The CFO Coach

The War for Talent

This morning, as I was performing my morning ritual … perusing some of my favorite blogs as I sipped my first cup of coffee of the day, I was reading David Perry’s Guerilla Marketing blog.

David referenced an article by Sarah Needleman at The Wall Street Journal entitled “Tough Times Don't Mean Tough Luck on Salary.”

Since there has been an ongoing conversation about the “war for talent,” or lack thereof, on My Linked In Power Forum, I found this article very interesting. A few excerpts that support the existence of a “war” include …

“If you have the kind of skills that are in short supply and are critical to a business's bottom line, employers are often willing to pay ‘above and beyond the market average,’ says Ravin Jesuthasan, global practice leader at Towers Perrin, a Stamford, Conn.-based consulting firm.

Employers are also increasingly sweetening job offers for high-demand candidates, with benefits previously reserved for workers already in the company, such as flexible schedules and work-from-home arrangements, says Kenan Abosch, leader of the compensation consulting practice at Hewitt Associates Inc., a provider of human-resources services based in Lincolnshire, Ill. ‘If a company has someone they're really hot to get, because it's a pivotal role, they'll go the extra mile,’ he explains."

If your skill sets are not extraordinary … meaning every one of your competitors brings the same thing (usually responsibilities) to a prospective company, you have been relegated to commodity status and there definitely is not a big battle for these candidates.

However, with a clear, compelling, and highly–coveted marketable value proposition, you may very well find yourself in the midst of a war with several great offers on the table … even in this tight economy.

2008 Executive Job Market Intelligence Report

Execunet has released the findings from its 2008 Job Market Intelligence Report, with some very interesting results. According to the report,

––“Increasing demand in the High Tech, Healthcare, Energy, and Business Services sectors, combined with a shortage of qualified talent and sustained economic growth overseas, is driving better than expected job growth at the executive level.”

––“Thanks in part to an aging workforce and global economic growth, the demand for executive talent continues to increase while the threat of a recession looms.”

––“more than 70% of search firm and corporate human resource professionals believe there is a shortage of executive talent, and two-thirds (67%) say the war for executive talent has intensified over the last year amid increasing economic uncertainty.”

––“Nearly all (86%) corporate human resource executives and 61% of search firms report that they do not routinely post positions with a total compensation of $200,000 and above on public websites.”

––“Recruiters don’t deny that age can be an issue, but 71% of search consultants say their clients are less focused on age than they were in prior years; and 57% of corporate HR executives say that when over 50, the candidate’s age is not a negative factor in hiring decisions.”

And very telling is the quote from Execunet’s CEO and Founder, Dave Opton …

“Unfortunately, many of the opportunities created this year will remain out of reach to those who fail to read beyond the headlines,” ….  “However, given the current pace of change, the consequences of ignoring opportunities to enhance your network and failing to closely monitor the marketplace are clearly rising.”

The Passive Candidate

I stumbled across an interesting article today in Jim Stroud’s The Recruiter’s Lounge. Curiously, to me at least, is that I found this article through Twitter and then tracked down the author through Linked In. Yes I twit and tweet … do you?

Anyway, Karen Mattonen is a recruiter who was ranting (her word not mine) about the myth of the passive candidate. While obviously written for the recruiter audience, I believe her points can be enlightening to job search candidates and my favorite prospects … those senior finance executives who are employed but positioning themselves to learn about new opportunities.

My readers may remember that upon returning from the Kennedy Conference last October, I commented on the overriding theme … these internal recruiters were all in search of the Passive Candidate.

So Karen’s article provided some additional fodder for a topic I find near and dear. My favorite excerpt from her article follows:

“As a TPR [third party recruiter], the clients I represent want me to locate the passive candidate, maybe they have searched the boards and did not find the talent for the position, the position is at a senior level, and those candidates generally may not be found on the boards, maybe the position being filled could be compared to finding a needle in a haystack…."

Wouldn’t you like to have a recruiter relationship with someone like Karen? Like all other networking relationships, it pays to build them before you need them.

Career Killers

CFO.com recently published an article, “Restating: The Career Killer,” CFOs fired for erroneous financial reporting are finding it difficult to secure comparable jobs — if they can get one at all.

Here’s an excerpt from my recent article “4 Tips for Avoiding Brand Suicide” that can also lead to difficulty finding your next opportunity.

Never, ever, ever lie.

A no–brainer, right? Apparently not, because people are constantly making the news about careers that are ruined because someone grossly exaggerated (or flat out lied) about something in their background.

You may remember the high–profile MIT admissions dean who incorporated just enough untruths in her résumé to undo her career. And of course a Notre Dame football coach gained notoriety when his résumé lies were uncovered. And the latest tombstone to make national front page news is the Dinner: Impossible chef. His goose was over–cooked.

Just imagine the gruesome details that would haunt a senior–level finance executive. Remember the TV show, the “Untouchables”?

The Internet is a global lie detector, and eventually all lies will be uncovered. Little white lies, exaggerations, and misstatements can be just as devastating as big lies. 

Networking Myths

Savvy networker Liz Ryan has busted some common misconceptions about networking in her article, "Top 10 Myths About Networking."

I stumbled across this article while following a thread about poor networking etiquette. Always, always, always ... networking is about giving in order to receive. The quickest, and deadliest, way to kill future relationships is through selfish motives ... often borne of desperation.

Relationships, including recruiter relationships, must be built BEFORE you need them. Networking is most effective when you are not in desperate job search mode. Reach out and give to others today so you can ask for help in the future.

Don’t get Bear Stearnsed!

In CFO.com's article, "Finding a Job in Lean Times ... Things to keep in mind when looking for work during an economic slowdown," is an interesting read. Particularly enlightening, I think, is this excerpt ...

"Because of the Bear Stearns meltdown and fears that other financial services firms might cut back on staff, a flood of job hunters has poured into the market in recent weeks. But they are fighting for fewer available positions, with some finance executives deciding that now is not the time to leave a stable post to take a chance on a new one."

It might be a good time to sit tight, but to some degree staying might not be the decision of the executive. Something might be coming down the pike – a new CEO, an acquisition, a disgruntled board – and it might be someone else who decides it’s time for the executive to leave.

Now, today, is the time to become proactive in managing your career. Since the average time for finding that new position is currently around 7 months, it makes sense to begin planning your next move, ramping up your networking, and building a visible online presence … before you need to.

Recruiters’ most desired candidate is one that is currently employed. The moment the executive walks out the door … even with a nice severance package in hand … his marketability can take a big hit.

Don’t get Bear Stearnsed! Take control of your career while you hold all the power to do so.

Tips for Better Networking

My friend and colleague, Jason Alba of JibberJobber fame, posted a very thorough list of networking tips from author and speaker Thom Singer. Jump on over ... you might learn something you can implement immediately.

If you haven't yet explored Jason's great contact management tool (JibberJobber) for managing your networking contacts, I highly recommend you give it a try.