The Market Reality Check: Why Your 2021 Playbook Won't Work in 2024

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If you’ve been laid off, scrolling job boards, and shooting off applications without hearing back, you’re not alone.

Let me introduce you to Mike (not his real name).

Mike is a Product Manager with a great resume. He’s worked at well-known tech and fintech companies—not FAANG, but still solid brands. He’s based in NYC but prefers remote work. After getting laid off two months ago, he started job searching.

His strategy? Cold applications.

But here’s the thing: The game has changed.

If you’re a PM in today’s market, you’re navigating one of the toughest hiring climates in recent memory. Here’s how Mike and I worked to pivot his job search strategy—and how you can apply these same principles to your career.

The Market Reality: Brutal but Manageable

First, I had to level with Mike.

The reality is that tech layoffs hit Product Managers harder than engineers. Post-pandemic, hiring slowed, budgets tightened, and PM roles became one of the first areas to get trimmed. Many companies shifted product priorities and scaled back roadmaps, creating a surplus of talent in the PM space.

In short: It’s a buyer’s market.

Mike’s last offer came during the “ZIRP” era—zero interest rates, mania hiring, sky-high salaries. Back then, employers were throwing money at candidates just to get them in the door.

Today? It’s a different world. Tempering his compensation expectations was step one.

Recalibrate Your Target

Mike had been aiming high—understandable for someone with his background—but the market reality wasn’t lining up with his salary expectations.

Here’s what I told him:

• Expand Your Range: The goal isn’t to “settle” for less but to optimize for offers. Lowering his target comp slightly could open the door to roles where he’s still paid well and can reestablish career momentum.

• Don’t Anchor to 2021 Offers: His last salary came at the peak of the bubble. Today’s offers reflect a more rational market. Don’t hold out for a 20% bump over his peak comp—focus on finding a fair offer in today’s terms.

Recalibrating expectations isn’t giving up—it’s setting yourself up for success.

Remote vs. Hybrid: The Compromise You Might Need

Mike also preferred remote roles but wasn’t opposed to hybrid work.

Here’s the truth: Purely remote PM roles are rare these days. While some companies still offer remote work, the majority of NYC-based firms are pushing for hybrid arrangements.

I gave Mike two options:

1. Lower comp expectations to increase his chances of landing a remote role.

2. Embrace hybrid work to broaden the pool of companies that could be a fit.

Mike decided he’d consider hybrid roles—a smart move in a market where flexibility often translates to opportunity.

Leverage Relationships: Your Secret Weapon

Finally, we discussed a strategy that actually works: Networking.

Mike’s career and education gave him some incredible resources:

• Former Coworkers: He worked with high performers at prestigious companies. Chances are, those connections have landed at great companies and could vouch for him internally.

• Alumni Network: He attended a top-tier university with a massive alumni base. Leveraging those connections could give him a direct line to decision-makers.

I told him to stop relying solely on cold applications and start reaching out to these networks. It’s uncomfortable for many people, but it’s the fastest way to land interviews.

The Key Takeaways

Mike left our conversation with a clearer strategy and more realistic expectations. Here’s a quick recap:

1. Understand the Market: PM roles are tough to land right now—know the reality and recalibrate.

2. Adjust Your Expectations: Don’t anchor to 2021 comp levels. Focus on what’s fair today.

3. Be Flexible: Hybrid work is the norm in NYC—embrace it to increase your options.

4. Network Like Crazy: Leverage relationships with former coworkers and alumni for warm intros.

Your Call to Action

If you’re job searching in this market, stop doing what feels productive (endless cold applications) and start doing what works:

• Reevaluate your expectations.

• Be open to flexibility.

• Tap into your network.

And if you’re not sure where to start, reach out to someone who knows the market. This isn’t just about finding a job—it’s about building a sustainable career strategy.

Don’t let the market intimidate you. Adapt, adjust, and take control of your search.

What do you think? Does this approach resonate with your experience? For more advice book a call with me here.

I also wrote an e-book for only $5 that details all of my job search advice - and peels back the curtain on what recruiters and hiring managers really look for - which you can buy here.