How can I get a new job in this environment? – Experienced commercial real estate professional
If you’re looking for a job in a struggling industry, you need to adjust your job search. “Commercial real estate is in trouble,” warns CNN in an article on the broader economy, though it could just as well be an article on the labor market. Struggling sectors, such as commercial real estate, are more likely to have limited employment prospects. Employers are suspending hiring until conditions improve, or at least until there is more certainty that conditions will improve.
However, uncertainty or even negative market conditions do not mean that you should completely halt your job search. People continue to move in bear markets and critical positions have yet to be filled. So keep looking for that perfect job, but adapt your job search to an uncertain market:
1 – Focus on finding hidden jobs
Employers may decide not to advertise jobs on a large scale – to save money, to save time as they are busy protecting their jobs and business, to avoid an avalanche of desperate applicants. Hiring managers may not have clear approval to hire, so even if they have a pressing need, they keep it quiet, searching their own networks for a solution. For higher level openings, management may not want to announce that they have a critical opening in an already tough market.
These are just a few of the reasons why jobs may exist but not be advertised in an uncertain market. As an experienced professional, tap into your connections to find out what your target employers want and need right now, so you can see if there’s potential for a job there, whether listed or No. Review your message to make sure you are clear and compelling about what you can contribute to the bottom line. Employers may not be actively looking, but they can rush to find an experienced colleague who can help their business right now.
2 – Follow closely and consistently
In an uncertain market, trading conditions can change quickly. An employer who was not hiring last quarter can hire now. Key employees may decide to change careers outside of their struggling industry, leaving you with an opening. Changes in strategy to adapt to changing market conditions can create an opening for your skills and expertise where there was none before.
Following up with your own network, as well as potential employers and recruiters, is always important. In an uncertain market, close and consistent monitoring is even more essential to seize potential openings as they arise. Employers are hesitant to hire in down markets and can be distracted by non-hiring activities, like saving their business, so you have to work harder to stay top of mind. Hiring can take a long time, so constant follow-up ensures that you won’t be forgotten during the interval between interviews.
3 – Minimize the risk of getting hired
The wrong location is always expensive. The employer may have paid recruitment fees. Internal employees, including HR and the recruiting group, spent time researching. The vacancy cost the company lost productivity and impacted its bottom line. In an uncertain market, the wrong hire can seem even more expensive as expenses are scrutinized more closely. If the bad hire needs to be replaced, the hiring group may find that the headcount no longer exists and is therefore stuck with a bad fit or an empty resource that cannot be refilled.
As a candidate, you should be aware that employers in an uncertain market have a heightened sense of risk. Make sure your interview skills are sharp! How are your skills, expertise and experience relevant to the particular concerns of the employers you are targeting? How will you contribute from day one? What do you do – in every networking, at every interview – to build rapport and demonstrate that you’re someone other people will want to work with?
If your job search is slow, improve your career where you are
Don’t stop your job search in an uncertain market, but know that there are other ways to improve your career without changing jobs. Start a side business – either consulting what you already know or monetizing a personal passion. Raise your thought leadership profile by blogging, curating content, speaking at industry events, or taking a role on a committee or professional association board . Update your skills and expertise by taking courses, reading industry publications, or advising startups in your field. There are many other ways to hone your career besides landing a new job.
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