You’re Fired!

Judging by the recent run up in the stock market and the better than expected earnings reports from previously battered tech stalwarts Apple, Amazon, Google, and Yahoo, you might start to think the worst has passed. Each still sits 15% to 20% below where they started the year; whereas the broader markets have fared better, currently off between 5% and 9%, but both – the tech stocks and the indicies have made impressive gains in the past three weeks. Don’t let this temporary optimism lull you into complacency. We’ve still not seen the full effect of the housing bubble, and despite the relative strength of our industry, from the sold out crowds at recent trade shows to the still hot m&a / investment market, times will get tough. Companies, even those in our space, have started to look more carefully at their overhead, some questioning the abundant hiring made over the past two years and often lucrative deals offered to hire some of the talent. What we’re saying is that we haven’t wrapped up the difficult times; the challenges that companies operating in the mortgage lead generation space have faced, and those in the subprime offer space are starting to feel, aren’t one-off events but potentially far-reaching and emblematic of what we all might have to face in the months and quarters ahead. As the crowd of real estate agents faced during their semi-annual show, Real Estate Connect, we must accept now. Some of us will lose our jobs. Quite a few already have. Regardless of which describes you, now is the time to take control. For some, the suggestions below fall under job maintenance, for others, making the worst of a bad situation.

• Update Your Resume – We put the most over-used suggestion first, the one that most will gloss over, but snap out of it. Take this one seriously. We think of resume updating as a task done only in two situations, when we want to find a new job or when must find a new job. What we all need to realize is that the resume updating process shouldn’t just occur reactively. Make it a proactive process, something you do in conjunction with your achievements at work; think of it like a personal log that you use to track your quantitative impacts on your company and record the milestones at work. No better format exists to document what you’ve done and how you add value. Don’t just store that information in your head for the rainy day when you might need to update it. Sites exist to help you make it more proactive and private so that the only options aren’t just Monster or your hard drive. Sites like Emurse.com and ResumeBucket.com want to help you make the resume more a part of your work processes. Start this today. Really.
• All Recruiters Aren’t Evil – Too many of us view recruiter calls as a distraction at best, or flat out inappropriate. Not all recruiters exist to hamper your productivity or annoy you with their lack of knowledge about the space and your role. They might not understand that a VP doesn’t want to become a marketing manager just because they make a great commission on the transaction. Get added to their distribution list, no matter what job, and throw them a bone now and then with a lead for a job with someone in your network. They might annoy when times are good, but they can become a great ally for you when times are bad. Be a friend and don’t just call on them when you need something. That way when you need something they will sell the crap out of you to the one retaining them.
• Take Inventory – When we work for a company for a while, we find ourselves in a routine, even if our salary varies due to commission, we develop certain spending patterns, and rarely do we think about them. Do yourself a favor and if you don’t already use Quicken, sign up for Mint.com. Chances are you use stats at work, look for tools that add transparency into your business, so do the same with your personal life. Figure out what you spend money on, and then figure out what you really need to live on. This obviously varies by person and becomes much more complex the more people you have depending on you, and it also limits some of the options you have, but you need to know this regardless, saving you precious time when you decide or need to take a new position.
• Skill Portability – People often need friends not just for support but for objectivity. Depending on your personality type, you might find flaws easily or perhaps you might have a slightly exaggerated sense of sense. Either way, take some time, (and feel free to involve friends in the process,) analyze what people ask you to do; about what they say good things and those areas where they might not. The end goal is to figure out how what you do might apply to other companies. Do you work on things very specific to your company or a niche in the industry? Could other companies benefit from you? If the answer is no, figure out why and take steps to change that.

• Build or Buy – Much like software, where companies have to decide whether to build what they need in house or license it from a provider, when the time comes to make a company change, you should figure out what type of work environment you want and in which you will succeed. Some people need to work in a large, stable work environment. Others want a smaller, more entrepreneurial place. Even others will take more risk and want to do their own thing. Know not just your skills but your level of risk and level of connections. The end goal here, as was the case with understanding your lifestyle needs, is to make the process more efficient. You don’t want to waste your time or someone else’s during the process, and knowing yourself will only make you that much more valuable because you will speak with authority. Naturally, this doesn’t mean be unrealistic or inflexible.

We certainly hope that our slightly dire predictions don’t hold true, and if they don’t, we welcome an I Told You So. In the meantime, add to the dialog with a suggestion from your own experience.