Job Hunt: The Three Bucket Method
To begin, let me share with you some recent statistics.
This is sad… It is even more sad to realize that you are one of those millions of unemployed people. What do the numbers tell us?
- Millions of Americans have been laid off because of the COVID-19
- There are four sectors of the economy that took the biggest hit:
- Private businesses
- Leisure and hospitality (to a lesser degree)
- There are more chances to find a job in one of the following industries:
- Financial Activities
- Mining and Logging
- Wholesale Trade
What do you expect those millions of people do? That’s right – hunting for a new job. There is no time to feel bad for yourself so get to work! Competition on the job market is sky high, while demand and new job opportunities are at an all-time low. A perfect storm!
According to a U.S. Bureau of Labor Statistics report, 70% of all jobs are found through networking. Another recent survey shows that only 10% of positions were filled through job boards. The survey showed that most jobs are either filled internally or through referrals. What does it mean to you? Use your resources wisely. Time is your no-renewable resource, so make sure you spend it on the right things. Here is how:
Is this what the buckets for? Nope, not for that. The Three Bucket concept applies to the main task on your list – Networking.
List all the people that know you very well. Family members, former colleagues, friends, friend’s friends and so on. Fill the red bucket with all the people you think might fall into this category.
People who know you a little. This might be a guy you met at a networking event. Somebody you’ve had a brief chat on social media. List anyone you can think of, who you know not so well to put them into the first bucket.
This is the main bucket, which comes empty by default. You are going to fill it with references from the people in the previous two. As you begin contacting people whom you know, they will refer you to someone they think might help. Those reference links can alight into the long chain of contacts, which will bring you…. somewhere. The idea is that eventually, you will get in touch with the right person and land on the job of your dreams. That’s the idea. Fill the green bucket with the references you obtain from other people. Very simple.
That’s all for now. The subject of my next post will be around effective networking and communication. How to approach people from your list? What to say? What not to say? … and more. I will also include email scripts – the actual things to say. Stay tuned.