What carnage across all the markets and almost every asset class! Life office shares for just over 20p and daily percentage swings in blue-chip banks of 20%, interest rates of 0.5% and the bizarre position (since reversed) of sterling increasing in value after a rate cut. Unemployment is apparently rising inexorably across every sector and area of the globe, whilst once admired bankers are vilified by all sectors of society. This downturn initially hit financial services particularly hard in late 2007, though the pain is now more evenly spread. Unemployment hits earnings which affects our ability to save, prudent savers are seeing their interest payments reduced fivefold in as many months whilst holders of previously ‘safe’ dividend paying shares see their income stream destroyed overnight. All of these shocks impact on those of us who make a living, directly or indirectly, from the sale of financial products. We all know about the above and are all in the midst of this crisis - the greatest since Baldrick ate a turnip, Queen Victoria, World War One, the Great Depression or the Korean War, depending on which scaremongering article one reads. How can it be that, amidst all this gloom, companies are still recruiting and individuals are getting new roles? During the stock-market declines of the past year, some well managed and profitable companies have been marked down in price, along with those of the less well run or unprofitable. An analogy can be made with the employment market here as some really good people have been made redundant alongside others who have been let go by their employers who are simply seeking the opportunity (or excuse) to restructure their organisations into a leaner model. Ironically, such companies have been amongst those who we have assisted in their recruitment plans for 2009. As a very approximate rule-of-thumb, for every five roles that go in a company, two are created, though they are different in status and emphasis from the roles that have been made redundant. There are fewer requirements for ‘nice to have’ positions and more emphasis on hard-nosed sales and revenue generating roles.Many companies have taken this opportunity to restructure for a future that will be very different in terms of required product offerings. This then allows potential employees to highlight previously unheeded or relatively minor areas of their background for these new roles. A large number of candidates working in marketing related positions have had to travel or relocate to find work, or have decided to contract their services. The contracting market (as opposed to temping) is one that is growing in popularity as it allows both employers and employees to dip their toe into new areas or developments. What has been most illuminating is how creative candidates have become in highlighting the areas of their experience that they wish companies to see. This has always happened, of course, though the most successful candidates recently have ensured that their CVs bring out whatever expertise is required, as opposed to hoping that an employer will understand that they have been involved in ‘X’ if they use their job title. You need to tailor your CV to the role – do not assume that everyone knows what a particular job title entails in terms of work experience. Thoughts for candidates and companies Candidates who are unemployed and still positive are seen as a much safer bet by companies than those who are still employed; they can start immediately and there is no danger of them being bought back Ensure that your CV is tailored to the role that you seek This is easy to write (and even easier to say) but be prepared to relocate If your expertise is in a dying area, retrain. You could be the best SIV / CDO individual but it is unlikely that these roles will ever reappear in their previous guise so ensure that your transferable skills are to the fore For companies, be aware that you can gain fantastic skills but be prepared to look beyond your usual parameters If you are a candidate, look at potential employers who you might not have considered previously – be open-minded Whilst it is a tough market, it is not as bad as it might first appear if one is flexible and open to ideas
Courtesy of Harris Keillar, written for Money Marketing 11/03/09
