Job Search Advice from the Pros
The majority of jobs are found through networking - especially in a slowing economy. Utilizing professional connections and personal relationships have become an essential part of the job search process. And without those relationships, the chances of getting hired are slim to none. Complicating matters, the higher you go in the pyramid, the fewer jobs there are. The process is further complicated by the fact that companies looking to hire talent have the option of using contingency recruiters, or a retained executive search firm. While it may seem like the primary difference between the two is simply an issue of how the recruiter gets paid, executive search firm, A.E. Feldman, says it’s really much more than that…and which direction a firm takes could make all the difference.
Networking, Networking, Networking
It’s no longer just about who you know, it’s about your connections – Linkedin connections. The recent explosion of networking sites, such as Linkedin, are a prime example of how powerful internet networking can really be. This is a fact that has not been lost on Presidential contenders. Democratic Presidential Nominee, Barak Obama and Republican Nominee, John McCain are both “Linkedin.”
According to Linkedin, the site is an online network of more than 20 million professionals from around the world, representing 150 industries. Your network consists of your connections, your connections’ connections, and the people they know, linking you to thousands of qualified professionals.
Mitch Feldman, President of A.E. Feldman and Carol Schwam, the firm’s CEO, say Linkedin can be a valuable tool to not only identify and seek out highly qualified candidates, but also help talent find the recruiter that is in a position to open doors for them, or in the case of senior executives… make the next strategic move in their careers.
One senior industry veteran and executive recruiter working with A.E. Feldman offers some additional advice to candidates hoping to make the most of networking opportunities:
#1: Assume Some Responsibility
Join the industry association for your specialty. Candidates who participate in these organizations will meet people with similar backgrounds. It is a great way to hear about changes, updates or best practices in an industry. It’s also a source of information about future opportunities as well.
#2: Get Involved
Executives should take part in activities outside of their inner-circle, such as volunteering or joining cultural groups. A.E. Feldman’s recruiter notes that her clients are looking for people who are who are intellectually curious and who will contribute to the corporate culture by participating in interviewing or mentoring programs.
#3: Burning Bridges is Never a Good Idea
Candidates should keep in touch with people they have worked with even after they have left the firm. They may end up working beside you again one day.
#4: Establish a Close Relationship with the Right Recruiter
It’s important to accept an occasional call from a recruiter in your niche even before you begin an active job search. Establishing a close relationship with a recruiter that you trust, one who you feel understands you and your business is essential. The right recruiter will have those vital relationships and the power to open doors for you. That said, finding the right recruiter is essential…
Contingency vs. Retained Search Firms
According to A.E. Feldman, contingent search and retained search firms have the same goal. The task is to place the best available candidate that has the skills to meet the challenges of the client. The real difference between the two types of recruiting firms is how they go about achieving this goal.
In a retained search, the client enlists the help of one recruiting firm to conduct the search on an exclusive basis. The firm is paid throughout the search process. That means when a company retains an executive search firm to fill a particular job, it is paying for the process of conducting a search. On the other hand, contingent searches are hired on a non-exclusive basis. Payment is made when the firm’s candidate is hired. Since fees are not collected in advance, a contingency recruiter has no assurance of being paid unless a successful placement is made.
Contingency recruiters compete with retained firms to locate the best person for the job. The firm that finds the talent first wins. It’s that simple. However, because retained consultants have the luxury of time on their side, they are not motivated to “sell” candidates with the same urgency as a contingency firm. According to Schwam, “Contingency firms must work harder. In fact, retained firms do not always come through.” This is true even for high-level searches.
Schwam says the belief that contingency firms do not make high-level placements is a common misconception. “This is purely a myth. If you can access or locate talent, are bold enough to introduce talent to corporations, and have excellent client relationships, you can make those high level placements. If the client trusts you, the client can save a great deal of money in retained fees.”
Feldman adds that although retained firms and contingency firms are paid to do the same thing, contingency recruiters must work with more urgency and do not pad their expenses. “Contingent recruiters have the mandate to work harder to headhunt for their client,” he says, “They have a fearless instinct that retained recruiters may not understand.”
