What a week it was! Many of us experienced a roller coaster ride in the pits of our stomachs about the security of our investments and maybe even our jobs. Let’s see if Secretary Paulson and Chairman Bernanke can pull some rabbits out of the hat this week, however the most they are likely to be able to do in the short term is to stabilize the situation. In the longer terms there is likely to be an extended convalescence period with some considerable pain before our economy is back to full health. What are the implications for jobs and careers? Will hiring come to a grinding halt? Will Monster.com have to close its virtual doors due to lack of any activity? According to HRLadder.com (the job site for people earning $100K+) in a typical year, U.S. employers hire about 4 million people at the $100K+ level. In boom times, that can get as high as 4.5 million. In a recession, it drops to 3.2 million (or even lower given our current situation). So we may see a severe downward swing on the number of higher paying jobs available- but I guess the good news is that they are still out there, even if in lower quantities. Baby boomers are still going to retire and some niche businesses will still do well (despite the poor general economy). What is sure is that the job scene will be a “buyers” market and companies will be more choosey in their hiring practices. The “war for talent” may get downgraded to a “skirmish”, but people with hard to find skills are likely to still be in demand. All this means that job seekers need to be better prepared than ever before, and work every angle to present themselves in the best light to prospective employers. One concept that is gaining traction in this area is for job seekers to create their own “brand”, a sort of John or Jane Doe product or service that the job seeker is trying to sell to a would-be employer. Proponents of this approach recommend that job seekers should ask themselves: “what makes me stand out from the competition?” or “What is my unique selling proposition?” Working with a career coach can be very helpful in getting clarity and solid feedback (career coaching is available at Aspen OD by the way). And what about salaries? A year or two ago many of us thought that house prices were on an indefinite upward trajectory – but look at us now. The same thing may happen to salaries. Remember how you had to adjust your thinking about your net worth when house prices took a tumble? Further adjustments may be needed to your concept of what you are worth in the job market as the downturn bites into pay rates and bonuses. Is there a bright side to all this? I will let you know if I hear of one.