If you are one of the millions who have already quit your job, or you are planning on switching jobs, check out these five tips that will help you prepare for a product manager job search during the Great Resignation.
I can’t read my newsfeed anymore without seeing an article about the Great Resignation. But things have changed since I first wrote this blog post in June 2021.
Some of the bigger tech companies (Meta, for one) have slowed down hiring and there is talk of lay-offs possibly happening.
At the same time, companies like Amazon and Microsoft are doubling their budgets for compensation so that they can hire and retain the best talent. According to the latest figures released, the U.S. economy continues to add jobs and unemployment has steadily been falling, reaching 3.6% last month.
So what does this mean for those of you taking part in the Great Resignation? It means you need to be more strategic than ever before in how you go about your job search. The product manager job search tips I’m about to share with you will help you stand apart fro the competition.
95% of workers are considering changing jobs, according to a report by Monster.com. And to further reinforce this fact, a record 4 million people quit their jobs this past April, according to the U.S. Department of Labor.
What’s driving this mass exodus? No surprise, it appears to be led by people re-evaluating their career options as many companies are asking employees to return to work without the option to work remotely.
It’s also fueled by people feeling burned out or seeing a lack of career growth opportunities at their current company.
The good news in all of this is that companies will have a LOT of roles to fill. The bad news is that there will be a LOT more competition for those same roles. Being a cookie-cutter candidate will not land you your next Product Manager job.
Here are my 5 tips to prepare you for a product manager job search during the Great Resignation (and possible hiring slow-downs during the summer of 2022).
1. Don’t quit until you’ve been hired elsewhere
It’s always easier to get a job when you have a job. You are perceived as more valuable to prospective employers. The risk of quitting before you land a job is that you could end up with a career gap that you may have to explain later on. You should also know how long you can go without income or health insurance. This is a highly personal decision, and you may have very valid reasons for needing to quit immediately. Do what is best for you.
2. Build your network
Using your network to find a job is the most effective thing you can do. Research shows that 80% of the available jobs are not even posted on online sites like CareerBuilder and LinkedIn. You read that right. Unbelievable isn’t it?!? So many people looking for product manager jobs have been disappointed by applying to hundreds of jobs they found online. The best thing you can do is tap into your network and look for hidden jobs.
3. Join one of the many product management online communities
I wrote about these communities in my blog post, “50,000 Product Managers are waiting to connect with you!” And the title doesn’t lie. If you were to join the four product manager communities I describe in that article, you would have access to 50,000 product managers actively engaging in a vibrant community where you can find jobs, learn about best practices, and so much more. If you’re not already a member of an online community like this, I highly recommend you do so today!
4. Don’t dive into those job boards or start working on your resume
I realize this tip may surprise you, but before you look for jobs or update your resume, it’s crucial to assess your skills, evaluate your strengths and weaknesses, and create an elevator pitch. Yes, that’s right. You should create a personal elevator pitch before updating your resume, LinkedIn profile or looking at job postings.
Understanding your skills and expertise and honing that down into an impactful elevator pitch is something I teach in my coaching program. This is foundational work that you need to do before working on your resume and applying to product manager jobs.
5. Get the help of an expert
Whether you are just starting out or you’re a seasoned product management leader, the thought of starting a job search and landing that next job strikes fear in all of us. The key to a successful PM job search is to leverage the experience of a seasoned PM hiring manager with the tools you need to be organized and prepared.
A key area where having an expert like me at your side is to help with job offer evaluations and negotiations. With companies becoming more competitive in terms of salary and equity grants, it literally pays to do your homework and understand how to negotiate for yourself. Don’t leave money on the table!
If you’re ready to invest in your career and kickstart your PM job search, schedule a free call with me to learn more about my Product Manager Job Search Intensive 1:1 Coaching Program.
Like this article? Check out more on how to grow your Product Manager career!