Employees Bid Farewell to Corporate America

Elizabeth Alterman CNBC 08/15/2011 06:36

With the U.S. unemployment rate at 9.1 percent as of July 31 and a fragile economic recovery underway, many workers feel they are left with no choice but to take their careers into their own hands.

Employees are bidding farewell to corporate America in the hope of finding a more secure, or at least fulfilling, future. They are reinventing themselves by starting their own companies or by pursuing long-put-off dreams that include creative or charitable endeavors.

While it might seem like a bold move, countless workers believe the abundance of uncertainty in today’s job market mitigates the fear factor.

When self-proclaimed "cubicle monkey" Charlie Avallone, a technical writer in the investment field, realized his superior was planning to stick around for at least another 20 years, the 37-year-old from Los Angeles felt he was running out of options.

Underwhelmed by his lateral move choices and faced with a shortage of other opportunities in the marketplace, Avallone decided to opt out. Taking a home equity loan to cover health care and day-to-day living expenses, Avallone started his own consulting business.

"It was very satisfying to leave my job and support myself and be able to think that I was my own boss," says Avallone.

In a challenging economy, the freelancer took on as many assignments as he could handle, often not knowing where his next job would come from. After a three-year “time out,” Avallone was able to re-enter the corporate world at a level above the one he left.