Skills to Learn While Unemployed to Make Yourself More Employable

As somebody who has been unemployed more than once, unemployment can be depressing, very frustrating and extremely worrisome.  In addition to sending out resumes and networking, I highly recommend using the free time that you have at your disposal to learn new skills to either make your life more manageable or to increase your employability.  Obviously, unemployed persons usually don’t have the money to enroll in formal training programs but thanks to the Internet and social media there are a variety of free tools and options out there for people looking to pick up new skill sets. 

Amber Johnson at OnlineDegreePrograms.org has put together a list of 100 skills you should learn (for free) while unemployed. While many of her suggestions are intuitive, there are a few on the list that may surprise you and quite possibly improve your chances of finding a new job!

100 Skills You Should Learn (for Free) While You’re Unemployed

People Skills and Networking

Become a better networker, small talker and listener to improve your job prospects.

  1. Listen: Become a better listener by tuning out background noise and making eye contact.
  2. Build a portfolio: Have an organized hard copy and file on your computer that succinctly and accurately represents your best work.
  3. Share the conversation: Don’t dominate the conversation: learn to take a step back when you’ve said your part, and know when to jump in if the conversation becomes all about them.
  4. Understand your emotional intelligence: Become more socially aware and learn to evaluate your own emotions and reactions.
  5. Bring personality to a company: Being able to provide something that people can relate to behind the big corporate name is priceless.
  6. Make your resume Internet ready: Make sure your updated resume will display nicely when you e-mail it and post it on job sites.
  7. Set an example: Learn how to inspire others by doing what you love, being expressive, and helping others along the way.
  8. Expand your network: Tap into contacts two or three degrees removed from your regular network.
  9. Network or interview on the phone: Stop working on your in-person networking skills for a minute and remind yourself how to win someone over via the telephone.
  10. Give a strong handshake: Impress people with your confidence by giving a better handshake.
  11. Remember people’s names: From face association to repetition, there are various ways to remember a person’s name.
  12. Know when and how to use icebreakers: Become the one other people depend on to make connections and feel comfortable.
  13. Make a point to grow existing relationships: Don’t just get to know people on the surface: get to know business and personal contacts on a deeper level.

Life hacks

From making your own coffee to saving gas, here you’ll learn valuable skills that save you money, too.

  1. Make your own coffee: Cut back on expensive coffee runs by learning how to make your own cup.
  2. Comparison shop: Comparison shopping will save you money and turn you into a more responsible consumer and better product researcher.
  3. Learn how to be more energy efficient: Save money on energy bills at home and at your new office when you get hired again.
  4. Save gas: Minimize the number of times you have to spend money on gas by making each fill up last longer.
  5. Eat cheaply: Watch this video to learn how to make yummy meals out of dollar-store food.
  6. Discover your life purpose: Discover how to tap into your life purpose and passion to give you more direction in your job search and life goals.
  7. Face reality: Accepting and dealing with reality will help your career and your personal life.
  8. Cook: While you have the time, learn to cook healthy, budget-friendly meals for yourself, and use leftovers.
  9. Being positive: Stop complaining and turn yourself into a positive thinker.
  10. Meditate: Meditation will help get you through the tough times.

Productivity and Task Mastering

Stay productive and learn to stay on task, avoid procrastinating and set goals even when you’re unemployed.

  1. Get up on time: Learn how to get up right when your alarm goes off to get a fresh, productive start to the day.
  2. Funneling: The art of funneling means that you know how to manage incoming projects and to-do lists, and prioritize them accordingly.
  3. Speed reading: You’ll be able to stay on top of industry reports, news stories, job postings and more when you learn to speed read.
  4. Break things down: Turn difficult tasks into easier ones by breaking them down and taking it day by day.
  5. How to set goals: Setting goals will help you be more successful, in the short-and long-term.
  6. Overcome fear of failure: Fear of failure wastes time and prevents you from doing what you really want.
  7. Beat procrastination: This step-by-step guide will help you beat procrastination.
  8. Prepare a to-do list: A well-organized to-do list will keep you on track and save time.
  9. Learn the Pomodoro Technique: Those who are anxious about meeting deadlines should master this technique.
  10. Eliminate distractions: Learn how to tune out distractions and interruptions.

Computer and Internet Skills

These skills will turn you into a better Googler, blogger and typer.

  1. Online research: Besides helping you find a job, solid Internet research skills will make you a desirable job candidate.
  2. Learn how to use different operating systems: Train yourself to learn how to use Macs, Windows and Linux systems.
  3. Hack Google: Learn all of the Google shortcuts and business tools.
  4. Build a high-traffic website: Promote yourself and show potential employers how you can improve their websites.
  5. Use Facebook productively: Turn Facebook into a business tool for networking, branding and more.
  6. Basic web design: Employers will snatch you up if you know even basic web design.
  7. Blog: Becoming an expert blogger takes time, so use your unemployment to learn the technical and business side of blogging.
  8. Telecommute: Learn how to work with others online.
  9. Learn to type: Typing quickly and correctly saves you time and makes your work look more professional.
  10. Create a podcast: This fun and simple skill could increase your job prospects too.

Organization

Organize your personal and professional life by learning these skills.

  1. Be punctual: Being punctual forces you to map out your day according to appointments and to-dos.
  2. Use spreadsheets: Spreadsheets are great organizing tools and are used at almost every office.
  3. Sort email: Set up folders, archives, filters and searches to organize all of your emails.
  4. Prioritize: Prioritize your tasks so that it’s easier to work down your to-do list.
  5. Use a calendar: Make use of an online calendar to set up alerts and more tools to help you stay organized.
  6. Improve your memory: Practice different techniques to improve your memory.
  7. Organize your closet: A better organized closet will help you stay on top of chores and get ready faster in the mornings.

Writing

Write better emails, use better grammar and influence others with your writing.

  1. Write better emails: Write effective, impressive emails and subject headings.
  2. Learn correct grammar: Poor grammar will hurt your career prospects in a heartbeat.
  3. Persuasive writing: Learn how to write more persuasively and passionately.
  4. Write for the Internet: Writing online pieces is completely different than writing for traditional media.
  5. Write the perfect cover letter: Write a better opening and remember to include all the important details.

Confidence

These skills will boost your confidence and make others take notice of you.

  1. Work on body language: Learn how to stand confidently, make eye contact and relax.
  2. Trust yourself: If you’re constantly worried about what other people think of you and your decisions, you’ll come across as weak and inexperienced.
  3. Examine your soft skills: Discover what soft skills make you a good employee: leadership, dedication, or the ability to motivate others.
  4. Master the job interview: Be prepared, be confident and research the company and person you’re interviewing with.
  5. Handle rejection: Stay confident and inspired even when you aren’t getting call backs.

Promotion and Branding

The skills you learn to promote yourself now will pay off later.

  1. Design for branding: Learn how to think creatively and visually in order to promote your brand.
  2. Understand copyright: Learn about copyright laws and how to get your own patent.
  3. Promote yourself without bragging: You’ve got to learn how to relate to people and make them interested in you and your experience, without bragging.
  4. Know — and own — your best attributes: Show off your ability to close a sale or put on your resume that you’re the one to call if a decision needs to be made.
  5. Being accountable: Monitor what’s being said about you online and on social networks, keep track of your brand’s reputation, and own up to any mistakes or issues people have with you.
  6. Use Twitter effectively: Learn how to use Twitter to boost your brand and reputation, not diminish it.
  7. Develop your message: Learn how to create a focused, engaging message.
  8. Write a press release: Even if you don’t work in PR or marketing, being able to write a press release is a valuable, desirable skill personally and professionally.
  9. Follow up: Make sure you follow up on promises and after meeting new people.
  10. Identify an audience: Learn how to rework your message depending on who you’re speaking to.

Speaking and Communication

From better storytelling to learning a new language or becoming an effective public speaker, these communication skills will make you more influential and confident.

  1. Learn a foreign language: Speaking at least two languages greatly increases your desirability as a job candidate.
  2. Storytelling: For presentations and networking, it helps if you’re a good storyteller.
  3. Keep it simple: Don’t babble; instead, learn to speak clearly and simply.
  4. How to make transitions: Making smooth transitions in your talks and presentations will strengthen your speech overall.
  5. Deliver bad news: You should learn how to be diplomatic and break bad news considerately.
  6. Consider things from different points of view: Relate to your audience and act like a fair leader by considering various points of view.
  7. Give a compliment: If you’re uncomfortable giving compliments, you’d better learn how to get over it.
  8. Negotiate: Negotiate salary, job offers, payment, and more.
  9. Conflict management: Learn how to be more diplomatic and solve problems in the workplace.
  10. Speak to executives: Don’t be afraid to talk to the boss, just make sure you do it the right way.

Finance

Save money and learn smarter budgeting tips here.

  1. Open a Roth IRA: Use a little of the money you have saved to start a Roth IRA for the future.
  2. Pay taxes as a freelancer: If you’re freelancing between full-time jobs, you’ll need to learn how to do your own taxes.
  3. Turn eBay into a money-maker: While you’re out of work, learn how to use eBay to make extra cash.
  4. Haggle: Get better deals on food, entertainment, clothes and more when you learn to haggle.
  5. Lower your cell phone bill: Learn how to lower your cell phone bill when you’re tightening your budget.
  6. Get a tax extension: If you just can’t pay your taxes this year because you’re unemployed, learn how to get an extension.
  7. Consolidate debt: This skill may help you with a finance problem at work and alleviate some of the burden of high interest rates.
  8. Make a budget: This practical skill will save you money and help you trim expenses at work.
  9. Find a bargain: Learn when to go generic and hunt for bargains.
  10. Save: Practice restraint by setting up savings accounts and spending less.

Weird Skills

You never know when you’ll need to win a fist fight or have to know your tolerance for alcohol, so practice now.

  1. Win a fist fight: Man up and learn how to win a fist fight or street fight.
  2. Be more photogenic: Look more attractive and confident in photographs.
  3. Know your tolerance: Before getting wasted at networking events or office parties, know how much booze you can handle.
  4. Be a respectful house guest: Review basic etiquette and send a thank-you note the next day.
  5. Know when someone is lying: Be able to tell when someone else is lying to protect yourself.

Miscellaneous

From tying a tie to taking better notes, here are more skills you should learn while you’re unemployed.

  1. Stay on top of industry news: Make reading industry reports and niche news blogs a habit for when you’re unemployed and when you get a job.
  2. Get comfortable with international travel: Even if you can’t afford a plane ticket, read world news, learn a language and keep up with other cultures to broaden your horizons and show potential employers that you’re open to traveling for them.
  3. Tie a tie: Make sure you always look presentable by tying your tie correctly.
  4. Keep your brain active: Keep learning so that you’re in shape to tackle new challenges when you do find a job.
  5. Take better notes: Learn to take notes during interviews and meetings.

There you have it!

Until next time...

Good Luck and Good Job Hunting!!!!

The Changing Face of Pharmaceutical Sales: AstraZeneca Offers Its Entire Sales Force a Buyout Option

The Pharmalot Blog reported today that AstraZeneca offered all of it sales representatives—numbering 5,000-6,000—a buyout option. However, AstraZeneca prefers to avoid the term buyout and instead instructed its reps to ’self identify’ whether or not they want a package to leave the company. According to the post, an AstraZeneca spokesman declined to discuss how many reps it would like to shed, but did provide this statement:

“AstraZeneca is making changes to our sales force, which will be managed first by looking at vacancies and offering field sales employees the opportunity to self-identify whether they are interested in leaving the company. We will know the full scope of the changes in the coming weeks.”

Like many other pharma companies, AstraZeneca will lose $11.1 billion in patented-protected revenue by the end of 2012 and face stiff generic competition.

Pharma sales reps, like R&D scientists, have been facing tough times over the past three years or so. In the late 1990s, pharma companies hired massive numbers of reps, only to realize several years later, that increasing the number of reps didn’t necessarily translate into increase drug sales. The economic downturn, coupled with projected loss of revenues due to patent expiry of blockbuster drugs over the next few years, provided pharma with an opportunity to downsize. Finally, the growing use of web-based strategies to educate physicians, contract sales forces and a diminishing number of products led to the demise of the pharma rep as we know it.

My recommendation to downsized reps is to get some biotechnology training or device/diagnostic training and to try and leverage previous experience into sales jobs at biotechnology and devices companies. Both industries have enormous growth potential and the transition from pharma to them shouldn’t be all that onerous.

Until next time...

Good Luck and Good Job Hunting!!!!!!

 

Around the Industry: Layoffs and Closures

The fourth quarter is over, earnings are being announced and new budgets for the upcoming fiscal year are being evaluated and tweaked. This means that we have officially entered layoff and closure season. Isn’t it great that big companies wait until right before the holiday season to let employees know whether or not they will have a job next year?

That said, two companies, Bristol Myers Squibb (BMS) and Pfizer/Wyeth are the first to kickoff the 2009-2010 season.

BMS announced that it will lay off 25% of its Abilify sales force. This comes only six months after the drugmaker extended its contract with Otsuka Pharmaceutical to market the anti-psychotic and depression drug. Abilify is BMS’s second best selling medication after Plavix that is co-marketed with Sanofi-Aventis. Otsuka developed the drug and BMS markets and distributes it in the US and several European counties.

Abilify loses patent protection in 2012 and faces stiff generic competition in the anti-psychotic and depression markets. A BMS spokesperson declined to say exactly how many reps would be losing their jobs. However, according to a post on the sorely missed and recently resurrected Pharmalot blog there is speculation that Otsuka may hire some of the layed off BMS reps.

In other news, Pfizer/Wyeth announced that it will be closing its facility in Bridgewater, NJ but expanding operations at its Peapack-Gladstone, NJ location. The Bridgewater facility employs 300 people, 100 of which are involved in technology.  The company announced yesterday that it wouldn't be shutting down Wyeth's Collegeville, PA headquarters.

Over 120,000 employees have been laid off by pharma companies in the past three years, many of whom lived and worked in New Jersey.  Unemployment in NJ is hovering around 10%.

Stay tuned for more updates.

Hat tip to Ed at Pharmalot

Until next time...

Good Luck and Good Job Hunting!!!!!

 

Wyeth-Pfizer Merger Jobs Update: Wyeth's Collegeville, PA Headquarters Will Remain Open

In a previous blog post, I suggested that there was much speculation about whether or not there would be substantial job losses at the various Wyeth sites throughout Pennsylvania after the Wyeth-Pfizer merger closes. As you may recall, company representatives were assuring Pennsylvania legislators that major job cuts and site closure weren’t likely. 

Yesterday, Bernard Poussot, president of Wyeth Pharmaceuticals, sent a message telling employees the company’s Collegeville Headquarters, which employs about 4,000 people, would remain open after the deal closes on October 15, 2009. The fate of employees at other Pennsylvania-based Wyeth facilities remains uncertain.

While this may be good news for some employees at the Collegeville site, it is likely that a substantial number of jobs will be shed after the deal closes. Previously, Pfizer suggested that the combined company intends to shed about 20,000 jobs. I guess the good news is that all 4000 Wyeth employees won’t be losing their jobs!

Until next time...

Good Luck and Good Job Hunting!!!!!!!

 

Considering a Science Career in Government? You Must Read This!

The bad news is that the US unemployment rate is close to 10 percent. The good news is that the government is looking for scientists at FDA, NIH, USDA, CDC, EPA and other agencies. For those of you who haven’t applied for a government job, the process can be daunting and overwhelming. To alleviate some of the pain, Cyndi Fischer, MSA at the BioCareer Center has written a post on the salient features of filling out a job application for a government job!

Capturing Your Worth in a Government Job Application 

You’d like to consider government employment but are not sure where to start. You know the government has a generous compensation and benefit plan, can offer long term employment stability, and in most cases its employees do not need to seek research grants or funding to continue their rewarding scientific work. Sounds like a dream, so why haven’t you applied? Perhaps you’ve heard that it’s hard to get a government job, that the hiring process is mysterious, slow and a confusing maze of information. While some of those concerns are valid some of the time, government employment has such positive benefits it is indeed a career path you don’t want to overlook. The most important thing to remember about applying for a government position is that all the items that appear to be drawbacks to you in the application phase, are really set in place to ensure that the most qualified candidate, hopefully you, will get the job!

So what do you need to know to ensure that you have the best shot at being considered for a coveted research position within the government? First you must apply to a vacancy announcement published by the government in order to be considered, and subsequently offered employment. Almost all government entities now use an automated system to post vacancy announcements and receive applications. The most widely used website to post vacancy announcements is USAJOBS.opm.gov. Once you have established an account on the site and placed your resume in the space available, you are ready to apply for any vacancy announcement you would like. Be keenly aware though, this is where attention to detail separates the candidates to be interviewed from the resumes in the scrap pile. The government hiring system revolves around merit. Specifically, the candidate who has the most knowledge, skills and abilities (KSA) to be successful in the vacant position should be offered the job, as the desired KSA’s for an opening are derived from the position description itself. Your role is to ensure that you capture your KSA’s as accurately as possible so that you are considered for the positions you are most qualified to hold.

If KSA’s are the key to government employment, how do you ensure you include everything that needs to be considered? In many cases this will be easy to discern as the vacancy announcement will list specific KSA questions prompting your response. If there are questions that seek specific answers, it is a requirement that you answer them or your application will not even be considered. In the event there are not specific questions presented, you must ensure you cover the likely KSA’s for that position within the body of your resume. Knowing what the KSA’s are for the position being advertised is one

aspect of being qualified for the position you are seeking. Let’s take a quick look at each element of the KSA’s so you know how to present your talents.

Knowledge covers the body of intellectual information you possess that will assist you in the position. This knowledge is not limited to your academic knowledge, though critical, but encompasses all aspects of what you know that pertain to the position. Included in your mental reference library are federal, state and local regulations that govern the work you will be doing, policies and procedures that apply to the work environment, industry standards and cutting edge technology that you are current in that would make you a good fit for the position. Essentially any knowledge that you possess and can articulate in your resume that is pertinent to the job you are seeking is something you should capture in your resume or the KSA questions presented as part of the announcement.

Skills represent the manipulation of systems, processes, people and things that will allow you to be competent in the position in question. They can include specific skills that require you to operate technical equipment or work with particular software or hardware systems or they may be more generic such as the skills required to communicate effectively. These skills are often the core competencies of the position and are incredibility important. Conversely, some of them are areas that professionals often under-report in their resumes as they take many of these skills for granted such as problem solving, creative thinking, decision making and stress tolerance. In most cases, government application software systems allow you a very generous amount of character space to document your KSA’s or resume, so leave no skill uncaptured!

Abilities refer to your capabilities as they apply to the work environment. Your ability to manage people and programs; to organize, plan, implement, and evaluate; to analyze, supervise or otherwise effectively impact the mission of the organization. One of the unique aspects of this element is that you do not have to have a vast work history to quantify what you can offer an employer in this category. You may have organized a large volunteer effort or been part of a regional political campaign. Any quantifiable information that depicts your role in a challenging environment which allows you to capture the results of your efforts is value added in this element.

Government employment has many rewarding aspects – not the least of which is that the infrastructure of the whole civil service is based on merit. Now that you know a little more about how to present yourself and what you have to offer in the three key government consideration areas (KSA’s) you are one step closer to accepting your first federal research position. Remember it’s not what you know and what you can do that counts in a job application; it’s what the selecting official knows you can do that matters. Good luck!

Cyndi Fischer, MSA is the Director of Strategic Recruitment for STG International. As a Human Capital Management specialist her work concentrates on agency level recruitment strategies and workforce planning. During her tenure at STG, Mrs. Fischer has designed and implemented recruitment strategies, branding techniques, and succession plans for many federal agencies seeking Phd/MD level candidates for research, managerial, and professional opportunities. Mrs. Fischer has a Bachelor of Science degree in Criminal Justice and Psychology and a Master of Science in Administration degree in Human Resources. www.stginternational.com

 

Temporary Jobs Can Help a Career

I have heard from many jobseekers, who—despite many years of work experience— are having difficulty finding full time employment. During economic down turns many companies cannot or are reluctant to hire full time employees. However, this doesn’t mean that there is work to be done. Consequently, many firms look for part-time, temporary or contract workers to handle the work that must get done to maintain operations.

Melanie Wanzek of CTW Features wrote an excellent article on why taking a temporary job might be a great opportunity for those who can’t find full time employment. Temporary jobs provide an opportunity to learn new skills, apply old skills to solve new problems or to gain experience in your profession.

For those of you who think that this may be right for you. Here are several questions you should ask a prospective employer when considering whether or not to accept a temporary or contract job opportunity.

  1. Who will my supervisor be?
  2. What hours will I be expected to work?
  3. Is there a dress code?
  4. What is the work environment like?
  5. Do temporary workers have their own workspace or is it shared?
  6. How are my benefits different or similar to full time employees?
  7. Is there more scheduling flexibility for temporary workers?
  8. Is there a possibility that this temporary opportunity might turn into full time employment?

Scientist who may be interested in contract work please check out a previous post that I wrote on this topic.

Until next time

Good Luck and Good Job Hunting!!!!

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Managing Emotional Fallout After Losing a Job

Losing a job is a BIG deal whether you were layed off, fired or right-sized out of it. Not only do you have to worry about health insurance, bills and paying rent or making a mortgage payment, you must also deal with a myriad of self esteem and emotional issues that frequently arise after losing a job. While there are many articles and books that describe how to functionally conduct a job search after being layed off, there are only a handful that discuss how to cope with the stress and negative emotions that frequently accompany job loss.

Many people who lose their jobs frequently experience emotions like anger, desperation, hopelessness and even depression. These feelings must be acknowledged and then addressed and managed because they not particularly useful when looking for a new job. Further, when left unattended, these feelings can exact both a financial and an emotional toll on the unemployed.

In this Sunday’s New York Times, Phyllis Korkki, who writes “The Search” column describes how to manage the negative emotions and financial problems commonly associated with losing a job. She also provides tips on how to minimize “the pain” and accentuate the positive after experiencing a job loss.

Until next time...

Good Luck and Good Job Hunting!!!!

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Jobseekers Beware!

We are living in financially uncertain times. While economic indicators suggest that the recession might be drawing to a close, most financial pundits agree that unemployment will continue to rise  long after the economy has improved. Most people who have lost a job will tell you how emotionally and psychologically—not to mention financially—debilitating it can be. People who have been unemployed for more than a couple of months are typically desperate to find work. And, as the old adage goes “Desperate times call for desperate measures.” To that end, many unemployed workers may consider job opportunities that they normally wouldn’t consider during more certain times. Unfortunately, criminals, grifters and con artists are keenly aware of this and frequently prey upon and take advantage of unemployed workers.

Over the past several months, I began receiving e-mails messages about “mystery shopper” and “logistic agents” job opportunities. At first, I thought that these so-called job opportunities looked interesting. However, after digging a little deeper and scrutinizing the ads more carefully, I realized that these were little more than artfully-designed scams. This, according to an article written by Riva Richmond in today’s New York Times, is only the “tip of the iceberg.” I highly recommend that you read the article to learn how to protect yourself and avoid being scammed while looking for new employment opportunities.

Until next time....

Good Luck and Good Job Hunting!!!!!!!!

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Bristol-Myers Squibb to Buy Monoclonal Antibody Maker Medarex

Bristol-Myers Squibb (BMS) announced late yesterday that it intends to purchase Princeton, NJ-based Medarex for $2.1 billion. BMS and Medarex were working collaboratively to develop a monoclonal antibody called Ipilimumab as a treatment for late stage melanoma.

The acquisition represents BMS’s public commitment to transform itself into a “next generation pharmaceutical company” with both pharmaceutical and biotechnology products in its arsenal. Last year, BMS bought Kosan Biosciences, Inc a California-based biotechnology company developing novel cancer treatments. Also, as you may recall, BMS lost ImClone to Lilly in a bidding war over Erbitux—a monoclonal antibody-based colorectal cancer treatment that was co-marketed by BMS. 

Medarex was one of the last independent, public, late stage monoclonal antibody development companies in the biotechnology industry. Many of its competitors, like ImClone and Cambridge Antibody Technologies, had already been acquired by big pharma and I was wondering when Medarex would be acquired. I have always held Medarex in high regard and it is a solid and well position company. To that end, I recommended that my mother purchase Medarex stock several years ago telling her that I thought it had a huge upside. Not surprisingly, the stock has been soaring since the announcement; so much so that my mother called me today to tell me how smart I was—go figure.

It is not clear, at present, what effect, if any, the Medarex acquisition will have on the employment situation in New Jersey. Although BMS is headquartered in NYC, it has two large sites in New Jersey, one in Lawrenceville and the other in Plainsboro. As mentioned above Medarex is based in Princeton, NJ. BMS has been steadily downsizing over the past three years and I suspect that there may be more layoffs after the Medarex deal closes.  If there are layoffs, more are likely to occur on the Medarex side of the business.

While I have been critical of some of BMS’ strategic moves in the past, I think the Medarex acquisition is an outstanding one and BMS will likely benefit from it!

Until next time...

Good Luck and Good Job Hunting!!!

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How to Act and What to Say to Someone Who Has Been Layed Off

As the recession slogs on, it is likely that many more people will lose their jobs and you might find yourself in the unenviable position of having to commiserate or console a friend or colleague was layed off. Not surprisingly, this is often a difficult and delicate situation that requires some sensitivity and tact. 

Because many of us have never been layed off or fired, it is often difficult to know what to say or more importantly determine what a person who lost their job may want from family and friends. To that end, there was a wonderful article in today’s New York Times that offers some insightful suggestions and guidance on navigating a conversation or meeting with a friend or colleague who recently lost their job.

Read and learn!!!!!

Until next time...

Good Luck and Good Job Hunting!!!!!!!!!

 

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Most Livable US Cities in Financially Troubling Times

Forbes Magazine released its annual list of America’s most livable cities. The list is created based on quality of life measures in cities with populations of 500,000 or greater. The cities on the list indicate where unemployment is low, income growth is high and living the good life is affordable. 

Number one on the list was Portland, ME because it is safe and apparently has several outstanding microbreweries. Bethesda, MD (what about traffic), and Des Moines IA (what?) round out the top three, followed by Bridgeport/Stamford, CT ($$$) and Tulsa, OK (no way)! The remaining five on the top list included Oklahoma City OK (where the waving wheat....), Cambridge, MA (Harvard and MIT, what’s not to like), Baltimore, MD (Camden Yards rocks), Worchester, MA (why?) and Pittsburgh, PA (nice family town). My favorite place to live, Madison, Wisconsin was relegated to 13th place on this year’s list (sigh).

Until next time...

Good Job Hunting and Good Living!!!!!!!!!!

 

Going, Going....Gone: Genentech Agrees to Roche Buyout

Late Thursday, after 8 months of difficult and often acrimonious negotiations, Genentech’s board finally caved and agreed to allow Roche to purchase the remaining 44% of the outstanding Genentech shares that it doesn’t already own. The price: $95 per share—less than the $112 per share that Genentech’s board and management team wanted —but better than the $86.50 per share that was tendered last fall.

While Roche contends that it will continue to run Genentech as an autonomously operating business unit, many Genentech employees are dubious. I suspect that many DNA (Genentech’s stock symbol) employees will embrace a “wait and see” attitude before any decisions are made about whether or not to stay at the “new company.” Roche’s greatest challenge will be integrating the two companies without ruining Genentech’s innovative culture and immediately sending its best scientists and management team out the door. Pharma and biotech corporate cultures are very different from one another and many biotech employees find it difficult to adapt to big pharma’s slow-moving and anachronistic approach to drug development. As previously reported, US business operations of both companies will be based at Genentech’s headquarters in South San Francisco, CA rather than in Nutley, NJ, where Roche’s American business is currently based. This is not good news for many of Roche’s Nutley employees. Roche has been trying unsuccessfully for years to jettison the Nutley site and it seems likely now. Don’t be surprised if you see a mass exodus at the Nutley site. All of Roche’s US products will be sold under the Genentech brand.

Roche’s purchase of Genentech, America’s oldest biotechnology company (started in 1976) and considered by many to be the crown jewel of the industry, truly signals the end of an era. Let’s hope that another “Genentech” (and others like it) emerge as the US biotechnology industry continues to evolve in the 21st century.

Until next time...

Good Luck and Good Job Hunting!!!!!

 

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Roche Takeover of Genentech Likely

Late last week, Roche raised the price of its hostile offer to buy out Genentech to $93 a share, from $86.50. While the Genentech board advised its shareholders that the company is worth $112 per share, many financial analysts believe that the $93 per share offer may entice institutional investors to “pull the trigger” on the deal. Roche also extended its offer to shareholders by a week, until March 20. Roche already owns over 65 percent of Genentech’s outstanding shares.

Roche has indicated that if fewer than half the minority shares were tendered, it would not buy any of the shares tendered by Genentech shareholders. The new offer is likely to bring in more than half the minority shares, which would raise Roche’s ownership to at least 78 percent. About 71 percent of 131 Genentech stockholders who responded to a survey by Deutsche Bank on Friday said they would tender at least some of their shares at $93, and of those, half said they would tender virtually all. It is not clear what will happen if Roche is unable to purchase 100% of Genentech's shares.

Roche is motivated to close the deal as quickly as possible before results are released next month from a clinical trial of Avastin, one of Genentech’s top-selling cancer drugs. That trial, testing Avastin as a treatment for colon cancer after surgical removal of the tumore, could open a huge new market for the drug, which is now approved to treat cancer only at a later stage. Positive results from the trial may push Genentech’s stock price to over $100 per share—something that Roche desperately doesn’t want to happen.

If Roche is successful in its takeover bid, it  will likely to result in massive layoffs at Roche’s Nutley, NJ headquarters. Previously, Roche announced that it would move its US headquarters from Nutley to the Bay area if it acquires Genentech. Not good news for the state of New Jersey which is still reeling from the Pfizer-Wyeth takeover announced six weeks ago and the Merck-Schering Plough merger mentioned earlier today.

Until next time...

Good Luck and Good Job Hunting!!!!!!!!

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The Merck-Schering Plough Deal: More Bad News for New Jersey

Merck announced today that it was buying Schering Plough, the Kenilworth-New Jersey based drug maker, for $41.1 billion. The deal comes only six weeks after Pfizer said that it would purchase NJ-based Wyeth Pharmaceuticals. Superficially, the deal may make sense for the two struggling drug makers—they co-market the cholesterol-lowering drug Vytorin and also have collaborations in the respiratory diseases area. Also, Schering Plough has the European rights to the anti-arthritis drug Remicade and its 2007 purchase of the Dutch biopharmaceutical company Organon Biosciences NV provides access to several potential biotechnology drugs. Nevertheless, the impending merger will ultimately result in job losses and higher unemployment in the state of New Jersey.

Merck currently employs 55,200 workers and Schering-Plough—which grew significantly with its purchase of Organon—also has about 55,000 employees. While no immediate job cuts are planned, a company spokesperson acknowledged that the size of the combined workforce will be reduced by approximately 15%-20% over the next year or so. This means that as many as 20,000 pharmaceutical employees may lose their jobs—a time when unemployment in NJ is approaching 10 percent! My sources tell me that Merck employees are already on edge because of surprise layoffs that occurred in early September, 2008. I suspect that employee anxiety will be extremely high at both companies for the foreseeable future—never a good thing from a productivity point of view.

According to press releases, Schering-Plough's shareholders will get $10.50 in cash and 0.5767 Merck shares for each Schering-Plough share they own. That's a 34 percent premium to Schering-Plough's closing stock price on Friday. Merck's top executive, Chairman and CEO Richard Clark, will lead the combined company, which will attempt to remain a dominant player in treatment areas including cholesterol, respiratory, infectious disease and women's drugs, as well as vaccines. Schering-Plough's CEO, Fred Hassan, will participate in planning integration of the two companies until the close of the deal, which is expected in the fourth quarter. The transaction is to be structured as a reverse merger. Schering-Plough will be the surviving corporation but will take the name Merck. The new company will remain at Merck's headquarters in Whitehouse Station, N.J. and a company spokesperson indicated that a "substantial majority" of employees of Schering-Plough will remain with the newly-formed company. The combined revenue of both companies in 2008 was $47 billion.

Mr. Hassan, a talented, “turn-around” pharmaceutical executive, took over Schering-Plough six years ago as chairman and CEO—a time when the company was struggling with a $500 million fine (the largest ever at the time) imposed by the US Food and Drug Administration because of chronic manufacturing problems. While Schering-Plough is now in much better financial shape than when Mr. Hassan first arrived at the company, its stock price is currently almost identical to the price when he took over (it lost 50% of its value in the past 18 months). Let’s see whether or not Richard Clark, Merck’s current Chairman and CEO, has the mettle to run the combined company. While Schering-Plough has long been rumored to be a takeover target, I don’t think that the Merck-Schering Plough deal is a particularly good or strategic one. Both companies have been struggling of late because of near empty drug pipelines and the ongoing brouhaha over Zetia, Vytorin and Merck’s Vioxx. Further, both companies face price reductions and slumping sales in the next year or so because several blockbuster drugs will lose patent protection and face stiff competition from generic drug manufacturers.

Like the Pfizer-Wyeth deal, the Merck-Schering Plough merger may little more than a red herring. I still fail to see how merging two oversized, struggling pharmaceutical companies can possibly result in the creation of a single successful one. The only upside of the deal is that it allows the newly-formed company to restructure operations, eliminate tens of thousands of jobs and cut costs to bolster its stock share price. That said, I don’t think that an artificially-inflated stock share price necessarily translates into the innovation that historically has been required to create new drugs to treat unmet medical needs!

Until next time...

Good Luck and Good Job Hunting (avoid NJ at all costs)!!!!!!!

 

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Some Interesting Statistics for Job Seekers

It shouldn’t come as much of a surprise, but according to a recent survey of 3,000 job seekers conducted by the outplacement firm Challenger, Gray and Christmas the time it takes to find a job is growing longer. For example, the median time for job searches conducted by those winning positions grew from 3.6 months in the second quarter to 4.4 months in the third quarter of 2008. Also, it found that 13.4% of job seekers relocated to take new positions in the third quarter of 2008. While this is up from a first quarter figure of 8.9%, it is still lower than the percentage of job seekers (15%-16%) who relocated in 2006 and part of 2007. 

As layoffs increase and the US economy worsens the percentage of people willing to relocate for new positions will likely increase even as home prices continue to fall. Unfortunately, some job seekers may find themselves trapped (despite a willingness to relocate) because of an inability to sell their homes. Put simply, this may be one of the toughest job markets in recent history.

However, as a well known recruiter once told me: “All too often, job seekers allow themselves to get mired in the doom and gloom of a failing job market. However, if they can remember to approach a job search with a mindset of “all I need is a single job offer” then they will undoubtedly be successful.” That said, while your next job may not be the one that you really wanted, simply having a job is what matters in uncertain financial times.

Until next time….

Good Luck and Good Job Hunting!!!!!!!!!!!

 

The Recession is Coming...The Recession is Coming...Oops, It's Here!

Much like Paul Revere back in the day, there have been repeated, urgent warnings about the impending recession that will strike the US economy. Not surprisingly, the Bush administration has done its best to deny the notion that the moribund US economy is actually in recession. 

Today, it was reported that the US unemployment rate hit 5.5% and nearly 49,000 people lost their jobs last month. This is the biggest monthly rise in the unemployment rate since 1986. So far this year, the Unemployed people grew by 861,000 in May rising to 8.5 million. To keep things in perspective, a year ago, the number of unemployed stood at 6.9 million and the jobless rate was 4.5 percent

Last month employers sharply cut jobs in manufacturing, construction, retailing and professional and businesses services. The recent and highly publicized meltdown of the airline industry insures that as many as 10,000 others or more will lose their jobs in the coming weeks. These layoffs, coupled with $4.00 per gallon gasoline, will undoubtedly have a substantial and lasting ripple effect on the American travel and leisure industries. Can anyone still believe that the US economy isn’t in recession (I can think of at least one!).

Until very recently, many of my disgruntled corporate colleagues (who I eat lunch with from time to time) indicated that they were actively seeking new employment. At lunch the other day, a soft spoken but vocal woman who previously said that “she couldn’t take it anymore and was outta here the first chance that she got” quipped; “What’s with all the complaining. We should all consider ourselves lucky that we even have jobs!” I think that says it all….

Until next time….

Good Luck and Good Job Holding!!!!!!