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 BELLEVUE, Wash., Aug. 2 /PRNewswire/ -- The following was released today by Right Associates:
 Job-seekers who maintain marketable skills and are willing to consider new opportunities tend to be most successful in finding new positions, according to a new study by Right Associates, a human resource consulting firm.
 The survey examined the experiences of 1,162 former bankers who made career transitions from January 1990 to December 1992 -- a period when depository institutions eliminated 109,000 jobs, according to government labor statistics.
 Along with examining the types of jobs found, the study documents how long it took the displaced bankers to find new positions, what happened to their income and what strategies worked best. Although focused on banking, the study is instructive for employees, employers and those seeking employment in various industries, said Bill Levings, managing principal of the firm's Northwest office in Bellevue.
 "Understanding what you do best and then aggressively seeking out opportunities where your strengths can make a difference are the best ways to get re-employed and stay employed in this very competitive economy," according to Levings. Also, he said, it's important to have a professional self-marketing plan.
 Survey findings suggest that employees in banking and related industries who took a structured approach to managing their career transitions with professional consulting help and other support by their former employers did surprisingly well in a difficult economy.
 Despite the tight employment market, all the bankers who had career transition assistance through Right Associates found new positions. Most landed jobs within three to seven months and the majority (54 percent) maintained or even increased their income in their new positions. (According to the Bureau of Labors Statistics, this is about twice the rate reported for workers in general: During 1987-1991, only 27.4 percent of all workers in the United States who lost jobs were eventually re-employed at the same or higher salary.)
 Only bankers over the age of 50 required a longer period to find their next job and had less success at maintaining their income. This is not surprising, Levings noted, for a couple of reasons. Normally, those who have the most work experience receive the highest salaries. Moreover, the downsizings and restructurings of recent years have resulted in the elimination of many higher paying middle management positions for which older workers are qualified.
 Most bankers who received outplacement help pursued one of four career paths:
 -- Moves to smaller regional or community banks from larger, money-centered institutions.
 -- Moves to organizations providing "outsourced" services.
 -- Moves to financial consulting.
 -- Moves involving the same function within a different industry.
 An analysis of the career transitions of some bankers whose income declined with their move shows the importance of maintaining marketable skills, according to researchers. About 13 percent of the study group left line positions for staff roles, which often pay less. Others could only perform very focused tasks and did not possess the broader, more general skills demanded by the job market.
 About 10 percent of the study group made definite career shifts of function or industry. Of this segment, 21 percent shifted functions within the banking industry and a similar number (22 percent) went into consulting. Seven percent became entrepreneurs, with the balance landing in a variety of fields including sales, insurance and nonprofit organizations.
 Financial service industries, like many businesses, are changing dynamically, Levings said. These changes are altering, sometimes drastically, the relationships between employers and their employees. "No longer is there any assurance for employees that a job will last a lifetime. No longer can employers assume unquestioning, long-term loyalty from the workforce."
 Managing change is the challenge, Levings said. Since change affects both individuals and organizations, it's increasingly important to address career management needs. As this study shows, employees who take more responsibility for maintaining career skills and for being pro-active in managing their careers tend to fare better when facing a job transition.
 Right Associates, with more than 100 offices worldwide, provides career management, organizational development and outplacement services.
 Copies of the banking study are available from the Bellevue office of Right Associates, 206-455-2228.
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 /CONTACT: Bill Levings, 206-455-2228, or Cheri Brennan, 206-869-5839, of Right Associates/

CO: Right Associates ST: Washington IN: SU:

LM-SB -- SE011 -- 8611 08/02/93 19:27 EDT
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Publication:PR Newswire
Date:Aug 2, 1993

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