Navigating Your Career in a Tight Job Market

Some days we wake up to news of spiraling inflation and a banking meltdown threatening economic collapse. Other days we read about substantial tech earnings and a promising A.I. revolution. How do we make sense of all this, and what’s the best way to manage our careers during these turbulent times? When is the opportune moment to make a big career leap? And when is it advisable to settle in and dive deeper into present opportunities? As with many things in life, it depends. There are a number of variables which will influence your strategy and determine your career trajectory; acquired skill set, risk tolerance, and the state of the job market will all play a role.

In many ways, the job market mirrors the stock market. When stocks are flying high, companies feel invincible; they want to stay ahead of the competition and they want to portray an image of growth. Thus, hiring rates surge. Naturally, their competitors take notice and, not wanting to fall behind in comparison, increase hiring as well. In a nanosecond, you have the makings of a hot job market. On the other hand, as evidenced by the current state of things, the opposite can also happen. Slowed growth, rising inflation, and uncertainty about the global economy all drive companies to pull back on new initiatives, reduce current headcount, and significantly slow or freeze hiring.

So, what’s a job candidate to do in a tight job market?

1) Keep the big picture in mind | Remember, careers are long—typically lasting 35 to 50 years. Over the course of your career, you will likely experience several periods of growth along with an equal number of downturns. The markets ebb and flow like the tides, so celebrate the good times and prepare for the harder times by focusing on the things you can control. Be intentional about which skills you choose to develop and which professional relationships you choose to foster.

2) Know and hone your strengths | In this market, specialization is highly valued—and those that are greatest in their selected fields have the greatest job security. Being great might sound intimidating, but you only need to be great (or really good, even) at just one thing. Countless professionals lead successful and satisfying careers in sales, consulting, accounting, and many other fields without leaving their core area. As their skills increase over the years, some transfer companies; some transition into new industries; and some transform the chain of leadership at the very firms they started with. But, they all have one thing in common: they’ve established a reputation in their respective markets for being great at what they do.

3) Acknowledge the job market | If the market is tight—as it is at the current moment—try to submerge yourself further into your job. Consider any extra skills or perspectives you could bring to your work that will elevate your daily performance, paying special attention to any specific areas that your manager or HR leader have suggested you develop. Now is the perfect time to do so, and this investment in yourself can imbue your work with a renewed sense of energy and appreciation. If you need feedback, ask! Being open to and receiving insightful feedback can be difficult; however, try turning towards your organization’s leadership or other mentors—as well as trusted colleagues, partners, and peers—for an honest evaluation. There’s no better time to invest in these connections with the people who are willing to provide you with the guidance and support you need.

4) Construct your Life Boat | Make a list of the top four or five contacts in your professional life that you can count on when you feel like you’re floundering. These are your most trusted and relied on colleagues—maybe former managers, investors, coworkers, or even business associates—that you can tell anything to, and that you’d want in your boat during the roughest storms. Invite these people to coffee or lunch every few months to pick their brains, run ideas past them, and get their feedback. Embrace the enhanced perspective you’ll gain from different backgrounds and outlooks by filling your boat with a diverse crew. Once you have five people in your crew, build it up to ten. These mentors will be your first calls when you are ready to make a career move. Nurture these relationships.

Your career journey will be unlike any other, and navigating it successfully will be half art and half science. There are guaranteed to be ups and downs that you can’t possibly predict along the way, but you can chart your course as you go in order to conquer your endeavors.

Bon Voyage.