working with recruiters during an economic downturn (or not)

“Career Transition in an Economic Downturn… Working with Recruiters”

Annual CFA Society Career Program Washington DC

June 2009

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



Months to Next Job, By Industry

Source: ExecuNet Executive Job Market

Intelligence Report 2009



Highest Growth Industries

Source: ExecuNet Executive Job Market

Intelligence Report 2009



Agenda





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”…



#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



#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



#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



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



Agenda





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?



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?



Agenda


a recruiter? When SHOULD you work with recruiters? When should NOT work with recruiters?) Resources and Take-Aways



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



When you SHOULD (NOT) work with recruiters

THEN you should “Fly Solo” … identify target employers … clients, suppliers, competitors … network, network, network



Agenda


a recruiter? When SHOULD you work with recruiters? When should NOT work with recruiters?) Resources and Take-Aways



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



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



Survey of Attendees: Breakdown by Industry

High Tech

Healthcare

Consumer Products

Life Sciences

Financial Services

Manufacturing

Business Services

Public Sector

Other



Survey of Attendees: Breakdown by Function

Asset management

Investment banking

Private equity / venture capital

Consulting

Non-profit foundations andassociations

working with recruiters during an economic downturn (or not)

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