Part 1 of 4: Industry
This is the first of a four part series on job hunting.
Is now the right time to job hunt, look for that next level in your career, or just get out of a bad situation, preferably before it gets worse? Whatever your situation, it is almost always better to look for a job while you have a job. Is now the right time to jump ship?
If anyone gives you a definitive answer to any of these off the cuff, they are delusional. Most of these questions always start with the dreaded, “It depends”.
You need to take into consideration the industry you may be getting into bed with. While the analogy is crass, it’s truer than you may realize. You are betting on the company’s ability to employ you, assist you in keeping yourself solvent. During the end of the millennia, telecom giants were crumbling slowly but surely, and they’ve never really recovered. The travel hospitality industry took a huge hit during 9/11, but was able to recover in a few years. Why? The 9/11 crisis was far more devastating than the loss of Enron. I propose that the nature of the travel and hospitality industry saved itself due to the nature of the industry. Travel and hospitality is very cyclical in nature due to its dependency upon uncontrollable forces, such as the weather, war, consumers and the economy to name a few. When 9/11 occurred it was disastrous, but the leadership knew how to ramp down fast to protect its assets. They had certain business capabilities to “hunker down” and survive. The telecom industry couldn’t. They were not flexible in their processes. They were committed financially on their telecom boom mentality. They could not adjust to an environment that did not want or need them, and they failed.
Which industry is better? Neither. Travel and Hospitality is cyclical in nature. Understanding that cycle and re-inventing yourself based upon which stage the company is at, could be advantageous. The right person could be an Innovator during the expansion phase of hospitality, or a Lean Champion during the tough times. The Telecom industry on the other hand was excellent while it lasted; you just have to be honest with yourself when that end is in sight and plan appropriately.
Lastly, I think it needs a mention in this article about consulting companies or divisions. EMC and Microsoft have their own professional services. These divisions are hired guns that get shipped off to companies for mostly project work normally focused on projects around their products. There are companies such as McKinsey and KPMG that provide solely consulting power to companies and are vendor agnostic. This industry niche is great if you want to or need to get exposed to different companies and build your network. Curiously, the consulting industry is cyclical in nature based upon the economy, but not in the ways you think. Consulting normally is busy during an economic downturn and when the economy is at its peak. Why is that? Finances and resources. An economic downturn means layoffs and limited capital funding. A project can still be successful even if the corporate office has laid off part of its IT staff, via consultants. During the upswing, companies are looking to expand and want a resource at their beck and call, consultant don’t fit the bill. Lastly, during the peak of the economy, the key IT talents are already employed getting hopefully top dollar, and the personal resource pools are at a minimum. In order to get the right person to do the best job, you need outside help. People that do this day in and day out, enter the consultant.