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Title: How MBAs Can Adjust to Career Setbacks in the Current Job Market
Author: Richard McMunn
Today’s economic and business climate is a tough one, and rarely a day goes by without news of layoffs and closures from every commercial sector. People that would normally consider themselves to be above the cut are at risk, and a growing reality is that even people with MBAs are not immune from unexpected layoffs, wage freezes, or lack of promotional prospects. In this almost Darwinian climate, where only the fit survive, it only makes sense for those people with MBAs to take stock of their situation, and adjust to the circumstances before them.
An important thing to remember when faced with a career setback of one sort or another is that it is a simple fact of life. They happen to everyone at some point, and shouldn’t be taken personally. It’s how these setbacks are responded to that reveals a person’s true character, and helps increase their drive and ambition. Being pro-active about it is far more beneficial than becoming depressed, and there are various steps that can be taken.
Firstly, any MBA holder faced with a career setback should try and get some space. Having the time to think about what has happened without the pressures of work is vital, and helps to put things into perspective. During this time away (however brief it may be) they should work through the feelings of anger and disappointment, so that on returning to the office, they can be professional once more.
Another step is to ask for support. Many people are reluctant to do this, thinking that it might be a sign of weakness, but a sympathetic ear can be a great help in reconciling the problem. A trusted friend or mentor may have been in a similar situation, and may have advice on how they also got through the situation.
These two steps help to contribute towards the third step, which is to assess what has actually happened. For example, those people turned down for a promotion might like to ask the hiring manager what skills or experience was missing; someone who is laid off might consider why a colleague was retained, and those experiencing a wage freeze should think why. Although the decision may not be agreed with, understanding why it happened is a vital part of adjusting to a setback.
The fourth step along the path to adjusting to a career setback is to consider what other possibilities are available. Sometimes, people are so narrowly focused on one career goal that they are missing other more interesting options around them. Quite often people apply for a position due to the title or an increase in money, but find that if they did get the job, it would have made them far more unhappy and stressed than they otherwise would have been.
The final step for a person with an MBA adjusting to a career setback is to readjust their goals. Someone who was turned down for a promotion due to a lack of a specific skill or experience should actively seek out acquiring those elements that were missing if they wish to pursue the same career path. Others might like to re-evaluate their strengths and pursue a path more suited to the skills they currently have. Careers rarely go the way they are expected to, and those people that are more open to the possibilities around them, and are flexible and pragmatic in their approach, will find that they have the greatest long term success.
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How2become was established by Richard McMunn in 2005, who was working as a Fire Officer for Kent Fire & Rescue Service at the time. Since writing his first book, how to become a firefighter, Richard has gone on to author various titles spanning across multiple careers. The company has grown and developed into the UK’s leading careers information and development website. Connect with How2become on Facebook
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