Download
HTML Embed
HTML EMBED
Click to Copy
Marketplace Morning Report

An artist in residence (she can afford)

Jun 24, 2019

Latest Episodes

Download
HTML Embed
HTML EMBED
Click to Copy
Marketplace Morning Report
Download
HTML Embed
HTML EMBED
Click to Copy
Marketplace Morning Report
Download
HTML Embed
HTML EMBED
Click to Copy
Marketplace Tech
Download
HTML Embed
HTML EMBED
Click to Copy
Make Me Smart with Kai and Molly
Download
HTML Embed
HTML EMBED
Click to Copy
Download
HTML Embed
HTML EMBED
Click to Copy
Marketplace Morning Report
Download
HTML Embed
HTML EMBED
Click to Copy
Marketplace Morning Report
Download
HTML Embed
HTML EMBED
Click to Copy
Marketplace Morning Report
Download
HTML Embed
HTML EMBED
Click to Copy
Download
HTML Embed
HTML EMBED
Click to Copy
Marketplace
Ask Money

Least damaging long-term: Unemployment gap or underemployment?

Marketplace Staff Jun 28, 2013
Share Now on:

Question:

I recently found out that the company I work for is going out of business and my job will be ending in a little over a month. I work as a IT Analyst and have have been looking for a job that is a step up a little while but have not had any success yet. I can afford to go with out a job for a short while, and have some connections that may be able to get me a job at a much lower level then I am at currently. What would the least damaging in the long term — an unemployment gap in my resume or being underemployed for a period of time, and is it unrealistic to look for a job that is a step up after losing a job?

Response:

Paddy Hirsch Jun 28, 2013 Senior Editor, Marketplace
This is a great question, and it affects a lot of people in this market.

We’ve talked to a lot of career counselors about this over the years, and they’ve told us that while most peoples’ resumes can handle an “unemployment gap”, there is a point at which that gap can become too wide. The size of that gap — i.e. the length of time you remain unemployed — depends on a number of factors, including your age, the scarcity of talent in the pool in which you swim, and the state of health of your industry. Determining how long you can remain unemployed is more art that science, but career counselors recommend that while you’re looking for work,  you should also find ways to fill out your resume. That means doing part-time work, volunteering and taking on projects that will keep your skills ticking over and develop new ones. You do this firstly to keep you current, secondly to show prospective employers that you have a good work ethic, and thirdly to keep yourself sane. 

A period of unemployment is also an opportunity to reassess your skills and your place in the world. If you’re unemployed for a while, then you might want to think about retraining and changing career. If you decide to stay in the same field, then you may indeed be forced to take a “step down” in order to remain in the industry. If that’s the situation, then make every effeort to find out what the company needs beyond that position, then get some special training that will allow you to add value there. That, combined with your experience, may help you get back to where you want to be.

Good luck! And let us know how it goes.

If you’re a member of your local public radio station, we thank you — because your support helps those stations keep programs like Marketplace on the air.  But for Marketplace to continue to grow, we need additional investment from those who care most about what we do: superfans like you.

Your donation — as little as $5 — helps us create more content that matters to you and your community, and to reach more people where they are – whether that’s radio, podcasts or online.

When you contribute directly to Marketplace, you become a partner in that mission: someone who understands that when we all get smarter, everybody wins.