Taming a Tough Job Market

This was not the blog post I planned to write this month. I was intending to talk about how AI is augmenting rather than eliminating your job, and I will probably still blog on that in a few weeks’ time. I am interrupting my plans to talk about finding a job.

This is a topic that comes up a lot in my coaching and mentoring sessions, because coaching is about change and one of the changes you may make most often in your career is the job you hold. You may find yourself seeking a new job, or a different job – sometimes voluntarily and sometimes not. And what do I hear frequently from my clients and network (and the news, social media, well-meaning family members, etc.)? That today’s job market is “tough”. Exceptionally so. Some might even posit that it is “tougher” than the job market in the 2008 global financial crisis or the 2001 dot-com bubble burst. I’ve got news for those who say today’s job market is tough. It’s not. Looking back, we understand the job market in the naughts because we know the history. We know what happened in 2001 or 2008. The 2023-2024 job market is not tough – it’s unknown. 

So how do we make the unknown known?

How do we figure out what to do?

Once we have an understanding of what’s going on, we can work out what to do. Thus, the purpose of this post is to help develop that understanding, which helps develop a plan. It’s much longer than usual, so I have split it into two parts. In part one, I’ll cover blockers and the basics. In part two, I’ll share actions and metrics. 

Part One

Let’s begin by addressing this thing that might be getting in the way … {{ fear }} . If we stress about layoffs, feel discouraged about the time and effort involved in finding a new job, and hear stories about how there are thousands of applicants for any one job post, we get caught in a fear trap. I’m not saying you should ignore these feelings, but rather confront them. Acknowledge them. Change is about head and heart, and this is your heart speaking. Listen to it.

Now use your head to take back control.

I have a three-step process for that:

1. Find a comparative.
2. List the factors that we can derive from the comparison.
3. Take small actions, tests, or experiments to test the unknowns, because they add up to something bigger.

For steps 1 and 2, let’s look at the housing market (i.e., single-family homes). There are insufficient homes on the market right now, in part because many people don’t want to give up their low-interest mortgages to upsize. They stay put instead. Some of the homes that are put on the market sell below asking price or don’t sell at all. But some homes are selling. Why? Random luck is not a likely explanation. Instead, consider:

• Buyers are prepared and ready to snap up the desirable homes.
• Homes that sell have differentiated features from those that do not.
• Some home attributes are still desirable, even with high interest rates and other deterrents (e.g., location).

From this exercise, we can create hypotheses for the job market and then take some actions to test them. 

• Successful job seekers are prepared to pounce on new postings. They have all the mechanics in place: search agents, specific resumes, custom cover letters, compelling stories, and so on. 
• Successful job seekers are able to differentiate themselves from the masses.
• Successful job seekers can apply their background to what’s “hot” (AI, anyone?).

The Basics

Now before we go into the details of the hypotheses, before we start testing and taking action to fill in the blanks and make the unknown known, let’s cover the basics. Do you have all the building blocks necessary to sell? I’m talking multiple job search agents against multiple sources, resume variants, and spreadsheets or databases for tracking what’s working or not. And when I say “multiple” I mean more than a few. Consider the funnel proportions:

count(applications) >> count(contacts) >> count(interviews) >> count(job offers)

You are less likely to find a job if you apply to just one, just like you are less likely to buy a house if you only make one offer. And you are much less likely to find enough jobs to apply for if you are looking at only one source. Other basics you may want to consider include expanding your network: add connections and add references. Review your branding: polish not just your resume but also your answers to background, behavioral questions, and samples. 

While doing all this basic prep, you may find some trouble spots. Make sure you have explanations for gaps in your employment history (they don’t have to be impressive, unless you really did take 5 months off to hike the PCT, just rational) or significant changes in function, like when you stopped being a surfing instructor to take up backend development. JK. Rehearse your explanations and keep them succinct. Another area I’m commonly coaching folks on is impact statements. These matter as much, if not more, than job titles. Try to convert much of what you’ve done into an impact statement that demonstrates efficiency: shorter time and lower cost for the win! 

I’m gonna take a sidebar here and talk about finding a job if you already have a job. Finding a new job is going to be more than a full-time effort. Do you overlook your current one or handle two at once? Sometimes, you don’t have a choice and I get that; if you need to relocate in support of your partner/family, or if you do not have psychological safety or adequate career development where you are. Just bear in mind that it's going to take much longer than you expect to find a new job and maintain the current one. Sorta mythical man-month bit here: nine ladies can’t have a baby in one month. You can’t do two jobs at the same time without stretching one or both of them out 2X. If you have the means, devoting yourself to the job hunt may be the better option. Further, taking a break from full-time work to reflect on your career may open more doors for you in the long run.

I will pause here for you to work on The Basics. We will continue with Part Two next week.