Staying Smart Amidst Market Uncertainties
Understandably, many have been spooked by the recent wave of large, influential tech companies laying off huge swaths of their workforce. Facebook, Amazon, Snapchat, and Alphabet are some of the most high-profile companies in the world, so when they collectively downsize by ~10% in the span of a few months, shockwaves of uncertainty necessarily ripple throughout the larger job market.
But these lay-offs in the tech sector do NOT reflect the health of the overall job market. The entire tech sector faced massive stock-price dips over the last year or so, which naturally puts pressure on these companies, many of which have spent years prioritizing user growth over revenue generation, to cut costs. Thus, the sweeping lay-offs. But there are industry-specific reasons for this. Years of over-hiring, for example. Worries about inflation/recession that are maximized in these enormous, cumbersome companies, and which may lead them to preemptive, preventative measures. Supply chain slowdowns —specifically as it relates to scarce parts like cobalt, vital in computer chip manufacturing— have also compounded these issues.
Whether or not we are working for a company in the process of downsizing, and even if our roles are currently secure, many of us will eventually work somewhere amidst major corporate restructuring. It doesn’t matter if we’re seeking a new job, beginning to think about employment elsewhere, or content at your current position, we should use this opportunity to prepare ourselves for any market shifts that may eventually flow downstream to us. Therefore, we should take special care to focus on the following three activities:
Establish Credibility. While this applies to every employee in every role, it becomes especially relevant to those working in remote or hybrid settings. When physically in-office, it’s somewhat easier to make significant and lasting impressions on colleagues and managers. Conversations, brainstorming sessions, project discussions, and task distribution can happen without much prior planning in a free-flowing work environment. But in a setting where work is handled remotely and where most interactions are scheduled, it’s easy to do only what’s expected of us. However, we need to stay aware of other projects that align with our workflow, and be keen to offer our skills therein. Scheduling frequent check-in calls with managers and peers throughout the company, not just on our teams, is a good start. Consciously make yourself, your work, and your skill diversity visible.
Stay Current. It’s imperative we remain abreast of the economic nuances of both our firm and our industry. For example, who are our company’s main competitors, and how are they differentiating themselves? It’s easy, especially when working remote, to develop tunnel vision for our work alone, but awareness of our overall economic environments can often prove useful. We should be constantly building and nurturing a list of “casual” contacts, as this not only helps with future networking, but can be an important source of market intelligence. Depending on our training, it might behoove us to read professional analyses of our firms, which is, admittedly, much easier if we work at a publicly-traded firm with publicly-available information. If not, seek out managers or directors willing to have frank conversations about economic realities wherein you can ask questions about trends you may have noticed.
Prioritize Individual preparation. Your resumé should always be updated. Your network should never go neglected. Take opportunities to check-in with individuals who have been, are, or might be influential in your career. Take every opportunity to gain new skills, and help on adjacent projects that may expand both your knowledge and your contact base. As is often said, availability is the best ability, so if you have the bandwidth (Only if you have the bandwidth. Don’t sacrifice your current work for the sake of appearing industrious elsewhere.) to lend ideas or knowhow to others around you, don’t shy away from doing so.
Ideally, we would maintain a solid sense of our company’s financial health, but truthfully, it’s virtually impossible to see inside the highest levels of your company’s books if you aren’t an executive or spending substantial time with them. Therefore, critical thinking skills become crucial. No information is superfluous. If we notice many colleagues spending significant time on the bench, or if meetings are constantly going short or being canceled, that may be a sign that our company has overhired. Being continually (but not overwhelmingly) busy, being given constructive and meaningful work, and having consistent, productive conversations with managers and peers are all positive signs that our firm is financially healthy. If not, think about reasons why. Trust yourself to have a good sense of which corporate signposts around you spell trouble.
If you’re having difficulty gauging your company’s financial health, or if you’re worried that you might be affected by downsizing, don’t hesitate to reach out to Ideal Interview Co.! We can help diagnose your employment situation and put you in the best position to move forward, regardless of what happens with your role. Contact me, Nancy, on LinkedIn, or at www.idealinterviewco.com/contact.