Laid off? The realities of finding your next product management job

We should probably start with some numbers. This Computerworld article does a good job of detailing the position in the US over the last 12 months or so – you’ll see there are lots of mixed signals, with tech layoffs continuing to have an impact. At the time of writing, 168 tech companies have laid off more than 42,000 staff so far this year, according to Layoffs.fyi. The consensus is that many tech businesses over-hired during the pandemic and are now addressing this issue – scant comfort to anyone who has been laid off in recent months.

A recruiter’s view

If you’re in a smaller business then you’ll probably be able to tell if layoffs are likely. You’re likely to have some understanding of the numbers the business needs to hit, the runway the business has before it needs to look for more funding and so on. It’s harder to know in a large organisation, and layoffs are more likely to come as a surprise. Nick Charalambous, CEO of recruiters Few&Far, comments that many large businesses push the trope that they’re a family, and “you need to have been round the block a few times to know that isn’t the case”.

Don’t rush

If you are let go, Nick’s initial advice is not to rush. “If you can afford it, take some time to do some assessment for yourself, “ he says.

Ask what you want to be doing in 10 years. Nick suggests there are three possible futures you might consider: an entrepreneurial route where you found your own business, permanent employment whether as a product leader or an individual contributor, or a fractional role.

Then think about the kinds of companies you’d like to work for and the gaps in your experience. “If you’ve spent your whole career working for big corporates, maybe you should think about working somewhere slightly smaller that is tech-first, – and vice versa,” Nick says. “Ideally if you can, start mapping out your next three or four roles, because you’re thinking about the next 10 years of your career.” And if you’ve only ever worked somewhere where there are 50 to 100 people, you won’t walk into a Meta or a Google, but you can think about working somewhere slightly larger, say 200 to 400 people. Big tech companies add a lot of value to a resume, Nick adds, because they create a level of credibility and trust – and they also pay pretty well.

Tailor your resume for each application

If you haven’t built a resume for a while then spend some time looking at job descriptions, Nick advises. Examine the must-haves and the nice-to-haves and try to reflect them in your CV. Maybe you tailor your CV to each job you apply for.

“People forget that the job of a CV is a sell,” Nick says. “The job of the CV is to get you an interview. Rather than think about a CV as a list of things you’ve done, it should be a list of your achievements that are relevant for the role you want. There may be pieces of experience you’ve had that won’t be relevant for your next role, so don’t include them.” Very few people look at cover letters, he says, so your CV should do the selling. It’s important to remember, he says, that the people assessing CVs are usually recruiting for many different types of roles and they won’t have an in-depth knowledge of each skill set required. They will look to a CV to fulfil the must-haves in a job description. Application tracking systems are also commonly used, and they will look for keywords on a CV to filter out applicants.

Nick suggests you speak to recruiters as well as looking at jobs online, if only to get some feedback on your CV. “I’m always happy to take 15 minutes or so just to have a look through a CV and give some advice on what could be changed. And also to give some insight on the market.”

Look beyond job titles

Otherwise make sure you change your LinkedIn status so that anyone looking knows you’re “open to opportunities”, and start applying for jobs. Nick says the market is pretty flooded with people looking for jobs so he also advises job hunters to look beyond a job title, because terminology is different everywhere you look. “If you’re a senior product manager then also look at product manager roles – make your search as broad as possible.” And set up alerts on LinkedIn so that you can apply for a role as soon as it comes up.

Work your network. Even if they’re not in product, people in your network will still know if there are growth opportunities in their business. Nick suggests it can be helpful to categorise your network into separate lists of people depending on how well you know them, what their role is, how often you speak to them and so on. And keep networking and growing your network by getting out to events.

Is there a job for everyone who’s looking?

With lots of layoffs and a pull back on hiring, is there a job somewhere for everyone who’s looking right now? “I don’t know,” says Nick. “There may not be a job for everyone right now, but we’re already seeing some changes. Venture capitalists are looking to grow their product and tech bases this year, and more and more non-tech companies are looking at how they can use tech more effectively. I think there’ll be some growth in 2024 but it will really take off in 2025.”

A product leader

Ronke Majekodunmi was Director of Product Management at Promevo, a small IT services business backed by private equity, before she was laid off at the end of last year. With a strong personal brand, time at a big tech company (PayPal), and in demand as a trainer, speaker and mentor, she has what many would consider a stellar resume.

The reality is hard

Even though she was expecting to be laid off, the reality is still hard. No one talks about how difficult it is or how humiliated you feel, she says. She likens it to grief: this sense of grief, right? You go through some grief, you go through the anger phase, you go through the “why me?” phase and then you get to acceptance. And your imposter syndrome comes right back.  Because you start to think, I’m not good enough. And there’s something else that no one talks about, which is that you start to worry if you are too old for Silicon Valley.”

She adds: “Some job descriptions will say over three years’ experience, some will say five years. So if you’ve got over eight years’ experience, should you not apply? Then if you apply and get passed over, you start to wonder if it’s because you have too much experience, and they don’t want to pay for that?”

Applicant filtering systems

She started her job hunting by reaching out to her network. She also checks if she knows anyone in the companies where she’s applied so that ask them to refer her. She paid someone on Fiverr to review her resume and LinkedIn profile and she customises her resume for each job application. This is time-consuming but necessary, she says, if you’re going to get through the applicant filtering systems that so many businesses use.

She has some teaching work at a graduate school which she says has been her saving grace. She has some really close friends who regularly call in to check on her, and she does the same with other friends who have been laid off.

While she job hunts, Ronke is careful to structure her day so that she’s never without something to do. She goes to the gym each day.  It’s important to her mental wellbeing that she leaves her apartment every day, no matter what’s going on.

She’s also doing a lot of writing. She says: “I’m super lucky. I’ve had a great career. I’ve had a chance to work at PayPal, to work at really large companies, and at small companies. I know how to manoeuvre and get my job done. I have a resume that is worthy, and that’s always at the back of my mind. So I’m not going to use this time to sit around, I’m going to continue to work on my brand.”

Product managers

What if you don’t have the years of experience and network of a product leader? We spoke to someone – let’s call her Anna – who has just been made redundant along with many colleagues after her company was taken over. The company was running out of money and was taken over by a competitor which is now laying off about 30% of the staff in an effort to streamline the business.

Anna had been expecting lots of layoffs for months but until a couple of weeks ago had thought she might escape the chop. “There’s grief, there’s sadness,” she says. “The people that I worked with are of the greatest value at that company. Just witnessing what’s happening to everyone leaves me really sad and feeling powerless to help them.”

From many lay-offs comes mutual support

In a very short time a strong community of former employees has formed, one where everyone does their utmost to support each other. They all share connections, facilitate introductions, provide referrals, review each others’ CVs and so on. “We’re a very tight community that’s in touch with each other every single day.” In a way it’s helped to increase her confidence: “I now have no shame in going into LinkedIn and just talking with strangers,” she says.

Like others, Anna bemoans the automatic rejection letters and absence of constructive feedback in the rejections she’s received. ” All I know is that I haven’t got past the robots. So I wonder if it is my skills? Or if I need to learn something else in order to apply – because I have no doubt that I can do the job. Maybe the company is looking for a different profile, it would be so helpful to have something that could at least tell you why they don’t don’t want you.”

With so many layoffs currently, you feel like you’re just a number anyway, says Anna, so this lack of human contact doesn’t help. She’s taking courses on AI/machine learning to keep busy and build her skill set.

Therapy is another important element for her. “It’s a constant in my life,” Anna says. “It helps me keep tabs on how I’m doing and understand if I need to take action.”

Katelin Wall is another product manager looking for a job. Her experience is in education and ed tech. She has a couple of years experience as a product manager at a rapidly growing start-up. She was recently offered an opportunity that she thought would be a good progression, but it fell through, leaving her on the hunt for a new role.

Katelin’s first emotion was disappointment, she says, because “it’s a loss of what you hoped it would be”, but she’s felt every emotion possible since then. “I’m very action-oriented,” she says, “so I was very quick to update my CV and get networking.”

Don’t get stuck in an echo chamber

She has some solid product management experience, which she’s putting to use in the short term by helping a local kitchen design company on a freelance basis. She’s built roadmaps, launched products, built prioritisation systems, iterated on products. Like others she says it’s important not to get stuck in an echo chamber, which can happen all too easily if you’re spending all your time researching companies and tweaking and submitting slightly different versions of your CV.

“Job descriptions can be very soulless,” she adds. “Most job requirements say much the same thing. I divide my time between active job hunting, upskilling and finding ways to quantify my experience because my role and title perhaps didn’t explicitly show that I’ve got that experience.”

Katelin already feels she’s making progress. “I’ve had some what I see as real wins,” she says. “People have been willing to speak with me, and I feel like I’m moving forward.

A job hunter’s checklist

• You will feel grief, sadness, anger, and your imposter syndrome will probably kick in big time.
• Don’t panic. Take the time to think about how you want to progress your career.
• Make sure your LinkedIn profile is up to date.
• Get someone else to review your resume and your LinkedIn profile.The latter may well be the first thing a recruiter will look at so it should tell your story clearly.
• Cast your net wide – job titles and responsibilities vary so much between businesses.
• Set up alerts so that you’re notified as soon as a suitable job is advertised.
• Work your network, see if you can get a referral or an introduction to beat the bots.
• Don’t weather the storm alone. Look for support and you’ll find people by and large will want to help you. Make sure you find a mentor if you don’t already have one, they can help you work on any perceived weaknesses.
• Equally make yourself available and look out for others in the same boat.
• Get out there, go to meetups, take courses to keep up and improve your skills.
• Take care of your mental and physical health.

And if you’re one of the many people who’s recently lost their job, we’re sorry this has happened to you. Please do get down to your next local ProductTank meeting and/or get involved with our Slack community. You’ll find plenty of sympathetic listeners and people who will want to help you.