Overcoming common fears about pivoting into tech

(Photo credit @sammiechaffin)

How do you overcome two common fears about pivoting into tech? 

I work with clients on a daily basis who are accomplished high achievers — and yet, many are completely terrified of taking the leap to transition into tech. They don’t think they are technical enough, have enough background in tech, are the ‘right’ fit, etc, etc, etc. It’s ok - everyone has these fears. It’s natural to be cautious when making a change. Just name the fear and it’ll make it easier to move forward. 

Here are 2 common fears I’ve heard from clients that might resonate with you, along with actions you can take to get over these fears. 

MYTH 1: I heard I need to know how to code to work in tech. 

• Nope. You do NOT need to know how to code to work in many jobs in a tech company.  Those jobs include marketing, sales, business operations, finance, customer success, people operations, market research, program management and more! Tech companies need people with many different skill sets – in fact, 43% of roles posted at tech companies were non-coding.

• What tech cares about: you are able to understand tech trends, to solve ambiguous problems, to work collaboratively, and to use digital workplace tools.

• CAVEAT: Now I’m going to be honest with you: despite all I said above, it is still worth it to take an intro coding class – simply for you to learn the lingo. The better way to think of it is: what tools do I have in my toolbox to succeed? And what tools do I need to get or learn?

ACTION: Read up on the tech industry. And go take a coding class. Purely for fun.

• Start reading daily articles on Techmeme to start getting familiar with industry news.

• For coding, I would start with CodeAcademy. It’ll only take a couple hours and add immense value to your resume.

• You could also download the grasshopper app from Google to get started with learning simple coding concepts while on the go. You won’t be fully fluent in coding, but you will have picked up beginner level skills which can help you feel a bit more confident. 

Myth 2: You have to live in Silicon Valley to work in tech. 

• If you already live in California or really want to move there, plenty of opportunities exist for you at tech firms. BUT – while many of the largest tech firms are headquartered in the Bay Area, there are SO many opportunities to work in tech across the country – and across the globe. And these days, the number of remote-friendly jobs in tech has continued to increase. 

ACTION: Think about where you want to live and work. 

• Consider both the type of lifestyle you want to have and the career trajectory that you’d like to pursue. For some tech companies, you need to be in HQ to advance to higher positions. Be sure to consult any relevant decision-makers (partners, family members, friends, etc) to help you review your goals and criteria. 

• Then look to see what companies/opportunities exist in the cities you think best fit your career & lifestyle needs. 

  1. Check out the free 2021 Global Startup Ecosystem report to see where startup ecosystems are growing in the US and around the world. This serves as a great proxy for forecasting potential tech company growth in a particular city/region.

We dive further into dispelling these myths and more in my Tech Search Compass course, which is designed to help you chart your successful pivot into tech. Check it out!

Are buy-now-pay-later apps helpful assistance or debt traps?

(Photo credit @harrycunningham)

Everyone, this has been a great week. I signed new clients I’m excited to work with, my physical therapist helped me figure out why I roll my foot when running, and I made headway with a pile of paperwork I’ve been ignoring. I hope that all of you have had a great week too - or are heading into a fantastic weekend! 

#techtopic

Back when I was a kid, layaway was such a fascinating concept. Put a little money down now, and get a toy at Christmas! I kinda missed the part about the other payments that needed to be made. It was common to see lots of people lining up at layaway counters to stockpile gifts, clothes, major appliances, etc at stores like Sears, KMart, Ames, JCPenney, etc. (You may have noticed...most of these stores don’t exist anymore or are failing miserably.)

Recently, there has been a resurgence of this concept, in the form of ‘buy-now-pay-later’ apps (BNPL for short). If you’d like a bit longer description of how these BNPL apps work, check out this LATimes article. Basically, it’s the same concept: use one of these apps as you checkout from online shopping, make a small down payment, and then owe them 3-4 more payments in the future. The difference is you get your item now vs having to pay it off *before* you get to access it as in the layaway model. 

I was surprised to learn that roughly 42% of Americans report using the apps at least once, according to a Feb 2021 Credit Karma survey. The apps indicate that they offer a way to expand access to a credit product for individuals who have bad credit scores or little credit history. And since it’s only for one purchase, it doesn’t damage your credit score and might help you build up good credit history if you make all the payments on-time. There is even one app Octane which caters solely to the ‘passion purchase’ market (namely motorcycles, RVs, boats, and other powersports) and recently raised a $52million Series D round.

It’s a trend that Square wants to capitalize on with their recent purchase of Afterpay for $29billion. The target audience is mainly younger consumers who have been fans of using the BNPL apps. Some of those users claim that credit card companies allow them to rack up huge debt before stepping in, whereas the BNPL apps are used on a per-purchase basis so it’s easier to control spending. And while they can be right, it hasn’t always turned out that way. 

What many young consumers are doing is building up a ladder of debt with successive purchases, and getting the immediate gratification of the item purchased and ‘forgetting’ the payments that will come later. US regulators are still gauging the impact, but European and Australian regulators have increased scrutiny. With Square’s recent acquisition, US regulators can’t be far behind. ​​But the U.S. BNPL market is expected to grow by 41.7% on an annual basis to reach over $126 million in 2021 and it’s great for a company’s transaction volume -- so more to come on its impacts on consumer lending/credit cards/etc.

How to Structure an Offer Negotiation Conversation

(Photo credit @gabriellefaithhenderson)

Last month, I was featured in a 500Startups article along with other women entrepreneurs offering hard-earned negotiation advice. I thought I’d expand a bit more on my snippets. 

My Negotiation Hack: Arm yourself with data before any negotiation. Know the questions they will ask and be ready to respond.

• I am always surprised when I speak with job seekers who wait until the offer stage to gather salary data and prepare for an offer negotiation. 

• You should start earlier in the process. The larger tech firms have hired enough people that the data is often readily available - and now that multiple states ban companies from asking for salary history, many recruiters are asking for salary ranges in screening calls or first-round interviews! Don’t be caught off-guard and anchor yourself lower than you should. 

• Resources to find salary data: 

  • Comparably has emerged as a solid source of information compared with the originals Glassdoor and Salary.com

  • Women and underrepresented minorities should check out 81cents for a $195 paid personalized report (tho they offer partial scholarships if you need it)

  • For MBAs, check out TransparentCareer.com for a very targeted data set

  • I’ve heard mixed things about Levels.fyi but still worth including

  • For pre-IPO companies, try Angel.co’s salary database

My Advice: Be confident in what you are asking for. They wouldn’t have given you an offer if they didn’t think you had skills and value to add. Ask someone knowledgeable to practice modeling out the various ways the conversation could go.

• For some candidates, they are confident throughout the entire interview process - and freeze up when the offer negotiation phase begins. You should remember that they gave you an offer because they want YOU to join their organization and bring along your skills and experience to help them achieve their company’s objectives. 

• It’s only logical to then ask for a compensation package that matches your worth. And most tech recruiters also expect negotiation. If you structure the conversation well, everyone wins. 

• PRACTICE the conversation!! Contact me or someone else who is knowledgeable about you, your industry/role, or the specific company to help plan out the conversation. I have modeled negotiation conversations with many clients, forcing them to articulate what comp package components they value most and how to respond if a recruiter says No at any stage. I’ve helped clients get anywhere from $5-25K salary bumps, include advanced promotion cycles in their written offers, added additional bonuses, and more. Reach out if you’d like to chat more!