Robert M. Fields

Part 2 of a 2 part article

In the final part of his discussion on how to perfect the critical skill of contract negotiation, Robert M. Fields, a top Employment Attorney, highlights the key strategies and techniques to use when negotiating your employment contract. Read on to learn how to make your compensation requirements known to your prospective employer and what strategy to use to ensure you reach the compensation level you desire.

Third, when you make your compensation desires known to the other side, you must be able to thread the needle between selling yourself short on the one hand and making exorbitant demands on the other, which could cast a pall over, if not outright kill, ongoing negotiations. To do this effectively, you must do your homework. What are your comparables (i.e., what are your colleagues in similar positions in similarly sized companies earning in terms of salary, incentives and benefits, etc.)? This information can be derived through careful research, often using compensation tools found on the internet, by hiring a compensation expert or by relying on experienced counsel.

Fourth, and most important, is the strategy you employ in the actual negotiation process. You do not want to appear too eager by making quick offers and concessions. Although it sometimes can be useful to make the first offer (as it would be setting expectations on your playing field) in most cases dealing with employment contracts it is the potential employer who makes the first move, at least with respect to salary issues. This would allow you to “bracket” your eventual compensation through your counter offer. For example, if at some point you are offered $400,000 per year in salary, and you would like to settle somewhere in the $500,000 range (assuming that this desire is backed up by useful comparables), you would then counter in the $600,000 range, with the expectations that you and the other party would meet somewhere in the middle, your classic “split the difference” approach which often will work in end-stage negotiations. However, it is very important that you not make any concessions to quickly. Early concessions are usually larger than those made at the end of the negotiation process.

Regardless of whether you are experienced in the negotiation techniques described above, it is very important that you consider utilizing an attorney to handle the process for you. First, use of an experienced attorney will give you a degree of credibility in your negotiations that you otherwise may not have. Second, the attorney can be your “bad cop,” making demands on your behalf while you stay above the fray and whom you can disavow if negotiations take a turn for the worse. Third, your attorney will have knowledge of many important legal issues of which you simply may not be aware. Lastly, as mentioned above, your attorney (again, if experienced) will be aware of the standards of the industry, which will prevent you from making unreasonable demands on one hand and from underselling yourself on the other.

Robert M. Fields represents executives on a national and international basis and can be reached at his New York City office at (212) 672-1672 or his Westchester County, New York office at (914) 763-3788. You can also contact him by e-mail at rmfields@rmfieldslaw.com

Categories: Executive Career Management, Uncategorized
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AESC Q2 data reveals that organizations continue to call on the retained search industry to fill crucial roles

New York, New York – August 18, 2008 – The worldwide retained executive search industry continued to grow in the second quarter of 2008 despite a decline in Financial Services searches, according to data released today by the Association of Executive Search Consultants (AESC).

While the number of executive searches fell worldwide – down 3% annually and 5% quarterly – global revenues grew at a rate of 10% annually and 6% quarterly. Predictably, the decrease in searches was felt by the Financial Services industry, with searches down 16% annually and 7% quarterly. However, counter balancing this decline was an increase in searches within the Industrial sector, experiencing the greatest annual industry rise of 11% and the only industry for searches to increase quarterly - up 5% from Q1 2008.

AESC President, Peter Felix, explained, “The statistics for this quarter reinforce a clear trend, evident during the past year, that while the number of searches being assigned has fallen slightly, the revenue generated by searches has climbed. This has kept the search industry on an even keel during difficult times and has maintained the very strong revenue position of the past several years.

“The causes of this are clearly linked to the shortage of executive talent, especially in key sectors and regions of the world. While the financial services sector has seen yearly and quarterly declines, other sectors have experienced continued growth, the most significant being industrial. Emerging markets continue to show strong demand with countries in Latin America now demonstrating considerable increases in their use of retained executive search.”

In the second quarter of 2008 the average fee per executive search assignment increased 16% year-on-year from Q2 2007, and grew 6% quarterly.

“The value per search has continued to rise since organizations are finding it increasingly difficult to attract the most talented in the market and realistically are paying more for them. Clients recognize that the best talent is worth paying for and that using professional help to secure it is money well spent. In turbulent times such as these the added value of executive search consulting becomes even more apparent”, commented AESC President, Peter Felix.

The AESC state of the industry report confirmed that since Q1 2008 the Industrial sector – with a 26% market share in Q2 2008 – accounted for the largest share of executive searches started, a place previously dominated by Financial Services. Q2 2008 saw Financial Services in second place with a 22% market share, followed by Consumer Products (18%), Technology (15%), Life Sciences/Healthcare (11%), Non-Profit (5%), and Professional Services (3%).

Also enjoying a yearly increase in searches alongside Industrial (+11%), were Technology (+7%), Non-Profit (+6%), and Consumer (+4%). Industries experiencing an annual decline in searches next to Financial Services (-16%), were Life Sciences/Healthcare (-17%), and Professional Services (-23%).

AESC Q2 2008 data revealed that annually, searches had decreased in all regions except Central/South America, which grew 15% from Q2 2007. Searches in North America fell 8% year-on-year, Asia/Pacific remained flat (-0.5%) since Q2 2007, and Europe declined 2% yearly and 8% quarterly.

Regional market share analysis showed that in the second quarter of 2008 North America held 40% of the global market share of executive searches, followed by Europe (35%), Asia/Pacific (17%), and Central/South America (8%). The annual trend saw only minor changes in regional market shares.

The data was collected from a sample of AESC member search firms representing the activity of over 1,500 executive search consultants in 46 countries worldwide. AESC access to job search data positions this Report as a leading indicator of the future worldwide job market and a barometer of hiring trends in key market sectors.

About The Association of Executive Search Consultants
The Association of Executive Search Consultants is the worldwide professional association for the retained executive search industry. The AESC promotes the highest professional standards in retained executive search consulting, broadens public understanding of the executive search process, and serves as an advocate for the interests of its member firms.

Categories: Business Trends, Executive Career Management, Recruitment Trends, Retained Executive Search
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Your BlueSteps membership provides you access to many resources and services. Because having a compelling, effective resume that reflects your strengths and experience is so important to managing your career, we offer each BlueSteps member a complimentary resume review by an expert resume writer. Please contact our partners below for a free resume review.

Career-Resumes.com has provided their services to BlueSteps members for many years. They are known for their honest feedback, quick turnaround, and provide preferential pricing to BlueSteps members.. To receive a resume review from Career-Resumes, please email your resume to BlueSteps1@career-resumes.com.

Career Services International, a recognized career management leader, customizes executive resumes to position you as the candidate of choice. They specialize in the creation of Executive Portfolios and re-branding executives through their resumes. Email your resume to resume@careersi.com for a review from a member of CSI’s professional team.

Categories: Executive Resumes
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I spent four years in a Big Eight CPA firm followed by a 21 year career with a NYSE retailer, the last ten of which as SVP - Chief Administrative Officer. In 2003 I was replaced and pursued an entrepreneurial career developing residential communities in Central Florida. In light of the slow down in the residential marketplace that overtook the industry in 2006, I have decided to return to a position of employment in the corporate world. What challenges do you foresee for me in transitioning back in to the corporate world after five years?

I think the main challenge will be convincing your prospective employer that you are ready to re-enter the corporate world after getting a taste of an “entrepreneurial career”. They will be interested to learn why you left and what assurance you can give them that once the market picks up you won’t leave to take up a new venture again.

Finding a corporate job where all your experience is valuable perhaps in real estate management in a large corporation may be a good idea for you. Given that this is a difficult job market you will be competing against candidates who might, on the surface, appear more qualified who did not leave the industry. But you should use your experience to your advantage and choose a firm that values your entrepreneurial experience and appetite for risk and ability to tolerate uncertainty. The latter seems to be a characteristic that could serve you very well given the economic times we are currently living in.

Categories: Executive Career Management, Retained Executive Search, Rubin's Cube - Career Q&A
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Robert M. Fields

In the first installment of a two part article, Rob Fields discusses elements of the “state-of-the-art” executive employment contract, detailing provisions that should be considered for inclusion in an employment agreement. He also sets forth several techniques that can be employed to obtain the best deal possible.

First, you cannot begin your negotiation sessions until you fully understand what your, and your potential employer’s, goals are. You should set down on paper, in order of importance, what you want out of the new position, both from a compensation perspective and from a career standpoint. For example, do you plan to be at the new company for the long haul or are you using it merely as a stepping stone to bigger and better things? If the former, you may want to stress long-term compensation, such as equity participation in the employer, as well as current salary and bonus. Conversely, if you only expect to be with the company for a short period of time, then current compensation (including annual bonus) may be more important.

At the same time that you are analyzing your goals, do your best to determine the goals and interests of the potential employer. In doing so, you may find that there are situations where imaginative bargaining could lead to mutually beneficial solutions. For example, through subtle questioning you may find that the potential employer currently is short of cash, but has significant potential for growth. Thus, you can steer the negotiations to provide you with substantial equity participation, more than you would have known to ask for had you not known of the company’s financial condition and prospects.

Second, you must evaluate your leverage against that of the potential employer. How badly does each party want to do the deal? For example, how much do you need the job? Are you reasonably secure or insecure in your current position? Similarly, what is the potential employer’s fall-back position? Do they have anyone waiting in the wings who is as qualified as you? How badly do they need to fill this position and how quickly must this be done? Deriving answers to all of these questions will give you a fair idea of the relative leverage between the parties and, accordingly, will tell you how “tough” you can be in your negotiations.

Robert M. Fields represents executives on a national and international basis and can be reached at his New York City office at (212) 672-1672 or his Westchester County, New York office at (914) 763-3788. You can also contact him by e-mail at rmfields@rmfieldslaw.com

Categories: Executive Career Management, Uncategorized
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Networking is a very powerful, yet underestimated tool for job search. Building or expanding a network that works for you needs a good plan. The real decision makers are usually hidden and can not easily be reached - if you do not have direct value for them, they probably will not even be approachable. The following 10-step approach was sent to us by a BlueSteps Member who wanted to share his own experience of building and developing his network. If you would like to share similar advice or have other career management recommendations, please email info@bluesteps.com.

1. Analyze your strengths and your ambitions. Know the product before you sell it.

2. Discussion with friends and family will help you to check your ideas. They give you valuable feedback and guidance, without risk of failure. Find out what unique values you could bring to a company/market segment/business.

3. Analyze the chosen market carefully. Visit websites, libraries and other sources, study the typical aspects of that type of business. Remember the buzz words. Become an expert in your chosen area.

4. Create a focal point or theme around your chosen subject.

5. Ask former colleagues, friends and family to help you with a first set of contacts that you can talk to. Be careful with these first contacts, they will probably not be able to offer you a job! Don’t ask for jobs! Instead tell them about your campaign, ask them for a short interview about their opinion and experiences.

6. Put your first ideas and expertise on paper and prepare one or more articles/publications in targeted magazines, to present your case. This will raise awareness under the group of real decision makers. It will open doors otherwise closed by cold calls.

7. Now you can use the first set of contacts as references to get in touch with the real leaders and decision makers. Your theme and publication(s), together with the references will be of interest to them, if you use it elegantly. Find out about important events, places, meetings and try to get an invitation. Be of assistance if you are able to help them.

8. Suddenly you will experience, that you are respected as an expert and your opinions are valued. You now have created a status in the area you like to find your new job.

9. Visit the meetings, events and locations where the decision makers meet (conferences, exhibitions etc.) Talk to the visitors and tell them about your enthusiasm and success. Get appointments with the leaders, without mentioning your job search.

10. During the appointments, between the lines let them also know you are available.

Categories: Executive Career Management, Networking, Uncategorized
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As a leader in career management, BlueSteps has partnered with CareerSI to develop the ‘Resume Renovation’ project. Each month we will feature the resume of a BlueSteps member with a complimentary review by CareerSI’s experienced resume writer and noted author, Danny Huffman. For confidential, personalized expert resume advice, BlueSteps members can also contact CareerSI directly at www.careersi.com.

Apply for a complimentary Resume Renovation
Each month we will select a BlueSteps Member from a different industry to participate in this feature. If you currently work within the IT industry and would like to receive a complimentary Resume Renovation which will be featured on www.BlueSteps.com and within our monthly newsletter, please contact cweekes@aesc.org with a copy of your current resume. All personal and sensitive information (such as contact details, employer names and dates of employment) will be censored to uphold confidentiality. Look out for next month’s newsletter when we will feature the resume of a BlueSteps Member currently working within the Professional Services industry!

After kicking off this project with the resume renovation of AESC President Peter Felix and Director of BlueSteps.com Della Giles, we now move onto the first BlueSteps Member! Richard C has had an impressive career within the Manufacturing industry but his original resume wasn’t structured to attract the attention of key decision makers. Read on to find out how CareerSi transformed his existing resume into a stylish and high-impact document.

The job market is tightening rapidly, with change reaching the executive level. Every open position is greeted with a flood of resumes, and only documents hitting the mark immediately and powerfully earn an interview, let alone a position. Fortunately, CareerSI’s high-impact personal marketing materials are specially designed to deliver results in such a fiercely competitive job market.

Following is an inside look at a few of our strategies.

In the original resume, Richard documented an impressive career, and he has made sure to include metrics and other hard evidence, as we recommend. Unfortunately, the message conveyed on the first page doesn’t induce a decision-maker to read further, so most of the impressive detail he provides goes unnoticed.

Please click here to view Richard’s original resume.

Two Problems
Richard faces two fundamental challenges, both of which plague many executives. First, he’s enjoyed a long, successful career during which he has developed a diverse skill set. He doesn’t want to limit his options, and as a result, he opens his resume with a lengthy and diffuse overview section. Unfortunately, a long-winded summary often comes and goes unread.

Additionally, his most recent roles have leveraged his corporate planning expertise, but the results are difficult to summarize. Not only are many of the hard numbers protected by confidentiality with his high-profile employer, the implementation of some of his innovative strategies is not complete.

The combination makes for a soft first page that is not compelling, and most decision-makers will stop reading there. But Richard is an impact player. That fact can, and should, come across immediately. Here’s how.

Please click here to view Richard’s renovated resume.

One Solution
During our confidential interview, we discussed the career move Richard wants to make and developed a hard-hitting “branding statement” to position him effectively. We promise a lot in those first three lines, so they are followed immediately by quantifiable proof.

With a shorter, stronger opening in place, we turned our attention to differentiating Richard from other seasoned executives. What makes Richard stand out? Among the points we uncovered were his aggressive decision-making in turnaround situations and his expertise responding to international crises. He has great success stories, so we capitalize on them in the “hot zone” at the top of the resume.

Even for a harried decision-maker, the renovated resume offers many ways to get to “yes,” all on a single “skimmable” page. Prominently displayed are the $2.1B operations Richard turned around, the $100M+ in profits he captured, and the #1 market position he seized.

Utilizing active, compressed language and highlighting precisely the right details, we catch the eye and deliver a clear, compelling message. Richard gets the job done quickly and effectively. As in his resume, so in his career.

Conclusion
Richard is a bold, take-charge executive, and his renovated resume proves it in ten seconds or less.

Now, put your resume to the test. After a ten-second glance, what will decision-makers remember about you? If you’re not sure, it may be time to ask an expert. Contact a CareerSI consultant immediately for an executive resume evaluation at resume@careersi.com.

It’s free and confidential, and it might be just what you need to secure the position you’ve been seeking.

Categories: Executive Career Management, Executive Resumes
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