In a weak economy, traditional executive job search methods like relying on recruiters, published job leads, and known contacts can take over a year to result in new employment. This presentation recommends changing strategies to focus less on recruiters, published jobs, and large companies, and more on expanding networks, targeting smaller companies and interim opportunities, and being willing to change tactics if milestones aren't met. The key is to diversify efforts away from low-probability channels and seek referrals from current contacts to find new networking opportunities.

1. Finding Executive Jobs in the Current
Economy: Change Your Search
Strategy Now
An ExecuNet FastTrack Program
Presented by:
Tucker Mays Bob Sloane
Principals/ Co-Founders
OptiMarket LLC

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3. Finding Executive Jobs in the Current
Economy: Change Your Search
Strategy Now
An ExecuNet FastTrack Program
Presented by:
Tucker Mays Bob Sloane
Principals/ Co-Founders
OptiMarket LLC

4. • In a weak economy, terminated senior executives
with strong career credentials take an average of
a year or more to find their next job
• Should take no more than 8 months.
• Most rely on traditional methods - recruiters,
published leads, known contacts, etc.
• Not effective in declining job market

5. Traditional Job Search Methods
• Recruiters
• Published job leads
• Known “warm” contacts
• Larger companies
• Full time positions as exclusive focus
• Target only healthy companies
• “Stay the course”

6. Why Traditional Methods
Don’t Work Now

7. Recruiters
• Account for less than 10% of searches
• Fewer assignments in weak job market
• Propose far fewer candidates in transition
• Hiring companies rely more on referrals

8. Published Job Leads
• In a weak economy, companies reduce magazine/
newspaper ads to cut costs
• Internet Job Boards declining - more intense
competition for fewer online postings
• Increase talent sourcing from referrals they
know/trust

9. Known “Warm” Contacts
• Rarely aware of job opportunities
• Most not current on your skills and accomplishments
• Limited to own industry/former company contacts

10. Larger Companies
• Biased against age
• Less inclined to hire executives in transition
• Rising, promotable executives preferred
• Longer hiring process

11. Full Time Positions as Exclusive Focus
• Fewer openings in a shrinking economy
• In bad times, companies want to minimize
risk/expense of full time hires
• Companies frequently have hiring freezes during
slowdowns

12. Target Only Healthy Companies
• Usually hire, promote from within
• Most don’t need you when they are doing well
• Greater competition from outside, working
executives seeking better opportunities

13. “Stay the Course”
• Time is not on your side as your time out of work
increases
• Become less attractive and valued the longer you
are not working
• Huge opportunity cost in lost income

14. Comments and Questions

15. Different Search Strategies
for The Current Economy
• Rely less on recruiters
• Limit time spent on published openings
• Expand “cold” network contacts
• Target smaller companies

16. • Search for interim/consulting opportunities early
• Target underperforming companies
• Know when to change search plan

17. Rely Less on Recruiters
• Spend less than 10% of your time
• Meet only those you know, or through
strong personal referrals
• Use national direct marketing - every six months

18. Limit Time Spent on Published Openings
• Spend less than 10% of your time
• Only respond to leads where the specs are a
direct fit with your experience
• The ExecuNet exception

19. Expand “Cold” Network Contacts
• 80% of jobs are gained from those you did not know
when your search began
• Four degrees of separation
• Reach out to 50 “warm” contacts in the first month,
get a minimum of two referrals from each
• Contact 100 “cold” contacts every month thereafter
until you complete your search

20. Target Smaller Companies
• 20 times more companies between $5 Million and
$100 Million than above
• Care less about age and employment status
• Often relax specs for executives with larger
company experience

21. Search for Interim/Consulting
Opportunities Early
• As full time jobs decline, part time hires increase
• Easier to land - less company commitment, no
health care, SS etc.
• Up to 40% lead to a full time job
• Strengthens your resume, ongoing market value
• Adds industry credential if targeting a new sector

22. Target Underperforming Companies
• Troubled companies need more help
• Less competition - difficult to attract working
executives in weak job market
• Often need “outside” thinking, experience and
skills

23. Know When to Change Search Plan
• Establish milestones up front
• Evaluate progress monthly: number of
situations/openings, candidacies, finalist spots,
and offers
• Modify strategy based on results

24. Use Milestones to Assess Your Search Plan
• Job Search Stages:
Identify a viable job situation, become a
candidate, become a finalist, get job offer
• Evaluate monthly: how many job situations,
candidacies, finalist spots, and offers
• Executives reluctant to change job search
approach if poor results, prolonging the search.

25. Job Search Milestones
Within: Number
3 months 16 openings
5 months 8 candidacies
7 months 2 finalist spots
8 months 1 offer

26. When and How to Adjust Your
Job Search Tactics
• Not enough situations identified within 3 months?
- add more/different search channels
• Too few candidacies after 5 months? -
- strengthen resume, direct marketing and
networking techniques; consider expanding
industries, geography
• Not a finalist after 7 months?
- improve interviewing skill to “close”

27. When and How to Change
Your Job Search Strategy
• Change strategy if after 8 months:
- insufficient number of job opportunities
- lack of candidacies
- no offers

28. • Good alternatives:
- target “interim executive” roles exclusively
- consult as a bridge to a full time job
- become a full time consultant
- non-profit
- franchise ownership
- teaching
- start/buy a business

29. Summary:
Changing Your Search Strategy in
The Current Economy
• Traditional “best practices’ aren’t effective
• Reduce effort spent in low probability channels -
recruiters, published openings, big companies
• Don’t rely on networking to “warm” contacts
you already know

30. • Target smaller companies, troubled situations,
interim/consulting assignments
• Gain referrals from your current contacts to new
“cold” networking contacts
• Change course quickly if target milestones are not
achieved monthly

31. Comments and Questions

32. OptiMarket ®
Complimentary Career Search Critique
• We are offering our Career Search Critique™ to
today’s ExecuNet Fast Track attendees .
Limited time offer.
• Simply e-mail your request for a CSC within
10 business days to both tmays@optonline.net and
rsloane@optonline.net
• We will then send you a short CSC questionnaire.
After reviewing, we will contact you directly.

33. Tucker Mays Bob Sloane
tmays@optonline.net rsloane@optonline.net
www.optimarketllc.com
203-921-0322