Since the corporate restructuring of the '80s, career consultants have advised professionals that it's essential that you manage your own career and not leave it up to your employer. So you know what you need to do, but how?
"Navigating Your Career," strives to provide that advice. Chapters of this worthwhile read were written by 21 executive recruiters who base their expert advice on professional experience. They tackle subjects from the David-and-Goliath battle of leaving a longtime employer to the sometimes risky move of joining a start-up.
Published by John Wiley & Sons, Inc. (212/850-6011) and edited by Christopher W. Hunt and Scott A. Scanlon, the book's a quick $16.95 read.
Here are some pearls of career wisdom we found particularly pertinent:
Working with a Recruiter
Keep in mind that you serve in a "dual role" when you're contacted by a recruiter - not only is the recruiter interested in talking with you about a specific position, he or she is interested in getting your take on other suitable candidates;
Despite what you might think, if you are not interested in the job at hand, let the recruiter know as quickly - and diplomatically - as possible;
Realize there isn't a formula from one search firm to another that determines who is on the radar screen and who isn't;
Be wary of a recruiter who appears to be engaging in "industry espionage." And if you're being considered for a slot with a direct competitor, don't divulge sensitive information about your employer/company to that recruiter;
Check with the Association of Executive Search Consultants or with Hunt-Scanlon to determine the credibility of an executive recruiters firm;
It's no longer a career detriment to move between employment with a large company and small firm;
An attorney who reviews a contract in the offing should be a behind-the-scenes player and not involved in discussions or negotiations.
When Wall Street Matters
More than ever, specialization matters;
Proving sell-side your worth to the CEO or CFO means improving shareholder value through: managing earning expectations, raising capital or making strategic acquisitions or divestitures. Demonstrate your buy-side prowess through "challenging conventional thinking on valuation processes;"
Success on Wall Street requires constant movement - continually add to your knowledge base, skill base and client list. These are some of the key factors in your marketability.
Talking Technology
The typical 10 to 15 years it takes to move up in most industries is shorter in the technology sector. Employees can shoot up to a director or vice presidential slot in five years;
The hottest IT markets are South America, Europe and Asia;
When considering an opportunity with a young company, due diligence includes investigating the strength of the board, determining its layers of financial commitment between financing rounds, checking the founder's references and realizing risks;
Silicon Valley is an obvious boon region, but New York has been christened "Silicon Alley," with new media employment hitting 120,000 in 1998, up 70 percent since 1995.
Going Global
According to a survey done for LAI Ward Howell by Professor J. McCormick of the Harvard Business School, 94 percent of top U.S. executives reported that developing executives with international know-how will be key to their companies' futures;
Expect that relocation assistance is commonplace for an overseas assignment;
The National Black MBA Association has an active chapter in Europe;
Cultural sensitivity is no longer just a matter of courtesy - it's good business.
List of Authors
"Planning Your Job Search - How and When to Get Started," David R. Peasback, chairman and CEO, Canny, Bowen Inc.
"How to Take Charge When a Headhunter Calls," Smooch S. Reynolds, president, The Repovich-Reynolds Group
"Interviewing With a Headhunter and Preparing for a Client Interview," Dale Winston, chairman and CEO, Battalia-Winston International
"How to Target the Right Hiring Manager," David H. Hoffmann, chairman, DHR International
"Wall Street: Land of Opportunity," Brian M. Sullivan, president, Sullivan & Company
"Information Technology," Jeffrey E. Christian, president, Christian & Timbers
"Consulting," Charles W. Street, president, A.T. Kearney Executive Search
"International," Roderick C. Gow, executive VP, LAI Ward Howell
"Entrepreneuralism," David Beirne, general partner, Benchmark Capital
"Entertainment/Media," Gary Knisely, CEO, Johnson Smith & Knisely
"Healthcare," Jordan M. Hadelman, chairman and CEO, Witt/Kieffer, Ford, Hadelman & Lloyd
"Big Corporation Vs. Small Company," Paul R. Ray, Jr., president and CEO, Ray & Berndtson
"A Ticket to the Top: What Functions are the Power Bases to Senior-Level Management," Windle B. Pirem, vice chairman and CEO, Korn/Ferry International
"The Minority Candidate: Charting the Course for Men and Women of Color," Herbert C. Smith, chairman, HC Smith Ltd.
"Returning as the Expatriate Executive," Dwight E. Foster, chairman, Foster Partners
"Crossing the Functional Lines," Hobson Brown, Jr., president and CEO, Russell Reynolds Associates
"A New Industry: The Transferability of Management Talent," Gerald R. Roche, chairman, Heidrick & Struggles
"Evaluating the Job Offer," Steven B. Potter, managing partner, Highland Search Group
"Making Sense Out of Dollars: How to Negotiate a Compensation Package," John F. Johnson, chairman, LAI Ward Howell
"The Final Task: Integrating Into Your Company," Gary S. Goldstein, president, The Whitney Group
"So You Want to Be a Top Executive? Here's What it Takes," Dennis C. Carey, vice chairman, Spencer Stuart, U.S.