Executive Insider is a biweekly newsletter designed to help you succeed with Job Search, Career Advancement and Self Development
Issue Dated: February 01, 2010
A. Letter from the Editor
Those who were dramatically affected by America's Great Depression in 1929 seemed to carry the weight of that experience well beyond the following decade of double-digit unemployment. The stories of people who spent the rest of their lives saving aluminum foil or hoarding sugar packages aren't folklore, but the long-lasting results of preparing for lean times to reoccur.
I recall grandparents and older relatives living simply, with a sense of risk-aversion, and I think my grandmother was in her 70s before she felt financially secure and finally surrendered to the lure of express buses to Atlantic City.
While the economic metrics may differ between the Great Depression and the late 2000's recession, undisputedly, current times are tough for a lot of people. Individual and organizational cost-cutting is occurring necessarily, and even pre-emptively, as expenditures undergo evaluation.
But will the trimming stick?
The recovery will come, along with job growth, opportunity and renewed optimism, but could that steady income stream cause us amnesia? Are there lessons we collectively learned from the tribulations of these last couple years that can be applied long-term or will consumers and corporations revert to the bad habits that contributed to the financial collapse: flimsy mortgages, credit dependency, short-term thinking, temporary solutions and reactive strategies?
It might be that when I next reach for a credit card, I find a sugar package in its place as a reminder.
We can draw lessons from the past, but we cannot live in it.
— Lyndon B. Johnson
B. Confidence Among Executive Recruiters Reaches 18-Month High
Confidence in the Executive Employment Market Next 6 Months
Source: ExecuNet
A growing number of companies are adding new executive jobs, fewer are eliminating them, leading executive recruiters to confirm economic recovery is beginning to take hold, according to ExecuNet's latest Recruiter Confidence Index (RCI) data.
Based on January's survey of 214 executive recruiters, 64 percent are "confident" or "very confident" the executive employment market will improve during the next six months, up 10 points from December 2009 and the highest confidence registered since May 2008. Moreover, almost four-in-10 recruiters say hiring will improve by the end of the first quarter.
Executive recruiters point to signs that more companies are focusing on growth in the next six months, reporting:
Companies will be adding new executive jobs (21 percent up from 14 percent in December)
Fifty-six percent indicated they expect employers to leverage the current economic climate by "trading up" with new hires for existing management roles
Only 3 percent still see companies eliminating senior-management jobs
Executive search firms themselves will increase hiring to meet new assignment growth - 33 percent report hiring in contrast to massive layoffs in January 2009
"We've been signaling this growth since recruiter confidence began to improve mid-year, but the good news today is that the economic recovery is happening and companies are starting to add jobs," says Mark Anderson, president and chief economist of ExecuNet, the private membership network for senior business executives and those who recruit them. "Despite this good news, the speed of the rebound seems slower than coming out of past recessions, so executives and recruiters should be prepared for a slow and steady rise in opportunity, not a rapid upswing," Anderson says.
Introduced in May 2003, ExecuNet's Recruiter Confidence Index is based on a monthly survey of executive search firms and recognized as a leading indicator for the economy and the executive job market. A reading above 50 percent indicates recruiters expect the number of search assignments in the next six months will increase.
C. The Best Companies to Work For: A Roadmap for Retention Strategies
As the economy shows slight signs of a recovery, issues such as employee retention should be top-of-mind for most organizations. To keep their best and brightest employees engaged so they won't leave once the economy yields a proliferation of opportunities, organizations need to identify ways in which to strengthen their retention initiatives. Seeking out best practices from some of the best companies to work for is a great place to start.
Fortune magazine recently released its list of the 100 Best Companies to Work For. In their rankings, the magazine explains just what each company does to satisfy its workforce.
Topping the list is SAS, which promotes a family- and health-friendly environment with affordable daycare and healthcare coverage.
Second is Edward Jones, which has avoided layoffs and office closures during the current recession.
At number three is Wegmans Food Markets. The retailer has also avoided layoffs through its 94 years in business.
Google, which ranks fourth on the list, is even planning to hire new employees this year.
Fifth is Nugget Market, a supermarket chain offering monthly grocery discounts to employees.
Rounding out the top 10 are: DreamWorks Animation SKG, NetApp, Boston Consulting Group, Qualcomm and Camden Property Trust.
D. How to Work With Headhunters
An active job search is not the right time to begin forming relationships with recruiters, as they work for the hiring companies and will typically only communicate with candidates when they fit an open assignment. What few may realize is that making a connection with a recruiter is not any different from any other networking relationship: it should be mutually beneficial and authentic.
In his book, How to Work With Headhunters, executive placement expert Nick Corcodilos of AskTheHeadhunter.com demystifies the relationship between recruiters and candidates with, what he calls, "62 myth-busting answers for fearless job hunters."
Of Corcodilos' book, ExecuNet's CEO and founder, Dave Opton, writes on his blog, Six Figure Learnings, "While our members have any number of resources to draw upon, including a whole section of the site that is focused only on recruiters, if people ask me for just one resource that I think puts this all in perspective and has excellent, solid and practical advice, I point them to Nick Corcodilos and his book entitled: How to Work With Headhunters."
Corcodilos routinely responds to ExecuNet members' question in the Recruiter Connections section of the membership site using great candor. When one executive asked how to do a better job standing out with his résumé, Corcodilos suggested withholding the résumé and seeking out a member of the company Board of Directors or the President and personally asking them for insight about the open position.
"With this approach, you're impressing a key decision-maker or influencer with your acumen and your character — qualities that never appear on résumé but that are key decision factors for making a hire," says Corcodilos. He recommends asking, "I've thought about applying for this job, but I'd like to get the big picture first. What's the main challenge going to be for your next CEO? How does the new CEO need to take the position to the next level? Where do you see the industry headed, and what obstacles do you expect?"
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The 30/30 Formula: How to Dig for Hidden Opportunities
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For more information or answers to your questions, click here.
"I want to take a moment to thank you for the quality service and support you provide to members. The newsletters, POVs, resume assistance, networking meeting notices, in addition to the job search database, are very helpful."
An active job search is not the right time to begin forming relationships with recruiters, as they work for the hiring companies and will typically only communicate with candidates when they fit an open assignment. What few may realize is that making a connection with a recruiter is not any different from any other networking relationship: it should be mutually beneficial and authentic.
