High-achieving leaders find networking six times more effective for creating career options than online job postings, according to our hot-off-the presses research from ExecuNet's 20th annual Executive Job Market Intelligence Report. Further, networking is the activity executive recruiters maintain to have the greatest success finding candidates.
It is estimated that 75 to 80 percent of all jobs come from networking, and not from a published/posted job lead or a recruiter. Unfortunately, most executive job seekers do not have the skills to substantially expand their networks in order to find a new opportunity in a reasonable time frame. Most make fundamental networking mistakes. As a result, the job search takes longer and longer. In most cases, ineffective networking effectively is the primary reason that executives, particularly those over age 50 take well over a year or longer to find their next job.
I'm among the last people to pay attention to sports, but I did watch Peyton Manning's recent press conference. It was hard to miss; the emotional clip was played across all mediums, and I especially noticed it because there is something about crying sports figures that really gets to me. The movie Rudy leaves me wrecked for days.
But after the tears, what I immediately heard was the list of teams already vying for his attention. What was a sad day for Peyton was a happy one for his potential employers.
For decades, executives measured their own business influence and authority based on the size, quality and depth of their Rolodex. While the tools have changed, executives are still very much committed to building and strengthening the relationships they believe can help them perform better in their jobs and create the kind of meaningful connections that will open up new career opportunities whenever the time and conditions are right to pursue them.
As part of ExecuNet membership, I conduct a weekly teleconference called Six-Figure Hotline where members call in to ask the questions keeping them up at night, and to gain market and trend insight from the career experts who join me in talking about issues that are important to executives today.
In a recent teleconference in which John O'Connor, an executive career coach and ExecuNet meeting facilitator joined me, a caller asked, "What can one expect at an ExecuNet networking meeting?"
At ExecuNet, we have found in our more than 20 years of connecting business leaders that about 70 percent of executive positions are found through networking, so it's no surprise that networking is a key component of ExecuNet membership. In fact, last year we redesigned our website with what we call "The Social Media Platform" to allow our members to interact with each other more effectively. We also have a great deal of networking related content and programs. Here's our reply to the caller:
Job seekers mistakenly slow down their searches toward year-end, but there is still hiring activity for companies that have talent needs. Further, networking and career planning are not seasonal events, and holiday parties are good opportunities to learn who's doing what where. (Keep the résumé at home when socializing!)
1. The most qualified candidate does not necessarily get the job offer. Many times, candidates with lesser qualifications get job offers simply because they've prepared and presented themselves in a more compelling way. They "package" themselves better, with an outstanding portfolio of career documents and oral presentation skills. The winning candidate is the one who knows how to tie his or her achievements, strengths and assets directly to the employer's needs, problems and challenges.
In a difficult employment landscape, strong qualifications and accomplishments are necessary, but not sufficient, to find a job you love and earn what you deserve. Don't be fooled into believing that the work world is a meritocracy — it's not. In the end, it's the best self-marketer who gets the job.
Whether he was portrayed in film or in parody, the Frankenstein monster was a man of few words: "Fire: bad; friend: good." With that limited vocabulary, it's no wonder the peasants chased him out of the village with torches.
You'll likely get a similar 21st century reaction at a networking event when you don't communicate well. You know when you're chatting with someone and they find a reason to walk away — to freshen a drink, make a call or do something more important? It's often legitimate; after all, there's limited time at many networking or business events. But if you notice a pattern of people excusing themselves from the conversation, that's your "Fire: bad; friend: good" moment.
Relocation is a less viable option for executives and companies, as home values have decreased and job security remains shaky. Candidates would rather stay put than dislodge families, so many limit their job searches to an easily commutable geographic radius.
There are strategies to mine for local leads:
Searching job boards and online databases by geo/zip codes
Networking with friends, neighbors and attending organized, facilitated groups
Reading regional business journals, community newspapers
Ever since I can remember, there has been a factoid making its way around the career management world about how long someone should anticipate their job search will take. It goes something like: You should plan your search to take about one month for every $10,000 you seek in salary.
In talking with ExecuNet members, this is a subject that comes up with great frequency. Certainly not surprising, as most executives tend to be type A and focus on objectives to be reached within a specific timeframe and get pretty impatient if/when it doesn't look like that's happening.
In truth, I believe this is one of the major reason why we all find the search process so frustrating.
When you talk to anyone trying to make a career change these days it doesn't take long before you realize that while there are lots of the questions being asked, the answers vary significantly.
To many of us this comes as a very frustrating and unhappy surprise. This is especially true for those seeking executive-level jobs, since most come from positions of executive leadership and are very used to asking questions and getting answers that don't start with "well, that depends..."
In short, I think the discomfort comes from the fact that the dynamics of making a career change are, at its core, made up of a process that is, despite all the hoopla around assessment instruments, interviewing, résumés, etc., based on the subjective judgment of both the executive recruiters and the candidates.
Do you recognize any of these excuses that prevent you from forging valuable connections with others?
"I don't know who to network with." "I don't know what to say." "I don't know where to network." "I don't know when the right time is to network." "I don't know how to network." "I don't know why I should be networking."
Whether you're a reluctant networker or someone who wants to improve your connection skills, here are tips to counter all your resistance points, enabling you to find the opportunity with anyone anytime and anywhere.
We at ExecuNet keep our eyes glued to emails and our ears attached to the phones, as we communicate with members constantly on a daily basis. Behind all the graphics are the individual stories of not just what happened, but more importantly, how it happened.
I like to keep my eye on the "how," because with all the hype around the Internet one would think that's the only way people make job changes. These days, if you say the word networking it sounds so yesterday. This type of thinking just makes me shake my head, because ever since ExecuNet was started over 23 years ago we have never stopped pounding the networking drum as the route by which most of our members make a change.
Congratulations! You're taking charge of your career, and you've been reconnecting with everyone from college friends to people you met two jobs ago. Your network of contacts has quadrupled in size. You've connected — now what?
If your next step is to systematically contact these people to see if they've heard of any openings for a person with your strengths and qualifications, you're not networking, you're doing what career coaches call "needworking."
The people you are contacting know it. And they don't like how it makes them feel.
As part of ExecuNet membership, I conduct a weekly teleconference called Six-Figure Hotline where members call in to ask the questions keeping them up at night, and to gain market and trend insight from the career experts who join me in talking about issues that are important to executives today.
In a recent teleconference where HR and executive recruiting expert Jennifer McClure of Unbridled Talent joined me a caller asked: "How does one discover access to the hidden job market, gain access and then become a lead candidate for some of those positions?" This is a topic that ExecuNet members frequently inquire about, one of those timeless job search questions, so I thought I'd share what we had to say.
Do you remember how you landed your last job? Can you tell me specifically what you did to land it? Probably not. It's just not something we spend much time thinking about — until we have to.
Now, if I asked you what you did to deliver last quarter's revenues or to ensure a new product reached the marketplace in time, I'm betting you can explain very specifically how you and your team accomplished that objective. And you'll tell me with enthusiasm, vigor and pride.
Nearly all of my media consumption is technology driven, but every Sunday morning I still read The New York Times the old-fashioned way. The paper is so big it can't be contained in one day’s delivery; half of the paper arrives in my driveway Saturday morning, the rest on Sunday.
The signature blue plastic bag is dependably always outside waiting for me when I awake. It shone like a beacon atop piled high snow drifts this past winter, and it is easily detectable when it winds up amidst calf-high neglected grass in the summer.
Ritualistically, I spread the sections out across my dining room table, brew my coffee, program some Pandora channels on my iPad or pick the right playlist on my iPod, and prioritize first reads, what can wait, and the recycle pile (Sports).
Ever wish you had access to an executive recruiter just to ask that one question? Members routinely email us their questions, and we tap into the minds of executive recruiters in our network to get their unadulterated feedback.
One ExecuNet member wrote: "I haven't used a recruiter ever before and don't know how to connect with one who could meet my needs. I've been in the computer business for over 15 years and am looking for another senior position in a small- to medium- sized business in my area. How can I find the appropriate recruiter to help me?"
Executive recruiter Nick Corcodilos, in his usual straightforward manner, offered his thoughts on the topic. Here's an excerpt of what he had to say:
When you're looking for a job, the first instinct is to call your A-list and ask if they know of any openings. However, that's not networking; it's need-working. What you should do is separate yourself from your emotions; stop the impulse to collect business cards and ask yourself, "What can I do to help people in my network?"
Just because you've decided you want to do something more or different with your work, doesn't mean you have to be treated like everyone else. Aren't you tired of "one size fits all" prescriptions that, in fact, don't fit you and were never expected to fit someone who has accomplished what you have to become a senior executive in your organization?
If you remember waiting for the Sunday classified sections to check job listings, then you certainly appreciate the speed and ease in which information is now accessed online. But, for executives, most new opportunities are found through their connections to others, and ExecuNet CEO and founder Dave Opton points out that technology is no substitution for building strong personal relationships.
As part of ExecuNet membership, I conduct a weekly teleconference called Six-Figure Hotline where members call in to ask the questions keeping them up at night, and to gain market and trend insight from the career experts who join me in talking about issues that are important to executives today. Whether you are in a job search, thinking about changing positions, or want to learn how to strengthen your success in your current position, this weekly teleconference is designed to provide you the support you need to reach your goals.
Recently, in one such teleconference, a caller said: "I have been performing in the middle management ranks now for a number of years and feel I have demonstrated many executive qualities in my prior experiences. The problem is I keep hearing ‘they are looking for someone who was a vice president before.'"
Friend me, follow me, invite me, connect with me, Google me, email me, text me.
Talk to me?
I'm pretty awesome with 140 characters, and I can roll out a status update with a punch line, but actual conversation with real people in real time is starting to feel like a challenge.
It was a commonly held belief that unemployed job seekers had a tougher time getting attention from executive recruiters, but that's not necessarily true anymore, says ExecuNet Executive Director Lauryn Franzoni. "Recruiters are having — in their own way — as tough a time in this marketplace as out-of-work candidates are," she says.
In this short video, Franzoni suggests some powerful tips for how executives — in any career stage — can leverage their marketplace knowledge in building relationships with search firm recruiters.
As a finance executive, I am hard wired to be "confidential." It's easier to always be in a guarded state than to have to actually evaluate whether or not it's "safe" to answer a question, identify myself or share something with anyone other than my dog (who I know won't repeat it). So it should come as no surprise that I am no early adopter of anything social, let alone media that lets me interact with strangers, broadcast to a large audience of folks I don't know, or (gasp) be followed by anyone.
In fact, I guess I am not an early adopter of anything besides the dog. My colleague at ExecuNet, Robyn Greenspan, teases me because she's seen first-hand that I actually still have a VCR that has a wired remote. Yes, believe it or not, I can still manage to trip up guests simply by pulling that cord across the room to pause the playback. Come to think of it, not only is the remote obsolete, but now so is the VCR! I also still have a Nextel flip phone, and there's no email account attached to my Palm Pre (I just wanted portable Internet). It's not that I'm afraid of technology, or even change. I am just wary of investing my time and reputation into anything online until I am assured control over my privacy — and a decent return.
I believe in the power of networking, as most opportunities in business, career and personal life come through someone you know, either directly or indirectly. If you sell for a living, the contacts you make can lead you to revenue; if you are in career transition, they can lead you to jobs. Regardless of your profession or career status, the people you meet can expand your horizons by introducing you to new ideas, resources and knowledge.
The meteoric growth and influence of LinkedIn, with 90 million profiles, has put networking into the mainstream. But along with the expanded opportunities to network online comes some responsibility to manage your connections — a.k.a. "hanging out with the right crowd."
More than a few laid-off executives have expressed the sense of relief that accompanied their terminations. But that's just one of an amalgam of feelings that often includes anger, disbelief and grief. Self-care is particularly important during this time, with many experts saying that a short, temporary "quiet period" helps replenish positive energy and calibrate focus.
Executives in this situation have identified two specific sources of their relief: no longer stressing over job insecurity, and a new opportunity to find their passion and reinvent themselves. Many have been in careers of default, starting as a young employee in a certain industry and then moving up as skill sets and experience develops. Not many children dream about growing up to be the “Senior Vice President of Copper Widget Procurement" so some executives find their layoff to be liberating.
President Obama's declaration in his State of the Union address: "This is our generation's Sputnik moment," sent me rushing to Wikipedia, where I learned it was his call to action for innovation. Just as NASA mobilized resources and energy to intensify efforts and be first in the race to space, he said so should Americans take on the challenge to out-innovate the rest of the world.
In this short video interview with ExecuNet's President and Chief Economist Mark Anderson, he explains how our "Sputnik moments" can be tied to individual BHAGS, and three ways to innovate in this job market.
As part of ExecuNet membership, I conduct a weekly teleconference called Six-Figure Hotline where members call in to ask the questions keeping them up at night, and to gain market and trend insight from the career experts who join me in talking about issues that are important to executives today. Whether you are in a job search, thinking about changing positions, or want to learn how to strengthen your success in your current position, this weekly teleconference is designed to provide you the support you need to reach your goals.
Recently, in one such teleconference, I was asked about recruiters having a "square peg, square hole" mindset. The caller said: "They know that companies value and need diversity, but are afraid to put forth candidates who have excellent credentials, experiences and leadership — because their client (the company hiring) tells them only to bring them candidates that are ‘square peg and square hole.'"
He said, "This seems more prevalent among the large retained search firms than the boutique firms, and they do get some of the best assignments. Do you have any advice on how to change the large retained search mindset?"
Unless you have been in a time capsule, when it comes to managing a successful job search, everyone knows that the most effective strategy is networking. Saying the word reminds me of the conversations I used to have in a former life around the subject of performance appraisals. We all agreed that it was needed, but nobody liked them. On the other hand, nobody has come up with something better either.
For over the 23 years ExecuNet has been around, 70 percent of the members we have talked to who have made a change say it was networking that was the key for them. People sometimes think that since we are always trying to drive home this message that somehow we have a plug and play answer on making it work for them, and preferably making it work like yesterday! Would that we could!
What we do try to do, however, is not just talk about it, but put all sorts of resources together to not only show them how, but also try to provide them (both online and off) with the ways and means to implement a plan effectively.
"The Crossroads Nation" was the title of an Op Ed column by David Brooks that was in the November 9th issue of the New York Times. It is worth a read as a stand-alone piece if for no other reason than it can serve as a bit of an antidote to some of the poll numbers that speak to how disillusioned many of us are about the prospects for our country going forward.
There were a couple of other points made in this piece that I kept going back to:
"...creativity is not a solitary process. It happens within networks. It happens when talented people get together, when idea systems and mentalities merge."
"Information networks need junction points. The nation that can make itself the crossroads to the world will have tremendous economic and political power."
Ever since I can remember, there has been a "factoid" making its way around the career management world about how long someone should plan their job search will take. What I can't recall and never remember seeing is the source from which this "factoid" came. In any event, if you're in a job search, you have probably heard it, too. It goes something like: You should plan your search to take about one month for every $10,000 you seek in salary.
I haven't the slightest idea, nor have I ever seen statistics that indicate whether this rule of thumb is right, wrong or anything in between, and I have been roaming around the career management space since (dare I say it?) 1961.
That said, in talking with ExecuNet members, this is a subject that comes up with great frequency. Certainly not surprising, as most executives tend to be more type A than B; as such, they focus on objectives to be reached within a specific timeframe and get pretty impatient if and when it doesn't look like that is happening. In addition, as leaders, they are used to being in control (more or less), and if things are not going the way they want them to and fast enough, they can make the needed changes.
Whether he was portrayed in film or in parody, the Frankenstein monster was a man of few words: "Fire: bad; friend: good." With that limited vocabulary, it's no wonder the peasants chased him out of the village with torches.
You'll likely get a similar 21st century reaction at a networking event when you don't communicate well. You know when you're chatting with someone and they find a reason to walk away — to freshen a drink, make a call or do something more important? It's often legitimate; after all, there's limited time at many networking or business events. But if you notice a pattern of people excusing themselves from the conversation, that's your "Fire: bad; friend: good" moment.
There are a number of ways to perform a job search. There's the old way that many use still today. Some call it the shotgun approach: blasting résumés as far as the eye can see. Filling up the inboxes of recruiters certainly feels productive.
Is this you? Are you using a very general strategy to find a very specific job? The biggest fear I have for you is that this might have worked in the past when times were better and the job search community accepted a more passive effort. Being an independent person, you try that approach again — in this tough and significantly more competitive market.
If so, I'd like to fill your mind with a few practical tips to get you thinking with more precision. A more precise strategy will be more efficient, and, in the end, much more productive.
I first interviewed with ExecuNet around Halloween and was charmed by the decorations until I saw the giant, purple inflatable spider standing guard in the center of the office space. Despite the combination of two big fears — job interviews and giant spiders — I performed well enough to get the offer. (The spider now appears annually right outside my office.)
This story pales in comparison to candidates who saw dream jobs turn into nightmares when confronted by interviewers behaving badly. We've collected some of the best worst job interview stories from ExecuNet members and asked some of our expert executive coaches to give their feedback. We've excerpted a few for you here.
Despite the media noise about the broader job market, there continues to be an undercurrent of executive recruiting activity that most people will never read about.
Consider the latest ExecuNet data that reveals 92 percent of executive recruiters believe there is a hidden job market, and the majority of them don't routinely advertise their new and ongoing search assignments on their website or a job board. On ExecuNet TV, ExecuNet President and Chief Economist Mark Anderson breaks the hidden job market down into three components and suggests some tactics for uncovering those opportunities.
“No one in this world, so far as I know, has ever lost money by underestimating the intelligence of the great masses of the plain people.” -H. L. Mencken
I am sure that many of us have heard this Mencken quip before and smiled. But I would guess there are also plenty of us who read or heard about James Surowiecki’s book The Wisdom of Crowds which essentially argues that H.L. may have been a very funny guy, but in this case, at least, he was wrong.
Every two weeks at ExecuNet, we have a company-wide staff meeting to review what's going on. Besides the bonding it creates among team members, it is a good opportunity to hear member feedback and get the viewpoints from these executives on their marketplace experiences.
Recently, an ExecuNet member wrote in to our Member Services group with what he learned in his job search. He said he started with a belief that it wouldn't take longer than 90 days (at most) to make a change. After all, he was an "A-Player" and never had to look for a job before.
A couple of weeks ago I posted a few thoughts on some of the "learnings" senior executives in transition or those just looking to make a change could take from coach John Wooden, which for lack of something more creative I called: Job Search Success Wooden Style. Based on some of the sports news that has happened since then, I hope someone sends a copy of Wooden on Leadership to the latest addition to the roster of the Miami Heat, but that's another story.
The real reason I bring up the post again is due to a comment that came in from Martin Yate, the well-known and respected author of the Knock 'Em Dead series that has covered the subject of effective job search from start to finish for many years.
In a recent interview, Chris Rock made reference to actors finding good roles when he said something like, "We don't find our jobs in The New York Times." It took me a few moments to understand what he meant; at first, I asked myself: Journalists talking about his job? Breaking news about his job? My epiphany arrived moments later when I finally realized he meant print classified ads, a prehistoric method for finding a new position. But if you look at how Rock reached his level of success, it's apparent he hasn't used a newspaper for a long time. His methodology can also work for you, albeit on a smaller scale.
In Toronto, the G-20 summit just ended with the developing countries challenged to stimulate their economies while controlling government expenditures, focus on creating jobs and preserving a sustainable future.
With many cross currents, an executive job search, or managing one's career, parallels those challenges the G-20 faces in terms of complexity and uncertainty.
Business is changing rapidly, and monitoring market trends and managing a career or a job change in this uncertain environment requires a plan, constant feedback and interim course corrections to continue to move forward toward achieving your goals. You can't be an ostrich today and hope all the bad news will pass you by while you remain unscathed. Nor, can you sit and wait for the perfect job to appear on some job board.