What if the job market never recovers?

This might sound pessimistic, but it’s worth giving this some thought – what would you do if the job market never recovers? What decisions would you make today if you knew now that your old job was never coming back?

Or if you already have a job, what if you knew now that you wouldn’t be able to advance any further in your current career field – no more promotions, your income is capped at its current level, things are never going to get any easier or more lucrative?

A lot of people might not want to think about this – and certainly, we’re all hoping for the job market to recover very soon. But sometimes thinking about the worst-case scenario can be useful in helping us to assess our options and make better decisions.

So, just as a thought exercise, if the job market never gets better – if you’re stuck without a job, if your career has stalled, if none of the old ways are working - here are some ideas:

1. Go back to school. If you haven’t finished your degree, or if your degree isn’t helping you find the jobs you want, it might be time to go back to school. According to a recent article in Business Week, between 2007 and 2009, enrollment at U.S. community colleges jumped by 16.9 percent, and about 16 percent of community college students are age 40 or over. Millions of Americans from all age groups are taking this downturn in the job market as an opportunity to retrain, revamp their skills, and reintroduce themselves to the workforce with a new credential in hand. Hopefully they’re having some fun and learning about themselves along the way.

2. Start a business. If you can’t find a job, sometimes the best thing to do is create one of your own. If you’ve ever had an idea for a business, or wanted to be your own boss, or if you have creative or technical skills that are in demand outside the scope of a typical 9-to-5 job, you could start your own business or become an independent consultant. According to this USA Today article, the number of self-employed Americans grew to 8.9 million as of the end of 2009 – up by 200,000 compared with a year earlier. The fastest increases in entrepreneurship are happening in the age groups of 55-64 and 65 and up.

3. Change your living arrangements. If you couldn’t find a job in your chosen field, would you consider moving to a lower-cost area? Would you move in with family or stay home full-time with your kids? Over the past two years, according to NPR, nearly half a million American adults over age 35 have moved in with relatives, and American households with extended family have increased by 11 percent. There’s no shame in moving in with family when times are tough – in some other countries, like Japan, China, Italy, India, it’s not uncommon for multiple generations to live together under the same roof; parents, grandparents and adult children. Many families find that they enjoy living together – despite the challenges, there can be significant benefits to spending more time with your loved ones.

4. Do something completely different. How much of a pay cut would you be willing to take in order to do work that you enjoyed and found meaningful? Would you like to become a teacher, work in politics, or live in another country? If you knew today that the 401(k) plan and health care benefits and long-term promises of your career were never coming back, how would you live your life?

Careers and money are important, there’s no denying it. But our careers are only one part of what it takes to build a life. We need to remember the various options we have to shape our destinies, find meaning, and make a difference for others – no matter what happens to the job market.

Ben Gran is a freelance writer based in Des Moines, Iowa. He is an award-winning blogger who loves to write about careers and the future of work.
Don’t worry – there are still plenty of jobs waiting to be found on http://www.manhattanjobs.com/