UNDERSTANDING THE JOB MARKET Step one; identify your most marketable skill sets and experiences. Next, create a resume to summarize and highlight those skills. Now you are ready to begin your entry into the job market. Your job becomes discovering the individuals, companies, situations, problems, needs and opportunities that best suit your skills and objectives. The biggest mistake most people make is their reliance on only a few avenues of career search. Some avenues of career search are more effective than others. However, a comprehensive program of career marketing includes all avenues of search. Typically, a job-seeker will attempt only a few or fall into the most comfortable (yet least productive) avenues of search. While there are many avenues, there are unique strategies for each avenue that will increase its effectiveness. It is, therefore, important to include as many avenues and employ as many strategies as possible to achieve your career goals. To be totally effective, you must implement these avenues and strategies simultaneously. We will now look at the research that has shows where effective searches are conducted and introduce the concepts behind building a successful marketing strategy that increases the probability of achieving a satisfying career position. For decades, effective job search tactics have remained consistent. Most job-seekers approach the job market unprepared and naïve about the best methods for obtaining work. 4.1
WHAT IS THE JOB MARKET, AND WHERE IS IT? There are jobs currently available or that will soon be created. Employers and job seekers are constantly trying to find each other. Employers use a variety of ways to find, hire and develop capable people, while job seekers constantly use different methods of search to identify opportunities. The job market is constantly changing as people are promoted and transferred, new people are hired and others leave; jobs are created and new industries spring up; older industries change form; companies merge, reorganize, expand and downsize and as new products, markets, technologies, and social and regulatory changes emerge. People who are in active pursuit of employment opportunities are always trying to find the most effective ways to get into the job market. Your own individual job market is more important than the collective markets in total. Your job market is comprised of companies situated in areas of geographical preference that are most appealing to you, and whose needs are most likely to match your skills, experience, management or work style and qualifications. 4.2
AVENUES OF CAREER SEARCH There are many avenues of a career search to utilize. Some of these methods are unconventional and some are commonplace. In developing a marketing plan, all avenues should be considered. Whether you find yourself literally knocking on doors, marketing your own innovative product or service or looking at a franchise opportunity, you ll find that all are viable for some but not for all. Some job-seekers go so far as to post their own Job Wanted ad. These ads are uncommon, but for some, they make sense. For most job-seekers, the more conventional avenues of search using search firms or agencies, visiting career fairs, going to past employers, looking at civil service/government opportunities, mass mailing to thousands of companies, viewing open positions advertised online and in newspapers or visiting company websites consume the majority of their career search time. Yet, the most effective method of search remains building relationships with others, creating new networks and proactively marketing their skills through these relationships. 4.3
THE PUBLISHED JOB MARKET Specific, identified job openings that you find in newspaper ads, job postings, trade publications and Internet listings are considered the published job market. The published job market also includes openings listed with executive search and recruiting agencies, placement offices or government agencies. Common Elements The job title, the industry and salary are suited to you. The job is currently available. An employer or recruiter is searching for qualified applicants. Only a small percentage of jobs are found in a published medium. 4.4
THE PUBLISHED JOB MARKET THE IMPORTANCE OF THE INTERNET The Internet can be an important tool for you as a job seeker. You can use it to search for job postings, to post your resume, to research companies, to network and to target potential employers for broadcast mailings. It is best used as a research tool. Employers and search firms alike use the Internet to assist them in sourcing candidates for available openings. You should have three versions of your resume for a job search today. The final will be a formatted MS Word document in a chronological format. You will need to save an ASCII (American Standard Code for Information Interchange) version for electronic resume postings and transmittals. You will also need a functional resume for Career Business meetings. This will become a talking paper that highlights your best and most transferable skills. Both recruiters and employers will find posted resumes. You must be clear about your strategy and manage the headhunters who call. 4.5
THE TOTAL JOB MARKET The Granovetter Study Mark S. Granovetter, a sociologist at Harvard University, performed a study on employment. Professional, technical and managerial workers who had recently found jobs were included in the study. This chart shows the methods they used to obtained jobs. (This study also found that 43.8% of the people who found jobs by way of the Informal category had new positions created for them.) GRANOVETTER'S STUDY Informal* 74.5% Ads 9.9% Agencies 8.9% Other* 6.7% Granovetter concludes: Personal contacts are of paramount importance connecting people with jobs. Better jobs are found through contacts, and the best jobs, the ones with the highest pay and prestige and affording the greatest satisfaction to those in them, are most apt to be filled in this way. (Granovetter, Getting a Job: A Study of Contacts and Careers. Harvard University Press) 4.6
THE TOTAL JOB MARKET US Department of Labor Survey The US Government conducted a survey to learn what methods American workers use to find new employment. This study included all categories of wage and salary workers except farm workers. [The survey consisted of 10.4 million men and women who found new jobs. The chart (below) shows the methods by which those jobs had been obtained.] DEPT. OF LABOR STUDY Informal* 63.4% Ads 13.9% Agencies 12.2% Other* 10.5% (Job seeking Methods by American Workers, US Department of Labor, Bureau of Labor Statistics, Bulletin #1886.) 4.7
THE TOTAL JOB MARKET The Wall Street Journal The Wall Street Journal published information on the source of jobs in the United States. The chart below shows that 70% of those jobs were the result of personal contacts. HOW PEOPLE LAND A JOB Personal Contacts 70.0% Placement Agencies 15.0% Published Openings 5% Direct Mailings 10.0% Source: Wall Street Journal (December 1985); W. Morin and J. Cabrera, Parting Company: How to Survive the Loss of a Job and Find Another Successfully. (Harcourt Brace Janovich) 4.8
THE TOTAL JOB MARKET Census Bureau Study This study shows that only 15% of those who became employed did so by way of more traditional search methods, including advertisements, agencies and other sources. Of the available positions, 85% were found through informal, non-traditional job search methods. CENSUS BUREAU STUDY CAREER MANAGEMENT GROUP; US DEPARTMENT OF LABOR PROFESSIONAL TECHNICAL - MANAGERIAL CENSUS BUREAU STUDY 85% Informal Networking** 5% Ads 8% Agencies 2% Other* ** Informal methods of job finding are those whereby the job seekers exercise their own initiative in building on personal contacts and making themselves known to potential employers. They are differentiated from formal methods that rely on advertisements and/or employment agencies. * Other is a residual category, which encompasses such methods of job finding as trade union hiring and civil service. 4.9
THE TOTAL JOB MARKET Time Magazine The article, Laid Off? Some Dos and Don ts, reports: No more than 15% of the jobs are found this way (Internet and ads). The manner in which the majority of jobs have been obtained has not changed in many years. Even with numerous job boards, most professionals have acquired a new career position through some sort of networking event. It is important to understand how these contacts are developed. The vast majority of job-seekers still fall back to a false reliance on the traditional avenues of search because they have exhausted their own networks and do not know how to go back to that resource; they do not know how to develop new resources. It is important to note, however, that a comprehensive job search program should include all avenues of search. 4.10
THE TOTAL JOB MARKET It is important to remember that there are many avenues of search. To be successful, a job seeker must utilize as many avenues as possible and rely on no single avenue or source for their next career position. A comprehensive program of job search will utilize all avenues of search. We will work together to uncover the avenues that are most appropriate for you. Relying on only one or on too few avenues of career search is the biggest mistake most people make when trying to move from one job to another. Career search is all about increasing probability. There are ways to accomplish this in the published job markets, and there are methods to increase the probability of success in non-traditional markets. We will work towards utilizing and increasing the probability of success for each avenue of search. Most job-seekers make the mistake of relying on too few of these avenues. The success of any avenue of search cannot be guaranteed. It is, therefore, important to take full advantage of each avenue of search. 4.11
THE INTERNET According to Market Watch, a Wall Street Journal website, an article titled Online Job Sites Produce Few Jobs showed the following statistics of the major job boards reported by percentage of hires for individuals who posted their resumes there. Monster.com 1.4% Hotjobs.com 0.39% CareerBuilder.com 0.29% Headhunter.net 0.27% It is easy to see why the probability of search using the Internet is so low. Too often, job-seekers rely on this avenue as their primary means of search. This is does not mean that the Internet job boards do not provide jobs or that they should not be part of a comprehensive marketing program. It does demonstrate that much is left to chance when using this avenue. The Wall Street Journal also reported the importance of company websites, citing that about 16% of companies open positions are filled this way. This does not mean that 16% of all jobs are filled from company websites, just that 16% of the jobs posted by companies that use websites to post jobs are filled this way. More importantly, the article went on to say, that in the majority of corporations in America referrals are the No. 1 source of how people get hired. 4.12
THE PUBLISHED JOB MARKET INTERNET RESOURCES: HOW THE WEB CAN AID YOUR JOB SEARCH An e-mail address is essential for every job seeker. E-mail is used for many aspects of career search including connecting with formal and informal networking contacts, responding to online postings, receiving contacts from potential employers and search firms, and increasingly, for sending thank-you responses for information meetings and interviews. If your search is confidential, you may want to consider using one of the many free e-mail services such as Yahoo or Hotmail. Many e-mail systems still do not read each other very well. Therefore, sending your resume as a Word attachment is not recommended unless specifically requested. Instead, highlight and copy your text resume and paste it into the body of the e-mail. Recruiters and employers are increasingly reluctant to open attachments since many viruses are transmitted when an attachment is opened. 4.13
MAXIMIZING THE ADVERTISED JOB MARKET The studies previously discussed demonstrate that 10% to 12% of the job market is advertised. These studies, however, do not detail the avenues within the published markets. Advertised jobs have many different avenues of approach. Newspapers, the Internet, company websites, industry publications and trade and specialty publications are all part of the published job market. While the advertised market appears to be one major avenue of search, it actually consists of several narrower avenues. A comprehensive program for marketing yourself should contain as many of these avenues as may be appropriate. Your Advisor will help you use the tools necessary to approach the advertised markets more effectively. 4.14
RECRUITERS Recruiters can be effective in some searches such as highly specialized fields, executive transition at the highest levels and when other traditional search efforts are failing. The data shows that recruiters fill 10% to 15% of existing jobs, but that they only capture about 3 out of 100 (3%) jobs for every resume they receive. So, on average, a professional seeking employment has a 3% chance of finding employment through a recruiter. The recruiter market is also made of a number of avenues of career search. Contingent recruiters make up the largest share of this industry. The employer pays a percentage of the job-seeker s annual salary as a fee. This can run as high as 35%. Recruiters are paid by the client company only if they are successful. They are paid contingent upon their success. Retained search firms usually conduct searches for senior managers and executives or niche functions where finding qualified people might be more difficult. Since they are retained to conduct a search, they are not paid only if they make a placement. In theory, they might be unsuccessful locating a suitable candidate and still be paid. In either case, the company pays the fee, and you are not the client! It is typical for a search firm to make their first selection based on specific experience or educational criteria given to them by the client company. When changing careers, search firms are not necessarily your best option. 4.15
RECRUITERS This term headhunter is widely misused, since so many recruiters claim to be headhunters. An actual headhunter targets a certain individual that a company has identified for a key position. The headhunter s job is to learn the candidate s interest level. In-house recruiters usually work within corporate Human Resource departments and recruit for all. They tend to concentrate on middle managers and lower positions. Most senior manager searches are given to search firms. Temporary staffing organizations and employment agencies help find work for full-time, part-time and temporary employees. They sometimes assist with contract work for professionals and temporary executive assignments. 4.16
OTHER SOURCES Other jobs come from self-employment, the government (including elected positions, appointed positions, military jobs, civil service jobs and government contractors) and some areas of the non profit sector. None of the avenues of career search are as straightforward as they may seem. A successful campaign to the job market must include several avenues of search. For the rest (70% - 80%) of the job market, the same is true. No single avenue of search can promise to provide you with your next position. Just as is true of all of the other areas studied since the 1970s, the non-traditional and most successful avenues of search are also composed of many smaller avenues of search. 4.17
THE UNPUBLISHED OR RELATIONSHIP-BASED JOB MARKET Many other opportunities, however, lie in the unpublished job market. The best way to tap into the unpublished job market is to talk with people who either have relevant knowledge about your chosen job market area or know people with such information. Examples of unpublished jobs are: The need for new management that may be dictated by a growing business or changing technology. A business or function is growing in size or complexity or changing their technology and may require new management talent. The consolidation of jobs or responsibilities. A new job is created by consolidating two or more jobs. Released hiring constraints that were put in place due to tight budgets. Hiring may have been on hold for budgetary reasons but now the company is ready for action. The need to replace a poor performer. An incumbent may have fallen from grace either through performance or politics. Replacing a retiring employee. New top management or ownership wants their own people to replace the old team. Political upheaval or inter-company changes. A key employee has just resigned or given notice. It is often possible to create your own opportunity. Demonstrating and discussing your skills and abilities with someone may make them realize or remember that they need someone like you. Senior management may perceive you as someone who can add value. Because of this, they may create a completely new function or position based on your unique experience and talents. 4.18
BUILDING AND DEVELOPING RELATIONSHIPS THOSE YOU KNOW AND THOSE YOU NEED TO KNOW Build relationships with those you already know and with those you must come to know. Most jobs, whether found or created, are acquired by developing meaningful relationships. THE PEOPLE YOU ALREADY KNOW People you already know may help you develop new relationships. Often those we already know can provide us with help in our career search. Usually when a first approach is not been productive, it is because the approach itself was wrong. Typically, people ask those they know, Who is hiring? This seldom gets you where you need to go. THOSE INDIVIDUALS YOU DON T YET KNOW It is equally important to develop new relationships. Suppose you are looking to change industries and don t know anyone in the industry you have targeted. How do you tap into an industry where there appears to be no conduit for building a network? Once you realize that relying on just one avenue or only a few avenues of career search is not going to bring you the desired result, you must look to more creative measures. You must focus on each avenue of career search that is appropriate for you. You must work to develop a marketing strategy that will provide you with a more targeted, proactive and productive approach to the existing job markets. By precisely executing your marketing strategy, your chance of success is increased dramatically. Your marketing strategy will provide you with the direction to properly execute each avenue of search that is right for you. 4.19
WRAPPING UP A comprehensive marketing program must include the effective execution of all avenues of career search at the same time. THE LEAST EFFECTIVE, YET STILL VIABLE AVENUES OF CAREER SEARCH ARE: ADVERTISED JOBS VIA: Newspapers Internet Internal postings Industry, Trade and Specialty publications EXECUTIVE RECRUITERS UTILIZING Contingent Recruiters Retained Recruiters In-house Recruiters BUILDING NEW RELATIONSHIPS Those people you already know Those people you need to know TARGETED MAILING Targeting industries, then focusing on companies MASS MAILING To a larger audience of prospective employers CAREER FAIRS THE MOST EFFECTIVE AVENUES OF CAREER SEARCH ARE: NETWORKING EVENTS Targeted to groups by job function or by industry targets Association meetings Community organizations DEVELOPING BUSINESS PROPOSALS Addressing the specific needs of an organization that you can meet BUILDING NEW RELATIONSHIPS With those people you already know With those people you need to know NEWS AND EVENTS 4.20