bob sloane tucker_mays_finding_executive_jobs_in_the_current_economy[1]

Finding Executive Jobs in the Current Economy: Change Your Search

Strategy NowAn ExecuNet FastTrack Program

Presented by:

Tucker Mays Bob Sloane

Principals/ Co-FoundersOptiMarket LLC

As an attendee, you will be in listen-only mode.

If you have a question, simply press *1 on your telephone keypad and you will be placed in the queue. You will then be announced and able to ask your question.  If you have muted your own phone, please be sure to “unmute” when you ask your question. You may submit questions via the “chat” feature, as well.

If your question is answered as the meeting proceeds, simply press *1 again on your phone keypad and it will remove you from the queue.

Please complete your evaluation before you leave!

Housekeeping

Finding Executive Jobs in the Current Economy: Change Your Search

Strategy NowAn ExecuNet FastTrack Program

Presented by:

Tucker Mays Bob Sloane

Principals/ Co-FoundersOptiMarket LLC

• In a weak economy, terminated senior executives with strong career credentials take an average of a year or more to find their next job

• Should take no more than 8 months.

• Most rely on traditional methods - recruiters, published leads, known contacts, etc.

• Not effective in declining job market

Traditional Job Search Methods

• Recruiters• Published job leads• Known “warm” contacts• Larger companies• Full time positions as exclusive focus• Target only healthy companies• “Stay the course”

Why Traditional MethodsDon’t Work Now

Recruiters

• Account for less than 10% of searches

• Fewer assignments in weak job market

• Propose far fewer candidates in transition

• Hiring companies rely more on referrals

Published Job Leads

• In a weak economy, companies reduce magazine/newspaper ads to cut costs

• Internet Job Boards declining - more intense competition for fewer online postings

• Increase talent sourcing from referrals they know/trust

Known “Warm” Contacts

• Rarely aware of job opportunities

• Most not current on your skills and accomplishments

• Limited to own industry/former company contacts

Larger Companies

• Biased against age

• Less inclined to hire executives in transition

• Rising, promotable executives preferred

• Longer hiring process

Full Time Positions as Exclusive Focus

• Fewer openings in a shrinking economy

• In bad times, companies want to minimize risk/expense of full time hires

• Companies frequently have hiring freezes during slowdowns

Target Only Healthy Companies

• Usually hire, promote from within

• Most don’t need you when they are doing well

• Greater competition from outside, working executives seeking better opportunities

“Stay the Course”

• Time is not on your side as your time out of work increases

• Become less attractive and valued the longer you are not working

• Huge opportunity cost in lost income

Comments and Questions

Different Search Strategies for The Current Economy

• Rely less on recruiters

• Limit time spent on published openings

• Expand “cold” network contacts

• Target smaller companies

• Search for interim/consulting opportunities early

• Target underperforming companies

• Know when to change search plan

Rely Less on Recruiters

• Spend less than 10% of your time

• Meet only those you know, or through strong personal referrals

• Use national direct marketing - every six months

Limit Time Spent on Published Openings

• Spend less than 10% of your time

• Only respond to leads where the specs are a direct fit with your experience

• The ExecuNet exception

Expand “Cold” Network Contacts

• 80% of jobs are gained from those you did not know when your search began

• Four degrees of separation

• Reach out to 50 “warm” contacts in the first month, get a minimum of two referrals from each

• Contact 100 “cold” contacts every month thereafter until you complete your search

Target Smaller Companies

• 20 times more companies between $5 Million and $100 Million than above

• Care less about age and employment status

• Often relax specs for executives with larger company experience

Search for Interim/Consulting Opportunities Early

• As full time jobs decline, part time hires increase

• Easier to land - less company commitment, no health care, SS etc.

• Up to 40% lead to a full time job

• Strengthens your resume, ongoing market value

• Adds industry credential if targeting a new sector

Target Underperforming Companies

• Troubled companies need more help

• Less competition - difficult to attract working executives in weak job market

• Often need “outside” thinking, experience and skills

Know When to Change Search Plan

• Establish milestones up front

• Evaluate progress monthly: number of situations/openings, candidacies, finalist spots, and offers

• Modify strategy based on results

Use Milestones to Assess Your Search Plan

• Job Search Stages:Identify a viable job situation, become a candidate, become a finalist, get job offer

• Evaluate monthly: how many job situations, candidacies, finalist spots, and offers

• Executives reluctant to change job search approach if poor results, prolonging the search.

Job Search Milestones

Within: Number

3 months 16 openings

5 months 8 candidacies

7 months 2 finalist spots

8 months 1 offer

When and How to Adjust Your Job Search Tactics

• Not enough situations identified within 3 months? - add more/different search channels

• Too few candidacies after 5 months? - - strengthen resume, direct marketing and networking techniques; consider expanding industries, geography

• Not a finalist after 7 months? - improve interviewing skill to “close”

When and How to Change Your Job Search Strategy

• Change strategy if after 8 months:

- insufficient number of job opportunities

- lack of candidacies

- no offers

• Good alternatives:- target “interim executive” roles exclusively - consult as a bridge to a full time job - become a full time consultant- non-profit - franchise ownership - teaching - start/buy a business

Summary: Changing Your Search Strategy in

The Current Economy

• Traditional “best practices’ aren’t effective

• Reduce effort spent in low probability channels - recruiters, published openings, big companies

• Don’t rely on networking to “warm” contacts you already know

• Target smaller companies, troubled situations, interim/consulting assignments

• Gain referrals from your current contacts to new “cold” networking contacts

• Change course quickly if target milestones are not achieved monthly

Comments and Questions

OptiMarket ®

Complimentary Career Search Critique

• We are offering our Career Search Critique™ to today’s ExecuNet Fast Track attendees . Limited time offer.

• Simply e-mail your request for a CSC within 10 business days to both tmays@optonline.net and rsloane@optonline.net

• We will then send you a short CSC questionnaire. After reviewing, we will contact you directly.

Tucker Mays Bob Sloane tmays@optonline.net rsloane@optonline.net

www.optimarketllc.com 203-921-0322