I recently read this article on the Farnam Street blog about optionality, and it resonated deeply. Optionality is such an important focus during these uncertain times:
Preserving optionality means avoiding limiting choices or dependencies. It means staying open to opportunities and always having a backup plan.
Farnam Street Blog
As I write this today, we’re in the midst of a global pandemic. Unprecedented is the word of the year. No one knows what will be ahead. Predictions are only guesses, based on what we know now and what has happened in the past. But it’s all uncertain.
Already, some startups have begun laying off employees in anticipation of a recession, constriction of funding, and uncertainty about the economy’s recovery time. No matter your role or level, you are probably sharing in a global dread: What will happen to your work-future?
That’s why I like this idea of optionality. It seems the only sane way to address our own careers during such an uncertain time. The idea is to prepare for several different outcomes. To focus on flexibility. To foster resilience. These are always good ideas, but never more so than now.
Optionality is in startups’ DNA
If you’ve worked in tech for a while, you’re probably already primed for optionality. Startups by nature, even in good times, are dealing with flux. “Pivot” is a mantra. And we casually bat around the statistic that 75% of venture-backed startups fail. So startup people are accustomed to optionality. If you’re not planning for change, you’re not doing it right. But what does this mean to us at this crucial moment, which promises to be a turning point for many?
Quarantine is an opportunity to upskill
Stuck at home? There’s never been a better time to gain new skills. You’re already familiar with the myriad offerings online to learn, and many creators are offering discounts and free courses during this time as a way to give back. Think about skills that will make you more valuable–a certification, an adjacent skill, something you’ve always wanted to learn. As for me, I’m going through Ahref’s Blogging for Business course, which is currently offered free. And don’t forget that learning a skill can be used for relaxation or distraction from worries. While sheltering in place, I’m working my way through a beginner’s piano course that I’ve been intended to take for years.
Why this particularly matters if you’re late-career
Let’s be blunt: Some cards can be stacked against you when you’re late-career and job-seeking. But optionality is a soft skill. And I’m a firm believer that more mature employees have soft skills that enhance their value in the marketplace. If you can muster the wisdom to prioritize optionality now, you will have a much better chance of landing on your feet when the dust settles.
The good news: There’s going to be a lot of shuffling
Once the world starts back up again, I think there will be a lot of movement. Contraction, yes, but then expansion. It may even happen simultaneously. People will be moving between companies and roles. It’s fair to say that the world will look different in six months. So your job right now is to get creative and imagine how you can best fit into some of the likely changes. What are the opportunities that will open to you? Your creativity in visioning how you might fit into the new world order is your superpower.
It’s a crazy time. No doubt about it. And it takes a ton of energy to get through the dark times prepared for the other side. In the meantime, though, keeping optionality front and center will allow you to put your very best foot forward once we get there.