Archive for the ‘The Hidden Job Market’ Category
There are 300,000 US 6-Figure+ jobs that are up for grabs this month – but they’ll be filled long before they ever need to be posted to a job board.
How will you find them?
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Executive level jobs and C-level jobs require very specific job search strategies and some work better than others! In this article I am going to go over the main executive level job search strategies, including the pros and cons of each. Hopefully this information will help you decide what job search methods are best for your particular situation.
Most C-level executives believe they are bound to recruiting firms to bring them opportunities – but this is not necessarily true. Getting your resume to the top recruiting firms can open up potential opportunities for you!
Pros: The job comes to you and there is a lot of cache. Executives enjoy believing that they have been handpicked by a recruiter to represent them to a company. The truth is that the recruiter represents the company, not you, the candidate, no matter what they are telling you or how they are making you feel.
Cons: A recruiter has the company’s best interest at heart since it is the company who pays them in the end. And sometimes the recruiter is paid so much (20% to 30% of your salary) that I believe it can cut into your ability to fully leverage your compensation negotiations.
Recruiters limit your opportunities because:
- C-level searches are rare and a recruiter can generally only bring you an existing search – one at a time.
- Usually the recruiter will be asked to bring in at least 3 qualified candidates – so you have built in competition.
- You may be constrained from speaking to the company directly as the recruiter will want to mediate and many times negotiate your offer on your behalf (even though his or her loyalty is to the company).
Your Best Move? Make sure if you do a recruiter distribution, you find someone with a good list of top recruiters (hint: I have one!). Treat the recruiter and the company with the same discernment. Don’t open up to the recruiter as if he or she is being retained by you. They are not. You need to “sell” the recruiters on the value you bring to the company just as if you were “selling” directly to the company.
Networking can open up opportunities for jobs that are not advertised. If you are well connected – or you know how to take initiative and “make rain” – this is a viable option for you.
Pros: You can tap into hidden opportunities. Get third party endorsements from people that you know and that trust and respect you – that can be invaluable!
Cons: Networking can be tough for executives who don’t know how to do it. After all, how does an executive ask their associates if they know anyone who is hiring or who might be interested in them? This is largely demeaning for a powerful executive who is used to being a leader and in control. It can also take an average of 18 months to complete your job search if all you do is “network” in the traditional sense of the word and your income is over 6 or 7 figures.
Your Best Move? Learn how to network without asking for a job. There are executive level strategies and communication techniques that approach these conversations in more of a fact-finding and consulting spirit. You need to learn how to do it so you can network confidently. I show executives how to do this both through private coaching and through my DIY home study program, the Job Search Success System.
Executives who are looking at management consulting or an interim position, helping turn around a poor performing company, or are interested in a startup, may be interested in connecting with VC and PE firms.
Pros: If you are a C-level executive, it may be a pretty good move for you to send a distribution to these firms. There are companies that do this (including mine).
Cons: I have found that if you are below the C-level, distribution to these firms is less effective.
Your Best Move? If you are a C-level executive, you can send out a VC/PE email distribution for around $300 and it might land you a handful of good leads if you sell your skills correctly. Smart move!
I personally believe that understanding how to reach out to companies directly is the most powerful strategy for success. Direct mail means sending an actual letter to the key decision maker in a company. Not an email, an actual letter – preferably on engraved stationery and high quality Cranes paper. You will invest a little money up front marketing yourself like this, but the ROI blows away any other job search strategy I know of in this job market climate.
Pros: you can identify and isolate your industry and cherry pick who you want to reach out to. You can even do this for free using Google maps. Lists are free or cheap if you know where to look.
With the power of the internet you can use Google news alerts to have information on companies or industries that are growing sent right to your inbox. Companies that are growing are often hiring.
At a salary of $250k+, over 90% of jobs are filled in the hidden job market and never advertised. That means reverse engineering your job search and going after what you want vs. waiting and waiting for the right job to come to you – and competing with dozens or hundreds of other executive job seekers for the same position – makes logical sense for executives.
Learn how to tap the hidden job market once and use this method for the rest of your career. People tap the HJM when they want to leverage themselves in the job market, command more money, minimize their competition and shorten their job search.
Cons: Your success in terms of how many interviews/offers you land is predicated on your industry, supply and demand and is hard to predict. Between 2% and 5% is average. But I have also seen executives send out 20 letters and land 5 interviews. It depends on many factors. This still beats job boards, but if you don’t understand marketing numbers this can be discouraging to you.
You must be the type of person who can take initiative and “make things happen” to successfully manage this entrepreneurial driven strategy.
These methods at the executive level generally require some help from an experienced career professional who can be your sounding board and show you the shortcuts to using HJM strategies successfully. You will have to hire some help or at least do some self-study, otherwise be prepared for some frustration and roadblocks.
Your Best Move? I think everybody, not just executives, should learn how to find and capitalize on companies that are growing and know how to approach companies in an industry they potentially want to work for. I have seen executives grind away for a year in a fruitless job search – wasting precious time, losing confidence and often tens of thousands of dollars in income for those who were in between jobs – only to land multiple interviews in the first 30 days of refocusing their job search on the HJM (and often hiring a professional resume writer to beef up their marketing message). They all say the same thing in retrospect: my only regret is that I didn’t do this sooner for myself!
If you are a boomer executive that wants more flexibility you might want to consider your own consulting business. Management and technical consulting is one of the fastest growing industries. At 44% in 10 years, it’s grown four times faster than the workforce growth rate.
Pros: Consulting can be a nice “bridge” job and you might find the flexibility suits you. Many companies prefer hiring consultants – it’s safer for them and they can check you out first before they consider hiring you full time.
You can consult from anywhere. You don’t necessarily have to be a road warrior either. You can do much of your consulting via phone and internet (I myself have done this for years and rarely even meet my clients face to face).
You can consult in almost any field. One of our $500k+ CEO clients found businesses who could not afford to engage him full time as a CEO, but wanted his expertise. He negotiated a handful of engagements with several businesses – some one day a week, some for a few hours a week, and some for a couple days a month. He is now working fewer hours and making more than $500k per year. In one of our conversations, he remarked that he would never go back to a full-time job. (Courtesy: jobbait.com.)
You can generally charge about two and a half to three times your hourly rate (you will have to break down your salary to get this figure).
Cons: You will have to market your business and this may or may not be something you like to do. Be prepared to invest 15% to 25% of your revenue on marketing. But of course, if it brings you business and you don’t have a lot of other overhead, this is probably a pro not a con.
Interim full-time consulting gigs can leave you scrambling for new assignments and are problematic. Avoid them and try to find a few clients who need your help part time. This is safer relative to your income streams and it’s easier to land these gigs in general. If you find 2 clients who need you just one day a week, you might find yourself making as much as you made in your past full-time job. Many companies desperately need heavy-weight talent, but can’t afford a full-time person.
Your Best Move? If you are an executive with any kind of entrepreneurial desires, this could be an excellent move for you! You can learn more here.
years – which is December is a great time to conduct a job search! The
article gives some nice quick tips for using LinkedIn to do this. I would
add learning how to tap the hidden job market is a fantastic way to make
valuable connections and land interviews and offers during the holidays.
Guest post by Mariana Ashley
As our society today places more value on being plugged-in and online, more than just our educational styles and personal lives are shifting to the tech world. Industry and business are moving more and more towards the online realm as well. In any form of sales or retail, strong web design, structure, and content are not only desired, but actually essential to the growth and success of a company. Things like social media, search engine optimization, and online marketing have become some of the most lucrative and demanded positions available in the job market. It is with this shift that the online classroom and online degree has really found its footing. More and more employers are seeking tech-savvy individuals who stand out from the traditional applicant. With tech companies being one of the biggest hirers in the job market today, it’s not hard to gather why online degrees may be valued in those industries. However, the online degree and the online degree holder are highly regarded in all elements of business, not just tech related. There are several attributes of an online degree holder that make these individuals highly desirable candidates in the job market today. Making one wonder would pursuing an online business degree be more desirable than a traditional MBA? An intriguing thought that shakes what we have previously thought about higher education
Self-Motivation and Independent Drive
Of course, any individual who has earned a college degree demonstrates some level of self-motivation and drive. College is a huge accomplishment, be it in an online format or a traditional one. However, an online degree demonstrates motivation and drive that is more individually based in most cases. Those who obtain degrees through an online program usually do so in a more self-propelled manner. Online students don’t have the built-in support system of hundreds or thousands of other students seeking the same goals all in one close area. Online students have to pursue their dreams and academic goals on their own and from their homes. Many online students complete online degrees while also maintaining a home, family, or job. This demonstration of self-drive and personal willpower is extremely attractive to employers in today’s economy. Employers want candidates who are self-starters. They want people who can take direction and then tackle issues on their own terms. Online students are not immersed in the college and academic world, which can show a stronger sense of focus and determination
Written Communication Skills
Communication skills are one of the most important things in business today and one of the most highly regarded qualities among employers. Even in positions that require very minimal group work or interaction (which are few and far between), the ability to communication effectively is essential. Employers are looking for candidates who can clearly express their ideas and concerns both verbally and in written form. Online degree holders are forced to do much of their class communication in non-traditional formats. Students collaborate with one another over email, online chat, and forums and students communicate with professors primarily through email. This gives these students ample practice in careful written communication. Being able to demonstrate your ideas in a way that customers, managers, and coworkers can quickly and easily understand can save a company a lot of time and resources. Employers value an individual who can carefully and clearly express their thoughts in writing and in non-traditional formats (such as video chat, instant message, etc.).
Built-In Tech Proficiency
Of course, this isn’t exactly true, but many employers recognize that online degree programs require more computer, technology, and online skills and know-how. While this point may sound trite, employers really do value tech skills that are already in place. Even if an employee coming in doesn’t have the specific tech knowledge you desire, if they have a general knowledge of computer and internet use, the learning curve is greatly reduced. In many cases, it can actually be easier for tech companies and employers to hire on individuals who they can easily train in the specific computer, programming, internet, etc. skills that they need. Because students completing a degree online use the web and computers for virtually all of their coursework, the internet and computer processes become very natural to them. Students have to quickly adapt to the various programs and tools used to complete projects within their different classes. This ease with learning new tools and adjusting to new systems is highly valued in the working world.
Mariana Ashley writes about educational topics for onlinecolleges.net. She is passionate about all things education and is particularly interested the ways in which education and lifelong learning can support personal growth. Mariana can be reached at mariana.ashley031[at]gmail.com.
Finding the hidden jobs is easy, and anyone can do it. This video shows you how to find as many as you want. This video was made by my dear friend and mentor, the late Mark Hovind who passed away a few months ago. Mark was the only expert in the US that aggregated numbers from the BLS/US Census Bureau to educate job seekers that there are plenty of jobs available at all job levels all across the US.
A job search can quickly become a time consuming and frustrating experience without the right tools, planning, and resources. Making one mistake, such as “surfing the Internet” as your main medium for job hunting, can lead to countless hours of wasted time each week. Here are eight simple steps you can take to save yourself time, frustration, and wasted energy:
Step 1: Create your system
Use a simple system to map out (yes, actually write it out—so it’s “out of your head” and on paper!) your job search goals. Where you are going, what is motivating you, your thoughts on how you are going to get there, and what your ultimate goal is. Mapping out your plan and your strategy will keep you on track and focused—thus saving you potential wasted time and energy.
Step 2: Use a job aggregator
In other words, a beta search engine for jobs. This way you can use one site for one search . . . to find almost all posted jobs. This one step will save you from hopping from one job board to another—and endless hours of frustration. Understand that responses on any job board vary from 2% to 6%. With those odds, this is one critical area you really want to use to streamline your search and save time.
Step 3: Set up an email alert
Set up an e mail alert on the job aggregator of your choice. This saves you even more time, as your matching jobs will automatically be sent you!
You can also set up email alerts through Googlenews and even The Business Journal—so if you are looking for articles or information on the growth of a particular industry or company—just set up an automatic email alert. Congratulations! You just saved yourself at least 5 hours a week surfing the Internet!
Step 4: Invest wisely
It’s easy to figure out where to best invest your time. Simply identify the top three areas where you are most certain to penetrate your market. It could be “like companies” in a technology business park, or a trade association, through social networking sites, or through a portal such as the top 10 executive recruiting firms. Once you have identified where to invest your time for the biggest payback, you can minimize the time you spend on other job search activities while you maximize your time in your key areas.
Step Five: Create a schedule
Create a modest “job search schedule” for yourself. Specifically, dates and times each week you are going to devote to your career move. Why a “modest” schedule? Because you want to create a schedule you can actually keep and feel a real sense of achievement as you reach your weekly goals. You can always increase your commitment later! This technique works wonders during a career search. You will be amazed how feeling yourself accomplish your job search goals in real time will motivate you as you move forward!
Step Six: BATCH your activities
Batching your activities means blocking out a certain amount of time one day each week to do a particular activity. For example: Monday between 8 am and 9 am you research growing companies in your industry. Wednesday between 10 am and 11 am you make your follow up phone calls. You will be amazed how much you get done using this technique and how it automatically insures against overwhelm and simplifies your job search. This is one of THE most important tips you can implement.
Step Seven: Kill your email
Okay, don’t kill it but please, stop checking it every 30 minutes! I check my email twice a day because it allows me to focus on more important tasks and not get sidetracked, hung up, and generally scattered during my workday. Don’t worry about missing important messages. I believe you will find that checking your email messages twice a day is more than enough.
Step Eight: Stop answering your phone
That’s right. Unless it’s a planned call, don’t answer your phone. You are a busy executive—you are NOT waiting anxiously by the phone . . . get it? AND you don’t want to be caught off guard with a recruiter or hiring manager who wants to conduct an impromptu interview. You are not home. Let it go to voice mail. Screen your calls and check your messages twice a day. You will be so glad you did. If the last two tips have you “beside yourself”—read The Four Hour Work Week by Tim Ferriss. It will change your life.
If you want to learn more about how easy it is to set up and manage a turnkey job search that gets you great results – check out my Job Search Success System.
I found this information on the world privacy forum and thought it was worth posting. I have had more than one client confide that their credit was less than stellar and they were afraid they were getting passed over for interviews/offers because potential employers were checking their credit.
If you suspect the same – you can “freeze” your credit. Here is how:
6. Credit Freeze (also Security Freeze)
What it does: A credit freeze (sometimes called a security freeze) lets you stop the disclosure of your credit report by a credit bureau.
The result of a credit freeze should be that neither you nor anyone else can open a new credit account in your name. (A freeze will not stop your existing credit cards from working.) A credit freeze can also prevent insurance companies or employers from obtaining your credit data. That’s why if you are actively seeking new employment or insurance, you may want to think carefully about enacting a credit freeze unless you are currently a victim of identity theft.
The credit freeze is widely considered by consumer and privacy advocates as a potent measure to prevent some forms of identity theft. A credit freeze can be especially helpful to individuals who are having persistent problems with identity theft. Credit freeze is not for everyone, and not everyone has the right at this point to set a credit freeze.
The way a credit freeze works is that access to your consumer credit report and your credit score are locked when you put a freeze on the files. A lender or merchant will normally not issue new credit if it cannot access your credit report or score. The benefit of a freeze is that you can stop thieves from getting credit in your name. The downside is that you are also stopped from getting credit unless you “thaw” the freeze. You can unlock your security freeze by using a PIN to unlock access to the credit file. Some states require the “thaw” to take no longer than 15 minutes. Some allow longer times.
The ability to freeze your credit is available nationwide through the credit reporting bureaus. There is some variability in cost and details state-by-state due to variance in state law. (For information about which states have a freeze law, see “More about credit freeze” below.)
How to opt out:
Here are two ways to find out how to opt out for your state:
- 1. The World Privacy Forum’s Credit Freeze page has a list of states that either have a credit freeze law, or have passed a law. Each state links to the official state information page about how to place a credit freeze, or to another information source for that state. Many of the official state information pages are excellent, and provide tips and sample letters. Even if you are not in a state with a law, as of Nov. 1, 2007, you can still set a security freeze. http://www.worldprivacyforum.org/creditfreeze.html
- 2. Consumer’s Union has an excellent and frequently updated page on all current state freeze laws and requirements, with a link on how to opt out for each state and sample letters. http://www.consumersunion.org/campaigns/learn_more/003484indiv.html
More about credit freeze:
See the FTC Credit Freeze page: http://www.ftc.gov/bcp/edu/microsites/idtheft/credit-freeze.html
See Consumer’s Union frequently updated page on all current state freeze laws and requirements, with a link on how to opt out for each state and sample letters. http://www.consumersunion.org/campaigns/learn_more/003484indiv.html
See the PIRG state freeze page: http://www.pirg.org/consumer/credit/statelaws.htm Links to the state laws.
See California Office of Privacy Protection. Even if you don’t live in California, this is an excellent page to learn more about how credit freeze works. If you are a California resident, you will find sample letters ready for you to print out. http://www.privacy.ca.gov/sheets/cis10securityfreeze.htm
… and by the way – the BEST way to overcome ANY liabilities you feel you may have in your job search is to learn how to tap the hidden job market. When you learn how to go direct – you sidestep most all of the prescreening and prequalifying that can disqualify you from interviews and offers.
A few points about this article:
-Texas employers have added nearly 146,000 jobs this year, after slashing more than 350,000 jobs last year.
-It’s also one of four states where payroll employment is expected to reach pre-crisis levels by the end of next year, Diffley said.
-The state is “No. 1 in many, many indicators,” Diffley said. “Certainly No. 1 among the largest states.”
The comments section of this article contained a swarm of negative comments. My comment? The tougher your competition the more you must commit to savvy job search methods and making sure your target goals, your marketing material and your message are top notch. A postive attitude – a focus on POSITIVE information will help you tremendously in your job search. My vantage point is an interesting one: my clients who are landing jobs follow this to a tee. Those who are “still looking” seem more inclined to adopt, focus and comment on what is negative. My question: what good does that do if it prolongs your job search? Just my personal observation. I am not saying this is true in all cases but I do see a definate trend. Take from it what you will.