Finding An Executive Job No Easy Task

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We Open the New Year… What the Heck Is Going On?

This is our first newsletter for 2024.?

?We are delighted now to be part of the Sub Stack family.? We hope you will subscribe.? For now, the content is free. Who knows what might happen in the future, but rest assured my subscribers will be taken care of. You help me spread the word and I will return the favor. So, share this newsletter if you feel it delivers value.

In this edition, we will focus on the challenges of finding a new job as a manager or executive.? Hint:? it is much harder than most people realize.? Technology and automation are dramatically changing the job search landscape. If you are not aware of the changes, fasten your seat belt, it is going to be an interesting ride.

We also will focus on the need to be more intentional with career management, and finally, for those of you who think building an interim executive practice is a better strategy, we will share advice from successful executives.

The pace of change in the job market is astounding. Even for people like me who have spent a career in recruiting, I am amazed by some of the developments as well as the pace of change.?

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We are interested in what you think. Tell us what is on your mind.? What riles you about these changes?? What do you need to know to be more in control of your career? We are listening.? We are researching. We are talking to industry thought leaders.

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So, sign up.? Stay tuned and we will share information and insight to help you enhance your career progress.? And you can check out our Flagship YouTube channel at GuidingYourCareer- John G Self.? We have hundreds of videos there to help you with your career journey.

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Finding a Management, Executive Job Is Easy, Right?

NO!? Not Even Close

If you listen to the weekly labor reports, you might think that if you lose your job, finding a new position will be a snap. Right?

If you are a manager or an executive in several industries, especially in healthcare, tech, retail, communications, or publishing you know that the competition for available leadership positions is intense, in some cases the odds of success are 150 to 300 or 400 to one.

?This imbalance is not all that uncommon, but it is more noticeable in uncertain economic times when layoffs are continuing, and companies try to deal with wildly conflicting forecasts regarding the possibility of a recession versus a “soft landing.”

?This uncertainty is fueled by the all-important core rate of inflation of 4.01 percent, above the long-term average of 3.68 percent. Meanwhile, the overall rate of inflation of 3.02 percent continues above the Fed’s target rate of two percent and this fuels those concerns that a recession is possible.? Higher labor costs and the tightening of liquidity have prompted a wide range of layoffs over the past six months.? These factors are cyclical.?

?What is not cyclical is the impact that consolidation and AI-powered automation is having on hiring decisions. A large telecom in the UK reported they were holding 5000 positions, including associated executive management slots until they determine which positions are no longer needed due to potential AI innovations and possible divestitures.

?In short, hyper-competition for management and executive roles will be the norm for the foreseeable future.? You must adjust.

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In a related story in this edition, we outline the importance of rethinking career management with specific action items.

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Active Career Management is now a must.? Many managers and executives define career management as that process leading up to and including the ordeal of finding a new job.

??In today’s economic cycle, and with the sweeping automation changes to the job search market, that is a dangerously outdated perspective. Paying attention to your brand and professional networking must be an important part of your weekly and monthly routine as a round of golf or lunch with colleagues. Networking – building or adjusting to your network based on your current job and planned next career steps. Failure to maintain a vibrant and relevant professional network could result in a major career setback or a prolonged job search in the event of a sudden job loss.? I see or hear evidence of this type of unnecessary career damage every week.

?It is easy to avoid this.? If you only will.

?Remember, as the CEO of You, the optics are terrible when you claim that you are a successful leader with a solid record of performance in executing plans and delivering exceptional results while experiencing a prolonged gap in employment because you did not have a relevant professional network.

Steps For Enhancing Your Career Management?

We have to change the way we manage our careers.

This is no idle projection.?

There is a confluence of factors that are dynamically changing the demands of career management. Consider these factors:

• There has been a steady increase in the number of MBAs and other graduate school students – talent for the job market -- over the last 20 years who eye a career in business leadership.
• An industry contraction in retail, manufacturing, communications, services, publishing, and healthcare has reduced the number of management and executive positions.
• Artificial Intelligence and machine automation are dramatically reshaping the job market, driving the need for a more strategic response.

What does this mean for job seekers?

You must adjust how you manage your career and your brand, and how you pursue your next better job.

Failure to do so will marginalize your career.? You may raise your eyebrows, I am here to say, “Bank on it.”

Specifically, you must be:

1.??? More intense with your awareness of market conditions.

2.??? Increased sophistication with your strategy and tactics.

3.??? Be more intentional.? You must act, executing your strategy. It begins with the formation of a written career plan, an integrated Networking 3.0 strategy, and a career brand management plan.?

If you think this is the right pathway for you, join us at 7:30 AM Central Time on Thursday mornings for CareerLIVE on YouTube, LinkedIn, and Johngself.com on Facebook.

The Challenges of Building an Interim Executive Practice

In the 1980s and 1990s, it was common for CEOs, primarily in rural and community hospitals who lost their jobs or decided to retire early, to declare they would enter the physician recruitment business.

Most failed.

They barely lasted longer than making their announcement. The low cost of this type of business start-up notwithstanding, it was a crowded, noisy field. To succeed you had to have a loyal network of people who liked and trusted you to make any inroads.??

Today, many executives who are put off by the rigors and the dramatic changes in the job search market, declare they will become an interim – you pick a title -- CEO, CFO, or CMO.? They put out the word among friends, contacted a few interim placement firms, and then waited for the phone to ring.

If it rings at all, it is infrequently.

Why?? Becoming an interim executive is like building any other consulting business. You are simply conducting a job search under a different name.

Still interested?? Here are the secrets to success for executives who have become successful with this second, rewarding career.

1.??? Like building any other business, you must create a statement of mission, vision, and values that will guide your messaging and marketing.? This is a must. Then create a corporate structure in the event there is any litigation.? You can structure an LLC like a Subchapter S. Consult your accountant.

2.??? If you do not have a good network, with at least 250 people who are in a position to hire you (which typically eliminates your employed colleagues), you must become very aggressive in building a productive network, populated with recruiters who work in the space, and various referral sources including other consultants, law firms who specialize in restructurings,? accounting firm partners, and state professional associations in your space. There are no shortcuts here.

3.??? You must build a social media presence.? Big time, posting short articles and videos highlighting your strengths and successes two to four times a week. Embrace automated technology that will help you post and schedule calls.

4.??? You must work the telephones to accelerate your online communications strategy, arranging short get-acquainted calls.? If you lack the gumption to cold call, then hire a firm that will book call appointments for you. This WILL be more expensive, and it is hit-and-miss because they are incentivized to book appointments, not necessarily with qualified potential customers.? If you are intent on off-loading this part of your marketing, a firm that has worked in this space to avoid paying for the learning curve.

5.??? Just like looking for a new full-time job, this IS a full-time job.? Your success will depend on executing your marketing plan every day -- every day even while you are on assignment.? This is where posting automation comes in. Waiting to restart their marketing is the most common mistake most interim executives make.

?Signing Bonuses More Common in Healthcare

Our colleagues at Becker published the following article over the weekend.? As you review this payment information, you should also be cognizant of a change in “backend” payments.

Job search engine Adzuna released new research on Jan. 25 showing that nursing and healthcare lead in signing bonuses, with nearly 18% of job postings in the sector advertising them.?

Within healthcare and nursing, the amounts vary depending on the individual's title, according to data shared with Becker.

Adzuna examined 8 million U.S. jobs advertised on the job search engine in December, identifying 428,908 job postings offering a signing bonus.

Here are 13 healthcare job titles, along with their average advertised signing bonus:

1.??? Physician: $47,993

2.??? Pharmacist: $27,135

3.??? Optometrist: $25,595

4.??? Dentist: $20,435

5.??? Nursing director: $17,216

6.??? CT technologist: $17,106

7.??? Physical therapist: $12,350

8.??? Registered nurse: $11,143

9.??? Physician assistant: $9,714

10. Occupational therapist: $7,188

11. Nursing assistant: $3,912

12. Nurse practitioner: $3,627

13. Medical assistant: $2,711

On the backside, there is reporting that suggests that companies are being more conservative with severance packages as opposed to payments that were made amid the Covid crisis.

?With evidence that the number of management and executive positions is declining, job seekers without strategically focused professional networks could face prolonged job searches.

?Executives in some industries, including healthcare, have reported making as many as 60 to 80 online applications before receiving a single offer. Time-to-hire averages six to eight months, with some executives without the support of a network aligned with their career plan reported their job search took more than a year.

Executives and managers must engage in Active Career Management.