After an unprecedented period of growth, the tech industry appears to be entering a stretch of profound uncertainty, leaving many professionals wondering what their next step should be.
In just the first half of 2022, over 24,000 people were affected by layoffs at some of America’s top tech companies, including Netflix, Coinbase, Tesla, Twitter, and more. As fears of a potential recession grow, industry titans are pulling back on new hiring, with many saying the industry’s meteoric growth is being brought back to Earth.
But for talent professionals and hiring managers throughout the industry, it’s clear the market remains red hot. Despite some high-profile companies rethinking their hiring strategies, tens of thousands of tech jobs remain unfilled as new opportunity emerges.
Having your career shaken by factors beyond your control can be daunting, but your future is still bright. As you look forward to your next opportunity, here are three critical factors to keep in mind that’ll help you navigate the new job market and ensure your future success.
1. Know the Industry
As you consider new companies and organizations to further your career, ask yourself: What opportunities exist in this field, and how will those opportunities change and grow into the future?
Finding life-changing opportunities often means being in the right industry at the right time. Not only are these opportunities less likely to be affected by uncertainty in the market, but they also offer the biggest reward as promising fields grow and occupy larger and larger niches within the tech world.
Propelled by the limitless potential of AI, the machine learning industry is poised to explode in value to nearly $200 billion by 2030. The nascent field is already revolutionizing finance, healthcare, transportation, and countless other industries while employing more and more people every year—ML jobs have grown by 75% in the past four years alone. As the leader in the ML operations industry, Arthur has already experienced tremendous growth and will only continue to grow into the future.
“As the AI industry continues to automate and mature the model development and deployment process, we’re going to witness the next 5-10 years intensely focused on bringing the same level of sophistication and ease to model performance management and optimization once these models go live in production,” says Victoria Vassileva, Arthur’s commercial accounts leader. “This is where all of the value—and risk—is for any organization. Model performance and business performance, including regulatory and reputational risk, will be increasingly linked and so having the necessary oversight and controls will be the differentiator between success and failure, between positive impact and harm.”
2. Know the Company
After considering the broader industry outlook, ask yourself: Which company is best poised to take the lead in creating that new future? Knowing your prospective organizations inside and out is crucial to identifying which have the strengths needed to reach their goals—and to help you reach yours.
Proven leadership is indispensable to any sound organization. The best indicator of future success is past success, and leaders who know what it takes to survive and realize their goals despite the odds are the most likely to do it again.
No company can predict the future, and often the road to success is forged in difficult economic times. What separates the companies that float and the companies that sink is a focus on sustainable, responsible growth and commitment to take the steady route to success. Look into or ask about your prospective companies’ fundraising, annual recurring revenue (ARR), burn rate, and other key financial indicators. Are they prepared for whatever the future holds?
Research has proven again and again that diverse organizations are higher-performing organizations and that fostering an inclusive company culture has a significant impact on a company’s fate. Are the companies you’re considering doing everything they can to foster a workplace where people of all backgrounds and identities are welcomed, included, and supported?
At Arthur, we’ve built a culture-driven organization run by experienced leaders with an eye towards a more responsible future for the machine learning world. Our CEO Adam Wenchel has over 20 years of industry experience and found success both as CEO of Anax Security, a DC-based AI startup, and as VP of AI & Data Innovation at Capital One. We’re built by AI experts and backed by world-class, diverse investors, led by Mike Volpi at Index Ventures, Lo Toney, Theresia Gouw, Work-Bench, and Homebrew. And we’re even more proud to foster an environment where everyone feels welcome and invested in the Arthur mission.
“It’s refreshing that we regularly and thoughtfully talk about how diversity and belonging are important to Arthur’s mission to make AI work for everyone,” says Genesis Whitlock, Arthur’s head of talent. “The time, energy, and focus it takes to find amazing talent from different backgrounds, experiences, and identities is so rewarding when you have leaders and colleagues who are actively working alongside you to create a diverse and inclusive environment.”
3. Know Your Values
What matters the most to you? Ultimately, only you can decide the right move for yourself. As you look forward to the next adventure in your career, take some time to think about what would make your next job the perfect one.
Are you looking to grow and expand your skill set? In an industry that changes as rapidly as tech, staying up to date with the latest skills is critical to a long and impactful career. Do your prospective companies value mentoring and continuing education both in principle and in practice?
Are you looking to take on leadership responsibilities and have your voice be heard? If so, it’s critical to know whether your new organization regularly encourages employees to take on new challenges and rewards them with opportunities to do so.
Are you looking to work for a company with a mission you can believe in? People are far more likely to stay longer and achieve more if they believe in their organization’s mission. Consider what a truly good business looks like to you, and compare that vision against the companies you’re considering.
Arthur’s values are at the heart of everything we do, and we work tirelessly to make sure we provide every opportunity our people could want. Even as we grow and scale, we remain a small team at heart, elevating employees to new opportunities and rewarding excellence with a platform to have your voice be heard.
“With startups, building a great product doesn’t happen without a great culture as the foundation,” CEO Adam Wenchel says. “When I co-founded Arthur three years ago, I wanted to make sure that everyone on our team loved coming to work. We’ve spent a lot of time and energy fostering a company culture that reflects our core values of integrity, transparency, and inclusion.”
We’re on a mission to make a more responsible AI-driven world—and we hope you’ll join us in making that vision a reality.