Published on: Friday, December 02, 2011
Hidden Executive Job Market Requires New Tactics and Takes Longer than Expected
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Mixed economic signals of late further reinforce the notion that executive job search and career transition will continue to require a thoughtful campaign of several months to achieve success.
The findings of a new survey by ExecuNet of 180 executive recruiters, reveal that currently employed business executives should expect to spend, on average, nearly seven months to find their next career opportunity, while those currently unemployed may require an average of just over 10 months to find their next senior-management job.
"The reason for this is companies are taking longer to fill positions, and many companies who have needs are not aggressively looking to fill them," says Mark Anderson, president and chief economist of ExecuNet.
Our recent survey also indicated that only about 16 percent of companies will be adding to their executive levels in the next six months, down from about 30 percent earlier this year.
Recruiters also indicated that another 51 percent of companies would be interested in upgrading their executive talent but aren't actively posting these jobs at this time. "This defines the hidden job market of today and in this more selective market, you need a thoughtful job strategy to get yourself in front of the decision-maker," says Anderson.
In November, ExecuNet's Recruiter Confidence Index reached 42 percent, rebounding from the depths of the past summer. ExecuNet's exclusive Executive Job Creation Index remains positive and also improved — but is still below those levels of earlier this year.
"If you're really thinking about making a change by the middle of next year, you've got to start planning now," says Anderson. "Whether you're employed but want to carefully pursue new career opportunities or unemployed and seeking that next executive role, you have to think now and plan now and expand your professional network now in order to connect with opportunity in 2012," he adds.
Recruiters ExecuNet surveyed recently indicated that there were five things you should do to be successful in this job market:
- Become connected to industry decision-makers and influencers who will refer you. "Use your network or join a private network where you can make connections and build relationships to make this happen," says Anderson
- When contacting an executive search firm, offer to be a referral resource for them in exchange for their assistance. "Give, and you will be remembered when the time comes," says Anderson
- When contacting a search firm, offer to be a source of information related to your industry. "This builds 'trust,' allows you to show off your expertise, and helps you get your foot in the door," says Anderson
- Maximize your online résumé and profiles with keywords and industry-specific buzzwords so it will come up in online searches. "Most candidates are found because of searches of their backgrounds, not through job postings, so don't miss the opportunity to be found by having a well developed online profile in the right peer networks that will increase your visibility," says Anderson
- Respond to online job postings. "This is rated number five by recruiters because it is the least efficient," Anderson offers.