Each year I greet a new class of students on what to expect from a career in my industry. Yes, my industry pays well and the benefits generous. We're not talking about low wage jobs with no benefits. However, I warn them several times the need to save as my industry is cyclical. Times have been good the last 8 years or so and employees have been in the driver's seat in regard to the huge demand from employers.
I also warn them that things can turn on a dime. Not so very long ago in 2012 things suddenly went off a cliff and put our industry in a tail spin. Veterans in the industry plan for this and put part of the handsome wages they earn aside when things turn sour. They learned from experience that the good times never last forever and to save for a rainy day. My annual speech to the newly minted employees includes the plea to save about 6 months worth of wages as our industry can take sudden and deep dips.
Do they listen and adhere? Hell no.
Once smug with high demand, my industry is facing 85% unemployment in some areas. The employees are getting termination slips with no immediate prospect for re-employment. They are freaking out. Part of me wants to shake them with the annoying tone of a mother saying, "I TOLD YOU SO!"
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