The Critical Mistakes You Need to Avoid in the 2024 Job Market

The year 2023 saw an alarming surge of 100,000 more layoffs compared to 2022, with Big Tech taking a substantial hit, along with companies across various industries. This wave of layoffs flooded the job market with exceptional talent, creating a unique dynamic.

Despite the upheaval of the past 18 months, marked by talent restructuring in over 95% of tech companies, a prevailing trend of right-sizing persists. Many companies, during the pandemic, experienced growth without a clear strategic plan for their teams, leading to overspending on headcount. The industry is still in the process of recalibrating to address these challenges with a more strategic approach.

Encouragingly, concerns about AI rendering jobs obsolete haven't materialized extensively, especially within the tech sector. While certain roles face AI encroachment, particularly in content creation, the tech industry remains predominantly human-centric. The nature of jobs is evolving rapidly, a characteristic inherent to the tech landscape. Navigating this shift requires aligning roles with AI to ensure they enhance, rather than compete with, artificial intelligence.

Looking ahead to 2024, the cloud industry is poised for rapid growth, estimated to reach $679 billion, with projections soaring to $1 trillion by 2027. Opportunities abound in cloud-related jobs and companies actively building cloud infrastructure, making them worthwhile avenues for exploration.

Investments in Gen AI are substantial, with major companies crafting AI models from scratch. Smaller enterprises, while lacking the budget for this, will seek experts to integrate AI into their operations. AI remains a persistent growth area deserving attention.

Critical Mistakes:

1. Not understanding your career path: Are you aiming for people leadership or senior management, or pursuing a technical leadership/individual contributor role? For leadership positions, focus on developing business acumen and industry-wide knowledge for effective team management. Depth is crucial for technical leadership roles—avoid flitting around. Exceptions exist, with some excelling in breadth as cross-functional problem solvers. Ensure clarity in your career goals this year; choose between depth and breadth based on your aspirations. Indecision stalls progress; make decisions, take action, and gain clarity promptly to advance your career.
2. Failing to understand the job market: Despite overall challenges in the tech industry, specific areas experience intense growth while others may be in a downturn. Position yourself wisely by recognizing these trends. However, avoid career pivots solely based on trends, aligning this with the first critical mistake. Develop deep knowledge and align industry shifts with your career plans. Establish a career plan first, and refrain from unnecessary retraining. Many individuals contemplate retraining in new fields, but without a clear understanding, it might hinder progress. Instead, focus on building skills relevant to your career path, especially in rapidly evolving fields like AI, where staying up-to-date is challenging.
3. Not respecting the applicant tracking system: In the current era, even with referrals, you may undergo ATS screening. Past methods, where submitting a resume led to an immediate recruiter call, are no longer effective. Networking remains crucial, especially in flooded senior leadership positions. Yet, understanding ATS filters is vital for job success. Your resume's role is securing the interview, while your interview technique secures the job. Use precise keywords from the job ad, as ATS filters require exact matches, not just similar terms. Simplify your resume, removing fancy formatting, tables, and graphics, as AI struggles with these elements. A straightforward format with the right keywords ensures success.
4. Not tailoring every application and resume: In 2024, this is more crucial than ever, building on point 3 about ATS. Avoid the automatic apply button on LinkedIn, as it uses your profile and limits visibility. Take time to apply for a select few roles, ensuring quality. Effective tailoring should yield a 20-40% minimum success rate in passing recruiter screenings. If falling short, refine your tailoring process for better ATS outcomes, aiming for higher standards.
5. Interviewing for a leadership role without understanding what leadership interviews are all about. Understand the shift from individual contributor (IC) interviews to leadership interviews. Earlier career strategies won't suffice at the leadership level. Helping leaders land jobs is crucial, especially for women in tech lacking informal feedback. Focus on leadership competencies like strategic thinking, decision-making, communication, vision, and team building. Even when addressing technical questions, frame responses in a leadership context, emphasizing teamwork over individual contributions. Master the art of showcasing value, balancing 'I' and 'We.' Demonstrate problem-solving, quick thinking, and decision-making skills, essential for leadership success. If you need assistance, my team and I offer the Think On Your Feet formula, empowering women in tech to excel in leadership interviews.
6. Neglecting Personal Branding and Networking: Stay competitive by clearly showcasing your skills and goals. LinkedIn is crucial; update your profile to reflect the role you seek, not your current one. Actively engage in your field, emphasizing community participation, networking, and online visibility. In today's collaborative world, even introverts must demonstrate community involvement. If you don't control your online narrative, someone else will.
7. Ignoring the Importance of Cover Letters: Embrace the cover letter's importance—it distinguishes you in a crowded job market. It showcases your knowledge, vision, and personality, elements absent in a resume. For guidance on crafting an impactful leadership cover letter or overcoming challenges discussed, join my Lit Up Leadership Academy. This program is your ultimate resource for elevating leadership skills and securing tech roles. Explore more at https://tonicollis.com/academy , and schedule a call with my team for personalized support.

In a rapidly evolving industry, upskilling doesn't always require returning to school. Be strategic in addressing skill gaps and emphasize your invaluable existing skills. With a clear career trajectory, significant advancements are possible without starting from the bottom.

Before we conclude today, I have a final piece of advice on upskilling. With the industry advancing rapidly, there's a perception that returning to school is a constant necessity, especially with the accelerating AI movement. However, this isn't universally true. I have a client, one who stands out, seeking a transition into AI while aspiring to change her role and move into a senior position. Instead of going back to school, she undertook thorough research on AI, securing a position in the current market. The new role not only pays 40% more than her previous one but also elevates her job title, enhancing her leadership credentials. Moreover, it offers her the opportunity to shift towards product development, aligning with her desired trajectory while expanding her AI knowledge. Her success demonstrates that achieving such transitions doesn't always require returning to school; strategic management of skill gaps can lead to invaluable outcomes. I am proud of her accomplishment and want to emphasize that similar success is achievable for many. If you're contemplating a pivot, industry change, or career shift, take heart. You can navigate these changes without the need to go back to school or start from the bottom again. As exemplified by my client's story, securing a promotion and a significant salary increase is possible when approached strategically. The crucial factor is maintaining a clear career trajectory, a determinant that consistently makes a difference.

I’d love to hear from you in the comments below about your 2024 job hunt goals and what you plan to implement or do differently to set you apart from the competition!

https://tonicollis.com/episode184