On a recent episode of 30 Rock, NBC’s hit sitcom written by Tina Fey, the show featured a sub-plot about four new male interns: recent college graduates who formerly worked on Wall Street and now left without a job. Overly qualified and full of frat boy sensibilities, the interns persuade the character, Tracy Jordan, into partying with them every night. When Jordan finally has his fill of keeping up with the young men, he purchases Lehman Brothers so they have a place to work and can’t ruin his reputation as a hard partier.

The episode is a spoof taken to the extreme, but still quite reflective of the reality of the economic downturn: many talented and qualified young professionals–just starting their careers–are losing their current jobs or can’t find a new job. In addition to the banking and retail industries, I’m hearing of layoffs in the non-profit sector and in law firms. In today’s economy, what is a young professional to do?

1) Build your network

This is the perfect time to cultivate new contacts and stay in touch with old ones. In building your network, look to your most immediate contacts: your friends and family members. From there, look to professional colleagues in your field, former co-workers and supervisors, and people you interact with through volunteer or recreational activities. Let people know you’re looking for a job and the type of work you’re most interested in doing–you’ll be amazed by the number of connections and resources your network can open up for you.

2) Polish your materials

Take the time to make sure your resume and cover letter are in top-notch quality. Have a friend or colleague (or a few!) read over your materials and provide their edits and changes. Utilize alumni services provided by your college career center. You may want to consider seeking the advice of a career consultant to get a professional opinion. A great resume will increase your chances of landing that interview.

3) Volunteer

If you have some extra time on your hands, this is a great time to find a new volunteer opportunity. It will expand your network, provide you with new skills, help a charitable cause, and could even lead to a job. Plus, it allows you to explore your passions and hone in on what you most enjoy doing. In my case, a volunteer opportunity I took as a campus organizer for Planned Parenthood changed the direction of my career when I discovered my passion for serving as an advocate for women’s rights.

4) Intern

If you can afford to work in a temporary unpaid or underpaid position, an internship might be a great way to expand a volunteer role into a more substantive work experience. Like the interns featured on 30 Rock, I know of many bright college graduates choosing an internship as a way to continue their career growth. Especially in my town of Washington, DC, where it’s becoming increasing popular to work now that President Obama is in office, young professionals are strategically positioning themselves in internships in the hopes that increased visibility, expanded work skills, and new contacts will lead to a full-time, paid position. I’m on their side, rooting for them all the way.