The Mercury News reports that Silicon Valley's jobless rate just hit 11% - which of course includes not only the direct tech jobs lost but the collateral damage to all the other jobs dependent on the Valley's tech health.
Despite that, one has to remind oneself its still not as bad as the period after the dot.com implosion when over 100,000 jobs were lost in 12 months (vs. apparently some 36,000 in the last 12 months) and the doomsayers were once again predicting the end of the world as we know it.
There are some glimmers, some signs that we're nearing a bottom. Could be wrong of course. But when Wells Fargo reports record profits, Intel says inventories are down and orders are picking up, Rosetta Stone IPO's and very successfully (up 40% in first day trading and one of three April IPO's to date), lots of new startups are getting formed and the influx of startups from Europe and elsewhere heading for the Valley just seems to accelerate every day, I'm hopeful that this is more than grasping at straws.
OK, I know Rosetta Stone is not a Valley company, nor was Changyou.com Ltd., a game developer out of China. But the Valley's underlying investment thesis for startups still requires a liquidity event at some point and IPO's, along with M&A, are a necessary option to keep the strength and hope of the Valley going. Any real signs of life are good!
In the meantime, what should both an employed Valley worker and newly liberated job-seeker do? No magic wand, but here's how I think everyone needs to look at things, employed or not.
- There in no such thing as job security that somehow gets handed to you, by length or service or whatever - get used to it.
- Security is ... skills, expertise, ability to do things other people can't do, flexibility, energy etc. In other words, marketability.
- Don't stay in one job - or even one company - for more than a few years. Indeed, only as long as you are still learning and growing. Yes, you want to contribute - but make sure your job contributes to the growth and development of YOU as well.
- Don't job hop either - you need to show a track record of being somewhere long enough to make a difference.
- While experience is good, don't lead with "I'm a 20-year IBM veteran". However great you are - and IBM is - it paints you as a career company person who just got dumped. Focus instead on skills, achievements and contributions.
- The job market and work environment continually evolves. Be prepared to see your career become one with no traditional employer, but a series of overlapping gigs developed from networking and marketing yourself.
- You're in charge - no-one else can do this for you or sell or market yourself as well as you can.
- You are never too old. Experience and the right, positive attitude go a long way and are still highly valued in the right circumstances
- Network, network, network ... and use the tools of the new internet, the social media of Web 2.0. Twitter, LinkedIn, Facebook etc. Write a blog (yes, it does work!). Become KNOWN!
- Consider your own startup. Really! There has never been a better time!
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