Happy And Succeeding In The Future Of Work
CEOs Will Be Clamping Down On Employees
The United States has entered a new post-bubble environment, with businesses cutting costs ahead of a possible recession. To save money, companies have been conducting layoffs, eliminating employee perks, such as free laundry service, catered meals and snacks, and pulling back on travel expenses. CFOs are reevaluating the return on investments for their myriad of software tools and tech-subscription services. Hiring freezes and rescinding job offers have become more commonplace compared to a couple of years ago.
Chief executives David Solomon (Goldman Sachs), James Gorman (Morgan Stanley) and Jamie Dimon (JPMorgan) never fully embraced remote work. With a contracting economy, the power dynamic has shifted from employees back to the employer, and the CEOs can call for a return to the office. Workers no longer have the same bargaining power they possessed during the Great Resignation and subsequent labor shortage. The days of employee-centric policies are over, and the bosses are back in charge again.
How Apple Has Steered Clear Of Layoffs Amidst Big Tech Job Cuts
Of the recent layoff announcements, you will see one company noticeably missing from the long list—Apple. With over 68,000 tech workers downsized in 2023, Apple employees have—so far—been able to avoid the ax. Is the iPhone maker an anomaly amidst the economic downturn that has shaken up the tech sector? Not quite. Apple was the first company to hit a market cap of $3 trillion in 2022; however, its share price fell 27% throughout the same year. According to the Wall Street Journal, Apple is expected next month to report its first quarterly sales decline in over three years.
You Must Have A Compelling Elevator Pitch To Stand Out In A Crowded And Competitive Job Market
If you were impacted in the white-collar recession and suffered a job loss—or are worried about being the next to go—it is mission-critical for you to create an elevator pitch. An elevator pitch is loosely defined as a clear, concise and persuasive speech that lasts for about the same duration as an elevator ride. Since there’s not a lot of time, you must be prepared to immediately grab the person’s attention and articulate your value proposition within 30 seconds to a minute.
Tech Layoffs Look Terrible, But They’re Only A Pullback From Years Of Aggressive Hiring
If you casually consume the news, you’d believe that tech is radically and indiscriminately slashing jobs. According to Layoffs.fyi, 200 tech-related companies laid off nearly 60,000 employees in 2023. The recent downsizings are a response to the vigorous hiring that took place throughout the years, which was significantly heightened during the pandemic.
You Are Right In Feeling That Your Boss Is Pushing You Out The Door
Layoffs amongst white-collar professions have dominated the headlines. On an almost weekly basis, there is another announcement from a well-known, highly respected company saying that they are letting go of thousands of employees. On a personal level, you may notice a change at the office or a different vibe when you’re on companywide video calls. Managers are looking for ways to cut costs in this new era of austerity and belt-tightening. Since layoffs usually require hefty severance packages, create negative publicity for the firm and put fear into the workforce, as everyone worries if they are next to get a pink slip, some supervisors are taking a relatively stealth approach to lighten the headcount. They are either nudging or outright pushing people out the door.
You Are Not Your Job
The recent wave of layoffs is a wake-up call for you to realize that you are not your job. Your identity is not the company you work for—no matter how cool and prestigious it is. You are also not your net worth, the neighborhood you live in or the Lamborghini you drive. Upon meeting someone, the first question you typically ask is, “What do you do?” The answer is intuitively interpreted as a request to provide your job title, the company you work for and what you do at the office or virtually at home. It’s not, “I’m a husband, father of two kids and the pet dad of two adopted cats and dogs.”
How To Conduct A More Empathetic Layoff
Layoff announcements have centered around the number of people who will be let go. However, it’s important for companies to empathetically plan and conduct the downsizing. Leadership always needs to be mindful that these are human beings at the heart of this. They are anxious and fearful. In the current environment, with nearly 60,000 layoffs in January for just the tech sector alone, human resources and management must be delicately conscious of their concerns.
Why Your Job Search Will Take A Hot Minute
If you are hunting for a new job, be prepared for a long slog. Layoffs from top companies have spooked both hiring managers and job seekers. You will be put off by job descriptions with too many requirements and not much clarity around the salary, as well as glitchy job applications that take up an inordinate amount of time. The hiring process will be slow. You will be forced to partake in three to 10 interviews, have meetings canceled at the last minute and get ghosted or receive a lowball job offer.
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Jack Kelly is available to discuss a broad range of topics, including, but not limited to: the job market, the state of recruiting, trending news stories and career advice. He has appeared on CNBC, MSNBC, NBC, FOX, CBS, BBC and NPR. Jack has been quoted in the the Wall Street Journal, Washington Post, Economist, INC., New York Post and more.
About Jack Kelly
Jack Kelly is the CEO, founder, and executive recruiter at one of the oldest and largest global search firms in his area of expertise. He has personally placed thousands of professionals with top-tier companies over the last 20-plus years. Jack is passionate about advocating for job seekers. In doing so, he founded a start-up company, WeCruitr, at the beginning of the Covid-19 pandemic. The mission of WeCruitr is to help people in need and make the job search more humane and enjoyable. As a proponent of career growth, Jack shares his insider interviewing tips and career advancement secrets as a Senior Contributor for Forbes. He also covers timely topics related to corporations, high-profile people, Wall Street, politics and other important matters. The pieces offer insight into the news and how it may impact your career. Jack is the author of Happy and Succeeding in Your Job Search, as well as the host of Happy And Succeeding In The Future Of Work and cohost of the Blind Ambition podcast.