In the eight short years since Jacob graduated from Griffith University, he has already been acknowledged by his peers as the key driving force behind the transformation of the Scandinavian loan industry - a feat that most would consider impossible to achieve in one of the most traditional and complex finance markets.

Due to the COVID-19 pandemic that has left no individual or community unaffected in one manner or another, the 2019 Griffith Business School Outstanding International Alumnus, has also penned his thoughts and advice regarding careers and the job market.

Due to time differences, he has responded from his home in Gothenburg, Sweden.

What is your impression of the job market at this time?

The world over is experiencing an unprecedented time in all regards - the job market being one of the first to be most visibly and seriously impacted. My personal impression is that the job market for traditional industries and roles is largely implementing hiring freezes - this is especially evident for businesses that rely on face-to-face interaction and industries seen as less 'COVID essential'.

It’s also clear that COVID has created new job opportunities, particularly those that are best suited for remote working. I do however empathise strongly with today's graduates. I myself graduated during a recession, and it was a scary time to say the least. I actually can't quite grasp how scary it must be to graduate into a recession today, as the one we're faced with is wholly unique.

I think we all thought that COVID-19’s impact on the job market would be relatively short lived. What’s clear to me now is that the impact is wide-reaching, here to stay for a while such that a post-COVID job market is something we need to keep in mind and actionably plan for in the foreseeable future.

What can new graduates do to improve their chances in the job market during this time?

Do whatever you can to stay professionally active regardless of whether or not you're financially compensated. This is the time to pursue higher levels of education (formal or informal), volunteer opportunities, join a startup, apply to jobs/roles and industries you may never have considered. It's also a great, albeit scary, time to start a company if you've stumbled across a problem you are truly committed to solving. Interestingly enough, much of the tech and investment circles are being helpful to founders - funding for tech startups overall hasn't decreased much since March.

Moreover, network with others. Everyone is home and online for the most part still. People are starved for connections and greater human interaction. It's been easier than ever to connect with others through LinkedIn. For example, I've managed to both start a business and find 2 business partners thanks to greater online outreach. I'm not sure people would have been as receptive to help before COVID-19.

With the scarcity of jobs available, how might you advise a new graduate wondering whether to take a job which isn’t their first choice, versus pursuing their ideal role?

Landing a job upon graduation, as sad as it is to admit, is in many ways a luxury in the current climate.

Gothenburg, Sweden

My advice - unless you're completely financially independent already - is take that job that isn't your first choice. Use it to afford your rent and bills. Work on and/or start your side hustle in your off time. Connect with others, learn about new industries and disciplines. The one thing most of us have more of during this pandemic is time - use that to your advantage.

What is the best piece of advice you would give to a Griffith final year student/graduate today?

Find out what you care about and are passionate about. Identify and build relationships with mentors that are linked to where you want to be 5 to 10 years from now. Also, don't stress too much. As cliché as it is to say this coming from someone who graduated 8 years ago, this period in your life will be one of the few stretches of time in your life that you can choose whatever path interests you.

With that said, even though it's important to have fun and focus on building lifelong friendships while at uni, use this time to start post-graduation planning as early as possible, even if casually. Be uniquely attuned to your interests, dislikes, strengths, weaknesses, and passions. Too many students (including myself actually!) wait until the end of their degree to start asking themselves these questions that often take years to develop an answer for, if ever. In making post-graduation plans, make sure to do a little introspection. Ask yourself what's most important to you and in what order of prioritization? Earning a good income, doing something you love, learning, pursuing further formal education, starting something new? It's healthy to understand what your underlying motivations are professionally. Doing so will make it easier to carve out paths that serve your needs and expectations.

During the pandemic, Jacob is actively developing initiatives designed to revitalize the Queensland economy while mentoring tech startups in his free time.

University is the perfect place to explore your interests and in many ways, you're given the opportunity to test whatever interests you may have. Look for student clubs and local organizations that interest you - if your professional/academic/social interests aren't in any way reflected in the list of clubs/resources available, use this as an opportunity to start one! See if you can identify leadership opportunities within the clubs and/or organizations you decide to participate in. The best thing you can do during this time is gain experience while you're a student. This can be incredibly helpful in providing you with an edge once you start applying for jobs during your final year.

Something I wish someone had advised me when I was a student is to also consider your local business environment. Being at Griffith allows for immediate access to the Brisbane business and startup communities. Brisbane in particular is experiencing an upsurge in technology, innovation, and entrepreneurship across several sectors. This uptick is being further supported by an ecosystem of supportive entrepreneurs, investors, business leaders, and government officials. Research local resources and see how you can get involved.

How are you personally coping during the Covid-19 crisis? What are you currently working on?

I know I'm not alone in saying this, but several of my 2020 plans were completely derailed living, travel, and work wise. I'm currently working out of Gothenburg, Sweden, as many people have had to return to their home countries during this period. Funnily enough, my plan was to be in Australia right around now. Following the global travel and economic shutdown, I've had to quickly rethink the various projects and businesses I'm involved in and adjusted virtually overnight, no pun intended. I filtered out the least viable and least interesting projects, making a conscious decision instead to focus on what I'm good at doing and what I enjoy.

Stockholm Innovators was founded in response to large tech conglomerates’ increasing pressure to innovate rapidly, a need which has been greatly amplified during COVID-19

As a result, I incorporated my venture development consultancy, Stockholm Innovators, where we work with companies around the world to think more innovatively in a more operationally lean as well as visionary way. Meanwhile, I've spent more efforts in solidifying the many entrepreneurial, innovation, and investment-related partnerships I'm working on introducing to the Queensland economy. While the tech world has been familiar with remote working for at least a decade, it has certainly been a major transition to go from the hybrid in-person/online exchanges many of us are accustomed to to working 100% remotely.

The positive side of things is that it forces us all to be far more succinct and focused in what we do, which bleeds into pitching, listening, planning, etc. This period has also made me think seriously about the post-COVID circumstances that we will likely have to plan for and get used to potentially for years to come. However, with that, comes significant opportunity, something I know the Griffith community is more than well positioned for.

Meet the author

Jacob Hansen Karaduman - Class of 2012

Serial entrepreneur and internationally recognized fintech executive with a demonstrated track record for building and rapidly scaling tech startups. Most noted for cofounding and growing Enklare, Scandinavia’s 3rd largest loan brokerage marketplace platform and being the recipient of Griffith University’s 2019 International Alumnus of the Year Award.