HerMoney Podcast Episode 173: Working It After A Career Break With Addie Swartz

Saving money on hermoney podcast episode 173 does not have to be complicated. We rounded up the essentials so you can spend less and skip the guesswork.

Key Takeaways

• Returning to the work force after taking time off for caregiving or travel can be a challenge, but it doesn't have to be.
• If you haven’t taken a career break yourself, chances are you know someone who has.
• Today, 85% of millennials are planning to take career breaks, but unfortunately, returning to the workforce after time away can be much more...

Returning to the work force after taking time off for caregiving or travel can be a challenge, but it doesn't have to be.

If you haven’t taken a career break yourself, chances are you know someone who has. Today, 85% of millennials are planning to take career breaks, but unfortunately, returning to the workforce after time away can be much more challenging than landing that first job.

This week, Jean sits down with Addie Swartz, CEO of ReacHIRE, a company that partners with Fortune 500 companies to create re-entry opportunities for women of all ages, at all stages of their careers. Addie, who is a serial entrepreneur and also a mom of two, talks about the resources women need to get back to work, including free online courses, resume updates, and networking. She also offers insider tips on how using the right keywords on your application can help your resume rise to the top of digital applicant systems and databases. Jean and Addie also explore the variety of compensation packages available on the market right now, and why no decision should ever be made based on salary alone.

In Mailbag, Jean dishes on the best bank and investment account security protocols, and dives into some of the best ways to eliminate credit card debt and get that “sparkle” back in your life. And, in Thrive, a look at why remote workers are not only happier, they’re also (gasp!) more productive.

Transcript

Jean Chatzky: (00:07) HerMoney is supported by Fidelity Investments. We want you to demand more from your money, so start by knowing what you own and what you owe. We’ll help you take the next step at fidelity.com/demandmorenow. HerMoney comes to you through PRX. Hey everybody, it’s Jean Chatzky. Welcome to HerMoney. I went to the theater last night. We actually saw a production of a musical called Working at Encores, which is a series of smaller musicals, or musicals that haven’t been produced for awhile, that they bring back for just a short period of time with typically an amazing cast and put them on at City Center in New York. And I was thinking about the fact that we were going to do this show today A. because the name of the show was working and it was all about working and B. because I ran into my sister in law, Amy, in the lobby, I did not know that she was going to be there and she is one of the numerous, numerous women in my life who took a break from their career and then struggled at some point to figure out how to get back in. And it’s something that so numerous women go through, which is why I’m thrilled today to have Addie Swartz in the studio. Addie is the CEO and the founder of a company called Reach Hire and Reach Hire partners with Fortune 500 companies to create re-entry opportunities for women of all ages at all stages of their careers. Addie, welcome.

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Addie Swartz: (01:56) Thank you so much Jean.

Jean Chatzky: (01:57) Thanks for being here. Tell me how you started Reach Hire. What was it about your background that made you go in this direction?

Addie Swartz: (02:08) Well, I just saw so numerous women that were sitting on the sidelines. They had taken time off either to have a family or to take care of a parent. Maybe they had breast cancer and they were sitting on the sidelines not being able to get back in. And my personal story is we had a car accident and my younger daughter ended up suffering a serious concussion. So I stepped out of the workforce to take care of her. And that’s when I really recognized this huge amount of talent. Shockingly, it’s almost 2 million women.

Jean Chatzky: (02:42) Wow.

Addie Swartz: (02:43) That are sitting on the sidelines with advanced degrees, you know, professional experience. So numerous of them want to get back and just can’t.

Jean Chatzky: (02:50) I got to tell you, I recently was hiring a couple of part time people at HerMoney and I decided I would put just a notification in this Facebook group that I’m a part of. It’s a mom’s group in my community. I got so numerous emails from women who had more advanced degrees than I do and were just looking to do something. And that told me, in a way that I didn’t even know before, how difficult this is.

Addie Swartz: (03:21) So there’s so numerous barriers to, for a woman to get back.

Jean Chatzky: (03:25) Like what?

Addie Swartz: (03:26) What are those barriers? Well, first of all, if you have a resume gap, you can’t get through the technology, the ATS systems. So there’s all this advanced technology when you apply online that will just spit out your resume into the proverbial garbage can just because you have that career break. Secondly, you’re a bit older typically because you’ve taken some time off and so numerous corporations and folks really look to digital natives to fill their roles. You know, and if somebody has been doing it down the street, they can do it here versus somebody who has a huge amount of experience, but you’re not quite sure where their skills are, where they’re, you know, aptitude and attitude is and how they’ll fit in. So it’s a bit more of a risk. And I do think that, you know, with older, outdated tech skills, I mean, technology changes so fast. Two years ago we were using different tools and we’re using today. So if you’ve been out for 5 years or 7 or even 10 or more, your skills were a bit outdated and so you sort of need that, you know, re-invigoration of your, of your own toolkit in order to properly get those jobs. So it’s so much harder. I think the last thing is that all the research shows that women don’t apply for things, that they don’t think they’re 100% qualified for.

Jean Chatzky: (04:42) I know that drives me crazy.

Addie Swartz: (04:45) So if you add all that up, it means for a lot of women that are sitting on the sidelines and not getting back in, and it’s a really a missed opportunity for corporations and the women that A. want to work B. would be excellent workers and C. need the money. We all need the money to fuel, you know, our mortgages, our educations at families, et cetera.

Jean Chatzky: (05:06) Absolutely. I do want to just clarify though, we’re not just talking about gen Xers and baby boomers. There are a lot of millennials who have young kids who’ve taken a few years out. This applies to them too, correct?

Addie Swartz: (05:17) What a excellent point. There was a study just recently done that said that by 2025 75% of our workforce will be millennials and 85% of those millennials are planning to take career breaks. And that’s both men and women. So today’s generations, the, you know, millennials and gen Zs are planning to take time off to do different things, whether it’s to have a family, whether it’s to go on a mission and do something key that they feel in a foreign country. Whatever it is that floats their boat, they are absolutely thinking about and planning career breaks. So our workforce and our corporations need to be more thoughtful about creating formal on ramps and off ramps to enable us to leverage the potential that’s out there for our companies.

Jean Chatzky: (06:05) So I want to talk about two things. First of all, I want to talk about what you guys do specifically, the return ships that you organize and facilitate. But I also, for those of our listeners who might not have access to one, want to talk about how to do this yourself. So let’s start with your formal program. How does it work? How do you apply? Where is it available?

Addie Swartz: (06:29) So first of all, to learn more about us, you go to reachire.com.

Jean Chatzky: (06:32) Can we spell it because it’s a little confusing. It’s R E A C H I R E. One word.

Addie Swartz: (06:40) One word and one H. Reachire.com. And we have hundreds of job openings. We do it programmatically, so we bring women in together into a corporation. We partner with the company to identify roles that would be excellent for returners. We create a formal on ramp, which is six months typically. Although we are launching an exciting program with Google, Cambridge coming up, that will be a nine month return to work program. But it is embedded with skill development, so a tech upgrade, live training, support with your group, as well as confidence boost and then you’re actually in a job, you’re getting paid the whole time for that onboarding, training and ongoing support while you navigate this new opportunity in a new corporation and sometimes even a new job that you’ve never done before.

Jean Chatzky: (07:35) So you’re based in Boston?

Addie Swartz: (07:37) We’re based in Boston, but we have programs nationwide and we’re working with Fidelity Investments in numerous markets. We’re launching an exciting program in Seattle with a major corporation T-mobile. And we work with Wayfair, Lionbridge a host of organizations in a host of roles. So it’s not only financial services, but technology, sales, marketing, and more traditional finance roles.

Jean Chatzky: (08:02) And are you placing people at all levels?

Addie Swartz: (08:05) Typically the women we place have had somewhere north of five years of professional experience, sometimes a bit more. Some have advanced degrees. Most of college educations.

Jean Chatzky: (08:17) Okay. I want to remind everyone, and you just mentioned Fidelity, our sponsor, let’s take the time to remind everyone that this conversation and conversations like these are sponsored by Fidelity Investments and Fidelity is all about helping you demand more for your money. It’s about helping you make your savings work as hard as you do so that you can reach your financial goals faster. This all starts with a financial checkup and an understanding of what you own and what you owe. From there, Fidelity will work with you to evaluate your investment options and different ways to grow your savings and you can get started today at.com/demandmorenow. I’m talking with the CEO of Reach Hore Addie Swartz. Let’s DIY it for people. You’re listening to this, you’ve been out of the workforce, or maybe you’ve got a friend who’s been out of the workforce, you want to go back? What’s step one?

Addie Swartz: (09:15) Well, I would say step one is go to reachire.com and look at our jobs because if you are interested and can find an opportunity there that is a good fit, we help you do your resume, work on your LinkedIn, prep you for interviews, and then you get the job, the training and the support.

Jean Chatzky: (09:33) Let’s say it’s not there.

Addie Swartz: (09:33) So say it’s not there or we’re not there yet in that market. There’s so numerous resources today that you just need to empower yourself. So you know, number one is invest in yourself. Upgrade your skills. You can do courses for free online in the tech areas.

Jean Chatzky: (09:53) You mentioned a couple of things though that maybe even come before the courses. So let’s talk about your resume. When you say update your resume. My daughter’s just out of college and so I’ve seen there are these resumes that look like traditional resumes and then there are these resumes that are very designed. What kind of resume do you need these days?

Addie Swartz: (10:14) Yeah, I don’t think the design is as key as the substance. I’ve always felt that, and companies are used to seeing different kinds of resumes. The most key thing is leveraging the skills. Numerous people, when they take a break, are doing other things that are meaningful, that are contributing to their skill base anyway, so packaging them in a way that enables a future employer to understand what you’ve been doing that can translate into values and skills for the workforce is critical.

Jean Chatzky: (10:45) Can you give me an example of that? Let’s say you’ve been out of the workforce, but maybe you’ve been an active part of your community, or an

Final Thoughts

The bottom line: a little research on hermoney podcast episode 173 goes a long way. Compare your options, watch for seasonal offers, and never pay full price when a better deal is one click away.

Originally published at savingswitch.com.