Job Hunting Tips - #1 “What is Your Biggest Weakness?”

Since there are so many people looking right now, I’ve decided to start offering job hunting tips. Today’s blog is the first in what will be a periodic series. Subscribe to the blog to get the rest!

Employers often ask job candidates to cite a weakness, a shortcoming, or an area that needs improvement. Most interview books advise creating an artificial weakness, such as “I’ve been accused of being a workaholic”, or, “I can sometimes be too driven to succeed.” Those aren’t really weaknesses, and giving that kind of pat, prepared answer can seem a bit insincere.

I recommend finding a true weakness or shortcoming from your past, that you have worked to partly or completely overcome. Then describe what you discovered about yourself, what actions you took, and what the outcome has been. Here’s an example:

“I was told in a review that I could be stronger with my team in driving them toward results, so I took a closer look at what was preventing me from doing that, and found that I had some concern about being too much of a taskmaster. I then discovered that helping my people understand how their individual goals tied into the organization both empowered and encouraged them, and made them more productive. It was a paradigm shift for me that helped me to be better at getting results.”

This comes across as self-awareness, self-revelation, sound personal insight, growth, etc., and these will be perceived by the interviewer as strengths, even though you have discussed a genuine weakness.

Job Hunting Tips #2 – The “Informational Interview”

Many job hunting coaches advocate trying to get “Informational Interviews”, where you aren’t specifically aiming at a job, but just gathering information, getting advice, networking, etc. What can you try to accomplish in this meeting to improve the quality of the discussion? Here are some tips:

1. Treat it as a customer visit - what is the "benefit to the buyer" of having this conversation with you? Maybe they just feel better, at having given back. Maybe you give them specific value too, in the conversation.
2. Find the pain - what is this person's biggest business issue right now? What keeps him/her up at night? How could you offer a solution?
3. Be a resource - offer to help them network to find the things and people they need, now and in the future. Then really do it – send them info on things that are relevant to their needs; ask how you can help periodically.
4. Ask questions, don't "tell" or “sell”: Ask questions, use the two ears, one mouth ratio (2:1), let them talk. Gain insight. Don't sell yourself. The more you hear from them, the more you can find the way your background might fit, the way you could help, then you can close rather than sell: "If I could help you solve that issue, would that be of interest?"
5. Find the referral. Be prepared to state your benefit to your next employer (not a recitation of your resume), and ask "WHO do you know that could use that skill?"

Super Bowl Commercials

There were several commercials played during Sunday’s Super Bowl related to the workplace. Monster and CareerBuilder both showed versions of dissatisfied workers, with Monster sitting a support person under a moose’s behind (while his boss is under the head, in a paneled office), and CareerBuilder showing all the reasons, over and over, why someone might want to change jobs. They both offer a solution: Come to our site, and find redemption in the form of a better job.

A more interesting sociological phenomenon is the high popularity of the Doritos’ “Free Doritos” commercial, which initially shows a somewhat crazed office worker irrationally breaking the snack machine for “Free Doritos”, then his forlorn co-worker, who hopelessly hopes for a promotion, throwing the “magic” crystal ball (really a snow globe) into his boss’s unmentionable region, thereby dashing his slim hopes of a promotion forever. At the end, he doesn't even have any Doritos! The fascinating thing to me is why this commercial with no redemption, with a tragic outcome, is the more popular. First, let’s take the escapism route – people love action movies, even though they probably won’t be involved in a car chase with a machine gun. So, seeing someone “act out” is cathartic. But this Doritos commercial as the most popular?! I guess people are so frustrated with their jobs, so cynical about the future, that seeing these angry guys detaching from reality and demonstrating anger and violence, can actually make some of us feel better.

Several ad critics have mentioned that there wasn’t much real humor this year overall in the commercials, but I laughed at many of them. Maybe our mood and what feels funny shifts with what’s going on in the world. I hope next year’s commercials reflect a more light-hearted state in the world of work!

Valuation of Human Capital

How much are your people really worth? In dollars?! On your books?
Employers often say “our people are our biggest asset,” but do corporate actions reflect this philosophy? Headcount is usually cut before hard assets like buildings and equipment. Often, employers lay off their highest paid, longest tenure (and perhaps most valuable) workers first. The P&L improves short term, but should that really equate to higher value on the balance sheet?

Much has been written about “valuation of human capital,” but it is challenging to specifically assess a dollar value of people for accounting purposes. Accenture, Ernst & Young, Taleo, and others have proposed various ways to value people, talent and contributions. However, the average CEO, when asked “What are your people really worth” would probably say “I have no idea.”

Every key employee has the potential to either save money or make money for his/her company. Such savings and profits represent tangible value – at the multiple that applies to that company. So, someone who saves $200,000 for a small, privately held company might be worth 3x, or $600,000 as an asset to that company. At a larger, publicly traded firm, that same $200,000 might be worth 12x, or $2.4 mil. in asset value. Other factors that could translate into tangible value are customer relationships, creation or advancement of the company’s “brand”, productivity improvement of the executive’s team, etc. Many of these things are part of what is often referred to as “good will”, the intangible assets of a company, which can run as high as 35% for established firms. I submit we as leaders have to know the value of all our so-called intangible assets. Here’s a challenge to the financial wizards: Figure out a simple formula that even a small business could use. Shouldn’t our equity go up when we have selected the most valuable people to hire and retain?

Hiring: Can You Do Better Than Flipping a Coin?

Most top executives admit that they have repeatedly hired people who are “B” or “C” players, who have had an adverse impact on the company, who needed to be replaced. Most will admit they have someone on their staff right now that fits this description. Many studies have shown that without a formalized, professional approach to evaluating candidates, employers can expect 50-60% hiring accuracy, no better than flipping a coin.

I would define hiring accuracy as bringing a person on board who performs well, has a positive impact on the organization, fits with the team, and stays with the company a reasonable period of time. Based on what I hear from clients, hiring accuracy has not improved in the last 25 years. Almost every other aspect of corporate management has improved. Why not hiring? CEOs are smart people. They know how to use business case analysis, and seek expertise when they implement a new IT system. They will invest millions in top grade automated machinery, and establish finely-honed metrics for key performance indicators. BUT, they won’t invest in acquiring precision hiring methodology, choosing instead to judge job candidates by first impression and personality, and using an intuitive “gut feeling” process to make hiring decisions. This practice arguably suspends logic and sound business processes!

When an employer utilizes a performance-based approach, which defines specific, measurable objectives, and combines that with looking at tangible evidence of accomplishment and initiative, suspending intuitive judgment in favor of objective analysis, accuracy can improve to 80-90%. What CEO would not change a process immediately in order to get that kind of improvement? As our economy recovers and the labor supply shrinks, which will be steadily happening over the next 20 years as boomers retire, hiring is one process that needs to be better than a coin flip.

Pain Killer Vs. Vitamin

I learned the expression “Is it a pain killer or a vitamin?” in the angel / VC investment world. This question is asked of start-ups by investors, to determine if the product being developed and funded is essential for the intended purpose (a pain killer; a must-have), or just nice to have (a vitamin). When a CEO applies this to his/her current products or services, the answer is very revealing. In an economic downturn, very few customers buy vitamins! But, they still need pain relievers. In the aerospace sector, pain can often be size and weight – the need to fit critical technology in a smaller, lighter box. Companies will pay millions for such pain relievers. In the communications world, pain can be the need to transmit more with less – less power, using less bandwidth, over fewer, smaller lines.

In my world, HR and executive search, a person can be a pain. I don’t mean an annoyance, like a “pain in the ----“, I mean a real pain – an obstacle to progress, unable to generate needed results, an impediment to team functioning. A new, more effective person who gets past these obstacles is the "pain reliever." I tell my clients they should only hire me if I can relieve pain, and have a critical, measurable impact on their bottom line. For 2009, we all need to think this way!

This Just In... Small Business is Optimistic

Microsoft and Elance have just released a survey of 600 small business owners, conducted in December, that reveals that 60% are optimistic about 2009. They believe that 2009 will be as good or better than 2008. 37% are worried about 2009, but believe they'll weather the storm.

I've said in previous blog entries that attitude is a huge factor in success, so I was really pleased to see the positive approach. I too feel the economy will bounce back decisively this year, and we are preparing for that.