The Anecdotal Economy, Part II: The Plight of “The Overqualified”

15 Nov

I’ve been awaiting this story for some time now (being formerly one of those about whom it speaks), and awaiting this opportunity to say, from personal experience, I think it’s still just too soon, with some exceptions of course.

Employers who snapped up top talent on the cheap in the depth of the recession should start worrying about defections, recruiters and management watchers say.

Companies that continued to hire during the slump found they were able to nab talented but recently laid-off workers at bargain salaries, or into jobs for which they were overqualified. Now, as the job market slowly loosens up—and those overqualified hires become more frustrated—some of them are considering greener pastures.

Indeed, it wasn’t rocket science to foresee such a trend eventually coming to pass, however, as the article mentions, it seems the vast majority of firms who hired overqualified candidates over the past 2-3 years largely haven’t done much, if anything, to address the inevitable talent exodus if/when(ever) the job market picks up.

I’d be remiss were I not to take this opportunity to point out that many of the “experts” cited in the aforecited WSJ article are inherently biased due to what should be obvious limits on their objectivity, namely recruiters, who get paid alot of money connecting people with jobs.  I think to a greater degree than they’ll let-on, its still more the exception than the rule, and if my experiences/conversations over the past few years are any indication, there are still ALOT of overqualified people all over Wall Street (metaphorically, not geographically) in every capacity and at every level.  There’s still plenty of people with years of experience, their CFA, MS or MBA working in retail brokerage or operations and at smaller, less-prestigious shops because they can’t get another gig on a trading desk or other front-office spot.  Unfortunately, I fear many of them will be stuck there for quite some time as alot of the job losses on Wall Street simply just won’t be coming back, at least not any time soon if ever as far as I can tell.

What have you seen/heard?  Do you know any overqualified people currently or who have been sweating it out until they can get back to their previous station?


One Response to “The Anecdotal Economy, Part II: The Plight of “The Overqualified””

  1. TGFD November 15, 2010 at 10:20 am #

    TGFD here.

    From the WSJ article…

    Jennifer Caluri, age 39, who’d been unemployed for 10 months, took a lower-paying job in the summer of 2010. Almost immediately, she started looking elsewhere. Then, she was laid off from the new job in October 2010 “after conflicts with her boss”, she says.

    To TGFD, it sounds as though she was “Fired”, not laid-off. I imagine that for Jennifer, no job is better than a lower-paying one. Three months is all she lasted? Nobody gets laid-off that fast. Something else was going-on there. Something she’s not telling us about.

    I know I’m not being much help, but I don’t recommend that anyone consider looking for a job in Delaware. Nothing here at all. The state is dead and run entirely by democrats. In the November election, Delaware was the only state in the country that gained democrats in the state legislature. All the other 49 states gained republicans. Here, they call that “The Delaware Way.” I don’t quite know WTF that is, though.

    Thank heavens that TGFD isn’t looking for a job, as I’m retired. Besides, no one would ever hire a rogue, fuck-up like me anyway. Mrs. TGFD was laid off from her director job in July of 2009 when her department was relocated to another state. She wouldn’t go, so they gave her a severance package and cut her loose. She has a Masters degree in her field, and decades of experience, and in Sept 2010, she finally landed a job similar to to the one she’d had. It pays $50K less than she was getting before, but she’s damn glad to have it. She says that the new job makes her feel “valuable” and “respected” once again. She’s a damn fine manager who’s particularly skilled at conflict resolution, an area where most managers seem to fall short.

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