When you are entering uncharted waters, you can no longer abide by the rules of the past. The United States is in the beginning stages of a new economic cycle that may adversely impact the job market.
Starting with the financial crisis, the Federal Reserve Bank made accommodations to financially support the economy and stock market. Its policies remained largely the same leading up to the current Federal Bank chair, Jerome Powell.
During the pandemic, Powell enacted policies, along with the government, to inject trillions of dollars into the economy, along with other measures to provide much-needed funds to families and stimulus to keep the economy afloat and people from losing their jobs. One of the results was the creation of massive bubbles in the stock and cryptocurrency markets, as well as venture-funded startups.
Now, Americans are paying the price for the bursting of the bubble. The programs led to runaway inflation, creating another tax on people and companies. As costs rise, businesses raise their prices and families struggle.
Something needs to give. It started with hiring freezes and job cuts. This is likely to continue until the Biden administration can figure out some way to extricate the U.S. from the current environment, which may include a recession, high inflation and possible stagflation.
As The Facts Change, So Should Your Interview Style
When it’s not business as usual, you can’t keep doing what you’ve been previously doing. It’s time to rip up the old playbook. You need to do what you have to do to hold onto your job or get a new one.
Put almost everything else aside and allocate a large percentage of your time looking for a new job. Reach out to your network and people on LinkedIn. Ask them to have a virtual cup of coffee or lunch out in the real world. Seek out informational interviews to gather an understanding of what is happening in your field. The more people you get in touch with, your chances of getting a lead for a job substantially increase.
When you feel pushed to enter the job market, it’s reasonable to be uncomfortable. Despite the discomfort, you need to market and sell yourself. It will be a delicate balancing act, as you don’t want to be too obvious. If your boss finds out that your résumé is at all their competitors, it could target you for a downsizing when the job cuts start.
Purposefully volunteer for assignments that will give you high visibility with top executives. Build allies with key players within the company. Work on your mindset, as you need to be mentally strong during tough times. Get a good night’s sleep, eat right, exercise and socialize, as it will keep you in a good space while you are balancing your current role, along with finding something new.
As events seem overwhelming, it is easy to become despondent, irritable and angry. Although you may feel this way, you can’t let people pick up on it. Hiring managers and interviewers desire winners who are positive, confident and charismatic. Work on putting aside any negative thoughts and teach yourself how to come across as likable and charming. If and when a business conducts layoffs, management is more prone to retain people they like and are comfortable working with, even if it’s a choice between a more experienced colleague.
Go Outside Your Comfort Zone
It may be time to join TikTok and show off your skills. The social media site is no longer for dancing tweens. Elder Millennials, Gen-Xers and Baby Boomers have adopted the app. The social media site is garnering more views than YouTube and is posing a serious existential threat to Google and Meta. The platform also offers career advice and job postings.
You can post content highlighting your skills and attributes, which could catch the attention of potential hiring managers. Since the site is still evolving, you can stand out by showcasing your in-depth knowledge of your profession. Then, you can share the short-form video on LinkedIn, Instagram, Facebook and Twitter. You’ll get noticed and be perceived as a bold trendsetter who is willing to take chances to achieve your goal of either gaining a new job or rising within your organization due to your new fame.
Going back to school may not seem attractive when you are of a certain age. There are a large number of online courses at places such as the Flatiron School, Goodwill, Coursera and Codecademy. You could sign up to learn in-demand skills. The classes can be attended whenever you want. At the end of the program, you’ll receive a certificate, badge or accreditation. You can share them on your résumé and LinkedIn profile. These achievements demonstrate that you are career-motivated, driven and willing to take the time, money and energy to succeed. It also serves as a differentiator, as you have excelled in and mastered certain skills, which may contribute to the extra boost needed to obtain the job.
Don’t Be Too Aggressive Or Play Hard To Get
You deserve to get paid what you’re worth and, hopefully, a little above it. Keep in mind that as market forces change, so should you. When there’s a tight job market and companies are having a hard time finding suitable candidates, push for everything you want—a significantly higher salary, stock options, extra vacation time, great benefits, a lofty title, remote work options or an office instead of a cubicle. In tougher times, temper your expectations. You don’t want to push too hard on your requirements and demands, as there will be plenty of other applicants competing for the same job that you want.
When the market is running hot, you can afford to play hard to get. Since there are many opportunities available, there is no need to commit right away to a position. You can play the field. Now that things are shifting, you need to change up your game. Let the hiring manager and interviewer know that you want the job and would accept an offer, if one is provided. There will be many other candidates that have not made the mental shift to this new normal. They’ll come across as abrasive and tone-deaf, making you stand out.
Be Open To Accepting The First Offer
There’s this adage in the job search community that you shouldn’t take the first offer. The theory is that there may be a better opportunity down the line, so don’t act too hastily. This is understandable in a blazing hot job market, where opportunities are abundant. When the roles dry up, you may need to act quickly and accept the position before someone else does.
This doesn’t mean you have to settle. You need to judge the market. If you believe there is a likelihood of other perfect jobs if you wait it out, then hold off on taking that first offer. Also, if the job is not to your liking, doesn’t pay well or there isn’t room for advancement, then hold off—unless you are in between roles, short of financial resources and need a salary to get through this time.
Source: Forbes
