Not actively looking? 3 steps in the job search that you should still take

I feel overwhelmed at my current company, but I don't want to look for a new job right now. The market is not good – transaction volume is down, not much is happening. What can I do now to be ready in one, two or three years, once I see the market picking up? – Fund Manager

It's nice to see the fund manager taking his time finding his next job – over three years! The benefit of having extra time to job search is that you don't feel the pressure to take the first thing that comes along and potentially settle for something less than ideal. The downside, however, is that you may not feel enough pressure to get things done.

To prepare yourself to start your job search at the right time, start with these three job search steps:

1 — Confirm your ideal next job

If you know you're staying in the same position but are looking for a different employer, start researching companies. Who else is hiring people for your field? Think about what type of work environment you prefer – e.g. start-up or established, large or small. Which companies fit your profile or where would you like to work?

If you might want to do something different than you've done before, keep a journal to jot down ideas for your next steps. Once you've defined some interests, go a step further and attend a conference in your new field, join the relevant professional association, or take a course. If your current experience is transferable to your new field, work as a consultant in your new field. You need practical experience in your field of interest to make a successful career change.

2 — Organize your job search tools

It may have been years since you last looked for a job, so update your resume now. Then, when you're ready to start your job search, all you need to do is add your most recent experience. You'll also want to optimize your LinkedIn profile and activity. If you have plenty of time before your job search, you can space out your changes and not make it so obvious that you're job hunting. Ideally, your resume, LinkedIn, and any tool you use for your own branding will be tailored to the next job you're aiming for, so build on the work you did in Step 1 and incorporate the keywords, qualifications, and topics relevant to your next job goals throughout your branding.

Also, make sure the brand you represent to the world accurately reflects the breadth and depth of your experience. Otherwise, you may be contacted for junior jobs or positions that don't match your interests. Even if your job search isn't live right now, your LinkedIn profile and other social media activity are public. Recruiters, hiring managers, and your own professional network will see you online – whether you're looking or not.

3 — Strengthen your network

Your professional network includes people you currently work with, as well as former colleagues, classmates, and people you know personally, even if you haven't had contact with them in a long time. Many jobs aren't advertised – this is the hidden job market – and your network is the entry point to these hidden jobs. Cultivating your network isn't something you can rush, or it will seem dishonest.

Ideally, you should reconnect with long-lost contacts privately first, then maintain regular contact to cement the relationship before discussing business matters like your job search. If you have a lot of time before you start actively looking for a job, this is a good time to strengthen your network. You can start with these five sample emails to reconnect.

It is not possible to plan the labor market perfectly

Networking, branding and knowing what you want are actions you should take to maintain your career, and not just when you need a new job. While the fund manager expects to start looking in a year or more, the market could change sooner than he expects – or than you expect. A new executive could take over from your current employer, and your individual job prospects could change regardless of the overall market. Your life circumstances could necessitate a job search sooner than planned. You can't time the job market perfectly, so be continually mindful of your network, your brand and your career goals.