Look Out: The Herd Is on the Move

August 26th, 2010 by Ryan Windeyer |

During the early dot-com days, I interviewed a 20-something college dropout for an open IT position at our firm. Instead of finishing his undergraduate degree in computer science, he elected to get several Microsoft certifications. He asserted that these certifications were actually better than a college degree since he didn’t need to waste four or five years before making good money. He said lots of people were doing this and getting jobs, so it made sense.

Indeed, it was a unique time period with excessive demand for anyone with computer skills and a low supply of such talents. This equated to a seller’s market for the jobseeker with little regard to work experience, education or skill level.

As we all know, this seller’s market abruptly vanished a few years later. As a hiring manager and business owner, interviewing a college dropout was a first in my career. Upon reflection though, this should not have been surprising given that herd mentality rules much of our lives.

Whether it is the stock market, clothes, politics or other areas, human beings are natural followers. Under the right conditions, including times of exuberance or fear, we will not only follow a product, an ideology or a person, but can even become blind advocates. In most cases, you aren’t even sure where the herd will take you, but as long as “everyone is doing it,” following the herd feels safe.

Most times, following the herd doesn’t negatively affect your life. However, as we’ve seen in recent years, there are instances when the herd will run itself over a cliff. Although we are in a buyer’s market now, the herd is on the move again. Jobseekers should proceed with caution.

Should I Get Another Degree?

Having more formal education rarely hurts you, but many times, an additional degree or two beyond the undergraduate level may not help much either. Many recent graduates or mid-career professionals are weighing this question in hopes of bypassing the current job market for a few years.

This decision must carefully weigh the costs of an advanced degree against the potential future earnings or other career opportunities, since this debt load will be carried for many years beyond graduation. Clearly, every situation will be different and personal factors weighed. In many cases, however, the numbers will not pencil out for many advanced degrees that may look good on a resume, but not generate the expected salary or job opportunities. There will be exceptional cases for those jobs or industries where an advanced degree is necessary, such as an M.B.A., medical or law. Outside of the exceptional cases, in lieu of the advanced degree, the extra years of work experience or simply keeping your foot in the job market would likely provide similar gains without the extra debt load and other costs.

That said, advanced degrees will always provide some value to you either personally or professionally. The real question is how much are you willing to pay or sacrifice for that value over the long term?

Should I Start A Business?

Although it sounds exciting to start a business, not everyone should do so. New business startups are inherently risky, no matter who is involved and what is being sold. There are too many reasons for business success and failure to list them all. Depending upon the source or statistics you read, there is anywhere from 50% to 90% chance of failure within three years of start up. This means at best, you have a 50/50 chance of surviving, and survival does not mean you are highly successful. Further, if you haven’t run a business before or if the startup involves a product or service you have never sold, your chance for failure only increases.

Don’t get fooled by the few stories of successful startups in the mainstream media. There are many more stories of business owners running up substantial debt chasing a dream, which does not include opportunity costs and lost time. If you have the entrepreneurial bug, spend several months researching and talking with those who have been there, done that. At the least, you’ll increase your chances of making it work.

Should I Build A Personal Brand?

“Build a personal brand” is a great sound bite, and it could mean a hundred things. In the traditional sense, unless you have a business or profession that is closely linked to you or your name, building a personal brand is an exercise in futility. Professional marketers will tell you it is time-consuming and expensive to build a good brand for just about anything, such as a company or product. For the average jobseeker, attempting to build a personal brand through blogs, videos, website, fan page or similar means will take time and money away from other more important endeavors, and likely not provide much value.

Although it is true that you are your biggest asset, contrary to conventional thinking, the last place a jobseeker probably wants appear is at the top of a public search engine. Due to social networks, public databases and other sources, the Internet is generally where employers conduct due diligence on candidates during final stages of the hiring process. You don’t see many employers Googling to find good candidates and inviting them to interviews. Consequently, if your personal brand were not built professionally or carefully, it would likely do more harm than good.

Think Different, Be Different

To survive this buyer’s market for employees, a competitive focus is required. There is no magic wand, only self-criticism, continuous improvement and ongoing preparation for the big game. Apply for more jobs, lots more. Meet more people, lots more. While others say “no,” you are flexible to discuss part-time, contract, freelance, internships and mentorships. While others spend thousands of dollars on a new degree or startup, you spend a few hundred dollars on a professional resume, training or certifications. While others wait for callbacks, you invest in your professional presentation, assemble work samples and improve interview skills.

There is plenty to do aside from looking to the herd for answers. Instead, explore ways to stand out (and stand back) from the herd, and avoid the next cliff.

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