How to set realistic expectations and succeed in a tough market!

2023 is a cruel market - set realistic expectations for yourself to succeed

This issue continues to focus on the ongoing theme of a challenging 2023 job market.

On Reddit and LinkedIn, I’m seeing posts everyday from people saying they’re having zero luck getting interviews. Part of that is because the job market this year is smaller than what it was last year (there are less jobs to go around).

Because of that, it’s essential to have a strategy that acknowledges and accepts that reality. Otherwise, you’re going to find yourself looking for work for months and months on end.

Speaking as someone that’s been in the career services industry for 15+ years, I’ve gone through a couple of these cycles (2008 and 2020). My advice for weathering the storm:

Be prepared to compromise

It's important to recognize that you might need to make some concessions and rethink your must-haves. Are all of your requirements realistic? They might not be in the current job climate, especially when there are other candidates out there that will do the job without these requirements.

Just because you may have heard about high salaries or perfect work situations from others, but focus on what’s achievable for you.

Salary expectations vs. market reality

When it comes to salary, it’s crucial to strike a balance between what you want and what employers are willing to offer:

• Listen to the market: If your job search has been going on for 6+ months with no leads, this might be the market telling you that your expected salary is too high. Consider jobs with lower pay but with potential for bonuses or other benefits.

• Think short term if necessary: An initially lower-paying job can serve as a stepping stone to better opportunities when the market recovers. Make a sacrifice now for the chance of better pay later (if that’s an option - I understand that this isn’t feasible for some people).

Remote vs. hybrid and onsite work

The competition for remote jobs is fierce. Here’s how to adjust:

• Hybrid might be easier to get: With a lot of candidates going for remote jobs, those that are open to hybrid work arrangements often find jobs more quickly.

• Understand the trade-offs: High-paying jobs are often not remote. Decide which is more important to you: working from home or a higher salary.

Use your current job to your advantage

If you have a job, use it to your advantage. Stay there while discreetly looking for new opportunities. This will give you the luxury of waiting for the right job without the pressure of immediate employment.

When you’re doing everything right, but still aren’t getting results

If you’ve updated your resume, are flexible with your requirements, and still aren’t getting responses, maybe you’re not doing enough. Are you:

• Attending industry events?

• Reaching out to former bosses and colleagues?

• Reaching out to family, friends, and acquaintances?

• Engaging recriuting agencies?

• Reaching out to alumni networks?

Summary of Key Actions:

• Compromise where necessary: Be honest about what you can and cannot live without in your next job.

• Adjust your salary expectations: Be open to lower-paying roles as a starting point.

• Consider hybrid/onsite roles: If remote work isn’t coming through, look into hybrid options.

• Use your current job as leverage: If employed, take your time to find the right next step.

• Be proactive: Networking can be more effective than just applying to posted jobs.

It’s a tough market, but by being realistic about your prospects and proactive in your job search approach, you can significantly improve your chances of success.

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