Job security is a myth

OpenAI and Sam Altman just proved it yesterday

Today in Code.Lead.Succeed Newsletter in 10 minutes or less, you’ll learn:

👉 How the economic models changed in the last 50 years
👉 How did that lead to Sam Altman leaving OpenAI
👉 The 5 ways I prepare myself if that happened to me

And to celebrate 1000 subscribers, I have a special gift for you at the end!

Capitalism 101

Adam Smith was the founder of capitalism. He believed in the social responsibility of businesses. He thought that businesses’ role is to create goods and services that meet the needs of society.

Contrary to that, in 1970, Milton Friedman wrote an essay: “The Social Responsibility of Business is to Increase its Profits”. The main takeaway was the shift in thinking about the business. Its primary responsibility was to meet shareholder's interests through profit.

You can see the vast difference in approaches. The classical way puts communities and the social value of business first. The “modern” practice focuses on the interests of the few.

How CEOs get fired

Sam Altman is an excellent example where the founder's vision doesn't matter. The same has happened to Steve Jobs in 1985. Investors' interest took priority over the founder's vision.

That’s also the reason why Elon Musk took Twitter/X private. He couldn’t have a board of investors in his way to get his vision realised. His vision is greater than short-term profits for a few.

Companies following Friedman’s model put profit for shareholders above everything else. If their goals aren’t met, they execute any strategy necessary to fix that.

There is a good chance you’re also working in that kind of company. There is a good chance you experienced layoffs. I hope it explains them. It’s nothing personal. It’s a profit margin.

The 5 ways you can prepare

Benjamin Franklin said, “By failing to prepare, you are preparing to fail.”

I have an exit strategy

At any point in my career, I knew what to do if I got laid off that day. I don’t fear it daily, but I am prepared for the situation.

I keep an eye on who’s currently hiring in my area. I see who has open positions. I look at what skills they need to get the job.

I have an action plan: what would I do, and who would I call if I had to find a new job tomorrow.

I keep an emergency fund

A part of an exit strategy is to keep a cushion I can land on in case something unexpected happens.

I save some money each month and can cut my expenses. This way, I buy myself time to find a good job and not take the first one that will land on my desk.

It’s up to you how big it is. The smallest for me is 3 months. I hear people have up to a year of expenses covered.

The riskiest play is to have none.

I audit and diversify my skills

Market changes, economics change. What you know today may not be valuable tomorrow.

Continuous learning is the best safety net. Book as little as 15 minutes daily to read an article or a chapter in a book. As you look at available jobs, you’ll get insight into what you can learn next.

Like building your savings, it’s a long game of small moves that will keep you ahead of the changing conditions.

I diversify my income

There is a truth that the only guaranteed employment is in the company you own.

The easiest way of starting for you as a Software Engineer is through writing. Start posting on LinkedIn about what you know. Start a Substack writing once a week about what you’ve learned in that time.

You don’t need money or a business plan. All you need to do is to open your LinkedIn and write your first post. The rest you can figure out later. It will also help with the following strategy.

I build my network

The easiest thing you can do is be nice to recruiters even if you’re not looking for a job.

Instead of attacking them for spamming your inbox, reply with “Thank you”. You’ll be the one they’ll remember, which can put you on top of the pile of CVs.

Building your network of like-minded people will also help your growth as an Engineer. In case you need a new job, you’ll have plenty of friends worldwide to assist you in finding it.

Putting it all together

Putting those strategies to work will bring safety to your career progression. You can see how all five work well together and how you can use them together.

You’ll also learn many helpful off-meta skills. This will change your outlook on career progression. I did learn a lot about business and myself since I started writing 6 months ago.

And if you feel it’s too late for you. The last best time to plant a tree was 10 years ago. The next one is now. Time will pass anyway. What you do with it is your choice.

P.S.

The Code.Lead.Succeed reached 1000 subscribers! Thank you all 🫶

I’ve also reached 1 MILLION impressions on LinkedIn 💙

Thank you to all of you for your support!

To celebrate, I decided to give you 10 free career coaching sessions (worth £200 each)!

So:

👉 If you want to find clarity on your career goals for 2024
👉 If you struggle at your current job and are looking for answers
👉 If you want to become a Technical Leader in 2024

Reply to this email or DM me on LinkedIn with “10for1k” and get your career going!