working with recruiters during an economic downturn (or not)
TRANSCRIPT
“Career Transition in an Economic Downturn… Working with Recruiters”
Annual CFA Society Career Program Washington DC
June 2009
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The Boland Group: The Boland Group: Management and Executive Search Consultants inManagement and Executive Search Consultants in Mission Mission Critical Search™Critical Search™ MissionCriticalTalent.com ▪ ChoosingASearchFirm.com ▪ MissionCriticalTalent.com ▪ ChoosingASearchFirm.com ▪
BolandGroup.comBolandGroup.comCopyright 2009 - 2010: All rights reserved.
Agenda
Industry Context What do companies expect when they use
a recruiter? When SHOULD you work with recruiters? When should NOT work with recruiters?) Resources and Take-aways
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The Boland Group: The Boland Group: Management and Executive Search Consultants inManagement and Executive Search Consultants in Mission Mission Critical Search™Critical Search™ MissionCriticalTalent.com ▪ ChoosingASearchFirm.com ▪ MissionCriticalTalent.com ▪ ChoosingASearchFirm.com ▪
BolandGroup.comBolandGroup.comCopyright 2009 - 2010: All rights reserved.
Months to Next Job, By Industry
Source: ExecuNet Executive Job Market
Intelligence Report 2009
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The Boland Group: The Boland Group: Management and Executive Search Consultants inManagement and Executive Search Consultants in Mission Mission Critical Search™Critical Search™ MissionCriticalTalent.com ▪ ChoosingASearchFirm.com ▪ MissionCriticalTalent.com ▪ ChoosingASearchFirm.com ▪
BolandGroup.comBolandGroup.comCopyright 2009 - 2010: All rights reserved.
Highest Growth Industries
Source: ExecuNet Executive Job Market
Intelligence Report 2009
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The Boland Group: The Boland Group: Management and Executive Search Consultants inManagement and Executive Search Consultants in Mission Mission Critical Search™Critical Search™ MissionCriticalTalent.com ▪ ChoosingASearchFirm.com ▪ MissionCriticalTalent.com ▪ ChoosingASearchFirm.com ▪
BolandGroup.comBolandGroup.comCopyright 2009 - 2010: All rights reserved.
Agenda
Industry Context What do companies expect when they use
a recruiter? When SHOULD you work with recruiters? When should NOT work with recruiters?) Resources and Take-aways
Page 6
The Boland Group: The Boland Group: Management and Executive Search Consultants inManagement and Executive Search Consultants in Mission Mission Critical Search™Critical Search™ MissionCriticalTalent.com ▪ ChoosingASearchFirm.com ▪ MissionCriticalTalent.com ▪ ChoosingASearchFirm.com ▪
BolandGroup.comBolandGroup.comCopyright 2009 - 2010: All rights reserved.
When a company engages a recruiter for a search, they only want to see candidates who are a perfect* match in (at least) three key areas:
#1 candidate’s target experienceexperience must be “perfect”
#2 compensation #2 compensation MUST be “in line” with target target package package
#3 currently employed with a “stable” work historywork history
* “perfect” = “100%” match (not even 99%)
The “Three Legged Stool”: three (often) non-negotiable criteria
For a candidate to be presented, must have “all three legs” of the
search “stool”…
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The Boland Group: The Boland Group: Management and Executive Search Consultants inManagement and Executive Search Consultants in Mission Mission Critical Search™Critical Search™ MissionCriticalTalent.com ▪ ChoosingASearchFirm.com ▪ MissionCriticalTalent.com ▪ ChoosingASearchFirm.com ▪
BolandGroup.comBolandGroup.comCopyright 2009 - 2010: All rights reserved.
#1 Companies using a recruiter can be very exacting in their target qualifications and experience requirements…
for example:$ functional expertise:
$ Ex: must currently be a “Chief Investment Officer managing growth of a portfolio from $2.5 to $3B AUM”
$ …AND industry experience, $ Ex: “Relevant experience gained working for the last 10 to
15 years in the retirement services division of a global mutual fund
$ … AND specific qualifications,$ Ex: must be a CFA and have an MBA from a top ten
business school
Three Legged Stool: #1 Qualifications & Experience
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The Boland Group: The Boland Group: Management and Executive Search Consultants inManagement and Executive Search Consultants in Mission Mission Critical Search™Critical Search™ MissionCriticalTalent.com ▪ ChoosingASearchFirm.com ▪ MissionCriticalTalent.com ▪ ChoosingASearchFirm.com ▪
BolandGroup.comBolandGroup.comCopyright 2009 - 2010: All rights reserved.
#2 #2 Candidate’s current compensation compensation MUST be “in line” with the target compensation package…$ typically, client wants to see a
candidate that is earning within 10% of the target compensation range
$ If candidate is earning more than 10% of what the position pays, fear is will leave as soon as find a higher paying position
$ If candidate is earning less than 10% of the compensation package, concern is that “market value” is too low.
Three Legged Stool:#2 Compensation requirements
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The Boland Group: The Boland Group: Management and Executive Search Consultants inManagement and Executive Search Consultants in Mission Mission Critical Search™Critical Search™ MissionCriticalTalent.com ▪ ChoosingASearchFirm.com ▪ MissionCriticalTalent.com ▪ ChoosingASearchFirm.com ▪
BolandGroup.comBolandGroup.comCopyright 2009 - 2010: All rights reserved.
#3 must be… currently employedcurrently employed (doing a virtually identical job, preferably with a direct competitor) with a “stable” work historystable” work history (where “stable” is defined as not employed less than two years by any single firm.
Three Legged Stool: #3 Stable Work History
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The Boland Group: The Boland Group: Management and Executive Search Consultants inManagement and Executive Search Consultants in Mission Mission Critical Search™Critical Search™ MissionCriticalTalent.com ▪ ChoosingASearchFirm.com ▪ MissionCriticalTalent.com ▪ ChoosingASearchFirm.com ▪
BolandGroup.comBolandGroup.comCopyright 2009 - 2010: All rights reserved.
However, if a company hires you directly, there is more flexibility…
#2: CompensationCompensation: may be more willing to take a “risk”
on candidate who has earned significantly more or
less income…
#1: Qualifications and Qualifications and experienceexperience: may be
more flexible on years, degree, certifications…
#3: Stability:Stability: may overlook some “quick moves” or
currently unemployed status
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The Boland Group: The Boland Group: Management and Executive Search Consultants inManagement and Executive Search Consultants in Mission Mission Critical Search™Critical Search™ MissionCriticalTalent.com ▪ ChoosingASearchFirm.com ▪ MissionCriticalTalent.com ▪ ChoosingASearchFirm.com ▪
BolandGroup.comBolandGroup.comCopyright 2009 - 2010: All rights reserved.
Agenda
Industry Context What do companies expect when they use
a recruiter? When SHOULD you work with recruiters? When should NOT work with recruiters?) Resources and Take-aways
Page 12
The Boland Group: The Boland Group: Management and Executive Search Consultants inManagement and Executive Search Consultants in Mission Mission Critical Search™Critical Search™ MissionCriticalTalent.com ▪ ChoosingASearchFirm.com ▪ MissionCriticalTalent.com ▪ ChoosingASearchFirm.com ▪
BolandGroup.comBolandGroup.comCopyright 2009 - 2010: All rights reserved.
When SHOULD you work with executive recruiters?
Leverage Recruiters if you… … are currently employed … with an average tenure > 3+ years … are geographic flexible … have modest compensation needs … have expertise in a hot industry niche,
function and love what you do
Bottom line... Open to a Career Lateral?
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The Boland Group: The Boland Group: Management and Executive Search Consultants inManagement and Executive Search Consultants in Mission Mission Critical Search™Critical Search™ MissionCriticalTalent.com ▪ ChoosingASearchFirm.com ▪ MissionCriticalTalent.com ▪ ChoosingASearchFirm.com ▪
BolandGroup.comBolandGroup.comCopyright 2009 - 2010: All rights reserved.
When SHOULD you work with executive recruiters?
Recruiters can only present you if you’re literally -- a 100% bulls-eye for their client’s requirements…
Bottom line... are you open to a Career Lateral?
Page 14
The Boland Group: The Boland Group: Management and Executive Search Consultants inManagement and Executive Search Consultants in Mission Mission Critical Search™Critical Search™ MissionCriticalTalent.com ▪ ChoosingASearchFirm.com ▪ MissionCriticalTalent.com ▪ ChoosingASearchFirm.com ▪
BolandGroup.comBolandGroup.comCopyright 2009 - 2010: All rights reserved.
Agenda
Industry Context What do companies expect when they use
a recruiter? When SHOULD you work with recruiters? When should NOT work with recruiters?) Resources and Take-Aways
Page 15
The Boland Group: The Boland Group: Management and Executive Search Consultants inManagement and Executive Search Consultants in Mission Mission Critical Search™Critical Search™ MissionCriticalTalent.com ▪ ChoosingASearchFirm.com ▪ MissionCriticalTalent.com ▪ ChoosingASearchFirm.com ▪
BolandGroup.comBolandGroup.comCopyright 2009 - 2010: All rights reserved.
When you SHOULD (NOT) work with recruiters
IF you… … have been unemployed a while … have more than one “quick” job move … flexibility restrictions … seeking to move to the next level … are changing industries or functions
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The Boland Group: The Boland Group: Management and Executive Search Consultants inManagement and Executive Search Consultants in Mission Mission Critical Search™Critical Search™ MissionCriticalTalent.com ▪ ChoosingASearchFirm.com ▪ MissionCriticalTalent.com ▪ ChoosingASearchFirm.com ▪
BolandGroup.comBolandGroup.comCopyright 2009 - 2010: All rights reserved.
When you SHOULD (NOT) work with recruiters
THEN you should “Fly Solo” … identify target employers … clients, suppliers, competitors … network, network, network
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The Boland Group: The Boland Group: Management and Executive Search Consultants inManagement and Executive Search Consultants in Mission Mission Critical Search™Critical Search™ MissionCriticalTalent.com ▪ ChoosingASearchFirm.com ▪ MissionCriticalTalent.com ▪ ChoosingASearchFirm.com ▪
BolandGroup.comBolandGroup.comCopyright 2009 - 2010: All rights reserved.
Agenda
Industry Context What do companies expect when they use
a recruiter? When SHOULD you work with recruiters? When should NOT work with recruiters?) Resources and Take-Aways
Page 18
The Boland Group: The Boland Group: Management and Executive Search Consultants inManagement and Executive Search Consultants in Mission Mission Critical Search™Critical Search™ MissionCriticalTalent.com ▪ ChoosingASearchFirm.com ▪ MissionCriticalTalent.com ▪ ChoosingASearchFirm.com ▪
BolandGroup.comBolandGroup.comCopyright 2009 - 2010: All rights reserved.
What can you do right now?
Be “Found” (Fly Solo): • ZoomInfo.com
• “Claim” profile• Linkedin.com:
• Complete profile• Join key groups• Jobs Search agent
• Indeed.com• SimplyHired.com• Be helpful!
Find a Recruiter: • Identify search firm(s) /
practice leader(s) • industry • Function• geography
• Sources• KennedyInformation.com • AESC.org • IACPR.org
Career Transition Resources
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The Boland Group: The Boland Group: Management and Executive Search Consultants inManagement and Executive Search Consultants in Mission Mission Critical Search™Critical Search™ MissionCriticalTalent.com ▪ ChoosingASearchFirm.com ▪ MissionCriticalTalent.com ▪ ChoosingASearchFirm.com ▪
BolandGroup.comBolandGroup.comCopyright 2009 - 2010: All rights reserved.
Take-Aways: Career Transition Resources
www.BolandGroup.com/ • ExecResourcesPage.htm• CareerTransitionAdvice.htm
• Tips on job boards, resumes, cover letters,
• Executive level networking resources,
• “digital dirt’, leveraging Linkedin, etc
• ThreeMagicBullets.htm • When (NOT) to work with
a Recruiter
www.BolandGroup.com/ • WorkingWithRetainedSearch
Firms.htm • Identifying the right
contacts (and avoiding the wrong ones)
• RetainedVsContingent.htm• Key Differences
• Questions.htm• Questions to ask when
engaging a search firm
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The Boland Group: The Boland Group: Management and Executive Search Consultants inManagement and Executive Search Consultants in Mission Mission Critical Search™Critical Search™ MissionCriticalTalent.com ▪ ChoosingASearchFirm.com ▪ MissionCriticalTalent.com ▪ ChoosingASearchFirm.com ▪
BolandGroup.comBolandGroup.comCopyright 2009 - 2010: All rights reserved.
Survey of Attendees: Breakdown by Industry
High Tech
Healthcare
Consumer Products
Life Sciences
Financial Services
Manufacturing
Business Services
Public Sector
Other
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The Boland Group: The Boland Group: Management and Executive Search Consultants inManagement and Executive Search Consultants in Mission Mission Critical Search™Critical Search™ MissionCriticalTalent.com ▪ ChoosingASearchFirm.com ▪ MissionCriticalTalent.com ▪ ChoosingASearchFirm.com ▪
BolandGroup.comBolandGroup.comCopyright 2009 - 2010: All rights reserved.
Survey of Attendees: Breakdown by Function
Asset management
Investment banking
Private equity / venture capital
Consulting
Non-profit foundations andassociations