From the Federal Reserve to Wall Street economists to active job seekers, concerns over rising unemployment and a softening labor market are on the rise. Add to that, fears about AI eliminating roles and the phenomenon of “job hugging” as people cling to their current positions.
History, however, is full of examples of difficult environments, from the Great Depression when 25% of workers in the U.S. were unemployed to the Great Recession of 2007-2009 when unemployment rose to 10%. In my own experience, when I graduated from Northwestern University’s Kellogg School of Management in 1979, inflation was growing by double digits in the U.S. Unemployment was on the rise and in early 1980s hit 10%. My friends and I were nervous about where (and if) we would find a job. On top of that, I was facing the quandary of not knowing what I wanted to do.
With the perspective of my 45-year career in business—and based on conversations I’ve been having with Kellogg MBA students in my classes—I have accumulated timeless advice for people who are looking for a job, want to change jobs, or fear they will lose the job they now have.
1. Your Job Search: It’s Really Self-Discovery
You graduated from college several months ago, facing one of the most difficult job markets for recent graduates, and you’ve been struggling to find a position. Or, maybe you’ve been out of school for a few years now, but you remain underemployed with a job that does not match your qualifications.
My advice is to turn your job search into a quest for self-discovery. This is exactly what I did more than four decades ago. I sent out more than 100 resumes and interviewed with more than 40 companies in a two-month period as part of a quest for where to launch my career.
For example, after applying and interviewing with several investment banks, I quickly concluded that a 90-hour workweek was not for me. I also interviewed with consulting firms and initially liked the idea of taking on challenging projects. But after self-reflecting, I realized that, rather than just identifying solutions, I wanted to be part of teams implementing solutions and executing strategy. In other words, I decided what was best for me was to join a company. I explored different industries and found the ideal fit in health care, where I have spent my entire career.
Based on that experience, my advice for job seekers is to:
- Apply And Interview Everywhere. It is just as important to find out what you do not want to do as it is to identify the companies and roles that would be a good fit for you.
- Learn All You Can. Even if you are unsuited for or uninterested in a particular job, every interview and interaction is a chance to learn more about different companies and roles. Self-reflection is crucial! Throughout the process, keep asking yourself: What interests me? Where do I believe I can make a difference? What companies are aligned with my values?
- Network With Everyone Your Know. Applying on LinkedIn is often the default for job seekers, but the competition is fierce. LinkedIn has seen a 45% increase in the number of applications being submitted—averaging 11,000 per minute. Instead, you need to network—not just with three or four people, but at least 30 or 40 people. You’re not asking them to give you a job; rather, you want to find out where they’re working, what their organization is like, and what kinds of positions are open.
2. You Have a Job—But Where Do You Go From Here?
Having a job makes it much easier to get a new one; for one thing, you likely feel much less pressure. As you search for the next opportunity, all the previous advice applies—turning your job hunt into self-discovery.
In addition, your focus can be within the company you already work for, building your network and expanding your knowledge about the company and how it operates. This means:
- Transitioning From Getting In To Growing Your Role. When you find a company you want to work for, the first priority is to get in the door. Once you’re there, you can explore how and where to grow your role, including transitioning to a different division or function. For example, one of my students, who had a background in finance, strongly desired to get a job in marketing. I convinced him to find a company he was interested in and follow the logical path into a job in finance. From there, he could pivot into marketing. It took a few years, but having performed well in his finance job and by investing time to work with the marketing team whenever possible, he became a director of marketing.
- Are You An Expert In One Function—Or Can You Make A Broader Contribution? No matter how siloed your first job in a company may feel, you can expand your horizon. It starts with how you view yourself. Are you someone who works in one function such as finance or marketing? Or are you someone who understands the entire company—in addition to knowing a lot about finance or marketing? This distinction is important, because if you are genuinely interested in multiple functions across the company, you’ll be more likely to broaden your opportunities.
3. You Like Your Job And You’re Afraid Of Losing It
Given the economic uncertainty and concerns about the job market, you may be struggling with “layoff anxiety”—even if you’re doing well in your current job. As with many things in life, self-reflection can be a tremendous help in mitigating worry, fear, pressure, anxiety, and stress. Through self-reflection you can:
- Build Your True Self-Confidence. With true self-confidence (which is one of my principles of values-based leadership), you own your strengths and recognize the value you bring to your organization. You also know there are areas in which you can develop further—and you seek out opportunities to build your knowledge and expand your skills, such as by volunteering for cross-functional teams and projects.
- Move From Fearing Change To Managing and Creating It. Change is a constant and trying to avoid it is futile and potentially damaging to your career. For example, one of the biggest concerns is how AI will change jobs or potentially eliminate them. Instead of fearing AI, investigate how using this technology could help you and your team perform your jobs with more efficiency and greater productivity.
- You Are More Than Your Job Description. The longer you work for your company, the more opportunities you will have to broaden your contribution beyond the specific responsibilities in your job description. By looking at the organization holistically, you will identify how you can collaborate with others in different departments and divisions.
No matter how challenging the job market is, companies always need good talent. The more you engage in self-discovery, understand yourself and your values, and contribute your talent and expertise, the more likely you’ll find the next job that’s right for you.