According to our most recent global research, nearly three in four out-of-work business people changed industries in order to find new jobs and about one in six started their own business.

The findings show job seekers are successfully transferring into new careers and industries, but not without creativity and flexibility. Securing employment after a layoff or downsizing today requires a new approach. Successful candidates are repackaging their knowledge and skills and are transferring them to new jobs and new industries, or even using them to become entrepreneurs.

Facing an increasingly competitive employment environment, many individuals in transition sought opportunities outside their previous industry or functional area. The global findings show that during 2001, over 44 percent of people changed function and 72 percent transferred into different industries, compared to 49 percent changing function and 74 percent changing industries in the U.S.

Individuals need to explore opportunities in industries and functions outside of their direct experience. Simultaneously, organizations are hungering for new ideas and perspectives, perhaps explaining why so many of our program participants successfully secured positions outside their previous industry or functional area.

The percentage of individuals choosing self-employment swung back to its 1997 level of 16 percent, (11 percent in the U.S.), after hitting a low of seven percent in 1999. Men (18 percent) were more willing than women (11 percent) to chose this option, which includes starting a business, buying a franchise or offering consulting services.

Based on our experience working with individuals in career transition, here are the top eight tips to keep in mind when contemplating a career change:

1. Plan for a longer job search. Changing industries requires research, which requires time. Assess your financial situation and make realistic decisions. You may have to consider an interim position or part-time work to bridge to your new career and gain valuable experience.
2. Stay grounded in reality. Successful career change is based on setting realistic goals and making an honest assessment of your skills, then matching those against the current market conditions.
3. Forget about ads and search firms. With the exception of entry-level positions, companies run ads to recruit prospects with specific experience. This is also true of search firms, who are paid to find highly experienced talent that matches the job description exactly.
4. Network, network, network. Networking is the key to any successful job search, especially in the case of a career change. (According to our latest research, 60 percent of individuals cited networking as the source of their new jobs.) The most effective way to transfer skills to a new field or new career is by using your contacts. Companies are more willing to take risks on people who are referred to them by individuals who can account for the candidates'' abilities and potential.
5. Learn the language. Every field has its own culture and language. Assess your skill set and align it with industry needs - then translate your skills into language that resonates within that industry.
6. Learn the business. Professionals today are expected to have an understanding of their chosen industry, current issues and challenges faced. Read every article you can find on the industry, so that you can leverage your skills in offering solutions to industry challenges and demonstrate the value you would add to an organization.
7. Find a Mentor. Mentors provide guidance, facilitate introductions and endorse your capabilities.
8. Volunteer. Gain experience in the new field by volunteering your services.