“Personal Finance: Don't take a holiday from job hunting - Sacramento Bee” plus 1 more

Personal Finance: Don't take a holiday from job hunting - Sacramento Bee

Posted: 21 Nov 2010 12:06 AM PST

They don't generate many headlines, but there are folks getting hired these days. Even during the holidays.

Brandon Persinger is one of the lucky ones. After enduring two layoffs and more than 12 months of unemployment, the Elk Grove resident recently landed a full-time IT consulting position.

It's not the same salary or prestigious title he once had, but Persinger is happy to be gainfully employed.

"I can't tell you how great it feels to have a paycheck again," the 55-year-old former IT manager said.

Contrary to what many job seekers may think, the holidays can be the best time to get employed.

"Many job seekers make the mistake of putting their job search on hold during the holidays on the assumption that 'no one's hiring in December,' " said career consultant Naomi Kinert, owner of Career Focus in El Dorado Hills.

Given the number of job hunters who get distracted or discouraged at year's end, she noted, "those who stay in the (job hunt) game will have less competition" and potentially better odds of landing a permanent paycheck.

Last month, about 39,000 Californians were hired, according to the state Employment Development Department. As the November-December holiday season gets into full swing, here are some seasonal job-hunting how-tos:

Make the calls

The holidays can be a good time to catch recruiters, hiring managers and others at work. "Oftentimes, work slows down a bit, the office is quiet and someone who normally wouldn't have time may have a few minutes to talk or respond to your calls or e-mails," said Kinert.

Use the time to request an informational interview, get your résumé in front of hiring managers, or just seek advice about the company culture and opportunities that might be available.

And always conclude any job-related conversation on two notes: An appreciative thank-you for taking the time to talk. And a request for recommendations of other people who could be helpful.

"You always want two or three other names to connect with … to build a chain of contacts," Kinert noted.

Meet and greet

Not everyone is comfortable on the business social circuit, but holiday gatherings – from professional association to chamber of commerce mixers – can put you in front of people who can help.

Some job seekers want to hunker down behind their PCs, which is the reverse of what they should be doing: getting out there and socializing, says Kinert.

"Don't be embarrassed by your situation," said Kinert, who recommends having a 30-second standard greeting that's positive and informative. When asked about your job, for instance, say: 'Most recently I was with Intel in Folsom, where I did XYZ, but my whole department was downsized. So now I'm excited about new possibilities, either at VSP or HP or ABC company.'

These social occasions can lead to what's known as a "planned happenstance," she said. "If you choose to not attend an event, you've decreased your chances of running into someone with that great lead on a job."

But don't show up with a stack of résumés, said Ford R. Myers, a Philadelphia career coach and author of "Get the Job You Want Even When No One's Hiring."

Instead, bring a "simple, tasteful business card" with your name, phone number and e-mail address. "It will leave a better impression than a résumé at these events, which are more social in nature," he said.

Volunteer your time

Helping others can help you, in more ways than one, say hiring coaches.

Serving meals at a church shelter, helping build a children's center or handing out canned goods at the food bank can put you right alongside a CEO or hiring manager of a company you're interested in, said Helen Scully, president of Scully Career Associates in Folsom.

"One of my clients volunteered on a political campaign recently and got introduced to someone at the Capitol who was hiring," she noted.

Even if it doesn't lead to a job, helping others, especially during the holidays, can lift your spirits and boost sagging morale.

Be smart online

Job websites like CareerBuilder.com and Monster.com are good places to post your résumé, said Scully, "but you have to refresh it every week, because many recruiters only search for the most current résumés."

To find openings, she recommends a "power job search" site like Indeed.com that aggregates listings from multiple sites. "It's like going to a big store, instead of all the single little stores," Scully said.

If you're active on a professional networking site like LinkedIn, use it effectively. Recruiters comb the sites for job candidates, said Scully, so be sure your profile includes key words that indicate the type of position you're pursuing. If you're a school counselor looking for nonprofit work, for instance, highlight the job you want, your interests and previous experience, such as grant writing.

One of her clients recently received an unsolicited e-mail from a San Diego company that spotted his résumé on LinkedIn. "His expertise and qualifications caught their eye," said Scully. She also suggests getting recommendations from respected colleagues and clients and reading newspaper business sections to find new, growing companies.

Stick to a schedule

Even during the holidays, create a structure to your day and follow a schedule, suggests Scully. "Set some tangible targets: 'At 8 a.m., I'm going to start looking, take an hour for lunch, finish up at 3 p.m. I'm going to set up five face-to-face meetings a week.' "

Another tip: Find a "job-search buddy," someone to encourage you and to commiserate with. It doesn't have to be someone in your same field, but someone to help you stick to your goals.

For instance, if you attend a holiday business gathering or workshop together, "break up and see how many people you each can meet in 20 to 30 minutes," says Kinert.

Send holiday cards

Whether it's an electronic or a paper card, send a holiday greeting to everyone on your networking list, said Myers, the career book author.

Pick a nonreligious card that's seasonal but professional, he said. Don't write about your job search, but include a note acknowledging the person's advice, support or friendship.

Kinert recommends sending Thanksgiving cards, since they're "less common" than the traditional deluge of December greeting cards. "They're memorable and can set you apart from the crowd."

Persistence pays

After one year and one week of unemployment, how did Persinger, the recently hired IT professional, do it? Persistence, dogged determination and an unwillingness to give up.

Working from his home computer in Elk Grove, Persinger kept a detailed spreadsheet listing every job he applied for, including the position, hiring manager and interview status.

Online, he regularly visited specialized job websites, such as tech-focused Dice.com and O*Net Online. He also searched websites directly of companies he wanted to work for, including Blue Shield, Kaiser Permanente, Delta Dental, HP, Gap Inc., UC Davis Health Systems, VSP.

Using LinkedIn, Persinger kept in contact with former colleagues, as well as friends and acquaintances who might be aware of potential leads.

And whenever possible, he'd use a personal touch.

"My typical follow-up after every interview is to send the hiring manager an e-mail, thank him for his time, highlight some points we discussed or answer some questions more fully," said Persinger.

His advice to fellow job seekers: "Don't get negative or discouraged. Don't burn any bridges and don't give up on any outside leads. Nine times out of 10, it's your connections that'll get you a job."

As we near the end of a job-weary year, it's good to keep at it, if you can.

"Many have been on these very long job searches, so there's a tendency to want to take a break and forget about it," said Kinert. "But if they're smart about it, they can really leverage this time."

Have a personal finance question? Call The Bee's Claudia Buck at (916) 321-1968.

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Personal Finance: The Fed vs. nervous retirees - Philadelphia Daily News

Posted: 20 Nov 2010 11:59 PM PST

Posted on Sun, Nov. 21, 2010

Dominick Tallarico is 63 and so close to retirement that he's in no mood to take chances with his money.

"I don't think these problems in the economy are over yet," he said. But when he scoured the market for a CD or U.S. Treasury bond that would be "safe and pay me some interest," he came up short. He found interest rates below 2 percent, hardly the type of income he thinks he could live on if inflation kicks in during the years ahead.

"I guess there's no place safe," he concluded.

By taking measures to keep interest rates on U.S. Treasury bonds at almost zero, the Federal Reserve is trying to induce people to take more chances with their money. Economists say the nudging could drive up the stock market and maybe give corporate decision-makers the confidence to buy equipment and hire people. But that leaves retirees, who tend to try to protect savings, in a rough spot.

"If you want to be a low-risk saver, there is nothing for you," said Gregory Seals, director of fixed income and behavioral finance for the CFA Institute. But for those driven to try to increase their income, while assuming more risk, bond experts such as Seals suggest combining riskier bonds with safer bonds so they buffer the risk somewhat and position their money to earn more interest.

Higher risks

It is not a flawless strategy, said Charles Farrell, a Denver financial planner, who faults the Federal Reserve for trying to push people into high-yield bonds and stocks that could become losers.

If the economy goes into a double-dip recession and the stock market plunges, investors could incur sharp losses on higher-risk bonds. Seals knows this. But, he said, investors need to realize the risks they are taking in U.S. Treasury bonds or mutual funds that invest in the safe bonds.

Although the Federal Reserve seems intent on keeping interest rates low for at least six months to a year, the assumption is that eventually those rates will go up. And when interest rates go up, it will force the price on bonds people purchased recently to fall.

So, said Seals, if a person buys a five-year Treasury bond and interest rates go up 1 percent, the price of the bond will go down about 4.5 percent. That will not hurt an individual who is holding the bond until it matures. But if the person worries that the interest rate will not cover the rising cost of living and wants to sell the bond, he will lose money when he sells it.

Beware the long period

If the investor buys a 10-year Treasury bond now, and interest rates go up 1 percent, the pain would be worse. Seals notes the bond price would fall about 8 percent to 9 percent. Bond prices act according to a mathematical script and depend on interest rates.

So Seals and other bond experts are telling individuals to be wary about trying to get a little more yield by buying bonds that mature over a long period. A 10-year Treasury was recently yielding about 2.5 percent compared with a 5-year Treasury at 1.1 percent. But since the price falls more sharply on longer-term bonds than short-term bonds, investors need to realize the extra yield might not compensate for the loss they will take if interest rates jump sharply and bond prices plunge, Seals said.

He suggests another solution for people willing to take on more risk: Hold a combination of various bonds, everything from corporate bonds to foreign bonds, he said. A diversified bond fund will often create these mixtures for investors. For example, Mark Kiesel, managing director and portfolio manager for Pimco mutual funds, said he was blending bonds from many countries. He prefers those from some Asian and Latin American countries over those from the United States and Western Europe because some emerging markets are stronger financially than developed markets.

Although Pimco invested heavily in U.S. Treasury bonds a few months ago, Kiesel said, "Treasury gains are over."

Gail MarksJarvis is a personal-finance columnist for the Chicago Tribune. E-mail her at gmarksjarvis@tribune.com.

Personal Finance

Sunday, November 21, 2010