You've Lost Your Job, So Now What?
My story part 2 - uncovering and tapping the hidden job market
Waking up after on the first morning after the, “there’s no long-term future for you here” conversation was all a bit bewildering.
On the one hand, all my obsessive “doom scrolling” and online search for some reassurance that today wasn’t the beginning of the end, but instead, just the end of the beginning and the start of my next chapter.
Terrifying, yes, but with an undertone of excitement at the same time; but still not great for my OCD.
That day though, was the first day in as long as I could remember that I didn’t need to worry about overly aggressive top-down sales targets, meaningless meetings or having to deal with my neurotic, insecure boss.
These were indeed all positives as far as I could see.
What was not so positive though, was that I also realized that my very existence was still largely aligned solely with work and I already felt terribly isolated and alone.
When I considered this, it was painfully obvious that I had continued to make the same mistakes that I had made for the majority of my working life.
Work and career are the number one priority at the expense of everything else.
Foolish, very foolish and it was the only work habit that I knew.
Remember, this all happened back in the spring of 2015 when online writing was in its infancy and way before the word solopreneur had been popularised.
Back then, I had never even considered repurposing the skills that I had developed over the past two decades into something else, something more meaningful.
Leadership
Sales
Marketing
International Business
Business development
Finance
And networking, lots and lots of networking
Unfortunately, it would take me almost a decade to realise these skills are all transferable and that more importantly, I already owned them.
They were and remain my intellectual property and, in essence, my professional tool kit and something that I am extremely grateful for.
Anyhow, better late than never, which takes me to the point of this post, getting back on track after a job loss.
How to move forward.
Unless you’re fortunate enough to be financially independent, which I certainly was not, finding a new role more often than not is the immediate priority.
From this point on, make your job search your new mission and treat it as if it were your full-time employment.
This is important and one piece of advice that I would give above all else is the value of maintaining a routine.
Don’t lie in bed all morning letting your mind run amok. This is a sure recipe for disaster, difficult to rebound from and something that Jack Welch aptly named “The Vortex of Despair,” for good reason.
That said, it’s important to bear in mind right away, that a job search, especially for a senior role can take some time, even more so if you’re living on the other side of the world, as in my case, Hong Kong.
Dusting off the Resume is the First Order of Business.
Thankfully, this was already a ticked box as I’ve habitually kept mine current as it was so often required for visa or work permit applications. It’s fair to say though that this is always good practice, as when you need it most, you most certainly are not in the right head space to create a new resume from scratch.
My suggestion is if you’ve not already done so, update your resume right now, and make it a priority. Save it where you can easily access it and tweak it whenever you can.
A good resume is always a work in progress.
Getting the Word Out.
For every day thereafter, the first task each morning was to reach out and reconnect to my list of headhunters and recruiters many of whom had been so eager to pitch their own services to me as a prospective client.
I was sure that as a 20+ year executive in a specialist industry with a demonstrated track record of leading big teams and growing businesses around the world, they would have a long list of options for me to pick from.
I couldn’t have been more wrong.
After the first few calls with these “industry-specific experts,” it became immediately clear that I was on my own and it was up to me to find my solution.
This is where the power of a professional network comes in.
Your Network and The Hidden Job Market.
In his Forbes article, Jeffery Ton suggested that between 70% and 80% of all jobs are never posted.
Many experts go further, suggesting that over 80% of all jobs are filled through a professional network connection.
Even if you’re not a statistician, those numbers are pretty compelling.
Ton goes on to say that these roles are part of what is known as the "hidden job market,” and without an extensive professional network, these can be difficult to tap into.
What’s more a deep professional network, isn’t something that can be built overnight.
Consider your professional network to be equivalent to your subscriber email list. It’s algorithm-agnostic and most importantly, you own it.
Fortunately, in my case, it was normal for the industry to connect almost obsessively on Linkedin, which is still the best overall option, despite the now all too common cat videos that dominate the daily feed.
Reach out first to your closest contacts and colleagues who are more likely to be keen to help. Beware, though; don’t treat this as a test of that friendship, or you will probably come away pretty disappointed.
Your second destination should be companies that attract you and where you aspire to work yourself.
Here I’d suggest to search out the CEO’s and department heads first of all. In my experience, HR professionals are relentlessly bombarded by unsolicited CVs and as a result, have become a screening function that focuses more on deselection rather than recruitment.
All this takes time, patience needs to become your friend.
That said, there are only so many headhunters and recruiters that you can call or email each day. Remember to keep track of these calls and contacts as if they were sales leads so you know what you’ve sent where and who is working on what on your behalf.
When all that has been done, it’s inevitable that you’re going to have some spare time on your hands.
Use it wisely.
How to Handle that Spare Time.
An enforced break can be a blessing and a curse.
Certainly, there aren’t too many times in a career that you have an extended break but, the novelty can wear off pretty quickly.
Use free time as an investment and resource. It’s an opportunity to learn and grow and the perfect time to prepare for the next promotion or to brush up old or develop new skills.
The options are endless.
Read
Listen to podcasts
Write a book
Start a newsletter
Start a business
Consult in your area of expertise
Coach
Exercise, exercise, exercise
Exercise right now is more than ever your best friend.
Exercise is a natural antidepressant, doubly so if it’s outside surrounded by nature.
Walking, running, and hiking are all priceless ways to remain in shape physically and mentally.
Frankly, I’ve never come back from a run or hike feeling worse than when I left.
Practice whatever works for you.
Exercise also requires discipline and helps you maintain that all-too-important routine that we covered earlier.
Why do I think exercise is of such at this moment? Exercise quietens the monkey brain that will have you questioning everything in life and lead you right back again to the Vortex of Despair.
In Conclusion.
Losing a job sucks big time, there is no other way to put it but there are a few things that you can do to cushion the blow.
Have a plan.
Keep your resume up-to-date.
Keep current with industry news, trends and technologies.
Have faith, you had a job before, someone will hire you again.
Consider, whether could the situation be an opportunity to follow your dream.
Never be the Victim, (in bold for that very reason).
Postscript.
Remember that boss from the “there’s no long-term future for you here” conversation?
I recently signed the confidentiality agreement to commence due diligence on a possible acquisition of the very company she now runs.
Small world.
Perhaps there is a part three to this story yet?
Stay tuned.
I really like those points, especially not playing the victim.
The sooner you evolve from victim to main character, the sooner you get things moving.
First me, the most critical advice is to build a network before you need one. That way, when you approach recruiters, CEOs and hiring managers, they already know of you.