Executive Pay to Hourly Wage

There was an article in this week's New York Times called "Going from Executive Pay to Hourly Wage". It chronicled several people who have lost their professional jobs, and their struggle, and acceptance of lower paying hourly jobs that pay 1/3 to 1/4 what they were making before. One gentleman went from a $70k a year job as a security manager to a $12/hr job as a janitor. He said everyday he's fighting despair, discouragement and depression. The competition for low wage work is intensifying. UPS said holiday applicants tripled this year from 500k to 1.4 million people looking for part time work. Many people are stripping down their resumes so that they don't appear over qualified for lower paying jobs. People are doing whatever it takes to close the monthly financial hemorrhage.

Stories like this only represent the first wave of tragic dislocations that are sweeping through our economy. What happens when all the job losses announced the last four months start to permeate the economy? What happens when all the job losses that will be announced in the coming months start to permeate the economy? The competition for any available job will multiply as will the fallout for those who are unable to find work.

The United States, and dare I say, many parts of the world, are in for a dramatic realignment of their values, their character and figuring out what really matters in this lifetime. It reminds me of what a very close friend told me after he was diagnosed with cancer. He was unable to continue with his work and had to close down his office. When I was helping him pack boxes that day, I asked him how he was coping with his illness, the loss of his business and all the emotions he must be feeling.

He looked at me and said, "Robert, I have to find a way to make this the best thing that ever happened to me". And he meant it.

And that's exactly what all of us must do. If you're facing hardship, if your back is against the wall, if you've had a blow to your identity and ego, muster up whatever strength you have and challenge yourself to find a way to make this the best thing that ever happened to you.

The next two years are all about financial and emotional survival. Unspoken pain is a common denominator for most people right now. But that pain can be turned into strength when you challenge yourself to make your hardship, your setback or your personal defeat the best thing that ever happened to you.