The Market Sucks and You are Looking for a Job, Now What?
I had a chance to reflect on all the conversations I had last year while I was on my holiday hiatus (read: I successfully created a Lydia-shaped dent in my couch over three weeks) and realized that one of the most frequently asked topics I get is: how do I get a job in HR/Analytics/HR Tech/Employee Experience?
So, to kick off the year, I collated and organized what I shared across multiple conversations in 2023 on job searching. Before I get started: Yes, the market sucks. Yes, everyone’s situation is different. Yes, it is possible that what I am about to share may come from a place of privilege that I am unaware of. The goal of this post is to help inspire some ideas in those currently in the market and looking—especially those graduating from their undergrad or post-grad programs in 2024.
1. Do a Financial Commitments Inventory & Determine Your Runway
While it does not surprise me, there have been quite a few times when I asked someone how they ended up in their role; the story usually goes something like I needed a job at that time, and beggars can’t be choosers. Everyone’s situation and circumstances are different, but before you decide which position you are in, I would highly encourage you to do a tally and make that decision based on facts instead of perception.
The tally doesn’t have to be complicated:
Figure out what your monthly (or pick a period of your choice) outflows (expenses) are
Figure out what, if any, your financial inflows (income) are
Figure out what you have in liquid savings (note the word liquid; try not to touch your 401k/RRSP or IRA/TFSA unless you must)
Determine if you can cover your outflows with your inflows and how long. Also, figure out if you are willing to deplete your liquid savings to cover your expenses and to what level of depletion you are comfortable with
If you do all of the above with a monthly time unit, you should have a rough idea of how long you can sustain your current situation without a job
2. Determine Your Scenarios
This is the part where it becomes person-dependent. At a high level, I always recommend having 3-4 scenarios that range from ideal to good enough. Here’s how I look at it:
Best: What is your dream job/role?
Better: Think about your Best case scenario, and now think about the nice-to-haves and the must-haves in that scenario. The must-haves will create a Better case scenario
Good Enough: I see this as something that meets 50%+ of your must-have criteria, but not all of them
I-Have-Bills-To-Pay: This scenario will likely only have 25% or less of your must-have criteria, but hey, bills are bills, and a paycheck is a paycheck
Now that you have determined your 3-4 scenarios, go ahead and map that to the timeline you have determined in Step 1, and figure out how much time you will give yourself to achieve your Best case scenario. For example, if your liquid savings can cover you for the next six months, then take 3 to 4 months to attempt the Best case scenario; use months 4 and 5 for the Better or Good Enough scenarios; and leave yourself a one-month runway to find something/anything. This timeline is entirely person-dependent, and I’m sharing it as a way of thinking about the job search timeline only.
3. Your Job Isn’t Your Everything
During my career, I learned that jobs are great for stability and predictability. Still, they are not usually that great for helping you achieve everything you want in life (some jobs and personality matches can make that happen, but I would say that’s not usually the case for most). So, as you are looking, think about the following:
Realistically, what are you looking for from your job?
For the elements of your life that your job may not help you achieve, what else can you do to fulfill that?
What is the time commitment you need to do that Something Else?
Will your job allow you the time to do Something Else?
If the job eats up the time you have for Something Else, are you okay with that/what is your tolerance level?
4. People > Title and Work Always
In hindsight, the worst advice I received in the last decade has to be: stay for the work and not the people (yes, it’s from the days when I was in consulting, and yes, I am much more selective about the advice I adopt now). Here’s the thing: great people will make crappy work tolerable and the environment energetic, but great work doesn’t make crappy people easier to deal with. Especially for those graduating in 2024 or who are early in their careers, having people who advocate for you and are committed to helping you grow is much more valuable than having a cool project or title on your resume. I didn’t realize this while I was living in it but reflecting on this now: the cost of cool projects with crappy people will be so much higher in the long run than what you gain from surrounding yourself with great people at work.
5. Side Hustle
Gone are the days when you could have one full-time job and be set financially. Inflation is climbing faster than wage growth, and I have questions for organizations still assuming their employee loyalty is a guarantee. Go back to that Something Else you thought about as you read #3 above and figure out how/if you can monetize it.
6. Bonus Tip: Be Systematic About Your Networking
Schools do a great job teaching their students to network. As someone who is often on the receiving end of networking requests, here is what doesn’t get taught in networking seminars that could be the difference between an excellent networking conversation and a poor one:
Figure out your long-term AND short-term networking goals before you write that email.
If you only focus on the short-term (i.e., I need a job), the person on the other end will feel used as a means to your end.
If you only focus on the long-term (i.e., let me get your perspective on topic x), the first conversation may not be very productive, and you might not get time again in the future.
If you manage to get an email address or a few minutes on someone’s calendar, do this:
10% of the time is spent on intro (who are you, what are you looking to do, etc.)
25% of the time on your short-term goals
35% of the time on your long-term goals
Rest of the time for conversation (you’re talking to a person, not logging a request ticket)