Layoffs Can't Stop You: Freshers' Guide to Startup Success
Stepping into the startup market amidst mass layoffs, especially for freshers, can evoke feelings of apprehension. Here are some valuable tips for freshers venturing into the startup realm amid layoffs.
A job in the IT industry has always been a longstanding dream of engineers from the Indian middle class. However, the industry has been plagued by mass layoffs as the Indian startup ecosystem navigates the funding winter and faces macroeconomic headwinds.
Earlier this year, Accenture announced plans to cut off 19,000 jobs and Amazon undertook another round of job cuts affecting 9,000 individuals. While SaaS startup Chargebee let go 10% of its workforce this month, short video platform Chingari has laid off half of 50% of its employees. Even technology giant Google's parent Alphabet is reducing its global recruiting team as it continues to resort to slow hiring.
However, amid this wave of workforce reduction, several Indian companies have voiced their intention to hire fresh talent. A report by Teamlease unveiled that 64% of the surveyed companies in the April-June 2023 quarter were inclined to hire from the new talent pool.
Amid mass layoffs, entering the startup ecosystem can be a daunting task, especially for freshers who may feel demoralised and discouraged amid the gloomy environment.
However, there are strategies to enhance your prospects of success. Here are four valuable tips for freshers venturing into the startup realm amid layoffs.
Conduct comprehensive market research
Before you dive into your new journey, it is important to conduct a meticulous analysis of market dynamics. The most sought-after factors that need to be recognised are sectors with high demand, domain-specific skills valued by firms, and roles that offer substantial compensation or job security. Therefore, assess the areas that perfectly align with your domain.
Furthermore, identifying the leading organisations within your targeted industry is of utmost importance. Compile a list of preferred companies, delve into their recent performance trends, and read news articles on recent layoffs and employee reviews on platforms like Glassdoor. This exploration will familiarise you with the company culture and employee satisfaction levels.
Pose queries to HR
If you manage to crack the interview stage, don’t forget to inquire and learn more about your position. Initiate your queries with topics such as the company's financial stability and its strategies for growth.
This is indeed one of the most crucial tips as suggested by Senthil Kumar Venugopal, a renowned career coach.
The majority of multinational corporations and startups often recruit for projects that are in their early stages of development. According to Venugopal, it's crucial to check three key aspects: Firstly, you would lead this project. Secondly, you would hire your team members. And thirdly, the company will announce its intentions to grow the business using this technology.
So, be alert and curious.
Unleash the Power of Networking
Not every promising job opportunity finds its way onto online job portals, does it? Moreover, some job search strategies don't always align with your desired results. This is where the power of networking comes into play.
For freshers, a robust network can serve as a gateway to the industry, seek invaluable guidance from industry veterans, and uncover hidden jobs.
Networking also helps you to tackle any unforeseen circumstances like future layoffs.
Pitch like a pro by leveraging platforms like LinkedIn, Facebook, and Twitter to foster meaningful connections or extend the reach within your industry. This would significantly enhance your prospects of bagging an amazing role within your dream company.
Focus on Skill Enhancement
In the ever-evolving startup landscape, the assured method to increase your employability is through constant upskilling.
While you might already possess the know-how to function within your domain, today’s rat race demands ‘something extra’ to maintain a competitive edge.
A plethora of online learning platforms like– Coursera, SkillShare, LinkedIn Learning, UpGrad, Udemy, and others, possess an extensive array of practical courses and certification programs that facilitate your upscaling.
Remember– if you invest in self-improvement today, your future will shine the brightest.