As a career advisor to the information security and controls environment for the past 22 years, I have had the privilege of “growing up”  with many of you. Over these years Alta Associates has helped many of you navigate your own careers and in many cases, helped you build your teams. We have weathered many storms together over the last two decades and these turbulent times are no different.
 
October brought us the single worst week in the history of the U.S. stock market, down 18% . Major stock market averages are now down roughly 40% from the record highs we saw exactly one year ago. . Companies that we thought were pillars of the financial services industry are crumbling or no longer exist.  As we all know, there is a lot of fear around losing our jobs through downsizing, budget cuts, mergers or acquisitions. The past few months my team and I have spent a lot of time speaking with professionals in the field  who have been or are anticipating being negatively impacted by the state of the economy.
 
Given the uncertainty and fears many are facing I feel compelled to reach out to you during this scary time and provide some perspective.
I've experienced many difficult market cycles during my recruiting career, including the crash of 1987, the financial panics of 1990-91 and 1997-98, as well as the most recent 2000-2002 bursting of the technology bubble. Each of these cycles was difficult  and created both challenges and opportunities for both clients and candidates. The crisis we're all going through right now will do the same.
 
As the markets crash around us, you have to realize that the only thing you can take stock in is yourself. Regardless of what your investments are doing, you still have a controlling interest in “Me Inc.” If you haven’t done so already, now would be the time to consider the following steps in your personal career continuity and growth.
 
1)    Identify your differentiators and strengthen your personal brand. Know what your attributes are. Are you a turnaround CISO? A rock star client relationship manager?  A technical expert? I It is important to define your strengths and be able to clearly and concisely articulate them. Use this perspective when updating your resume so you can best highlight your accomplishments.
 
2)    Once you have defined your strengths, determine how you can utilize these qualities to add value internally to your organization. Continuous efforts in providing solutions or services that are deemed valuable to your company may save your job or postpone your departure.  
 
3)    Strengthen your relationship with the management team of your department and key stakeholders or clients. Understand the direction that they are taking and where your department and you personally fit in the bigger picture. If there is an exit strategy, estimate a time line for your participation and begin actively searching for a new opportunity.
 
4)    Communication is key to maintaining your sanity. It is imperative that during these times of stress you proactively seek to maintain a rapport with you leadership. Understanding the facts no matter how negative they may be will prevent you from being overwhelmed with irrational thoughts or becoming paranoid.
 
5)    If you or your company decides it’s time for you to look for a new job leveraging your internal and external contacts will be the key to your success. Keep your executive recruiter aware of your status so they may consider you for opportunities they feel are a match. Get the word out to your associations, organizations, friends and family that you are on the market. Recognize that in the short term, supply may outstrip demand especially in the most senior roles and that you must be prepared for a marathon, not a sprint.
 
The one common trait shared by the 1987, 1990-91, 1997-98 and 2000-2002 cycles, as difficult as they all were, is that they were all temporary. The question is, when is the current one going to end and how will your personal career be affected. The only answer which is completely honest, of course, is that nobody knows. We simply know from history that it will end and that leveraging the trust based relationships that you have built over the years will provide your best career continuity and growth.
 
I know this isn't easy, but you will get through this cycle and both your character and your professional capabilities will be have been strengthened because of it.