The news has been unpleasant for Feds in recent months. Reduction in Force (RIF) plans have meant federal government employee layoffs, furloughs, and resignations. According to the New York Times, at least 12% of the 2.4 million Feds have been impacted by these reductions, with more to come.
Whatever your situation, you’re likely experiencing plenty of anxiety and uncertainty. Here’s a bright spot: If you don’t want to retire, your Fed-honed skills can be repositioned to fit private-sector positions. Making the move from agency to corporation does require some homework. But the results could mean stable employment with a company you like.
Public-to-Private Shift: What to Know
Consider the following before taking your job-search efforts into private industry.
Altered job titles. Your Fed job position won’t always transfer directly into corporate employment. Depending on your responsibilities, the corporate version of your “executive officer” agency position could encompass everything from chief of staff to vice president in the corporate world.
Different workplace goals. Private-sector businesses and federal government agencies have different aims. Specifically:
- Private industry focuses on revenue growth, increased market share, and expanding target audiences
- Government agencies are concerned about compliance, policy impact, and service provisions
Benefits issues. Whether RIF or resignation, the situation will impact benefits offered through the Federal Employees Retirement System. Here’s what to know:
- You won’t be able to contribute to your Thrift Savings Account (TSA). However, that account—and your contributions—will still exist.
- You could lose FERS pension eligibility if you have less than five years of government service.
For information on these and other issues, consider working with CERTIFIED FINANCIAL PLANNERS™ with a Fed focus, like the experts at Serving Those Who Serve.
Learn more about your retirement benefits at our No-Cost webinars, featuring Ed Zurndorfer -
Finding the Perfect Private-Sector Job
The following can help slide your Fed-honed abilities into private employment.
Spotlight your skills. According to the Harvard Business Review, the Office of Personnel Management (OPM) listed five executive government qualifications that transfer to private industry:
- Decision-making
- Problem-solving
- Leading change
- Building relationships
- Finances and budgeting
Even though your Fed title might differ from that of a private sector job, the skills could be similar. Be sure to emphasize that expertise with private sector recruiters and managers.
Speaking of which . . .
Overhaul your resume. Your current resume might list everything you’ve accomplished over the past decade or two—as a Fed. But government jargon often doesn’t translate well to business-speak. Redo your resume to change the bureaucratic verbiage into information on how your skills can help prospective employers reach their goals.
If you’re not naturally skilled at creating resumes, consider hiring a resume service or a skilled resume writer.
Tap into professional networks. Fast Company reported that about 70% of jobs come through professional and social networks. It’s a good idea to use yours when looking for private sector jobs.
Your LinkedIn account probably has many Fed contacts. But don’t count them out. Ask them for advice and referrals. Also, leverage professional networks by joining industry groups and attending networking events.
Boost your competencies. While you’re looking at private-sector jobs, consider enhancing your abilities through certification programs or training workshops. Many of these are available online, and they could add more “heft” to your resume. Listing this information also proves that you’re willing to grow in your position.
Federal Employee Career Transition: Take the Steps Now
The current federal government employment situation is confusing and—let’s face it—emotionally draining. A private industry job could be one answer. Moving into this sector requires preparation and extra effort. However, you could end up with job security and worthwhile benefits.
Speaking of which, if you need advice, contact the team at Serving Those Who Serve. Our Fed-focused CFP™ professionals can help support you in making the best decisions about your health, life insurance, and retirement benefits as you navigate this challenging period.
To learn more, email us at [email protected].
The information has been obtained from sources considered reliable but we do not guarantee that the foregoing material is accurate or complete. Any opinions are those of Serving Those Who Serve writers and not necessarily those of RJFS or Raymond James. Any information is not a complete summary or statement of all available data necessary for making an investment decision and does not constitute a recommendation. Investing involves risk and you may incur a profit or loss regardless of strategy suggested. Every investor’s situation is unique and you should consider your investment goals, risk tolerance, and time horizon before making any investment or financial decision. Prior to making an investment decision, please consult with your financial advisor about your individual situation. While we are familiar with the tax provisions of the issues presented herein, as Financial Advisors of RJFS, we are not qualified to render advice on tax or legal matters. You should discuss tax or legal matters with the appropriate professional. **
