Most people go around thinking that an unstable job market is something to be worried about.
They also think it’ll prevent them from succeeding and getting a job.
The truth is the opposite.
An unstable job market is a change in the game. It’s a change that you can get out ahead of and actually land your dream job and make more money than you ever thought possible.
In this episode, I teach you how to redefine an “unstable job market” so you can never let it stop you from getting your dream job again.
Here are more of my favorite resources for this episode:
- When The Job Market Is Unstable (blog post)
- How To Land Your Dream Job (podcast)
- How To Land Your Dream Job (And Make More Money) (blog post)
- Getting Ready Every Day (podcast)
- How To Know When To Quit Your Job (blog post)
- 11 Powerful Money Mindset Questions To Ask Yourself (blog post)
- Grow You (life coaching)
Full An Unstable Job Market Episode Transcript
Welcome to the Design Your Dream Life podcast where it’s all about designing your life on your terms and now your host, Natalie Bacon.
Hey there. Welcome back to the podcast. How you doin? Are you succeeding working from home or has it been very challenging? I know for many of you who are not used to working from home, it has presented a lot of new challenges and I want to encourage you to get ready every single day. Shower, do the hair, do the makeup, put on a full outfit including shoes as if you’re going to work.
If you’ve not listened to the Getting Ready Every Day podcast episode, I highly recommend going back and listening to that right now. I go into why this is so important for you to get dressed and show up for you, not for other people, and I think there’s no better time to practice that then right now. I know from all of the coaching I am doing that a lot of you are not doing this and I think it is actually making it harder for you to find thoughts that feel good to get that motivation going.
Right? So it’s a little kind of mindset hack that I do. I always get ready every single day. I want to start Monday mornings looking my best. I had a little bit of a stomach ache this morning from something I ate. I didn’t get sick or anything, but I was just kinda feeling a little like an upset stomach was happening and I got ready anyway. Right?
I really think of my job as my job as if I went to it. Like I used to go into the office as an attorney, like I used to go into the wealth management firm as a CFP. I’m showing up as the good employee. I want to be in my own business at home. So if you are working from home right now, which I know so many of you are, give this a try even just for a week and see if you are feeling better.
All right, that is not what we’re talking about today. We’re going to talk about an unstable job market. I’ve been coaching a lot on this the last few months because of Covid, and the abrupt change that we saw right in the market and it makes sense, but we’re all very confused about this. So I really want to set the record straight for you so you can have a completely different mindset about this.
Now, the way that I teach jobs and getting a job and landing your dream job and you know, going out into the marketplace and getting hired is very different than anyone else. Okay? So this is something that I spent a lot of time researching and studying and through my own experience have found to be the best way to approach getting hired and getting a job, a job you love, especially when there’s uncertainty in the world, which there always is. We’re going to talk about that.
So I want to start off with breaking down what an unstable job market means. I looked up the definition of each of these three words. Unstable means prone to change or failure. I really liked prone to change. Okay, so if you just think of something being unstable, it’s not steady. It is up and down and it changes. It’s supposed to change. Okay, so that’s unstable.
A job is a paid position of employment and a market is the operation of supply and demand. Okay, so I want to put these altogether. An unstable job market is just changes in the opportunities to be hired based on supply and demand. When I say it like that, it creates a much different feeling. It’s much more vanilla. It’s much more neutral than unstable job market, but they mean the same thing. I think that when we are talking about an unstable job market, there is a sense that it’s supposed to be stable and that it’s always been stable unless you know it’s been a depression or a recession or something like Covid 19. I want you to stop thinking about an unstable job market in this way.
I want you to think about an unstable job market, meaning changes in the operation of supply and demand where you want to get hired. So the market changed. Supply and demand changed after Covid 19 kind of hit specifically, I’m talking about the U S but pretty much everywhere and I think it’s supposed to change. So just think of supply and demand. It’s always changing, right? Always.
So when you say unstable job market, a lot of my clients are saying that as if that’s a circumstance like the circumstance is, it’s an unstable job market and I want you to think of that as not even being a thing. It’s not real, right? It’s a thought and it’s an optional thought that you don’t have to think. Instead, I want you to break it down so that you’re thinking about a market which is just supply and demand.
And it’s supposed to change all of the time, right? And if you think about it this way, all you have to do is make sure that you have the mindset that change supposed to happen, right? So instead of thinking that this is a huge problem and there’s so much to fear about the future, I want you to think about, Oh, the demand just changed. The supply is now different. There’s no longer a demand for what I used to offer. So now what?
What are the new rules of the game? How do I win, now? I have to offer something else, right? So if you think of the market as just a supply and demand chain going up and down all of the time, sometimes the swings are bigger, but there’s always swings, right? Even if you thought a year ago that you were in a very stable job, right?
You had no idea that this was going to happen Covid 19 but it happened, right? We had no idea restaurants were going to close, but they closed. And so I think what’s happening is that there is a new awareness that circumstances can change very abruptly. And that’s okay.
Don’t let that awareness mean something that it doesn’t, meaning don’t let it mean that the job market was once stable and now it’s not. It’s just not a useful way to think about it. I go back to graduating college and graduating law school. Again after law school. I was so worried about passing the bar that I just went all in on that and I did pass the bar the first time, which was a huge accomplishment for me. Someone who has to work really, really hard to remember things and pass tests. And you know, it was one of the biggest accomplishments of my life, right?
So I was not focused on getting a job at that time. A lot of other law students were. So I passed the bar and I decided that after taking the bar, I took the bar in July after taking the bar, I would worry or think about getting a job. That was my mindset. And I decided that I wanted to work at a big law firm and I decided that I was going to get a job at a big law firm.
Now, to give you some context in law school lawyer world, you do not get hired typically at a law firm unless you summered there unless you worked there during one of your summers as a law student and I decided to think that did not apply to me and I decided to believe that I could get a job at a law firm at a big law firm and that is what I did.
It was a entry level job. It was a staff attorney job, but then I got a different job a couple years later as an associate at another big law firm, I continue to believe that I could get the job that I wanted. Here is why this matters. With that belief, I went into the interviews very certain that I was qualified for the job, that I was the best fit, that they would be making a mistake if they passed up on me. Okay.
Now that’s how I showed up. Now, did I get every single job offer from every interview? No, but I did get one. Right, and that’s all you need. What I’m finding with the people who I’m coaching is that they are thinking the thought, well, it’s an unstable job market. There aren’t a lot of jobs right now. I don’t really know what the future holds.
It’s a very uncertain time in this unprecedented period we’re in. None of those thoughts help you get a job, even if they are true, you with me? None of those thoughts serve you if what you desire is a new job. So if you are unemployed, you’ve been laid off or maybe you’re just in a job and you’ve realized during this time you want a new job, whatever the case is.
Maybe you’re listening to this in the future and you know Covid is a thing of the past, but you still have a sense of an unstable job market. I want you to forget that thought and never think it again. I want you to refuse to believe that it applies to you. If you are confident that you have value to give to an employer and you apply with that confidence and you go on interviews with that confidence, you will get a job.
I like to think about the different periods throughout history. Most notably the great depression and the recession. Most recently, right of when I graduated college, it was happening. And I like to think about how many people had jobs, got promotions, got new jobs, and made millions of dollars, right? We like to think of the stats and what the news is showing us.
Now remember, your human brain is very concerned with danger. So the news is just providing information that it knows you are going to be attracted to. It’s always going to provide more information about something you should be concerned about. It’s not talking about how many people still have their jobs, how many people are getting new jobs, how many people are making millions of dollars? So think about all of the evidence that is out there for you to get a job that you want in any market.
Think about when supply and demand changes and think about what you’re offering. So let’s say that you owned a restaurant or you were a bartender, right? Some industry that’s been impacted greatly right now during this time, any anything like that and you lost your job or your business was shut down. Okay? I want you to change your mindset and ask yourself, what are the new rules of this game? How can I win now? Right? Where is the demand at now?
Okay, well the demand is for carry out now. The demand is for people working from home, doing things at home, start to think about it as humans, right? And humans are what make up the market and there’s a demand for what? Think about it in that way and how you can meet that demand. My aunt and uncle owned a bed and breakfast. It’s beautiful it is very high end they had in the past a lot of guests who were very highly educated and interesting.
It’s right by a college. These guests were just fantastic. A lot of professors and different people who I would say were very interested in education, art and culture and that sort of thing. And I was talking with her because obviously no one has been staying. Normally there’s a wait list. Right? They’re booked out. It’s a very nice, nice, nice BNB.
And I was talking with her about the immediate future and different marketing ideas and how a lot of younger people are thinking about travel very differently than older people. And that makes sense, right? Because of how much more high risk people are who are a lot older right now for Covid in particular, and we were talking about maybe she could offer something to students. And prior to this she wasn’t really catering to students. Students really weren’t staying there. It was, you know, more sophisticated people who were middle aged or older.
Right. So, and I don’t know if she’s going to do this or not, but the point is that we were talking about it in terms of supply and demand. So you were used to thinking one way about your market, the restaurant, the bed and breakfast, whatever it is, where you were working and now the market changed and the market is supposed to change. Supply and demand is supposed to change, right?
It doesn’t always change this abruptly, but who cares if we focus on the past, right? It’s not serving us. What’s happening now and what’s going to be useful for us to think about going forward. I want you to think about the market being something that’s supposed to change and that supply and demand always change and that you are very employable and there’s always something that you can do. There’s always value you can provide in exchange for pay.
It’s really important that you understand people aren’t paying you for your time, they are paying you for your value. So I like to give the example of lawyers, even lawyers who if you’ve not hired a lawyer before, typically you pay for them by time. So you’re billed to the 10th of an hour or something like that. So I might get a bill from my attorney for 2.5 hours and I pay her that based on her hourly billable rate.
Okay, but I’m not paying for those hours. She didn’t sit there and stare at me or something for 2.5 hours. I’m not actually giving her money for the hours I’m giving her money cause that’s what I value. I have money, that’s the value that I’m exchanging. So I give her the money, the value, and she gives me whatever she did for me that month. A lot of copyright things DCMA take downs, that sort of thing.
Policies on my website, whatever she did, that’s the value that I’m paying for. So know that wherever you are working, whatever you were doing, you were paid for the value, not the time. And there’s always something you can do to provide value. It may be different than how you were providing value before. Who cares? It’s okay, this is supposed to happen, right? You can change how you showed up in the marketplace, right? I’m not saying it’s going to be easy.
There might be a transition if you are used to being a server in a restaurant and now you’re going to start offering something totally different. And by offer, I mean apply for jobs that are very different. There’s going to be some resistance in that transition, but that’s okay. If you believe in yourself and have confidence that you can help a company, that you can provide them with value, they will pay you.
So instead of thinking that the market is unstable and that you know it kind of insights, this fear, I want you to think of it as being new and different and just having changed. The market changed. Now what? Another part of this is thinking about guarantees and the certainty that comes with being an employee in a job.
I think that we have this false sense of certainty with our jobs. We think that it’s a very steady paycheck and position and in some ways we have proof of that, right? If we’ve had a job for three, five, 10 years, even three months sometimes, and the paycheck is the same and we show up and we do the same thing. There’s a sense that it’s secure. It’s certain, you can rely on it. It’s not going anywhere, but notice that that’s just because you’re choosing to think of it in that way.
The truth is we don’t know what’s going to happen in the future and we never did. We didn’t know that this was going to happen and that’s okay because why? Because the abundance, the certainty, the ability to get a job is in you. It’s not in the job.
I was coaching someone who wants to get hired full time by a company she’s doing freelance work for, and she did get the job offer and I told her, you know, you’re the one who got this, right. It’s an honor for them just as much as it’s an honor for you. She was viewing it as all of the abundance and the certainty was in them and they had all of the kind of control and power and that this had to work out. She’s very nervous about it and I reminded her that she got this job.
She’s the one right, and if it didn’t work out, there’s another one. When you realize that you’re the one who gets the job and you’re the one who creates the money, you’re not so attached to the particular job and it actually enables you to show up better and more all in because you’re not as worried about what the employer is going to do or say or think.
You are worried and concerned with what you can control, which is how you show up, how you go all in and overdeliver. When you know that you’re the one who got the job, you know that there’s another job out there for you. There’s so much power in remembering this. The job that you have right now you have because of you. You got it and you can get another one. I know that for sure. I have no doubt at all.
Now it doesn’t mean that you want to get another one. It doesn’t mean that you might have to go on 10 interviews. It doesn’t mean that you know, you might not get your first offer or second or third, but you will eventually get another job, right?
If you believe that you bring value to a company, it does not matter what the market’s doing. It does not matter how old you are. It doesn’t matter what you’re not as good at. If you focus on the belief and the opinion of yourself that you have what it takes, then you will find the right fit. So what do you do now? You control what you can and you show up and make the best decision possible. Given what you know now, not out of fear, not out of, well, another job might not come around. There’s always another job.
I want you to know that there’s always another job. How do I know? Because we always have supply and demand, right? In our marketplace. That is how we created it, right? There are companies and there are jobs and we are selling things. Okay?
If you’re not the one selling, your company is selling something, even if you’re a dental hygienist. That’s the first thing that came to my mind, right? The owner of that practice, the dentists, they are selling a pretty smile. They are selling braces, they’re selling whitening and teeth cleanings. Okay, so you are part of that sales machine. Your role is the hygienist. So as long as people are getting their teeth cleaned and as long as dentists exist, there is going to be a demand for what you have to offer and you can get a job. Now, let’s say that it is, you know, during a pandemic and you’ve been laid off from your dental hygienist job, you have choices to make.
Instead of thinking about it as an unstable job market, I want you to think about it as, Oh, the supply and demand in the marketplace has changed. Consequently, I cannot work as a hygienist right now, but the new rules of this game that we’re in of the market that we’re in is that I could provide value in a different way. If I want. I could start working from home. I could pick up a side job.
You know, you could pick up a side job, walking dogs. You could pick up a side job, freelance writing. There’s a bajillion different ways that you can make money from home. The point is for you to know that even when circumstances change and your job market has been directly impacted, like if you’re a dental hygienist or a restaurant owner or a server, you still have control over what you decide to do.
You can sit home, you can do nothing. You know, maybe you’re still getting paid. Maybe you’re on an employment and none of those things are wrong or bad, but do not act like they happened to you, right? You may have not chose to be laid off or be in this situation, but you’re here now, so now what are you going to do? Right?
You can choose to work doing something else or you can choose not to, neither of them is right or wrong, but do it from a place of being proactive and leading your life, not from a place of, Oh, I’m just reacting to what happened to me and a poor me victim mentality, right? So I teach a lot about the victim mentality in my program. It’s a mentality. It is not based on whether or not you’ve actually been a victim, so I have to be really clear about that.
It’s based on thinking. It’s a thought pattern that your life is happening to you. So sometimes things do happen to us, like a job loss. For example, say you were laid off, that happened, you didn’t choose it, you didn’t see it coming. Right? But if you continue to have the thought pattern, this is happening to me, that’s what you will create more of. So what I help you do is change that thought to, okay, how is this happening for me? What now? Right?
I’m kind of bummed I lost my job. I’m disappointed. That sucks. Now what? Supply and demand has changed? What are the new rules of the, I know I can provide value no matter what. It might be different than I wanted initially, but I’m here for it. I’m playing, I’m in the arena, I’m owning my life.
I want to finally go over some lies that I think we believe, I’m seeing this from my clients. They are thinking that there is a such thing as a wrong decision. There’s no such thing as a wrong decision. What makes something a wrong decision is your decision that it was wrong. So you can just say this is the right decision for me right now. Even if in six months a year you remake that decision to do something else, you can still have your back and say, you know what?
At that time that was the right decision and I’m choosing differently now. So often we don’t go all in and take a massive action because we are afraid of making the wrong decision and what we’re afraid of is our own self judgment against ourselves. And the same is true for the other lies. It’s making mistakes, wasting time, failing, losing money. There’s no such thing as any of those things. So you miss the mark. You keep going, you have your own back. You’re not wasting time. You’re trying, you’re figuring it out. You’re going all in. If that didn’t work, something else will. It helped you move forward.
The truths I want you to remember are that you’ve always found a way to get a job. You always can. You are the creator of your jobs and of your career. You are the creator of your money. You create more money by providing more value. If you focus on playing the new rules, right of the game, meaning the government changed the rules that we live by. So what are the rules?
If you focus on playing the game with the new rules, right? That’s how you will win. That’s something I learned a little bit from Russell Brunson. He’s taught me this so, so well. An entrepreneur. I think as an entrepreneur you are used to this. If you have any success at all as an entrepreneur, you understand this. It’s always changing. That’s the only constant is that it’s always changing. And I know for sure that you can figure out whatever problem is in front of you. It’s when we try to solve future problems that aren’t problems yet that we get ourselves into trouble.
So if you are struggling with the thought that it’s an unstable job market, I want you to promise me that you’re just done thinking that thought and that instead you are going to think that you are valuable, that the market has changed. The market is supposed to change. By definition, the market is supply and demand and you have what it takes. It might require courage, it might require resilience, it might require adaptability, but you are here for it.
You got this, my friend. All right. If you know someone who is struggling with this right now, getting a job, being laid off or thinking about an unstable job market, please share it with them. I want to help people. I think that there’s so much confusion around the mindset of an unstable job market and the truth is it’s just not a thing and I want to help you and as many people as I can realize this so that they can go out into the marketplace regardless of if it’s now or in five years and show up playing the new rules of the game and being willing to miss the mark and try again and keep failing forward.
That is how you create opportunity for yourself. That is how you provide value and that is how you create money. All right, I will talk with you next week.
Hey, if you liked this podcast you really should check out, Grow You, my life coaching program. I coach you on everything I teach on the podcast so that you can uplevel your life. We 10x it so you get the results you want most. Just like a monthly gym membership to get your body in shape, this is a monthly personal development membership to get your mind in shape. It is an investment your future self will thank you for. Check it out at Nataliebacon.com/coaching. That’s Nataliebacon.com/coaching. I will see you there.