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In October 2019, the unemployment rate in the United States reached a nearly all-time low of 3.5% for the first time since 1969. As impressive as this statistic is, the strong labor market wasn’t advantageous to every worker; by the end of 2019, thousands of American workers had lost their jobs when 25 large companies laid off a significant amount of their labor force. Employees at companies like Ford, Disney, Lowes, Oracle and Bed, Bath & Beyond found themselves forced to look for another job.
Whether you’ve lost your job because of labor cuts or you’re job hunting for a new position and a new company, at some point, everyone looks for a new employer. When you’re in this situation, it’s important to be strategic about accepting a new position.
Potential employers will vet you, but it’s just as important that you vet the employer as well. Too often, people focus on the details of the job description and devote very little time learning about the company.
I call this process “casting” because it’s similar to how singers, models, actors, and other people in the entertainment industry are hired for jobs. The difference is that you’re casting the employer. You’re not accepting a new position or promotion blindly. You’re taking an active role in determining if you and the employer are a good fit.
Do Your Due Diligence
Before you arrive at your interview, you want to know as much about the company as possible. Use this checklist as a guide for “casting” your next employer:
- Talk to former employees to learn more about the company’s work culture. Ex-employees are more likely to give you honest feedback because they have nothing to lose.
- Reach out to current employees. How do they like their jobs? What would they change?
- Learn more about employee turnover rates. High turnover rates indicate there are problems within the company.
- Study the company’s key financial figures and annual accounts from the last five years. If the company is public, you can find this information on the stock exchange.
- Read the management statement for information about the current status of the company. You can find this in the board’s annual report.
- Determine if the company has acquired organic growth or through acquisitions of other companies. Companies with organic growth are less influenced by other company cultures and values.
- Investigate that company’s cash-flow status and determine how much free cash flow after investments they have. You want to work with profitable companies.
How to “Cast” Yourself
After you’ve learned as much about the company, it’s time to turn the tables and cast yourself. A successful job hunt and a rewarding career require self-reflection. The more you understand your strengths and weaknesses, the greater the chance of landing a position where you’re considered an asset.
With all the information you gathered about the company’s culture, employer expectations and leadership style, you must ask yourself the following question.
Am I right for this job?
Companies hire and fire for many reasons. If you’re on the receiving end of a pink slip, you’ll probably ask yourself, why me?
You might never know why you were let go, but many employees are fired because their personalities didn’t complement the other personalities on the team. It’s not always your skills that matter, but how you work with others. Too often, people take positions with companies that don’t reflect their values and this makes it hard to succeed.
Before you apply for a new job, take the time to consider your goals and your personal beliefs to make sure the company is a good fit for you.
Entrepreneurs—Listen Up!
Casting partners, clients, suppliers and other contracted parties are also critical to your success.
Many entrepreneurs book meetings with prospective clients who are the wrong fit for their business. These efforts never lead to new partnerships or opportunities and waste your time. Do your due diligence before booking meetings with potential clients to find out if their values, business style and mission are in line with yours.
Learning to say no to clients who you know will be hard to work with doesn’t do you any good. Many entrepreneurs say, “If only we had said no to this client, our situation would have been much better.” Accepting every client is costly.
Whether you’re a job hunter or an entrepreneur, the lesson is the same. When you have a clearly defined set of values and goals and choose employers or clients accordingly, you achieve greater success in today’s job market.
