to hiring remote workers, a good option in this pandemic era. Plus, 10 specific companies that have posted the highest number of job listings for remote positions this year—you might not recognize all of these!
- Starting Your Own Business: Get a quick summary of key things to consider if you want to launch your own business—your “start my own business” checklist!
- Launching a Franchise: In this article, you’ll learn about the advantages and disadvantages of owning a franchise—plus, you’ll get lists of the top sectors for franchises, along with the top 10 food franchises; how much it costs to get started with some popular franchises; how much profit you can expect from a franchise; and additional resources for everything about owning a franchise.
In this article in the November 2020 issue of our Magazine, you’ll learn all about the many options you have for reinventing yourself and your career in today’s economy. Read this article now!
Get this article about alternative work options—and everything else in the November 2020 issue of our Magazine—including:
- Second Careers and Side Hustles: Your guide to how the laid off, semi-retired, and entrepreneurs are making more money.
- Alternative Energy Stocks Can Make You Rich: Alternative energy is the world’s fastest growing energy source, and even conservative investors can get in on the amazing growth of this sector. Read about it now!
- Avoid these Sector ETFs Right Now: Investing right before an election is historically a bad time for stocks. With that in mind, here are three sector ETFs to avoid completely.
- 2 Genetic Sequencing Stocks to Consider: Human genome sequencing has made huge strides in the last decade, including these two favorite sequencing stocks.
- 4 Exercise Stocks for the Getting-in-Shape-at-Home Era: Thanks to COVID-19, exercising from home has never been more popular. And these four fitness stocks are capitalizing in the absence of gyms.
- 3 Trends that Point to Another Market Rebound: Three trends and three stocks worth watching for the market rebound.
- 2 Under-the-Radar Japanese Stocks to Buy: Why two Warren Buffett-picked stocks could be high quality value plays on what seem to be unstoppable trends.
- 8 Companies that Could be the Next Tesla: Looking at a few candidates to be the next Tesla, starting in the most obvious place—the electric car industry.
- The Math Doesn’t Work When You Try to Short Stocks: As famous British economist John Maynard Keynes once said, “the market can stay irrational longer than you can stay solvent.”
- Ford v. Ferrari: The Sequel: Ford vs. Ferrari is an excellent film with a surprise ending. Does comparing Ford stock vs. Ferrari stock bring an equally surprising result?
- What Does this Massively Bullish Option Trade Mean?: When the most bullish option trade we’ve ever seen keeps happening, we pay attention.
This latest issue of the Federation’s Magazine is ready for you to access now, to discover all of your alternative work options in today’s economy … so much more. Read it now!
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