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

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

The Boland Group: Management and Executive Search Consultants in Mission Critical Search™
MissionCriticalTalent.com ▪ ChoosingASearchFirm.com ▪ BolandGroup.com
Copyright 2009 - 2010: All rights reserved.
Page 2

Months to Next Job,
By Industry

Source: ExecuNet
Executive Job Market
Intelligence Report
2009

Page 3

Highest Growth Industries

Source: ExecuNet
Executive Job Market
Intelligence Report
2009

Page 4

Agenda

●
Industry Context
●
a recruiter?
●
●
●

Page 5

The “Three Legged Stool”:
three (often) non-negotiable criteria

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 experience must be “perfect”

#2 compensation MUST be “in line” with target
package
F or a
be pr candida
t
must esented, e to
#3 currently employed with a three have “all
“stable” work history searc legs” of t
h “sto he
ol”…
* “perfect” = “100%” match (not even 99%)

Page 6

Three Legged Stool:
#1 Qualifications & Experience

#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

Page 7

Three Legged Stool:
#2 Compensation requirements

#2 Candidate’s current 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.
Page 8

Three Legged Stool:
#3 Stable Work History

#3 must be… currently employed (doing a virtually
identical job, preferably with a direct competitor) with
a “stable” work history (where “stable” is defined as
not employed less than two years by any single firm.

Page 9

However, if a company hires you
directly, there is more flexibility…

#2: Compensation: may be
Compensation
more willing to take a “risk”
on candidate who has
earned significantly more or
less income…

#1: Qualifications and
experience: may be
experience
more flexible on years, #3: Stability: may overlook
degree, certifications… some “quick moves” or
currently unemployed status

Page 10

Agenda

●
Industry Context
●
a recruiter?
●
●
●

Page 11

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?

Page 12

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?
Page 13

Agenda

●
Industry Context
●
a recruiter?
●
●
●
Resources and Take-Aways

Page 14

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

Page 15

When you SHOULD (NOT)
work with recruiters

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

Page 16

Agenda

●
Industry Context
●
a recruiter?
●
●
●
Resources and Take-Aways

Page 17

What can you do right now?

Be “Found” (Fly Solo): Find a Recruiter:

• ZoomInfo.com • Identify search firm(s) /
practice leader(s)
●
“Claim” profile
• industry
• Linkedin.com: • Function
●
Complete profile • geography
●
Join key groups • Sources
●
Jobs Search agent • KennedyInformation.com

• Indeed.com • AESC.org

• SimplyHired.com • IACPR.org

• Be helpful! Career Transition Resources
Page 18

Take-Aways:
Career Transition Resources

www.BolandGroup.com/ www.BolandGroup.com/
• ExecResourcesPage.htm • WorkingWithRetainedSearch
Firms.htm
• CareerTransitionAdvice.htm
• Identifying the right
●
Tips on job boards, contacts (and avoiding
resumes, cover letters, the wrong ones)
●
Executive level • RetainedVsContingent.htm
networking resources,
• Key Differences
●
“digital dirt’, leveraging
Linkedin, etc • Questions.htm
• Questions to ask when
• ThreeMagicBullets.htm
engaging a search firm
●
When (NOT) to work with
a Recruiter

Page 19

Survey of Attendees:
Breakdown by Industry

High Tech
Healthcare
Consumer Products
Life Sciences
Financial Services
Manufacturing
Business Services
Public Sector
Other

Page 20

Survey of Attendees:
Breakdown by Function

Asset management

Investment banking

Private equity / venture capital

Consulting

Non-profit foundations and
associations

Page 21

Working With Recruiters During an Economic Downturn (or NOT)

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