Informed Careers

Executive hiring appears to be reemerging at many organizations after being frozen for the last year due to the financial credit crisis based upon the results of the recent Claymore Partners’ Labor Day 2009 Executive Talent Market survey with over 640 executive respondents. “Almost half of employers are now selectively hiring executives and significant reductions are greatly diminished based upon the survey results as well as our own executive search activity and market discussions “according to Mr. Landberg, Managing Director of Claymore Partners. 

Health insurance, healthcare/pharmaceuticals, wealth management, investment banking, and consulting/professional services industries appear to be most robust in terms of executive hiring at this time. From a functional perspective, executive hiring increases are most pronounced in sales, consulting, and risk management/compliance. The direct impact of the financial credit crisis for most executives appears to be waning though strong hiring is not expected until mid to year end 2010 by most executives. 

Claymore Partners is an executive search and consulting firm specializing in senior level searches in the financial services, insurance, and consulting arenas. A full copy of the results from the Claymore Partners’ Labor Day 2009 Executive Talent Market Survey can be obtained by emailing slandberg@ClaymorePartners.com. 

The impact of the deepest recession in post War history, not only impacted executive job losses, but seems to have changed many career objectives and ambitions.  The importance of having a solid and rewarding position with a quality firm has become ever more critical for many while the pursuit of a career providing satisfaction has also become paramount for many others.

The recession seems to have caused a major time of reflection for executives in terms of their career and lives.  Learning to live with less, spending quality time with their families, and longer working careers to recover from retirement plan reductions appear to have significantly impacted the executive psyche.

Will this change and revert back when the economy and stock market has recovered?  It will be an interesting time to reflect back on the executive career mind set when that occurs.

While the financial services industry was reportedly on the merge of a damaging meltdown by May of 2008, the gravity of the situation was not, at that time, fully comprehended.  A year later, engagement levels of workers within the financial services industry are beginning to see a dramatic turnaround, as reported by Modern Survey, a provider of online surveys and consulting services.  In fact, the number of disengaged workers in the United States (U.S.) financial services sector have been cut in half, to only 11%. In Canada, the number of fully engaged financial services workers has shown a very clear increase, from 10% a year ago to 16% in 2009. Modern Survey’s Employee Engagement Index uses five questions that gauge the extent to which employees:

1.  Take pride in their company;
2.  Believe they have a promising future at their company;
3.  Recommend their company as a great place to work;
4.  Go “above and beyond” their normal job duties in order to help their company succeed;
5.  Intend to stay with their company.

Of the five survey items used to measure engagement, the largest change in response from 2008 to 2009 for both U.S. and Canada reportedly occurs with the “Inspired to go ‘above and beyond’ normal job duties” question. While the Canadian Index shows an impressive change in responses favorable to this question, from 56% in 2008 to 67% this year, the U.S. Index reveals even more staggering growth from 58% to 73%.  Both groups demonstrate a very positive trend, posting statistically significant gains across four-out-of-five index items, portraying financial service workers as increasingly willing to do more at their jobs.  As a result of the more severe industry challenges in the U.S., the changes in responses from 2008 to 2009 are more extreme in the U.S. than in Canada for the majority of the survey questions. As to the cause of this rebound in engagement levels, says Modern Survey President, Don MacPherson, “There are a number of factors which could be affecting these figures, including layoffs which may have trimmed out less engaged employees, changes in business practices due to market conditions, and the increased level of public scrutiny over the financial sector.” MacPherson further adds that in his opinion, one may conclude that employees, especially in the financial sector, acknowledge not only feeling fortunate to have a job but feel compelled to give it their best efforts.  Regardless of the reason for this turnaround, the figures are encouraging to an industry that took so many hits in 2009, both financially and in terms of public relations.

Web Site: www.modernsurvey.com

Our recent market survey and discussions with executives indicates that executive hiring in financial services is starting to improve.  It is the beggining of the uptick in hiring, but the signs are increasingly pointing to further improvements in the fourth quarter of 2009. 

Much of the executive hiring is being done directly by financial firms with the flood of candidates directly approaching them.  However, future executive hiring will increasingly require third party search firms as the internal capacity to handle the critical needs and volume will will tax their abilities.

2010 will see further growth as firms need to support anticipated business growth and they have cut to the bone at this point.  Sometime in 2010 anticipate a significant increase in executive hiring.  Maintaining patience will have its virtues when that occurs for executives seeking greater opportunities.  Stay tuned for more.

Longer Unemployment for Those 45 and Older

By MICHAEL LUO

Published: April 13, 2009 NY TIMES

Unemployed baby boomers, many of whom believed they were still in the prime of their careers, face some of the steepest odds of any job seekers in this hard market.

http://www.nytimes.com/2009/04/13/us/13age.html

Informed Careers has reviewed thousands of resumes from Executives and continues to be surprised by many of them.  A resume is a marketing tool for an Executive to profile their background in relation to a specific target position.  Many resumes are written to be too broad and a history of an executive’s career.  The resume must be accurate regarding companies, titles/roles, dates, and education as well as for one’s responsibilities and accomplishments.  However, titles should reflect industry standards to be better understood by readers and accomplishments should be limited to those that are relevant to the desired and targeted roles.

Summaries on resumes are also controversial and usually are too general to be valuable. Informed Careers prefers a brief positioning statement to define an Executive’s  career and differentiate that Executive from others.

Dates on resumes seem to be a concern for many Executives.  To the degree possible, seek to highlight and demonstrate longevity with a firm vs. dates for each position.  Leaving out dates for college and/or graduate school graduation is recommended by many career coaches, but Informed Careers thinks that the reader of a resume assumes that you have left off the date because you are hiding something and becomes more suspicious and concerned about a background.  Starting a resume with experience as a VP is also highly unlikely so recruiters find that to be suspicious as well.  The resume should not raise issues from our pe

Informed Careers has launched a career coaching service providing Executives with a proven search process, experienced coaches with executive search experience and knowledge of the current market, one on one coaching vs. group sessions, and telephone based services to be most efficient.

Executives understand the importance of having a well defined search strategy and disciplined approach to be successful in today’s highly competitive job market.

Our Executive Career Coaching services provide specific deliverables to enable an Executive to pursue their job search including assessment exercises, establishing and prioritizing target markets, targeted resumes and cover letters, accomplishment/STARs, two minute pitch, and campaign plans.  We also work with Executives to implement these approaches if so desired by deploying a disciplined and monitored search process.

Please contact us at Steve@InformedCareers.com if interested in learning more.

Career is a term defined by the Oxford Dictionary as an individual’s “course or progress through life (or a distinct portion of life)”. It usually is considered to pertain to remunerative work and sometimes includes formal education. A career is also viewed as a course of successive situations that make up a person’s worklife. 

Welcome to the Informed Careers blog.  This blog is dedicated to helping individuals think about and manage their careers.  Your career is your most important financial asset and the source of much of your satisfaction, but there has been limited availability of career information and planning tools to aid in this critical effort. 

As an Executive Search professional, Corporate Executive, and Consulting Partner; I have seen and experienced many individuals searching for thier next job or taking a position that may or may not aid in thier career development.  The Informed Careers blog will focus on providing sources of information, tools, and advice to aid in the efforts of those seeking to develop and pursue a planned and informed career.