Looking for a Product Management job in a down market
My experience looking for a new job this past year, how I prepared, observations about the current job market, and how product management roles are changing.
Is this the worst job market for tech workers in decades? Judging by the numbers, tech has seen worse, but it can seem unreasonable when you're going through it and having a rough time finding a new job.
In this post, I'll talk about my recent experience looking for a new job, how I prepared, and the changing dynamics I see in Product Management roles. I hope you don't find yourself in this position, but I'll also give you some strategies for positioning yourself in the current market.
My layoff
In October of last year, I was part of mass layoffs at my company, and it was nearly six months before I found my new role in March of this year. There were a lot of moments when I wondered if I was ever going to find something, and many don't know this, but I had started looking three months earlier because I could see things weren't going well and layoffs were a possibility.
My job search
I applied to 80 positions at 66 companies from August to March, only hearing back from 33. Here's a breakdown of my metrics:
Applications: 80
Included a cover Letter: 27.5% (22)
Referred by an employee: 10% (8)
Through a recruiter: 5% (4)
Easy apply: 38.5% (31)
Got a response: 41.25% (33)
Interviews: 10% (8)
Observations
I saw no correlation between including a cover letter and getting an interview. I had included a cover letter for only two of the interviews I got.
Although referrals are essential, and I've had success with them multiple times in the past, this time, they only led to one interview, and that went nowhere.
I managed to get one or two interviews from recruiters but never got beyond the initial interview. I will say it was refreshing being able to bypass the regular hiring process and talk directly to the hiring manager or CEO (in the case of smaller companies)
Why didn't I apply for more jobs?
There weren't many jobs that were a good fit. Most required hybrid working and I'm nearly 3 hours from the city. Many were far too junior, and many others didn't come close to the salary I needed.
Over the nine months, I applied to the same role within companies more than once because the role was still open three or six months after my first application. There were a lot of stale job postings in my search, some being jobs that were re-posted again and again with no intention of being filled.
What I noticed about the job postings I was seeing:
There were a lot of IC-level Product Manager roles.
Just as many VP-level Product roles.
Very little in-between, such as Staff, Group, Director, and Lead PM roles.
Roughly 70% of postings were hybrid or in-office.
The job I have now
I applied twice for my current job, once in August and again in February. Both times, I used quick apply through LinkedIn with no cover letter. I didn't hear anything back in August, not even a rejection, but I heard back after February's application for the same company. So don't be afraid to apply for the same job again if it's still there two months later.
The interview process
There were seven calls for the job offer I accepted, including the screening call and offer. From first interview to offer was 32 days. During the ZERP hiring craze, I had interview cycles that lasted a week, so this seemed very long at the time. Still, it was nothing compared to the three months I was engaged with another company. I managed to get through an initial screening call, but they couldn't seem to get the next call scheduled due to restructuring and other issues despite weeks of follow-up.
How to prepare for a layoff in this market
Many factors make a layoff hurt a lot right now, such as high interest rates, inflation, global competition for remote jobs, being ghosted, and an employer market leading to more challenging salary negotiations and longer hiring processes. I hope this doesn't happen to you, but given the frequency of layoffs and uncertainty in the economy, I believe in being prepared. Here are a few things I did:
Savings:
Since I knew a layoff could be possible, I saved as much money as possible leading up to it. Combined with some severance, this helped a lot, but I was getting nervous six months in when savings were running out.
Cancel services:
I carefully reviewed our monthly bills and subscriptions, cancelling anything we could do without. I did this at the beginning of last year before my layoff.
Updating my resume:
I took time to update my resume while I was still employed, ensuring I listed the accomplishments in my current role and included metrics wherever I could.
Side income:
I started ramping up my coaching and consulting while still working, spending time on these activities in the evenings and on weekends.
Personal branding and networking:
I started work on this newsletter partly so I could cement my thoughts on product management and also as a way to connect with others in the industry. My first post went out precisely one week after my layoff.
Cancel automatic payments:
I didn't need to do this, but there have been times when I did. Automatic payments can be terrible when on a tight budget, especially if you get dinged with an NSF fee. Most late fees don't even come close. Manual payments can help you control your cash flow.
Mental health:
Going through a time like this can be very challenging mentally. I was pretty happy and enjoyed the extra time with family for the first three months. I kicked it into gear for the next two months, but by the six-month mark, I was starting to panic. I've talked to others who have had a similar progression; it is just something to be aware of, and it can be worth talking to a mental health professional and surrounding yourself with others who can relate. I know I needed a sounding board a few times.
How you can still succeed in this market
There’s no one size fits all, or magic formula to success in a market like this. It requires a lot of hard work and determination. However, it’s not impossible, and there are a few things that can help you along the way.
Get back to basics:
If you were previously working in more of a managerial capacity, now's the time to start practicing your IC skills. More frequently, teams are running leaner, and managers must get hands-on.
Work with recruiters:
Recruiters can be a good foot in the door and lead to an initial screening call at least. There are two main types of recruiters: internal and external. The latter could help connect you with multiple companies, although in a sparse market, I generally got few leads through them.
Contact your network:
Follow up with people, reach out to others and product managers in your network, and give back to the community. The worst thing you can do right now is to isolate yourself. Remind people what you are looking for.
Referrals:
It's all about increasing your chances, and getting to that first call is the hardest step right now—warm introductions to hiring managers or a referral through an internal application system can help.
Thoughtful applications:
Don't just apply to every job you see. Apply to what you're qualified for and what you could see yourself doing. Otherwise, you're just wasting your energy.
Tailor your resume for each application:
At the very least, be targeted in your job search. Don't apply to roles that aren't a good fit for you, and ensure your resume shows a focus or specialization in an industry, technology, or type of work.
Leverage industry-specific experience:
This is especially important as a product manager. If you have any experience in a specific industry, it's worth highlighting that, even if it wasn't as a product manager. Your past life as a musician, artist, or math teacher could help set you apart from other applicants by applying to PM positions in relevant industries.
No doubt, it's a tough job market, but there good jobs do exist out there. If you're looking in this market, expect to spend up to six months in your search. If you want help with interview prep, skills matching, or resume review, reach out! I would love to work with you, and my coaching services are 50% off for readers of this newsletter, just follow the linked card below.
