Category: Job Search & HR

Job Search: Is Industry Experience Really Relevant?


All of us have encountered this many times over – you read a job posting for a CFO or Controller position (this is particularly true about recruitment agencies' ads) and the responsibilities list is a perfect match to your experience: you've done budgeting, forecasting, treasury management, BOD reporting; you've designed KPI's and dashboards; you've managed and trained staff, etc…  Then, you get to the end and among mandatory qualifications you see: real estate experience (or broker/dealer, or manufacturing, or consumer products… whatever) "is a must."

Why?  Do hiring execs and managers think that there are some cult secrets separating one industry's accounting and finance from another?  That you can only absorb them through exclusive involvement with that industry's firms? That no one with  deep knowledge of fundamental principles of finance, GAAP, taxation etc. can adapt them to a new industry and quickly digest the technical specifics? 

And wouldn't they be more interested in hiring someone sophisticated enough to be willing and capable of diversifying their experience?  Do they really think that someone who knows Revenue Recognition Cycle in Technology will not be able to dissect standards for the same task in Financial Services? 

I can go on forever with these questions, but I guess you get my point: I don't think that industry experience is relevant for REAL CFO's and Controllers – those who possess broad and deep knowledge of accounting and finance, not just few repetitious tricks they have learned without understanding the underlying principles behind them.

Let me give you a simple analogy.  Multi-lingual children exposed to different languages through their residence, parental ethnicity, foreign nannies, etc. are known to add more and more languages to their arsenal with a greater success than their peers.  The reason is that their anatomical speech instruments become very flexible and can adapt to any new challenges.

The same is true about the professional expertise of those financial execs who were exposed throughout their career to a variety of industrial and organizational specifics.  They usually have deeper understanding of business, sharper commercial acumen and ability to adapt them to any new circumstances.

In yet another excerpt from Marc Cenedella's TheLadders book (Sell Yourself Short), he condecsends that recruiters are now more open to industry crossovers, but that you will have to accept lower salaries and positions. 

First of all, the supposed "openness" is a lie: the job listings are full of specific industry requirements.  Secondly, don't let statements like that lower your self-esteem: if you are capable to cross over without difficulties, it's your asset, not a shortcoming.

Let's not forget that the system of double-bookkeeping (still the foundation of all accounting the last time I checked) was created by the XIV century Venetian sea merchants and first outlined in proper structural manner by Benedetto Cotrugli around 1450 as a chapter in his "Of Trading and the Perfect Trader."  Subsequently, Lucas Bartolomes Pacioli devoted 36 chapters to the subject in his monumental tretese on mathematics.  

These were Renaissance men who also wrote on architecture, medicine, law, art, religion and broad business issues.  It is unfortunate that the employers of today have devolved to preferring the narrow specialization instead.


   

New Job Hunting Secrets for CFOs and Controllers


All CFOs, Controllers, VP Finance and Financial Directors, especially in small businesses, are involved in recruiting process.  Most of them don't have in-house recruiters and nowadays not too many businesses can afford $25,000-$30,000 headhunters fees.  So, with hiring on one side and testing the market (or in the current economy actively looking) for themselves on the other (plus payroll, benefits, etc. management), their involvement with HR is pretty significant.

However, because they don't work for businesses with thousands of employees and are not professional recruiters, small and mid-size financial execs are not necessarily up to date on the talent-searching technology.  While going through hiring process they are still printing resumes, looking through them manually … – you know the process.  And when the tables turn around and some of these execs are forced to search for new employment themselves, they expect their resumes to receive the same treatment even if they apply for a job in a larger company with its own in-house HR department or reply to a recruitment agency's (such as Robert Half, Michael Page, Source Associates, Forum Group, etc.) ad. 

How could they possibly know, especially if they have been off the market themselves for several years, that today large HR department and recruitment agencies work with automated Applicant Tracking Systems (ATS) – software that in its sophistication goes beyond database matching and usually employs cutting edge data-warehousing technologies?

 I know plenty of financial execs who are so proud (rightfully so) of their accomplishments they don't even bother adapting their resumes to the nuances of advertised job requirements and keep sending them out "as is" regardless of the recipients specifications.

Please, do yourself a favor and read this recent article from TheLadders  The 24-Step Modern Resume.  Not only it is incredibly valuable on its own (an eye-opener for uninitiated, really), but in the text you will find links leading to further details and related subjects. 

I also highly recommend The HR Capitalist blog.  It will provide members of financial executive talent brigade with an opportunity to learn what the other side – the hiring professionals – think.  I found particularly fascinating the insights into Social Recruiting and the important place it occupies in today's hiring in Why Social Recruiting Isn't About Having a Corporate Twitter Account. 

 

First Impression Is the Most Lasting Indeed


They say that the first impression is the most lasting one.  And it is true even for those people who try very  hard to be fair and give people a chance to show their true qualities. 

I myself is one of those people who make themselves look past the appearance of a job applicant.  Few years ago I have interviewed a woman who was grossly obese and needed a cane to assist her in moving her body.  I knew right away that aside from possible health issues, there could be multitude of other problems: we would need to order her a special X-large chair, my CEO may not like someone like that to be prominently installed in the Operations Department, visiting business relations may be destructed by the sight, etc. etc. 

Nevertheless, I gave her a full interview, which she passed with flying colors, and ended up hiring her.  It never even occurred to me not to offer her the salary attached to the position.  She got paid the same wages anyone in her place would.

Turns out, I am a rare exception.  Please, read this post from Vault's Career Blog Does your weight determine your salary?  The statistical data reported in the article are appalling.

Weight issue aside, my opinion is that when it comes to hiring process the entire "first impression" concept is very unprofessional.  Time after time, hiring execs, recruiters and variety of HR professionals yield to their contrived, closed-minded, self-centered views of other people instead of thinking of what's best for their companies.

Two weeks ago my good friend MJZ, also a career CFO, went for a job interview to a company that provides services to children with learning disabilities and autism under the contracts with various government health agencies.  Since such programs usually become first victims of states and counties budget cuts, the company desperately needs someone who can strategize their way into more diversified revenue models.   MJZ has a vast experience of building such strategies and facilitating companies' growth. 

She has previously had a phone interview and communications with the CEO's personal assistant.  So when in-person interview invitation was received, she assumed it would be with the CEO herself.  However, she was interviewed by a middle-rank HR Manager.  

When she told me that she did not even make it to the next round – the actual interview with the CEO (the HR Manager sent her an email), I've asked for the entire meeting description.  Now, knowing all details, I am confident that the HR Manager's rejection had nothing to do with MJZ's professional qualifications.  It had to do with the fact that she was dressed for an interview with the CEO and instead was assessed by a sweater-and-tights-clad middle-manager. 

The sad result is that the company had missed an opportunity to hire somebody who could have brought them to the next level of development.  Their loss, of course, but nevertheless a disappointing experience for my friend.

Executive Recruiter aka Thoughtless Pest


 Let me explain right away that this is not an attack on the entire human resources profession.  There are many thoughtful in-house HR Managers and freelance consultants with whom I worked.  I have no problems with them. 

This is about scores and scores of functionaries buzzing around in international headhunting factories that pretty much monopolize the executive search field – Robert Half, Michael Page, Execu|Search, Ajilon and their lesser competitors.  I kind of hoped that they would be extinct by now.

These pests have neither time nor dedication to understand the actual specifics of positions they are paid to fill.  Even in the pre-internet times, all they ever did was looking for matching items between some laundry lists of requirements and applicants’ resumes.  Did you actually think they read them?  Nope!  It’s a matching game.  Nowadays, they don’t even do that, they don’t even look at CVs.  Now, they’ve got a “cool” software known as  Applicant Tracking System (ATS).  The computer plays the game and just reports the score.    

This insults my intelligence.  It used to devastate me as a job seeker.  It offends me as a hiring executive who goes out of her way looking beyond the resume phraseology for the spark of brightness.  For me hiring was never about check marks.  Recruiting, especially on the senior executive level, is about real jobs and real abilities.     

What I don’t understand is why there is still demand for their services?  Why people are still willing to pay $30K-$100K for a “good enough match”  that rarely produces satisfactory results?  People tell me that they see the same job postings for six, sometimes even 12 months.  Are you kidding me?

Don’t employers know that for a very reasonable fee they can post their ads on job boards such as Monster, CareerBuilder, The Ladders, where all job seekers look?  They can be even more effective (still for a very reasonable fee) and use those boards’ search engines to access thousands of resumes.  It may be time-consuming, but trust me, it has higher value/cost ratio.

Eliminating recruiters from the market would make the job boards’ fees even more competitive.  Meanwhile, they are polluted by big-name ads.  With this post in mind, I took a quick look.   It seems that nearly 80% of postings are coming from just four players.  And the “Requirements” are so similar – they must be copied from the same template.  I am sure they enjoy big discounts too by getting the bulk deals.

With so many people presently out of work, the stories of headhunter encounters just pouring in.  Some of them are so fascinating, they can warrant their own feature posts.  However, there is a striking similarity in all of them – the notion of mindless attitudes and inconsiderate actions.  It appears that like doctors, who have seen so much pain and devastation, they became absolutely insensitive to other people’s anxieties and worries, the recruiters also forgot that they deal with live human beings.  

Well, I am not dealing with them.  How about you?

Job Search: Cover Letter Advice


Many of my peers make an inexcusable mistake of thinking that a Cover Letter is an artifact: in old times of applying to jobs via mail or fax, it made sense to include one with your resume, but now, when you either click "Apply" button in the job board ad or send an email, it's not needed.  Lazy and wrong!   It is true that the cover letter most likely will not make a difference in the first resume screening.  However, if your resume gets into the second round, a good cover letter will compliment it and make you stand out.

Here is a link to AOL original online article.  It is written by a recruitment professional and has the most concise and comprehensive outline of what must be included in a contemporary cover letter.  You will still need all your talent to find the right words and present yourself in the most impressive way, but it is a good start.

Cover Letter Checklist