With the recent headlines of layoffs and hiring freezes, there is growing economic uncertainty and anxiety about a potential recession. In a recession, job layoffs and hiring freezes are routine as inflation rises as budgets vanish.
Employers prioritize keeping high-performing representatives with track records of considerable achievements, especially those with prior history of high performance in difficult times. This leaves lower performing or newer candidates as the first representatives to go.
Although much of these circumstances are outside of your control and depend greatly on luck and politics, there are still a few things that you can do to best prepare and position yourself for the upcoming downturn. Here are a few:
1. Cultivate the Right Mindset
SaaS startups are getting especially hard with the current inflation levels, rising interest rates, and geopolitical issues. Valuations, particularly at the late stage, have started to dip, and startups say it’s more difficult to raise new funding in this environment. Investors are less willing to get involved with new businesses that have not consistently turned a profit, which leaves most startups in a less favorable position. This may sound overwhelming but it is important that you do not let this bad news consume your thoughts. You have a choice whether you do or do not to dwell on things that are out of your control. You must act with a survivor mentality. A survivor mindset helps you focus on everything that you can take action upon and in turn stay positive. Rather than listening to the radio while you’re cruising into work, listen to something motivational like Dr. Eric Thomas or Kobe Bryant – The Mindset of a Winner!
2. Play Offense
It’s not the time to hunker down. If you get on the defensive, you’re dead in the water. Instead, use the time to reevaluate your goals and position yourself to be in the best possible place as layoffs come around. As a survivor, you must pay attention to any possible potential pivots or opportunities that can put you on the best side of your boss or clients. Seek out ways to create more value for your business or personal brand. While others are hoping to keep their job, you’re setting the goal to become irreplaceable and valuable as possible.
3. Focus on the Right Opportunities
A challenging economy tends to shake up the job landscape. We have seen that first hand with all of the layoffs via our LinkedIn feed. Anytime your feed goes off, you’re likely wondering if more jobs are getting cut. But let’s not forget how it could be used for our benefit. Focus on leveraging your intent data to find companies interested in your product. Don’t just throw your prospects in sequences. Instead, be mindful, intentional, and seek to truly understand their daily challenges. Paint a picture of how your solution will help them create additional efficiencies internally and become a master storyteller.
4. Edit your resume
Even if you do everything right, there’s still a chance you will be laid off. I hate to even put that out in the universe, but you can’t be oblivious to reality. Founders and investors are preparing for what looks like an economic downturn – and perhaps even a recession. So, you have to plan and prepare for the worst. This preparation will ease any strain in quickly transitioning to job-hunt mode. This is a great time to focus on networking through LinkedIn with recruiters, career coaches, and catching up with former coworkers.
Tips for discussing being laid off:
✅ Mention it in your cover letter: Future employers should be made aware of your reason for searching or hoping to transition to another job. Your cover letter serves as the best place to break down your history and the circumstances of your layoff. Providing this information up-front may also help you stand out from other applicants with similar experience levels.
✅ Speak positively about the organization: Do not mention anything negative about your prior workplace. It is alright to mention vaguely that it “was not a great fit.” Anything beyond that is not professional and can leave a bad taste in others’ mouths.
✅ Highlight what you’ve done since: Highlight your resilience and everything you have done to push through tough times. These accomplishments represent a great work ethic, positive outlook, and motivation to overcome any obstacles thrown your way.
5. Uplevel your skills with community
A recession provides a great time to head back to school, learn new marketable skills, start side gigs, join industry communities, or pivot into a new career. A community that assists and supports you through this process is Tenbound Plus.
Tenbound Plus is a VIP Membership Community 100% committed to your success. If you’re one of the folks that have been affected by a layoff and are concerned about finding another job, do not hesitate to book a consultation with David Dember of Tenbound. He will assess your situation, identify alternate paths, and walk you step-by-step through the process of finding a new job. To aid in supporting you through this process, Tenbound provides an insightful community forum. The community forum provides a great place to assess the current atmospheres of different realms of the Sales Development Space. Last quarter we helped 57 SDRs find new work and it is our top priority to help and support you through this uncomfortable process in any way possible.
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