Not Your Daddy's Career
How to survive and thrive in the Chicago economic scene
by Drake Baer
This isn’t an economy that you can just get by in,” says Diane Swonk, chief economist for Mesirow Financial, a Chicago-based investment firm. Cubicle zombies need not apply: To make it in a difficult yet indefatigable local economy, bring your best game. “It means people have to step up and take responsibility for what they’re good at—and also understand what they’re not good at,” Swonk explains.
The myth of the cradle-to-the-grave, one-business-card career arc leading from the stock room to the executive office is gone. Today’s economy requires a diversity of experiences, reinvention in every stage of the career, and a compass to navigate the perilous waters of a bear market. “Things will get worse before they get better,” says Swonk. “We’re going to have to go through all this pain with the country. The clouds are here, but there are more silver linings.”
At the same time, the skies may be darkening for those seeking to build their careers, from recent college graduates to people switching careers to those on the receiving end of a pink slip. Questions abound in this city, one whose residents seek to mirror the adaptability of the place they call home. “[A recession] is not going to strangle Chicago,” says Mike Miller, an associate professor of economics at DePaul University. “Chicago’s too tough, too vibrant.” In other words, the city continues to bustle, as it is a hub of transit, manufacturing, agriculture, technology and service. Experts agree that the diversity of Chicago’s industry will partially buoy the city, even as global, national and regional economic forecasts look grim. “The financial crisis was centered on the coasts,” Swonk says, while the regional manufacturing decline—which has choked soot-soaked cities like Detroit and Pittsburgh—has proved much less fatal here.
The old business cycle, tied to the rise and fall of manufacturing, as well as housing, is now defunct, according to Miller. Dips in hospitality and retail are temporary, he says, and people will readjust over time. Manufacturing isn’t coming back, however, since the service sector—from burger flippers to financial advisors—has become the economy’s cyclical anchor.
Along with the rest of the country, Chicago had to adapt due to this shift to service or, perhaps more accurately, the shift to knowledge. This economy relies on a currency of ideas, making for a tumultuous landscape populated increasingly by agile but uncertain enterprises—from small business to freelance opportunities. “You have to remember that small businesses are the fastest growth and biggest job creators today, but they’re also the biggest job destroyers,” Swonk says. “You might see lots of corporate lay-offs, but at the end of the day more small businesses fail than large businesses.”
Whatever the career, the path is more indirect than ever. “There are going to be many opportunities to reinvent yourself over your career. That’s what today’s economy is about: an ability to adapt and change,” Swonk enthuses. “Every change in your career—every bump—is a lesson. It’s all part of figuring out who you are, and identifying who you are in a way that can make yourself gainfully employed.”
Economy Got You Down?
Think outside the box and get creative
Let’s face it: The job market isn’t what it was a decade ago. Just ask your nearest recent college grad. Doing a little homework can lead the way to gainful employment—and maybe even a dental plan!
Follow the Money
Mike Miller, associate professor of economics at DePaul University, emphasized the opportunities for financial planners. The longer people live, the more they need a professional to manage their funds. “[There will always be a need for] certified financial planners,” Miller says. “Set up a trust for yourself so that when you’re getting old and can’t think as well, someone can protect your money for you.”
Get Your Learn On
“It used to be silly to go on and get graduate degrees, because you didn’t get much compensation and it cost a lot of money to spend all this time studying,” says Diane Swonk, chief economist for Mesirow Financial. “[But] now your chances of becoming not only an intellectual but a financial elite, if you have a graduate degree, are significantly higher.”
Need a boost? Think medicine.
“For comparable levels of education, [the medical industry has] sort of supplanted manufacturing as a place where you get better compensation and a better chance at healthcare coverage than you do in other industries,” Swonk says. “[Think] a limited—maybe 18-month—training program to be a medical tech or a nurse’s aid.”
Freelance: No safety net.
“It can be ideal for people who want flexibility in their careers,” Swonk says. “There is no question that in an economy that looks more for flexibility, freelance and being able to fill that niche is something very valuable. The key is to make sure that you’re really good at it and that you’re also going to be compensated, because there will be times where you’re not going to be compensated enough.”
by Drake Baer
This isn’t an economy that you can just get by in,” says Diane Swonk, chief economist for Mesirow Financial, a Chicago-based investment firm. Cubicle zombies need not apply: To make it in a difficult yet indefatigable local economy, bring your best game. “It means people have to step up and take responsibility for what they’re good at—and also understand what they’re not good at,” Swonk explains.
The myth of the cradle-to-the-grave, one-business-card career arc leading from the stock room to the executive office is gone. Today’s economy requires a diversity of experiences, reinvention in every stage of the career, and a compass to navigate the perilous waters of a bear market. “Things will get worse before they get better,” says Swonk. “We’re going to have to go through all this pain with the country. The clouds are here, but there are more silver linings.”
At the same time, the skies may be darkening for those seeking to build their careers, from recent college graduates to people switching careers to those on the receiving end of a pink slip. Questions abound in this city, one whose residents seek to mirror the adaptability of the place they call home. “[A recession] is not going to strangle Chicago,” says Mike Miller, an associate professor of economics at DePaul University. “Chicago’s too tough, too vibrant.” In other words, the city continues to bustle, as it is a hub of transit, manufacturing, agriculture, technology and service. Experts agree that the diversity of Chicago’s industry will partially buoy the city, even as global, national and regional economic forecasts look grim. “The financial crisis was centered on the coasts,” Swonk says, while the regional manufacturing decline—which has choked soot-soaked cities like Detroit and Pittsburgh—has proved much less fatal here.
The old business cycle, tied to the rise and fall of manufacturing, as well as housing, is now defunct, according to Miller. Dips in hospitality and retail are temporary, he says, and people will readjust over time. Manufacturing isn’t coming back, however, since the service sector—from burger flippers to financial advisors—has become the economy’s cyclical anchor.
Along with the rest of the country, Chicago had to adapt due to this shift to service or, perhaps more accurately, the shift to knowledge. This economy relies on a currency of ideas, making for a tumultuous landscape populated increasingly by agile but uncertain enterprises—from small business to freelance opportunities. “You have to remember that small businesses are the fastest growth and biggest job creators today, but they’re also the biggest job destroyers,” Swonk says. “You might see lots of corporate lay-offs, but at the end of the day more small businesses fail than large businesses.”
Whatever the career, the path is more indirect than ever. “There are going to be many opportunities to reinvent yourself over your career. That’s what today’s economy is about: an ability to adapt and change,” Swonk enthuses. “Every change in your career—every bump—is a lesson. It’s all part of figuring out who you are, and identifying who you are in a way that can make yourself gainfully employed.”
Economy Got You Down?
Think outside the box and get creative
Let’s face it: The job market isn’t what it was a decade ago. Just ask your nearest recent college grad. Doing a little homework can lead the way to gainful employment—and maybe even a dental plan!
Follow the Money
Mike Miller, associate professor of economics at DePaul University, emphasized the opportunities for financial planners. The longer people live, the more they need a professional to manage their funds. “[There will always be a need for] certified financial planners,” Miller says. “Set up a trust for yourself so that when you’re getting old and can’t think as well, someone can protect your money for you.”
Get Your Learn On
“It used to be silly to go on and get graduate degrees, because you didn’t get much compensation and it cost a lot of money to spend all this time studying,” says Diane Swonk, chief economist for Mesirow Financial. “[But] now your chances of becoming not only an intellectual but a financial elite, if you have a graduate degree, are significantly higher.”
Need a boost? Think medicine.
“For comparable levels of education, [the medical industry has] sort of supplanted manufacturing as a place where you get better compensation and a better chance at healthcare coverage than you do in other industries,” Swonk says. “[Think] a limited—maybe 18-month—training program to be a medical tech or a nurse’s aid.”
Freelance: No safety net.
“It can be ideal for people who want flexibility in their careers,” Swonk says. “There is no question that in an economy that looks more for flexibility, freelance and being able to fill that niche is something very valuable. The key is to make sure that you’re really good at it and that you’re also going to be compensated, because there will be times where you’re not going to be compensated enough.”
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