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#1 networking rule: Practicing the 80% rule

December 21, 2008 By Mark

If you think someone is important with whom to network, then chances are you are not alone.   Those people will be well sought after.

How do they decide with whom to share their networking contacts?  Assume you are on par with the other candidates in being polite, prompt, etc.  So what will set you apart?

Make the meeting a true networking meeting where both people feel they have gotten a benefit by practicing what I call the “80% Rule”.   80% of your networking should be figuring out what you can offer the other person.

My friend, Jeff Arnesen of Houlihan Lokey, one of the best networkers I’ve met, tipped me off : Give first, get second.    With 8,000 contacts, Jeff can offer more than the average networker.   He offers them when he feels the person with whom he meets is there to build a relationship.

This is how you should start the meeting and set the tone that you came to network, not just to get three or four more names with whom to network.   Trust me, with 400+ networking meetings under my belt – you’ll get those names and then some.

If you take care of your networking contact – they will take care of you.   Learn about their business, what is a target client, how do those clients make decisions, and what is a good networking contact for them.   Then think about the people you’ve met or know – is there someone you can connect them.

See the toolkit for ideas on 80% Rule on the types of connections you can make for different people you meet.

Filed Under: E. Meetings: Before, During & After Tagged With: 80% Rule of Networking, Search

#1 – Get ready to meet loads of people

December 15, 2008 By Mark

Outplacement firms usually state an executive level role will take between 200-250 networking meetings. I know… holy ____________ (insert your favorite term).

If you work a plan of networking, you will find that you will hit 100 networking meetings before you know it. I hit 200 meetings in just over six months, but it all started in Week #1. My week #1: I met five people. Each of my contacts gave me three names on average. So in five days, I generated twenty potential meetings.

You can see where this is going. 3 X 20.  That’s 60. Of course, not every contact you get works out (see Expectation #5), but you’ll fill your calendar quickly.   Your biggest challenge will be managing getting the right type of meetings (See “Working your way up the food chain – dividing your time”)

Expectation setting #1: Getting the ‘numbers’ of networking meetings will happen faster than you think.

Filed Under: A. 12 Search Expectations Tagged With: Number of networking contacts, Search expectations

What are the Key Elements of a Recruiter’s Job?

December 15, 2008 By Mark

Putting this in the simplest terms possible, there are three elements to how retained recruiters earn a fee:

1)     Build a ‘call list’ of potential candidates through research or their existing network, database or   running ads (e.g. Careerbuilder) 2)      Select from the pool those candidates who fit their clients’ requirements

 

3)      Convince those who qualify to look at the role

Some recruiters offer more services: writing ad copy, writing job descriptions; having assessments performed, managing the scheduling of interviews, etc. 

Notice that none of these items include finding you a job.  So set your expectation accordingly when networking with a recruiter.

Filed Under: M. You & The Recruiter Tagged With: Recruiters

#2 – Confessions of a rotten networker

December 15, 2008 By Mark

When I worked, I did not make networking a priority in my calendar.  Sure I did some, but I mainly filled my day with everything else.   My help to individuals in transition was even less.

Having been in transition, now my approach to networking has forever changed, but it was after, not before.

As you reach out, you’ll find loads of people like I was:  Never through transition, low value on networking, etc.   

Expectation setting #2:   These folks can still help you, but you need to be persistent and guide them on how they can help you.    

Filed Under: A. 12 Search Expectations Tagged With: Networking help

Target Company List Part 2 – Avoid Unnecessary Referrals

December 15, 2008 By Mark

One tip on how to organize your target list to avoid getting referrals you cannot use.  If someone opens up their book, the last thing you want to tell them is that you already have a contact.  So here’s a way to set expectations.

Organize the list into 3 categories:

1.        Need connections – in all departments

2.        Currently connected – but need contacts in targeted department

3.        Currently connected in department

 For #2 and #3, I listed who I met.   So if someone could offer me a higher connection (e.g. their SVP trumps my VP) or within my targeted department.

Filed Under: G. You're Rolling Now! Tagged With: Referrals, Targeted Company List

Batter up. Here comes the Pitch.

December 15, 2008 By Mark

I hate buying jewelry.   Why, because I dread the “Cut, Clarity, Quality” pitch (if we ever meet, ask me about my wife’s first wedding ring).   When they start to talk, I simply say in my head “blah, blah, blah”.

After you meet a large number of people, when they explain their business it will begin to sound similar.  So you’ll be in danger of my ‘blah blah blah’, so I recommend that instead of listening that you ask about their client base, experiences, etc.    You bring their pitch to life.  They don’t know you’ve heard it 20 times, so simply expect it.

Now, flip this around, make sure you don’t deliver the ‘blah blah blah’ in return.

Filed Under: G. You're Rolling Now! Tagged With: Blah Blah Blah, Meetings, Networking Meetings

#3 – Networking creates value beyond yourself

December 15, 2008 By Mark

How many people do you meet that say “I am too busy to network”?   Maybe it’s easier to ask who has kept their network up-to-date (assuming they have a network at all).

Your full-time networking offers a great deal of value to both yourself and the people you meet.  Simply because you are out there making connections while they are in the office.  You are keeping up to date with the new tools, networking groups, etc.

You are likely making connections that they can use to help build their business or even help them find another job.   I made over 250 business-to-business connections when there was mutual business value for both parties.  (See “Using the 80% Rule of Networking)

Expectation setting #3:  Don’t go into a meeting with your hat in your hand, you bring something of great value to the table.

Filed Under: A. 12 Search Expectations Tagged With: 80% Rule of Networking

For Whom Does the Recruiter Work?

December 15, 2008 By Mark

The one paying their fee: the client.       

This sounds like a repeat of the prior post.  Of course, the recruiter wants you to present well.  But after the initial interview, I recommend limiting the recruiter’s role.

The recruiter has accomplished their three goals for their client; the rest is up to you and the company to finalize if an offer is extended.

Obviously, the company is interested in you.  So make all the future discussion directly between you and the company.   Clarity of communication regarding conditions of your employment is critical, so adding another person in the mix, diminishes it for both the company and yourself.  

Put another way, if you can’t have the tough conversation with them when they are trying to ‘recruit’ you – What happens after you start?

If a recruiter offers to give an opinion on your salary package, politely say “No thank you”.   Seek someone with independence from the client.   I don’t mean to imply anything other than it’s simply a good practice.

Filed Under: M. You & The Recruiter Tagged With: Recruiters

#4 – Welcome to the Sales Department

December 15, 2008 By Mark

Here is the biggest mistake I made in my search.  From minute one, I should have assumed the practices and behavior of a Rainmaker.   Because in the end, a search is about making a sale: that you are the one for the job.

From what you sell, who to sell to, how to get decision makers, etc. – the practices of a good sales person are very helpful.

Expectation setting #4: Read “How to Become a Rainmaker” by Jeffrey Fox.    I happen to favor the simple style that Jeffrey Fox uses, so pick a book that suits you.

Filed Under: A. 12 Search Expectations Tagged With: How to Become a Rainmaker, Jeffrey Fox, Rainmaker, Sales, Sales techniques for search

What!?! My skills transfer to that role!

December 15, 2008 By Mark

I am a finance guy.   If you asked me to recruit a new CIO, the first thing I would ask for you to give me a list of qualities and requirements.

I have never sat in the CIO chair.  So while I might be aware of what the CIO does, I truly don’t know what combination of skills and experience level for each skill it takes to run an IT department.

My ability to translate the skills of a CIO from outside our industry would apply to our industry would be even more limited.

Do the skills of managing a software company IT department work in a manufacturing world?   My guess is yes, but I’d be hard-pressed to tell you which ones.

As the chair of a finance executive networking group, I’ve met with about 120 recruiters.  How many of those of recruiters have been CFOs?  One.   How many had worked in the industry for which the position they were recruiting?  A handful.

Most recruiters have awareness or familiarity with the positions and industries, but actual work experience.   So unless they have sat in your specific chair – then set your expectations for their ability to translate your skills accordingly.

Sidetrack: “Industry experience required”

This requirement comes exclusively from the client, not the recruiter.   By time a company comes to a recruiter and is going to pay 30% of salary as a fee – they come with a very specific set of requirements.   They ask the recruiter to find the person they want, not just talent.

Filed Under: M. You & The Recruiter Tagged With: Recruiters, Skill transfer

Phone vs Face-to-Face – Pros/Cons

December 15, 2008 By Mark

During my outplacement, I had a running discussion/argument with my friend, Nancy Burke (from Lee Hecht Harrison) about face-to-face versus phone meetings.

I prefer face-to-face meetings, as I feel they build a stronger connection.  A point that most people agree they do as well.   Now the downside to face-to-face meeting is scheduling.

The most face-to-face meetings I had in a week?  25.   Obviously, I had some serious scheduling mojo to get that many in a week and not be racing between meetings (70 mph is only kind-of-racing).

The upside to phone calls that gain greater exposure to the market, as you can easily reach more than 25 networking contacts in a week.   Also, a phone call can precede or lead to a meeting later on.    

While a call may not build as strong of a connection, do not underestimate the benefit of greater exposure, especially when you hear about a possibility.

No matter whether you meet someone by phone or in-person, the preparation work to get ready for the meeting remains the same.  

If you do make a call, you will need to follow up more often to establish a reason for that person to remember you beyond the ‘4 week window’.

Filed Under: G. You're Rolling Now! Tagged With: Meetings, Networking Meetings, Phone versus Face-to-Face

#5 – 80% network, 20% recruiter

December 15, 2008 By Mark

Another statistic that outplacement firm often use is helpful in setting your expectations: 80% of jobs come through networking and 20% through recruiters.

Not every company follows the average.  So you need to understand the company’s hiring practices for the position you seek.   But in general, it is networking, especially with people who know your skills that make it happen.

Expectation setting #5: Dedicate your time based on who can connect you to a job

Filed Under: A. 12 Search Expectations Tagged With: Networking, Recruiters, Source of job leads

Bet, Draw or Fold – Working with a Recruiter

December 15, 2008 By Mark

Now that you have read the skills transfer post, here’s my rule of thumb for working with recruiters. 

Borrowing from world of Texas Hold ‘Em, here’s my recommendation based on the positions you’ve held and industry experience:

1.       Bet: Match both title/experience and Industry 

2.       Draw: Strong title/experience match with limited industry experience (or vice versa)

3.       Fold:  Have not held the position and from outside the industry

Both “Bet” and “Draw” means you should contact the recruiter.

With “Draw” you will need to clearly draw the parallels between industries or duties to the job description.  Remember that you need to do the translation for the recruiter and perhaps the company.

For “Fold”, this is simply recognizing that even if you are really talented, a recruiter is generally not asked to just find talented people.  So do both yourself and recruiter a favor, apply when the odds favor you.

Filed Under: M. You & The Recruiter Tagged With: Bet Draw or Fold, Recruiters

The Liquor Store Joke – A Lesson in Asking for Help

December 15, 2008 By Mark

I was standing in line at the liquor store with a six pack in hand and could not help but notice the man in front of me.  He had three cases of beer, a dozen bottles of wine, and several bottles of scotch, gin, brandy and whiskey. 

I leaned forward and said “Looks like you’re going to have a heck of a party”

The man turned around and replied “Nope, just trying to build up the courage to go to confession.”

Asking for help can be hard, especially from people you just meet, but it’s a necessary part of networking.

Remember that the people that agree to meet with you are also agreeing to help you.   With your search documents and pitch in order, you give them everything necessary to provide that help.   Also, you will be surprised by how many successful people have been through transition – so they understand.

Being prepared (hopefully, without a trip to the liquor store) will give you the confidence to ask for help.

Filed Under: F. Getting Out There Tagged With: Asking for help, Liquor Store Joke

How to set up a meeting via e-mail

December 15, 2008 By Mark

When I started my search, I left loads of voicemails requesting to meet.  Most went unanswered.   So I switched to sending my invites to where people spend most their time: the Blackberry.

In the toolkit is a template for a networking e-mail to set up a meeting, this format lead me to get about 90% of my e-mails returned and meetings set up.

The template explains in more detail, but here’s why I think it works well:

·         Using the person who referred you in the e-mail title – gives them a reason to open the e-mail

·         It’s very short, only two scrolls on a blackberry

·         It is very focused: Why am I writing, What I seek to do, What is the next step

You will notice in the template, that I do not give any of my background or attach a resume.  The focus is to get a meeting, save your background for when you meet.   Though there is one trick for getting your background, read “The Stealth Resume – Your LinkedIn Profile URL”.

Filed Under: E. Meetings: Before, During & After Tagged With: Setting up meetings, Using E-mail
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