The CFO Coach

The "Spaghetti" Job Search Strategy

There’s a lot of angst in the LinkedIn CFO group this morning. Not hearing back from recruiters these days is enough to send even the most stable senior finance executive to the edge of the cliff after a period of unemployment. The job search system is already flawed, and the Internet has exacerbated the breakdown ... candidates send resumes to a big black hole and never hear back from anyone. If you haven’t read my article “Everybody Lies,” email me and I’ll be happy to send it your way. 

Anyway, the flawed search strategy that almost every job seeker uses is what I call the “spaghetti strategy.” They throw their resume into the black hole hoping it will stick to something. It doesn’t have to be the “right” thing, just, please, let it be “something.”  

When HR has posted a position or a recruiter has been hired to do a specific search, they are in “screen out” mode. If you don’t meet these specific requirements - every one of them - you’re out. And, short of a solid long-term relationship with a recruiter that might sway them, there is nothing you can do about it.

Playing the posted position game elicits this advice from some ... “you must modify your resume for every position to which you apply.” That is because when you are throwing your resume into the black hole and hoping it will stick to something, it requires you to be “all things to all people.” You’re like a chameleon constantly changing colors depending on where you’re standing ... or in this case, depending on what the job posting says. 

I believe there is a search strategy is that far more effective, much less anxiety-inducing, and focuses on what you want rather than anything that’s available. It is hard work AND it requires you to move away from the job boards and into a position of strength. 

You first need to identify your sweet spot. Business coach Deborah Gallant, in summarizing points from “What Would Google Do,” said this ...

“Mass market are irrelevant, it’s all about niches: identifying what you do really well and doing it supremely well.”

The next step is figuring out who needs what you do really well and then how you can get on their radar screen. Whether that company has a position posted is irrelevant because if you can take away their current pain, having a conversation with you is always an option. It’s hard work, certainly more challenging than the spaghetti strategy, and generally much more effective! 

Over-promoted and Over His Head

How would you like that headline to appear in the #1 slot in a Google search of your name? While this is a fictionalized story of a CFO turned CEO, could you find yourself the “victim” of digital dirt?

And here’s another potential career killer headline in Reuters ... “Boston Provident fires CFO Levy for alleged theft.” Or this one, “Ex-Petters Co. CFO ‘Lied for a Living’.”

I know, I know. I can hear you now. Those are a big deal and I would never appear in such a headline. Thankfully, that is true for the majority of people. But what about the small stuff? Comments taken out of context in a conversation with a reporter, a statement you made on a controversial position in a Board meeting, an adversarial comment you left on a blog ... again, used out of context, or an irritated comment you left on a public forum. 

If you aren’t checking your online identity, how do you know what’s being said about you? In today’s social media world, you are who Google says you are. 

The most recent stats I’ve heard were from an ERE personal branding seminar last week ... 77% of executive recruiters use search engines to research applicants and 59% of hiring managers are influenced by your online identity. On an initial Google search by recruiters, could you be confused with someone with an unsavory reputation? What if one of these CFOs happens to share your name ... do you also get to carry his baggage?

Testament to how critical a digital footprint is to one’s career is the article in the Wall Street Journal ... “More Job Seekers Scramble to Erase Their Criminal Past.” Again, you might not have a criminal past but someone who shares your name may. And as the article states, digital dirt is nearly impossible to eradicate. That also applies to the “small stuff.”

LinkedIn: Your Portable Portfolio

There have been a couple of good posts about LinkedIn this week. If you aren’t currently on LinkedIn (shuddering in horror), here’s a good primer ... “7 Ways to Get More Out of Linkedin,” which is posted on Mashable.

And the FP Executive Blog has a great post on LinkedIn taglines. Taglines are incredibly important and vastly under-valued. Boring is out, inviting is in. Remember, when you’re standing with a crowd, you’re blending in. Separating yourself from the crowd will get you noticed. The tagline “CFO” or “Chief Financial Officer” will, because its commonality, push you into the crowd in any keyword search.

What was distressing to me about this post was this reality:

John Smith: Looking for work

This gentleman lost his job title and in the process, he also lost his identity. Looking for work might be “what” he is doing, but is NOT “who” he is. It is not “who” any job seeker is. Your value is much greater than your job title.

And this tagline ...

John Smith: Business Strategy Executive and Visionary exploring new opportunities

is forcing me to evangelize. This is definitely a more positive statement, but it is still broadcasting a message I personally don’t believe belongs in a tagline. Remember, the most attractive candidate is “still” the one who is passive. Don’t trade “hearing” about new opportunities (as a passive candidate) for “exploring” new opportunities (as an unemployed candidate).

A recent article about the future of finance careers by Kate O’Sullivan at CFO.com is a must read for finance executives. Here’s one of the key points from that article:

As the economy has begun to stabilize in recent months, however, the market for finance talent has showed signs of thawing. "We're going to see more voluntary turnover where CFOs are going to say, 'I helped my company get through this, and now I'd like to move on to my longer-term objectives,' which might be moving to a bigger company, moving to a CEO role, or maybe deciding it's time to retire," says Walter Williams, a partner at executive search firm Battalia Winston International. Wilson says some finance chiefs will likely look for operating roles as well.

Because you hold the most power NOW, while you are still employed, it is imperative that you build out your digital footprint and your network to facilitate your ability to secure your longer-term goals ... and to stand out from your competition. Are you digitally distinct? Or, digitally dead? And what does your LinkedIn tagline tell the world about you?

The Wall Flower Syndrome

A couple of my colleagues wrote some good posts about networking this week ... See  “How to Find Your Old Contacts” at the Interns Over 40 blog and “Explain to your network how they can best help you” by one of my favorite bloggers, Paul Copcutt.

Here’s the sticking point for many of my CFOs and senior finance executives. IF they show up, few of them actually engage. Networking ... is a verb. It requires action. Standing against the wall and hoping a) no one notices you, b) someone will reach out to you first, or c) merely enjoying the chow ... does NOT constitute networking. Neither does using your name to create a place holder within social networking sites. 

MyCFONetwork.com has launched a great regional networking site specifically for senior-level finance executives. It’s a great concept and an even better, easier, and more efficient way to network with your peers. However, just showing up doesn’t constitute networking in today’s social media world. A wall flower is still a wall flower whether in the physical sense or the social sense. 

Wouldn’t you like to be the finance executive who got a call from a networking contact with the inside scoop on an opportunity at a much bigger company with a very nice increase in annual salary and a cushy benefits package that resulted in a new position within just a couple of weeks ... even in this economy? If so, you must move away from the wall!

If you aren’t connected with me, please connect with me on ...

Linked In 

Facebook 

Twitter 

And, of course, I would enjoy engaging in conversations with you in any of the MyCFONetwork.com communities!

CFOs as CEOs

After Business Times Online posted an article on the rise of CFOs into CEO positions, one of my Linked In colleagues, a recruiter who works with private equity clients, asked for my thoughts on the topic. 

In preparation for my keynote at the Prophix User Conference back in April I did extensive research on this topic. While the article points to the recession as the driver, my belief is that it is a trend not likely to abate once we hit the other side of the recession. So, here are my thoughts ...

--Strategic Leaders vs. Bean Counters

I believe the opportunity arose about the time that CFOs began making the transition from bean counter to strategic leader with a seat at the executive table. The hottest CFO prospects today are those with the ability to predict financial trends and who bring an operational background (particularly when they also hold a CPA and and an MBA). From a career perspective, two of the smartest things a CFO can do today are gain operational experience and claim a seat at the executive table.

--Proven Operational Contributions

There is a difference between experience and contributions ... and this is particularly true of a CFO with his sights set on a CEO position. In fact, as companies continue to tighten their belts, you may even see a decrease in the role of the Chief Operating Officer, since the accomplished operational CFO can handle both roles.

For example, the COO of oil and natural gas exploration and production company Anadarko Petroleum Corp. is being replaced by the CFO with much broader responsibilities that include overseeing the company’s exploration, development, production, and mid-stream and marketing operations.

Execunet points to the fact that 2 of the 8 most in demand job functions are operations management and finance.

--Networking

While many CFOs are not the best networkers, for whatever reasons, those who are reap great benefits. And the value of internal networking cannot be downplayed. Conventional wisdom says that it is easier to move up internally, than externally, in large part because you are “known and have momentum and sponsorship.” If you’ve grabbed your seat at the table, you have the power to ensure you are known and have the momentum to, perhaps, win that coveted leadership position.