Navigating your job search in these uncertain times? Jobseekers should think like an investor.
After the bullish pandemic-driven tech boom, the past six to seven months have been sobering.
Indeed, to weather the macroeconomic turbulence, many companies are going through a huge internal reset.
“A year ago, there was FOMO (fear of missing out) in the air. Today, start-ups (even well-funded ones) are more cautious and spend more effort in planning and structuring their organisation and jobs to ensure that each hire is really needed,” said Elena Chow, founder of talent solution consultancy ConnectOne.
“Many are also taking a hard look at their team and cutting fats to trim costs. Given the bias towards those who execute, instead of those who strategise or plan, many senior and experienced hires are being let go,” she added.
With Google amongst the latest to announce major job cuts, it is no wonder many talents in tech are on edge.
Amidst this backdrop, perhaps it is not just companies that need to evolve to thrive; talent too could use this disruption as an opportunity for a major mindset shift when interviewing for a job.
“I am a believer that a jobseeker should think like an investor when applying for a job,” said Chow. After all, you are not just investing your time, effort and skills in the success of the company; you are investing your very future.
In this article, we explore how this simple mindset shift will help you navigate these choppy waters from a position of greater power, make more rational and informed decisions when you interview for a role and emerge from this downturn stronger.
#1 Invest in what you understand
“I think it begins with the mindset that asking difficult questions respectfully is the prerogative of the jobseeker. We must debunk the perception that a job interview is largely for the hiring manager to assess the jobseeker but instead think of this as a two-way exchange of information,”
- Elena Chow, founder of talent solution consultancy ConnectOne
First things first: Make sure you understand what you are actually “investing in” before betting your career on it.
“I think it begins with the mindset that asking difficult questions respectfully is the prerogative of the jobseeker. We must debunk the perception that a job interview is largely for the hiring manager to assess the jobseeker but instead think of this as a two-way exchange of information,” stressed Chow.
Due to the current macroeconomic factors, some questions that may have been considered delicate before should now be put on the table. These include questions about the company’s financial goals in the next 12 months, as well as cash flow, profitability and revenue, she said.
Jobseekers could also ask about the specific outcome the role is expected to achieve, as well as the resources they will have and what challenges they might encounter. If the company has been recently restructured, they may also ask why it is hiring for this role after the layoffs. Do not assume that just because a company is hiring for a role, it means that they really require the role, Chow added.
In addition, Carmen Yuen, general partner at Vertex Ventures SE Asia and India cautioned jobseekers to do some independent research on the financial state of the company and whether it has sufficient runway.
Search for public information on funding, the company’s estimated revenue, cost structure and other factors, and use this to corroborate what you have been told before making an informed decision.
#2 Make sure the management team is rock solid
“This will give you a sense of the company culture and employee benefits. In general, good employee benefits usually translate into good severance treatment should the company hit a rough patch.”
- Jimmy Li, VP sales SEA/ANZ at digital coaching platform CoachHub
There are other benefits to asking difficult questions – it allows you to access the leadership team. “Especially in this climate, transparency and candour are important qualities in a leader,” noted Chow.
“Are the leaders open to sharing their plans and goals for the company, as well as their challenges? Do they understand the role, what is expected and how it contributes to the overall success of the company? Do they have the humility to share their difficulties and tell you what keeps them up at night?” she asked. Your interview sessions will give you invaluable insights.
In addition, pay attention to your interview with the Human Resources team as well, suggested Jimmy Li, VP sales SEA/ANZ at digital coaching platform CoachHub. This will give you a sense of the company culture and employee benefits. In general, good employee benefits usually translate into good severance treatment should the company hit a rough patch.
Meta for instance offered employees at least four months of salary for severance, plus two additional weeks for every additional year of service, pointed out Li. Another example is talent recruitment platform, Glint, which provided one month of salary for every year of service as severance during recent cost-saving layoffs.
Yuen also added that even as teams are being laid off, look for companies that respect individuals instead of those that send line managers to fire people.
#3 Understand your risk profile
“talents who are waiting to bud may have to park their talent and be practical and get the work and role that pays the bills,”
- Carmen Yuen, general partner at Vertex Ventures SE Asia and India
At this point, it would also be good to assess your personal goals and needs. Some factors to consider include how financially secure you are, where you are at in terms of your career, and what your personal goals and objectives are for joining this company and taking on this role?
“I’ve seen individuals who quit corporate jobs for a new role get impacted by hiring freezes. Suddenly, they don't have a job, income or visa. So you have to ask yourself if this is the right risk for you at this point. For example, now that I am a parent, I consider these risks more carefully than I did before,” said Li.
On that note, having an emergency fund will also go a long way towards helping you take on riskier positions.
However, if your financial situation does not allow for it, “talents who are waiting to bud may have to park their talent and be practical and get the work and role that pays the bills,” added Yuen. Having said that, you could nonetheless continue to develop the skills required for your desired role by starting a side hustle, volunteering or taking a course.
#4 Be patient but decisive
“Even if the interview does go smoothly, the whole process takes longer because of macroeconomic issues so jobseekers really have to be very patient.”
- Jimmy Li, VP sales SEA/ANZ at digital coaching platform CoachHub
Having recently gone through many rounds of interviews before joining CoachHub as VP of Sales SEA/India in December 2022, Li shared that the interviewing process has become more gruelling and stressful than before.
“As compared to a year ago, hiring managers are asking more questions and upleveling their questions to determine if you are a culture fit today. They are also more detailed in terms of validating stuff on your CV,” he shared.
“Even if the interview does go smoothly, the whole process takes longer because of macroeconomic issues so jobseekers really have to be very patient. Some conversations that have started may end up going nowhere because things have changed on the other side. In fact, even if you do get an offer, it may be pulled,” he said.
His advice: If you find value in a company and are already committed to a role, try to join as fast as you can just to get in the door because you never know what is going to happen.
#5 Take a long-term view
“The start-up mentality that embraces working hard, playing hard and staying together to strive for the next milestone will make a difference even during an economic downturn,”
- Carmen Yuen, general partner at Vertex Ventures SE Asia and India
Indeed, the pendulum is swinging really hard in tech and other high-growth industries right now so the focus is on risks, noted Li.
Word to the wise: Look beyond the short-term.
Two of the greatest benefits of working in tech start-ups is being part of an inspiring growth story, and being at the forefront of trends, whether you are in sales, marketing, human resources or any other profession, Li pointed out.
“Every individual matters in a start-up,” noted Yuen. “Efficiency is the name of the game and there is no such thing as a fixed job description. The start-up mentality that embraces working hard, playing hard and staying together to strive for the next milestone will make a difference even during an economic downturn,” she said.
“Some of the greatest start-ups are born in the toughest economic times. So it is worthwhile to pick what you want to invest your time in carefully,” Li added.
Nobody can predict with certainty when the market will recover. But if you believe in the long-term potential of tech start-ups to disrupt and transform the world as we know it, it makes sense to stay invested.