When we counted down to the end of 2000 and the start of 2001, I had a sense of a market turn as sharp and as swift as a Chinese cleaver cutting through steak. Within the
first week of the New Year, all of the major high-tech corporate clients (not dotcoms) we had been representing put their searches on hold. The dotcom shakeout was having a
ripple effect and the economic warnings and uncertainty with the new administration added to the jitters. If this reaction weren't so potentially chilling, it would have been
amusing.
Given the speed at which information is exchanged and the ability of senior officers to impose hiring freezes across the board, this stroke was a signal of fiscal
responsibility and conservatism. It was also one of the easier decisions to make in terms of the toll it would take on operations and strategy. If the perception is that the
market is in a period of slight correction, then the freeze can be lifted with little damage to the momentum of the company. During these cautionary periods, procedures are in
place to make exceptions for critical hiring needs.
What can you do if you need a job during times of market hesitation? If you are one of the unfortunate casualties of the dotcom shakeout, take heart. There are still options.
But don't expect to contact three good friends and say you are open to new situations and wait for the offers to roll in. Those days are gone - and, I hope, gone for good,
because they were unhealthy and set unrealistic expectations about a job seeker's value.
Competition is back and jobs are harder to secure, although there are and will always be options for excellent performers. One of the permanent attitude changes in this post-
dotcom era (the result of start-ups competing for market-attention) is an embedded sense of the importance of PR in the ranks of corporate general management - from marketing VPs
to CFOs to chief executives. A good media strategist/doer, an investor relations professional who can point to significant results in the general business/financial press or top
tier trade publications is, quite simply, in demand, despite all cautionary notes. Management has learned a lesson through this era of dotcom hype: that PR is the tool of choice
to raise awareness and establish competitive advantage.
Another lesson that won't be unlearned by hiring organizations is that speed is a success factor in winning first choice candidates. The hiring process is intended to move
swiftly. Once the first interviews occur, expect the entire cycle to finish within three weeks. (During the height of last year's hiring frenzy, the decision could be made within
just a few days.)
An advantage for the companies that are operating counter-cyclical to the general slowdown is the ability to pick and choose among strong candidates - particularly when there
are several who are fully qualified. For job seekers, it's essential to realize that being prepared for the interview means making an attitude adjustment, doing your homework and
being motivated about contributing - instead of asking, "What's in it for me?"
An informal survey of agencies shows how swiftly the market has turned. A few months ago every agency was clamoring for talent and doing cartwheels to retain people. Many
firms are now fully staffed and will hire only if business picks up. Others will hire on an exception basis - if a top performer at the senior account executive/supervisor level
knocks on their door. (These are the mid- to large-sized firms that have the leeway to bring people on board who might not be fully billable immediately.) Smaller agencies or
agencies that grew without strong internal controls - with a roster that included (now failing) dotcoms - are in trouble and eliminating jobs on a scattered basis.
For job seekers with strong track records (the definition of which, in an era of frequent job changes, is the subject of another column) there is no reason to panic. There are
good jobs - although instead of four offers there may just be two to consider. The high risk, high reward world of startups has shrunk to companies with more modest but
achievable business objectives.
The communications professionals who joined start-ups only to find that statistics don't lie, and most fail, have discovered they really do need to earn a regular wage. Making
mortgage payments is a real issue and returning to traditional jobs is right for them.
At this moment, opportunities on the corporate side appear to be somewhat limited, especially in technology. There are exceptions in e-commerce/Internet infrastructure
companies including telecom. The consumer/tech sector is hard hit, however, with the exception of gaming and entertainment. Biotech is still healthy.
No doubt, these times "they are a changing" and no one is yet prepared to say if we are headed for a soft landing or a stomach-churning thud.
Stay tuned...and buckle your seatbelts, just in case.
Judith Cushman is president of Judith Cushman & Associates, Seattle, Wash. (425/392-8660). To subscribe to her email newsletter about career trends, visit http://www.jc-a.com or email [email protected].
Strategic Job Hunting
If you're considering a job change, ask yourself these questions:
- How unhappy am I in my current position?
- Does my current employer have the pieces in place to ride out a down cycle? What are outside analysts saying about my company? Am I paying attention to market signals that
could impact my organization? - What is the "down side" of staying where I am until the market stabilizes?
- How much risk am I prepared to take as the economy readjusts?
- Can I substantively increase earnings potential, job responsibility so that the risk of a move is offset by the benefits?
If you're actively searching, consider the following:
- Are my salary requirements realistic? Just because a professional was earning top of range at a start-up doesn't mean it's realistic to seek the same figure. (Do I know
what a reasonable expectation is?) - Am I managing the job search process so that I'm devoting the most energy toward first tier choices? (For example, if corporate opportunities are first choice and agencies
second, am I postponing agency interviews or not accepting them until corporate interviews have occurred?) - Am I prepared to accept or reject an offer promptly, should it happen within weeks of beginning a job search campaign? (One job seeker laid off from a mid-sized agency found
a job within two weeks. Fortunately, the offer was from one of her top choices. She was considering three companies.) - Am I doing my homework and actually competing for the job I want (not assuming I will get it by simply appearing for the interview)?