Over the past couple of months, this has become one of the most frequently asked questions we get.
Some people are curious and others are anxious — they’re fearful that they won’t be able to get a job or worse, get laid off.
I get it. There are so many headlines about the imminent recession and recent layoffs. It’s hard not to get caught up in the media frenzy. Layoffs are happening and they are challenging. It’s not just losing a job, but all the emotional stress that follows.
But let’s look at the bigger picture. To date, there have been over 19K layoffs across 90+ tech companies this year — (see the complete list here). For reference, there are over 12M people and 585K companies in the tech industry.
There’s a great Fortune article which explains 3 key differences between the current economic situation and the Great Recession of 2008. This helps put things into perspective.
What the media doesn’t highlight is all the hiring that is happening and the boatload of hiring that will continue this year. I’ve talked to a lot of recruiters and for many, their headcount plans haven’t changed as they continue to expect high revenue growth this year and beyond.
On a micro level, our clients have had just as many interviews and offers as previous years. Of course, there have been some pivots. Similar to how our clients avoided hospitality and travel companies in the first 2 years of the pandemic, they’re now shying away from real estate and crypto-based companies.
If you were planning to make a move this year, then do it. You decided to make a change for a reason. Don’t delay your career growth or greater fulfillment because of the current environment — do it despite the current situation.
Here are a set of questions that can help you assess the risks of joining a new company:
- Is this considered a critical role for the organization/company?
- What are the team’s top priorities and how do they align to the corporate objectives?
- Who is your target audience and what problem are you helping them solve?
- What is the growth rate for this year? Is the company on track to achieve it?
- Have there been any adjustments to your hiring plans this year given the economic downturn?
Look for a correlation between the role and the impact on core objectives. Also, see if the company is delivering nice-to-have solutions or have-to-have solutions. And look for solid growth rates in terms of revenue and headcount.
Whatever you decide to do, I always recommend strategic networking. Reach out to people at target companies and learn more about their experience, the company and leaders you should be talking to.
The worst case scenario is that you’ll learn a lot more about companies you’re interested in, make great connections and be top of mind when an opportunity arises. The best case scenario you’ll land a job you’ll love and thrive in. Seems like a win-win to me!
Are you interested in standing out in this very competitive market to land a job where you’ll feel fulfilled, realize your potential and get the compensation you deserve?
If so, then watch our video and book a session with one of our job strategists. We’re excited to talk about your career goals!