Welcome 2010: The Year of the Smart Career Move!
Economic Challenges Ahead in 2010
A lot of my industry colleagues in the executive search arena are predicting a return to bouyant employment conditions in 2010. Whilst I would love to wholeheartedly agree and join the chorus, alas, I suspect we are not quite out of the woods. Globally, there are many economic challenges still ahead. Many of my clients headquartered in the USA put a freeze on all recruitment in 2009. The US economy is very fragile and there are significant unemployment numbers to grapple with, especially if you look at the real unemployment figures. The UK and parts of Europe have also had their challenges and will continue to experience many economic and social issues. My personal view is that the fundamentals of the global economy are still cause for concern in 2010; consumer-led spending is not going to dig many of these large economies out of their hole, and I think we may be a bit naive to think that Australia is isolated from global economic events especially given the relatively modest impact that GFC has had on our economy to-date. There is very limited commentary in mainstream media about the state of affairs in the US and in other countries around the globe, so I encourage you to track leading thought leaders via the internet who are giving a more balanced perspective on what is really unfolding globally with the economy and major events which are shaping the world we live in.
So what does that mean for my clients in the Asia Pacific region and for my candidates in 2010? Basically, I think the upcoming year will be about making smart career decisions and most importantly, very sound hiring decisions. There is headcount starting to come up in the market across a diverse range of sectors and many clients are starting to hire again after a period of freeze and/or stop-start hiring processes. It has never been more important to hire top talent, and to make sure you get it right the first time. Almost all of the briefs that I am currently working on come with a very strong message - we have to hire a top performer, no room for error. For candidates with a strong track record in sales, management, marketing; there will be plenty of exciting opportunities in 2010, but of course, you need to make sure that the organisation has realistic expectations and that your career move maps into an overall career plan. Large resources projects in Western Australia & Queensland; combined with growth markets in the Asia Pacific region will give us some source of comfort if things take a turn for the worse in 2010 globally.
Become Your Own Career Manager
I still believe that we are still in the midst of one of the most radical shifts in the employment market seen in decades. Many senior candidates were made redundant in 2009, and there were limited opportunities to return to full-time employment, which led to many thinking about taking a different approach towards employment. Many candidates with my assistance have implemented a "portfolio approach" towards employment which can involve Interim Management, Consulting, Board Appointments combined with Coaching or Business Mentoring.This was not only a good stop-gap option, but it has turned into a very rewarding and challenging opportunity which can involve a combination of employment and business opportunities. I would strongly encourage all candidates to rethink your overall career plan, consider what skills you need to support your current career path, always have your resume up-to-date, keep in touch with your network (including recruitment and executive search firms) and become your own career manager. Investigate career opportunities in recession proof industries, and consider engaging with a professional Career Coach to help execute a significant industry or job role / career change. Many industries and market sectors will boom in these uncertain times and this can provide interesting opportunities for the Executive who is prepared to reinvent themselves.
Work Life Balance / Financial Planning
In 2009, I probably met with more senior executives that were just simply on the verge of complete burnout or had next to no work-life balance than ever before. It seemed particularly in Sydney, that many executives who were in senior roles were caught out by sudden market changes and were not well prepared for the financial fallout of losing a job. I was genuinely surprised by how many candidates were one job away from financial ruin, with barely enough savings to last 3 months, let alone 6 months if made redundant. I had many distressing conversations with very senior (usually male) executives who were in serious financial difficulty following redundancy and a lengthy period of trying to find new employment. I think 2009 was probably a pretty good wake up call for many who were possibly living beyond their means, living on credit cards or with mortgages that were just too big. I would encourage my candidates to give some thought to how they faired in 2009 and if they were lucky not to lose their job, if this had happened, how would they cope, what would be their fallback position, how many months could they survive without employment. It might make you think twice about buying that new plasma television or latest model BMW!
In addition, the workforces' in companies that went through difficult times in 2009 have experienced changing work conditions including longer work hours, reduced pay, 4-day weeks, 9-day fortnights, holidays without pay and so on. It is important as part of your overall career review to consider that if you have managed to hang on to your job, that your work life balance is in check. Do a self-analysis and a review of your accomplishments in other areas of your life; health, social, personal, spiritual, family. Work is an important part of how we derive our value and sense of belonging in the community; but it is only one component of a full life. I believe 2010 will be the year of the 'smart career move' and this may mean taking a step back, evaluating what is really important and designing a career that is in harmony with your big picture goals and aspirations. Consider engaging with a professional Career Coach to help you on your journey!
Executive Resume Writing Services & Interview Coaching
Unfortunately, I know that there were still a number of redundancies occurring towards the end of 2009. If you have been retrenched or accepted a redundancy package, you need to work diligently to get re-engaged in the market within 90 days. Use this experience as an opportunity to change career direction and secure an exciting new role. Kylie Hammond offers a significant range of Executive Career Management Services many of which are offered via our Online Shop. Engage with one of our leading Professional Resume Writers to develop a new resume that will help engage you in job interview, and remember to back this up with Interview Coaching to make sure that you perform at your optimum in interview and secure that new position! Further information can be received by sending an email to one of our Principal Consultants.
Complimentary eBook: Executive Candidate Survival Guide
Don't forget to download our complimentary eBook, "The Executive Candidate Survival Guide" which includes tips and tricks for resume development, interview techniques and salary negotiation. It will come in very handy! We have had over 1,000 downloads of our eBook to date. To download your free copy click here.
Hire Top Talent, Think Outside the Square
As companies start to re-employ there will be many excellent opportunities to hire top talent. The number of candidates and overall talent pool to employ from has increased significantly, and this means that your recruitment process will need to be rigorous, as there will be many more applicants for positions and from a more diverse background than ever before. With many top talented senior executives available, I would encourage companies to think outside of the square. Consider taking on board a candidate from a completely different industry, consider employing a much older executive, consider employing a more senior executive into a more junior role and consider executives who demonstrate a willingness to re-skill or retrain into a different area of your business. Don't be rigid in your hiring approach. Top talent will be available across many diverse backgrounds and this is an opportunity to hire executives who bring many diverse skills and capabilities to the table.Contact us today to assist your company with your hiring requirements.
To Achieving Amazing Results Together!
Kylie Hammond
Principal, Talent Agent & Executive Coach
