June 22, 2009

Tips For Successfully Working With a Recruiter

Looking for a job is a full time job.  Many job seekers reach out to a recruiter or two in hopes of taking some of the leg work off themselves.  So many job seekers don’t really understand what recruiters do so they generally have a lot of misconceptions of what it is we can do to help you in your search.

Please understand that there is more than one type of recruiter out there.  Generally speaking there are three main categories of recruiters – contingent, retained, and corporate, with of course, sub-categories within of each of those.  The following is a general description of each:

  • Corporate recruiters are internal employees of a company whose main responsibility is to screen through and filter out unqualified candidates as per the job description requirements. Corporate recruiters are not involved in the budgeting or head count process.  They are not responsible for the actual hiring decision.  Even many hiring managers don’t understand that it is not a corporate recruiter’s job to fill a position but to help the hiring manager fill their staffing need.  A corporate recruiter is not the same as an HR Generalist who often times has some recruiting responsibilities in addition to things like employee relations, benefits, and payroll.
  • Contingent recruiters act as an independent contact between their client companies and the job seekers/candidates.  In most cases contingent recruiters compete against many other firms to fill the positions they work on and they get paid only when their candidate is hired and starts working at the client company.  Some contingent recruiters are large agencies with a database of resumes.  Some are independent individuals who sometimes have the ability to develop a more personal relationship with the candidates they recruit.
  • Retained recruiters also act as an independent contact between their client companies and candidates but they work as an exclusive vendor on the positions they recruit for. They receive a retainer (up-front fee) to perform a specific search for a company, normally at the senior and greater than six figure level salaries.

Based on information I have learned from frustrated job seekers and candidates over the years, here are some important things to remember:

  • There are good recruiters and bad recruiters. Sometimes you have some frustrating experiences to find a good one.  Don’t let them give the rest of the industry a bad name.
  • In most situations, the job-seeker is NOT the recruiter’s customer, the organization is since they pay the bills.
  • A recruiter does not ‘get’ you a job. Their role is to work with the client, understand their need and find the best match to fit that spot. Basically to find a square peg to fit in a square hole.  Not only does the peg have to be square but it also has to fit perfectly.
  • Personality does play a part!  You may be the most qualified person as per the requirements on paper but you need to mesh with the hiring manager, the team and the organization as a whole.
  • Please realize that recruiters sometimes struggle to get feedback from hiring managers just like candidates do. If a recruiter is not calling you back it often means they just don’t know what to tell you or there just wasn’t any specific feedback to give.  General rule, if the client company doesn’t respond in a reasonable time frame then it is most likely not a good sign and you would be wise to invest your time and efforts elsewhere.

To help you identify a recruiter you may want to work with keep in mind:

  • Recruiters can best help those that have some specialization in their career. Someone that has a very varied background is not as likely to make as much progress working with a recruiter.
  • Find a recruiter that specializes in your job-function and industry.  They will be more likely to have opportunities that are appropriate for you.
  • Not all recruiters know about all job openings.
  • A recruiter based in a specific city does not imply they make placements in that city.
  • It is your responsibility as a job seeker to track where you have applied and been submitted.
  • If a recruiter recognizes your number on caller id you might be calling just a little too much!
  • And personality still plays a part.  You should be able to easily develop a rapport and build a relationship with your recruiter.

Just as you are interviewing with a company, you should first interview the recruiter to find out a little about them and if and how they can help you. Here are a few suggestions of questions you can ask:

o    How long they have been in the recruiting business?

o    How long have they been recruiting in your specific industry?

o    What is their relationship with the client company and hiring manager?

o    How many placements they have made in general/at that company in the last year?

o    Why were they interested in speaking to you?

Bottom line, a recruiter is just a piece of the puzzle in your job search, not the whole puzzle.

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June 10, 2009

The Resume “Black Hole”

Not getting any response on your resume? Feel like every time you send your resume it just goes off into cyber space?

Guess what?  It is!  One of the most common frustrations of job seekers is that they are sending out tons of emails, applying on-line and can’t get any traction on their resume.  Know who they blame?  The recruiter.  You’re right.  It really is my fault that you aren’t the most qualified person for the job, especially now that the unemployment rate hit over 9%, the highest in more than 25 years (source: U.S. Bureau of Labor Statistics).

In the current economy, the candidate pool is very competitive.  It would be impossible for any Recruiter to respond to every resume submittal.  Generally speaking when a job seeker submits a resume it is being forwarded into a database.  Unless the resume has critical key words that match the job description keywords, the resume may never get a 15 second glance over.  A job seeker should re-work your resume to match EVERY job description you apply for.

IMPORTANT NOTE – I am not suggesting you lie on your resume. PLEASE DON’T!!!!

What I am suggesting is that if you have experience in ANY of the areas that are listed on the job description then make sure it ends up in your resume.  You don’t want miss any opportunity to showcase your skills.   The issue is not “Can you DO the job?” but “Does your resume tell YOUR story to the hiring committee?”  Improve your curb appeal and rework your resume to include keywords in a way that’s truthful, relevant, and quantifiably impactful for every submittal.

Today, I participated in a group discussion on Linkedin.com that was the motivation for finally writing this post, since it has been on my mind for so long.  The group comments were very informative (although common). Should I have expanded on WHY it is important to match the keywords?  Maybe.  Why didn’t I?  Because a job seeker can’t and doesn’t need to understand how each and every recruiter, agency, staffing service or HR department’s internal operations work.  If one recruiter suggests that your resume should be in a functional format and another suggests it should be chronological format, rework it.  After all, we do get paid to know what the client is looking for.

Some potential future blog post topics that this discussion also hit on may include:

  • Different types of Recruiters – what they do and how they can help you (and why don’t they keep you informed?)
  • You are networking and using social media in your job search but it just doesn’t work.  Tips how to use your resources (especially Linkedin.com) to network effectively.

So be sure to check back and see my next soap box may be.  Your feedback and comments are not only welcome but much appreciated.

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May 21, 2009

Questions a CFO Should Ask In An Interview

Congratulations!  You made it through the daunting task of getting your resume seen and landed that interview.  You’ve obviously proven your competency in accounting and finance and now it’s time to determine if the mission of the organization is going to be a good fit for you.

There are some very distinguishable differences between the roles of a Controller versus a CFO.   Generally speaking a Controller is more focused on the technical aspects of accounting and finance like producing and generating the financial statements.  A CFO is usually more strategic in nature, concentrating on analyzing the financial statements and interpreting the implications for the organization.  Does the leadership team of the organization that you are interviewing with have a clearly defined structure and understanding of their needs?  They should be able to answer the following questions:

  • What are the organizations plans for growth?
  • What role does the CFO play in relation to the existing senior management team?
  • How does the leadership team view the CFO’s participation in the decision making process?
  • Does the position include the responsibilities of administration, real estate, technology, and legal in addition to finance and accounting?
  • Describe the current financial health of the organization.  If the company is in financial distress, what are the goals/plans for turning the organization around? What resources are available to help the CFO accomplish these goals?
  • Who reports to the CFO?  What are their responsibilities/strengths and weaknesses?  Are they currently equipped to met the goals set?
  • Are there adequate resources available to be successful  (ex: funds to improve accounting system or ability to hire additional staff)?
  • Does the CFO have the authority to make appropriate decisions for allocating resources alone or will they be joint decisions? (ex: funds to improve accounting system or hire additional staff?)
  • What are some of the key challenges and success factors for the CFO?
  • How/by whom will the success factors be measured?

The senior management team of the organization should have clear expectations of what role they want the CFO to play so don’t be afraid to ask the hard questions.  It is equally important that the leadership, culture and mission match your skills, personality and interests.  Just remember to keep it conversational and keep your ego in check.

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May 12, 2009

Is Outsourcing Human Resources an Option for Your Company?

In today’s economy, companies are looking for new ways to reduce costs and increase productivity.  While outsourcing IT and other functions have been widely accepted as a means by which to bring in expert help for a reasonable cost, outsourcing human resource functions has been an area less companies have explored.

Last week, I met with Cindy Boyles, co-founder and President Carciba Business Services (www.carciba.com).  Cindy graduated from Georgia Tech and has more than 19 years experience working with companies in the high-tech arena as well as financial services, civil and structural engineering, healthcare, marketing, logistics and printing among others.

With both of Carciba’s founders having worked in the outsourcing capacity, they were eager to take the best practices of HR Outsourcing and create their own business model.  Combining over 30 years experience across various industries, including Fortune 100 companies, Carciba’s founders concentrate on manager/director level HR support to emerging and established companies.

Interview with Cindy Boyles, co-founder and President of Carciba Business Services, Inc.

Color logo

Who can benefit from outsourcing human resources responsibilities? Most often companies of 20 to 500 employees who need human resources support but do not want or need to hire a senior level position on a full time basis.

What are some catalysts for outsourcing? Growth decline, attracting the best employees, keeping the best employees but most importantly, SAVING MONEY!

How do your client companies benefit from utilizing this model versus a PEO? A PEO is a Professional Employer Organization who becomes the employer of record for tax and insurance purposes, filing paperwork under its own identification numbers. These can be helpful for organizations starting out who need someone to handle the human resource administrative functions for their company or companies who are too small to provide insurance benefits to their employees on their own. Typically billing is based on a percentage of payroll, and as the company grows so do the expenses associated with the PEO.  Some of the PEO fees may also be hidden within the benefit costs or taxes as well.

Conversely, Carciba’s billing is handled on a straight forward hourly basis. We offer the ability to bill our clients by the hour versus per head. This results in dramatic financial savings and expense control for growing companies. Our fees are transparent and not built into benefits or payroll so the company retains control and flexibility over the budget.In terms of experience, all of our team members have years of HR experience and can step in and handle employee issues from day one.

How would this work in my environment? Carciba’s outsourcing business model is flexible – if there is no HR presence within the company, we often work in the forefront and act as the HR Department so the management team can stay focused on core business activities.  For the clients that have an existing HR Representative on staff, we work with them in the background and offer experience, education/certifications, knowledge, protection, and most importantly success.

What do I need for look for in an outsourcing firm? Ask to meet the HR representative that will support your firm, and not only the Salesperson.  You should review their resume.  Do they have 15 years experience or 2?  Experience equals knowledge.  That in turn saves you money in terms of work spent on a project and can prohibit issues within your company resulting in an unfortunate lawsuit.  Billing structure is a key deciding factor.  Are the fees transparent or are they built into your benefits, payroll and taxes?

Bottom line – human capital typically makes up 80% of a company’s expenses.  Solid well defined HR practices will assure that you are getting the most of your employees, and of your investment.

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May 7, 2009

Overcoming Age-ism In Your Job Search

It’s how old you feel, not the number in years that you are.

A common complaint I hear from job seekers who have been in the workforce for more than 20 years is that they can’t get an interview because they are up against the younger generation, the college graduates, and those who have a better knowledge of the newer technology. So how do you get your resume noticed when you have more experience without being prejudged as old?

The job hunt…and your Resume

First, understand where your resume goes once you click send. Whether it is an on-line form or a direct email, your resume is likely to be dumped into a database without ever having been read.

  • Adjust your resume for each job. Make your resume relevant to the specific job description.  If it is not relevant take it off.
  • Remove dates from education
  • Remove any experience more than 15 years ago
  • Make it key word rich so that your resume will come up in search results in the recruiters database.  (Important tip:  Use the same key words that are posted in the job description!)


Update your skills

  • Search the web to determine what is being talked about
  • Take a class to learn a new skill, software or technology (take advantage of community centers and on-line forums)…or at least read a book about it and then practice at home
  • Don’t forget to network with the new people you meet in those classes


About Networking…
There are many ways to network so be sure to get your name out there and find ways to be found.

  • Don’t forget the good old fashion networking and professional associations with a handshake and business card
  • Don’t be afraid to ask for help and contacts from friends, neighbors, or anyone you correspond with on a regular basis (you never know who or what they know)
  • Be open to new technology.  Sign up for Linked-in.com and Facebook.  It not only brings name recognition and leads but shows you are in touch with the changing times.
    • Once you do, find old classmates and coworkers and connect with them on-line
    • Join communities/groups within those sites
    • Actively participate in discussions within those communities – you will learn a lot and get your name out there at the same time

The interview…and you

Be sure to see yourself as others see you.

  • Dress for success.  Even in a business casual environment, always dress one step up from what you think is appropriate.  You will be more comfortable being overdressed than under.
  • Make sure your wardrobe is up to date
  • Have a high sense of energy


Keep your communication positive

  • Don’t bad talk previous employers
  • Focus on your strengths and learn how to talk about and downplay your gaps
  • Do your research.

    • Read up about the company
    • Google the interviewer – now that you are on Linked-in.com and Facebook information is at your fingertips


Every rejection is an opportunity to learn.  Ask your recruiter, HR rep or the hiring manager why you were not the best fit.  Take that advice to redirect your search.  And remember to be confident and patient in your search.  It takes time.  When you are discouraged, remind yourself of your good points, your assets, and the contributions you’ve made. Soon you’ll be sitting in a cube with a kid beside you talking about the good ole days.

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April 30, 2009

Build a Better Business by Blogging

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“Build a better business by blogging.”  Say that 10 times fast.

Remember when it was a big deal to be able to fax your resume and it was instantaneously received? How cool was it to be able to e-mail your friends and family right from your own computer at home for the first time? Remember when the World Wide Web was a new term and the hottest topic in the early 1990’s?

You may be thinking, “What is a blog exactly?” and “Why should I jump on board?”  Think of blogging as an online journal… but it has the business potential to be so much more. Blogging is an often overlooked business tool that can take your small or medium sized business to the next level.  As the Internet age revolutionizes the marketplace, it’s increasingly important to be relevant and “findable”.  Now that every one seems to carry a Blackberry or an iPhone, information always available right from your fingertips.  We have to stay current.  Moreover, blogging is a form of interactive commentary on your website.  I recently interviewed Sam Thacker (http://www.linkedin.com/pub/1/310/2a), a How To business blogger in the finance space for www.allbusiness.com. Here he explains the purpose and benefits of having a blog and why it is so important for small to medium size businesses to participate.

Sam Thacker Interview with Financerecruiter.com

Tell me about yourself. Who are you and where do you blog?

I am Sam Thacker and I live in Austin, TX. I have been a banker or been in the finance industry for the last 19 years. I have seen some ups and downs but this current economic cycle is the worse down I have seen in my 19 year career. I blog on a website called www.allbusiness.com. I have a three time a week blog. I am called the credit and finance expert for allbusiness.com. So my topics tend to be banking related, finance related, credit related, “how to” blogs helping small to medium size business owners do things like understand how their personal credit is intertwined with their business credit or how to pick a community bank, for example. What they should be looking at on their banks call report to determine that their bank is not in imminent danger of trouble.

How did you start blogging?

I was honestly looking for a place to create my own brand and I stumbled across allbusiness.com. I liked their stories. They have about 5 million pieces of information on their website. I did my research and I noticed they are the # 1 small business portal in the U.S. Their ranking, although it goes up and down, is about three thousand. I went to www.Hoovers.com and found out who the editor was. I wrote 3 sample blogs and sent them to the blogging editor. I said “I noticed you don’t have a Finance and Accounting blogger and I’d like to be your guy.” She wrote back about 2 days later, said okay and sent me a contract.

Was there a single event that led to start of your blog?

I needed to get my own website traffic up and I thought the only way to do that was to get my name noticed on a more national basis. Honestly, when I signed my first contract to start writing my first blog I am not sure I knew what a blog was. I had to go back and figure out what they meant by blog. That was one year ago.

Specifically, who are your readers?

My readers are small to medium size businesses who find me by Googling a topic. For example, if someone were to Google how to establish credit for your customer base you can find an article or blog I’ve written on the topic. I have noticed that I have some groupies that came back to my blog and read and comment and then write me personally. We have interaction on various topics. Some are Accountants, a few are Attorneys. My traffic was slow for the first 2-3 months. Last month my average daily blog was 5 thousand readers and my average Thursday blog is a little less than 10 thousand readers. My company sends out 52,000 emails to subscribers so they push my blog out to a greater audience for Thursdays so my readership is higher

Did you target those readers or did you simply start blogging and they were the people who naturally showed up on a regular basis?

Having been a banker, one of the things I felt was needed even though allbusiness.com has a lot of good information out there is that most of it is not what I call practical information. It is academic information. So if there was an article on allbusiness.com about SBA loans it followed the company line right down to the letter about the steps you take and how to acquire an SBA loan. I decided right away that I needed to be practical. I need to tell people what the gotchas are. They need to know there are different kinds of SBA lenders.  I want to tell them the good the bad and the ugly.

My blogs can be negative. For example, I am not a proponent of SBA loans in general. So I tell my readers the downside of getting an SBA loan. I tell them how to protect their interest in what are called UCC filings.  In 150 blogs in a year, most of mine are how to type articles. Except for certain times like when the banking crises was at it’s peak my articles were more about how to evaluate your bank, they were more on a macro scale and on a not micro scale.

Tell me about your readers…

What do they fear?

People say small business owners are worried about little access to credit. What I am hearing is a lack of sales is a big problem my readers are having. Meaning, they can make their loan payments and do better in the economy if they can pick the sales level up. I have been face to face with some very fearful and scared business owners and heard in their voices over the last 6 months (it has lightened up the last few months) but there is real fear among small business owners that wonder if they are going to make it. They don’t know what the future holds and if they are going to make it with all the uncertainties.

What makes them angry?

They feel like they are being ignored by government and in particular the small business administration that they think is the only federal government agency out there supposedly to assist them and help them grow their business. The # 1 issue is that the stimulus money is going to the big companies and will not ever trickle down to them or to their level.

What are their top three daily frustrations?

Lack of sales would be the number one frustration. I guess the fact that they are worn down from having had to fight a hard battle for the past year is the # 2 issue. And I would say # 3 is the lack of working capital. Many companies that had traditional lines of credit, those lines have not been renewed by banks. In some cases those loans have been called so working capital is big problem with my readership or lack thereof.

What are their secret hopes and dreams?

Good question. Not sure I can answer that one. Everyone wants to see the bottom of the market and trying to find hope. That there is a bottom of the market. They take every shred of news that things are improving but in reality that doesn’t necessarily mark a trend. I have told tens of readers that they need to turn the TV off and not watch the bad news but focus on the fundamentals of their business. But what I hear now is that they are watching the news and they are seeing signs the situation is over when it may not be.

Does your blog address any of these deeper issues?

I do as much as I can. When I started blogging I made a personal commitment to my self to keep my blog as positive as possible. I would say of my 150 posts 30% of them are negative and the other 70% are positive. When I think a small business owner needs to know something they are not being told on TV I bring it to their attention. I want my reader to trust me. I think that is really important thing in our economy is that we can’t seem to trust our political leaders. We can’t trust our CEO’s and CFO’s of large major banks who are playing games with their accounting in order to show profitability when in reality operations are the same as it was 6 months ago.

I recently read a book by Allen Webber, the founder of Fast Company magazine. Mr. Webber said that when he started Fast Co, he wanted each article to entertain and educate. He thinks each article should have a takeaway.

I totally and completely agree and I have tried to lighten up and learn to be a lighter writer which is in the entertain category. I believe my role is to educate my clients as best as I can what is happening in the market place and what is the best strategy to make it through to the other side so education is my #1 goal but I agree that entertainment does help bring them back.

For FinanceRecruiter.com, just starting as a blog, what advice do you have for me or a new blogger?

The number on thing is that you have to blog consistently. Not necessarily 3x a week like my contract requires me to do, but if you post a blog one time a week that would be sufficient. I would say one mistake I have made is that my average blog is too long. I am being told by several editors who really have a pulse in market that a 350-500 words is as long as it needs to be. I am told that readers much prefer bullet points and very short paragraphs. I suggest keeping it simple. Get a following. The following will not happen automatically. There are plenty of ways to get a following.

What are some ways that you use?

My personal favorite is to hang out in the evenings in front of the TV with my lap top while watching Law and Order and post to other people’s blogs. Not to give away my trade secrets but the best place to post is businessweek.com because it is a very high quality website with good articles and good blogs. You can go in and post to someone’s blog. I write a meaningful reply to a blog – that I agree with this topic or disagree with that one. I sign my name and then put my website under it and then that becomes a back-link to my site.

You have to create back-links which is not an easy process. It is a long process. For my business website, we just crossed the 100 back-link mark which is accelerating now.

If you are blogging on one of the 2 major blogging platforms like WordPress or WordPad there are some definite places to get into communities. FinanceRecruiter.com should get into communities with potential job seekers. For example, on Linkedin.com there are a dozen major banking and finance related communities. I would post meaningful discussions there and sign it and put your blog address below your name.

I know there is a lot of controversy about this but I have been successful driving traffic to my blog by using Twitter. I have gone in and followed people I want to be my readers. When I post a blog, I tweet about it pointing to that blog. It’s hard because I only spend 20 minutes a day total using twitter but I try to re-tweet other people who have good information and hopefully they will re-tweet me and make the process viral which has dramatically improved my readership.

Thank you for your interview and sharing your insight with our readers.

I hope this has been an informative post. I know I learned a lot from Sam and plan on putting his tips to work for me. So go update your website and turn it into an interactive one – start your own blog.

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March 2, 2009

Warren Buffett’s Career Advice

OMAHA, NE - Well, finance jocks, it’s here: Warren Buffett’s annual letter to shareholders of Berkshire Hathaway. While you can read for yourselves Mr. Buffett’s sober predictions of the economy being “in shambles throughout 2009 – and, for that matter, probably well beyond,” finance and accounting job seekers can learn something about how to create real value for their current and potential employers — now and forever.

It’s no secret that stocks took a severe beating last year, and Mr. Buffett’s Berkshire holdings were not immune. Yet according to Mr. Buffett, “In good years and bad, Charlie Munger [his long-time business partner] and I simply focus on four goals:

  1. maintaining our company’s Gibraltar-like financial position, which features huge amounts of excess liquidity, near-term obligations that are modest, and dozens of sources of earnings and cash;
  2. widening the “moats” around our operating businesses that give them durable competitive advantages;
  3. acquiring and developing new and varied streams of earnings;
  4. expanding and nurturing the cadre of outstanding operating managers who, over the years, have delivered Berkshire exceptional results.

The proof of this approach is in the pudding: Over the last 44 years, Berkshire Hathaway’s book value per share has grown from $19 to $70,530, a rate of 20.3% compounded annually.

Question for you finance job seekers: Specifically, HOW have you done these four things in your previous jobs? Can you quantify your contribution in each of these four areas?

You are making a terrible mistake if you think these things are “too high level and abstract” for you to impact! Over the last five years, I have made a small fortune pulling executives out of Dell Computer.

Why Dell? Because a long time ago, Michael Dell was smart enough to tie every Dell employee’s bonus to Return on Invested Capital (ROIC) — the single metric that mattered most to Dell’s customers, and therefore, to its stock holders. By aligning his employee’s behavior to the expectations of his customers and stock holders, Mr. Dell created a perpetual motion machine fueled by the self-interests of every single stakeholder. That’s not a bad thing. That’s a great thing!

According to Mr. Dell’s book Direct from Dell [which I strongly endorse] …

ROIC became a focusing device. We introduced it in 1995 with a company-wide push to educate everyone about the benefits of a positive ROIC, with articles in the company newsletter, posters, talks by managers, and “Messages from Michael” devoted to the topic.

We explained specifically how everyone could contribute: by reducing cycle times, eliminating scrap and waste, selling more, forecasting accurately, scaling operating expenses, increasing inventory turns, collecting accounts receivables efficiently, and doing things right the first time.

And we make it the core of our incentive program for all employees.
We decided to to reward employees around a matrix of ROIC and growth and higher performance directly attributed to higher ROIC — which came back in the form of higher compensation.

BOTTOM LINE: Dell executives know how to create value for ALL company stakeholders — both internally and externally, up and down the value chain — and that’s what today’s employment market will pay for. That’s what it needs now more than ever! You can stick a Dell executive in just about any company and they will find a way to organize their teams and activities around those things which create value. Clients LOVE this trait, and I have the check stubs to prove it.

So finance job seekers, here is one finance job search rule that you must obey:

DO NOT TRY TO SELL ABSTRACTIONS IN A DOWN ECONOMY!!

Your value to employers has to be obvious. It has to be easy to explain, understand, and verify. Trust me, business owners are scared to death. They are afraid of President Obama’s approach to taxation, and they have NO idea whether the business environment will recover this year … or the next … or ever. Fear, uncertainty, and doubt dominate the current climate. Business owners have a bunker mentality.

Accordingly, you MUST make business owners understand why they are better off investing their hard earned cash in YOU rather than keeping it under a mattress.

You are at great risk if you fight me on this one. This is the new reality. It’s a cold as hell world out there, and whether you work for a company or not, you are in business for yourself. It’s time you started thinking of yourself as someone else’s investment.

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January 15, 2009

Goldman Sachs

Young Chuck moved to Texas and bought a donkey from a farmer for $100.00.
The farmer agreed to deliver the donkey the next day.

The next day he drove up and said, 'Sorry son, but I have some bad news, the donkey died.' 
Chuck replied, 'Well, then just give me my money back.' 
The farmer said, 'Can't do that. I went and spent it already.' 
Chuck said, 'OK, then, just bring me the dead donkey.'

The farmer asked, 'What ya gonna do with him? 
Chuck said, 'I'm going to raffle him off.' 
The farmer said 'You can't raffle off a dead donkey!' 
Chuck said, 'Sure I can Watch me. I just won't tell anybody he's dead.'

A month later, the farmer met up with Chuck and asked, 'What happened with that dead donkey?'
Chuck said, 'I raffled him off. I sold 500 tickets at two dollars apiece and made a profit of $898.00.'
The farmer said, 'Didn't anyone complain?'
Chuck said, 'Just the guy who won. So I gave him his two dollars back.'

Chuck now works for Goldman Sachs.

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December 7, 2008

Finance Recruitment to Get Tougher?

ATLANTA, GA – One wonders what 2009 will bring for finance recruiters: According to the U.S. government, the American economy lost 553,000 jobs in November.  It was the largest monthly decline since December 1974, and such losses are not a good sign for the economy.

While President Elect Obama assured viewers today on Meet the Press that we are not headed towards a depression — it appears to this Atlanta-based recruiter that 2009 could be a real train wreck for the recruitment community.

What do YOU think?

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November 13, 2008

Financial Leadership: “Are you a mentor?”

Rick

PHILADELPHIA – Yesterday, I was flying to Philadelphia and reading the latest issue of “Success” magazine on the plane (Dec ‘08).

Several different, unrelated articles caught my eye, primarily because of a common thread running through each one.  The magazine issue itself did not have a theme, per se, but I spotted one.  It lunged at me.  Jumped off the page.

See if you can nail it in these five stories.  The same critically important “leader skill” is embedded in each one.

And you need to have it.

First…

Steven Spielberg’s creative genius got an early start.  When he was just a kid, he created little stories as he filmed family trips, pets and friends.

To encourage him, his parents brought home a projector, rented movies and showed them to neighborhood kids on summer evenings.  Enterprising young Steven charged each kid 25 cents admission, and he donated all the money to charity.

This launched his movie career.

At 13, he created a 40-minute film, “Escape To Nowhere”.  At 16, a 140-minute sci-fi adventure, “Firelight”.  And when he was a Boy Scout, he borrowed his dad’s 8mm camera and made a 9-minute film called “The Last Gunfight”, to earn his photography merit badge.

Second…

TV cook Rachel Ray was shocked the day The Food Network handed her a $360,000 contract — barely 24 hours after she did a brief food segment on the “Today” show.

And she’s done very well since, parlaying that into broadcast stardom and guest shots on TV shows all over the dial.

All the while proclaiming she’s a good cook, but not a chef, and has no formal culinary training.

She never BS’d the network, nor her audience.  Her “everyman” quality, frankly, is just what the TV execs were looking for, and she hit a grand slam with viewers.

Where’d she get that honest streak?  From her mother and mentor, who taught her “Decide who you are and don’t try to pretend that you’re something other than that.”

Third…

Advertising mogul and host of TV’s hit show “The Big Idea”, Donny Deutsch tells of a talent producer for his show who had a dream of starting an image consulting business, but was befuddled on where to start.

Rather than kick her butt out the door for announcing she’d rather be doing something else, he helped her instead.  Advised her to take the next 10 weeks to shop for 10 different friends…for free… all so she could build a portfolio of satisfied clients.  Then beginning with #11, start charging.  A lot.

Twelve months later, she left to start her own company.  Deutsch’s farewell gift?  A segment on his show that rocket-launched her business.

Next…

Mitch Albom, sportswriter for the Detroit Free Press and weekly contributor to ESPN-TV’s “The Sports Reporters”, has written three books.

Each became a worldwide best-seller.  Each got made into a TV movie.

And each one is about his mentors.

He wrote “Tuesdays With Morrie” about Brandeis University sociology professor Morrie Schwartz.

“The Five People You Meet In Heaven” included the protagonist, his Uncle Eddie.

And “For One More Day”, his own mom served as the inspiration for the mother character.  His two most profound mentors, he says, were his mom and dad.

And finally…

NFL football star Warrick Dunn is considered one of the most charitable athletes in professional sports.  He buys homes for single mothers working multiple jobs — and to date, he has put a roof over the heads of 78 single parents and 205 children.

Wow.  That’ll activate the tear ducts.

He says none of his sports accomplishments can match the feeling of giving the keys to a home to a woman who has worked her whole life and never been able to afford one.

His inspiration?

His own mom, a Baton Rouge police corporal, who was shot and killed in an ambush while working a second job as a security guard — leaving Warrick, the oldest at 18, to become man of the house to five younger brothers and sisters.  His mother’s humble soul and proud spirit guided him in her absence.

She never owned a home.  Could never afford the down payment.

He’s now fixing that for women just like her.

There.  That’s all five.

Did you spot it?

Did you see the common thread running through the lives of those five leaders?

It’s mentorship.

It’s a leader helping someone less skilled, less able, more junior, more unsure.  To find her way.  To fulfill his dream.  To deal with the difficulties of life.  Guiding.  Teaching.  Encouraging.  Caring.  Setting the table for success.  And providing a sympathetic shoulder when plans go south.

Spielberg, Ray, Albom and Dunn each had mentors.  And enjoyed the benefit of aid and counsel from a master.

And Deutsch is a mentor.  He dramatically improved the life of a colleague.  In fact, his TV show has mentorship as its underpinning — sharing stories of success that encourage others to break the shackles of their own lethargy.

It doesn’t get any more personal than mentorship.

It’s one-on-one, baby.

I contend that, in all my years on this planet, my greatest personal growth and development, in business and life, has come — not from books or CDs.  Not from seminars or workshops.  Not from listening to speeches, sitting in training classes, or attending webinars.

Oh, make no mistake, I’m a high-volume student and user of all those.  Have been for 30+ years.  And every one has provided me an unending wealth of knowledge, inspiration, and actionable data.

But my greatest leaps in learning…

  • have come from one-on-one mentorship…
  • by a trusted leader, friend, colleague, coach, or relative…
  • in private conversation.

That’s where the gold is.

How about you?  Take a look at your own life.  I’m sure you can point to one or two people who have blessed you with their love, encouragement, and caring guidance.

But let’s shift gears to something even more important.

LESSONS & ACTIONS FOR YOU:

What are you doing to actively mentor others?

To inspire their self confidence.  To help them identify and live their dreams.  To launch them into action.  To be their rock of Gibraltar when they stumble and fall.

There are few gifts so precious you can give another.  And as a leader, frankly, it’s not just a nice thing to do.

It’s your obligation.

It comes with the territory of leadership.  In my world, if you’re not mentoring, you’re not leading.

Here are seven suggestions for effective mentoring:

(1)  Listen more than you speak.  Listen for where the pain is.  Listen for where the dreams are.  It’ll help you make it all about them, not about you.  Listening builds trust, and you can’t be a successful coach without it.

(2) Emphathize. When your mentee has a setback, it’s helpful to share a story of when you faced a similar experience.  And how you rebounded.  When we hear that our heroes have failed too, it serves as inspiration to get back on the horse and ride again.

(3) Help them find their passions.  Not just what they’re good at, but what electrifies them with excitement.  Lots of people have a talent, but don’t enjoy it.  You can help them two ways.  Find what REALLY turns them on.  Or realize the passion they already have for what they do, but just didn’t see it.  Hold up the mirror.

(4) Show tough love when it’s called for. Good coaching requires delivering bad news, too.  Holding firm boundaries.  Pushing them into uncomfortable terrain.  Saying what needs to be said to move them past their roadblocks.  Taking the risk they won’t come back.

(5) Lead by example.  If you recommend one thing, but do another yourself, you’re done.  Credibility shot.  Game over.  Walk your own talk.  That’s the definition of integrity.

(6) Formalize it. Schedule regular time to be with your mentee(s).  Don’t let it happen by chance — it won’t.  We’re all too busy.  Schedule consistent, regular time each day or week or month.  Block it on your calendar.  Treat it as one of the most important meetings you’ll have.  I recommend all leaders have coaching meetings — not less than monthly — with each direct report one-on-one.  Unplug the phone, take no emails, allow no interruptions.

(7) Make them write it down. Their passions, their values, their goals, their actions, their deadlines.  All of it.  Don’t accept the flimsy “It’s okay, I’ll remember it” excuse.  That’s BS.  Winners write down their plans and commitments — it shows laser-focused intent.  I’ve told clients for years “If you don’t write it down, you’re just screwing with yourself.  Get serious, commit it to paper, or let’s move on and talk about something that IS important to you.”

Like all tasks worth doing, mentorship — done right — involves a disciplined, structured process.  It ain’t happenstance.

Put that structure in place for those YOU mentor.  Your employees.  Fellow team members.  Friends.  Children.

Yes, leadership from a distance has value.  But limited.

Have the guts to get up close and personal.

__________________________________________________________

Rick Houcek is a regular contributor to FinanceRecruiter.com.  Rick facilitates off-site strategic planning retreats, helping CEOs and Leadership Teams create high-impact plans that overcome the crippling effects of lousy execution and get successfully implemented.  His Power Planning strategic process drives action through his Escape-Proof Accountability system.  It’s ideal for small and mid-size businesses.  To bring this potent weapon to your team, contact Rick by phone, fax or email.  Visit his web site at Soar with Eagles.com.  Ask about his 100% No-Risk Guarantee.

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