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Target Company List Part 2 – Avoid Unnecessary Referrals

December 15, 2008 By

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.

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Batter up. Here comes the Pitch.

December 15, 2008 By

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.

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Phone vs Face-to-Face – Pros/Cons

December 15, 2008 By

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’.

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Networking Groups – Limits

December 15, 2008 By

I belonged to four regular networking groups and attended others occasionally.  Two of my regular groups were related to my profession.  My other regular groups were smaller with a limited number of members served as each other’s board of advisors.

Belonging to different types of networking groups was very useful as groups can have limitations:

·         Single industry – Can be limitations to network as you often know the same contacts

·         Single profession (e.g. Finance) –  This can be good networking, but I always joke it’s ‘competitively cooperative’ as you tend to be looking for the same role

·         Uneven attendance or similar attendees

·         Too broad of attendance – difficult to networking with people with whom you want to network

Trying ExecuNet (www.execunet.com) or a similar networking meeting, so there is a mix of professions, so it gives you a broader set of people with whom to network.

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Using LinkedIn Groups

December 15, 2008 By

LinkedIn Groups connect people who have a common history/interest:

·         Former colleagues from a specific employer (e.g. Arthur Andersen), colleges, etc.

·         People within a state

·         Same profession (marketing, sales, teaching, etc.)

·         On-line communities (e.g. ExecuNet) or Professional Groups

·         Entrepreneurs

·         Non-profit/Charity

A LinkedIn Group is essentially an on-line networking group – the tools for the group (discussions, etc.) allow you to begin to connect with individuals.  Also, as you look at the profile of an individual within the group, LinkedIn provides how you are connected.

Many people in a group will allow other group members to contact them.   This openness is great for networking and researching a firm or person. 

I am amazed at how many people I rediscovered by paging through the group members.   For yourself, these groups may lead to finding people with a vested interest in you.

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LinkedIn Groups – For ‘hidden’ jobs

December 15, 2008 By

LinkedIn Group – Watching the Discussions

Once you join a group, be sure to monitor its discussions, I have been amazing at how many companies and recruiters have discussions seeking people.

The beauty of about the group is that you will likely someone who works at the company seeking to fill a position.

LinkedIn Groups – Specifically for job searchers

There are local, state and national groups for people that specifically looking for work.  So again, there is lots of sharing of leads within the discussions.

For those of you on ExecuNet, there is a job lead board in the “Discussions” section that is primarily where leads can be found as well.

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1st Person in the Chain Versus the 5th (or 6th or 7th…)

December 15, 2008 By

You start networking with people who have a vested interested in you – as they will be strong advocates in getting your name out there and will look for opportunities.

I met over 400 people in my transition, so I went well beyond my crew of vested interest contacts.  I learned something very important:

The strength of the relationship between the person who is referring you and the person receiving the referral is a major factor in determining the strength of the networking.

My friend, Fred Borstad from UBS, was 4th in the chain.  The connections he made were like gold, because he has a long history of building mutual beneficial relationships.  So the people I met went out of their way to help me along.  More than one person commented that they took the meeting so quickly because Fred was sending me.

Try to get a sense of the strength of the relationship with person you are being connected.   It will give you a sense of what to expect.

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Know the Hiring Periods

December 15, 2008 By

There are natural periods when hiring is slower because people are not in the office – summer (especially if it’s a European firm in August) and the holidays.  

Beyond these periods, before you make contacts into a company that does not have an opening, learn what you can about their hiring practices, yearend (read: new budgets) and busy times. 

This is where LinkedIn or your network comes in very handy to find former employees who can give you the insight needed.

There are two reasons why I encourage you to learn this information:

1)      Effective use of your time – I worked like mad to get into a firm to learn they only hired people in finance with MBA from a handful of schools.   My result was not only no potential role but all the lost hours in making those contacts.

2)      Timing your pitch for maximum effect – A strong referral may get you into a company during the busiest time.  The problem is that it may be literally a few months until your contact can do something with your information.  Once your information goes into a drawer ‘until later’ – its likely going to stay there.

Of course, if there is an opening, then get in quick.  Strike that, get in now!

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Make Introductions to Give Back to Your Network

December 15, 2008 By

Since this is so important, this is the third time I mention this.

Many of the people you meet will mention how important it is to network, but in the next breath mention that they do not set aside time to do so.   They see the value, but don’t act.

So you are presented with an opportunity to help them and build your relationship.

Personally, I focused on items that build their business.  Potential clients, people serving similar types of clients or service providers that could make a difference.

See the Toolkit for an Introduction e-mail template.

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Networking during the Summer and Holidays

December 15, 2008 By

The good news about summer and the holidays is that it easier to set up networking meetings.   However, since this is also the time when the job market is slower, there may be a lower chance that they can give you a live job lead.

So you will need to put a note on your calendar to follow-up with each of these people with your marketing plan once the job market starts to heats up.

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Contract work – Can you search or not?

December 15, 2008 By

If you are in a full-time search, it’s a full-time job.   If you are on a full-time contract, it’s a full-time job. 

The general rule for contracting is that the company has an immediate need, so they need you there.  This will limit your networking/search to early morning coffees, lunches and after-work.   Also, like a normal job, you don’t always control your calendar which makes cancellations more common.

Contracting can be a good way to learn about a company or get a chance to work in a new industry.  A contract role is more likely to cross industry lines as it’s more about your project skills (e.g. pricing, programming skills, etc.).

If you work with a contracting firm, you may not have a choice of the firm.  So you will need to network to get into the company you want.

Contracting is a good way to ease the financial strain if you are not working – as you get paid for every hour worked.

Sidebar: How much should I charge?

When I contracted, I started by calling friends with similar backgrounds as my own, to see what they charged as an independent contractor. 

The general approach that many took was: (salary + bonus + health benefit cost)/2080 hours.  This was their base pay.  

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Helping Other Candidates

December 15, 2008 By

Once you get into the groove of networking, take some time to pass along that knowledge with a fellow candidate, especially someone who is just starting.

One of the best things you can do for someone is to listen to their pitch and see if their marketing plan, resume, LinkedIn profile, etc. are aligned.  

If you feel like you can make connections for this person, then open up your network.

A search can be very draining, so offering a helping hand can give your week a boost.

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5 Things You Can Do to Help Other Candidates

December 15, 2008 By

1.       Listen to their story – Do their documents match? Are they underselling themselves?

2.        Listen to their pitch – Is it clear and crisp? Do you know what role they want? What are the 2-3 skills that make them unique?

3.       State of networking – Are they using all the tools available effectively?

4.       2-3 Contacts – Start them off with 2-3 contacts to see how they perform. Call your contacts to see how it went. You can give them valuable feedback.

5.       Follow-up – Drop them an e-mail or call every 45 days or so. A friendly call can go a long way!

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