What a bank robber can teach us about job search!

The following article was provided to InlandNet by Mr. Ken Schmitt at TurningPoint Executive Search. If you have any questions please contact Ken at kens@turningpointsearch.net

What a bank robber can teach us about job search

“I rob banks because that’s where the money is”!

This is the famous, although inaccurately attributed quote from famed bank robber Willie Sutton.

This phrase, regardless of who actually uttered the words, led to the creation of Sutton's law: in attempting to diagnose a problem, one should first do the experiment that can confirm the most likely diagnosis.

These words of “wisdom” are extremely useful and should be applied to your job search at all times (I will explain how in a moment).

During the great depression, unemployment hit nearly 24%. Today’s most dire projections forecast unemployment hitting a high of 11.5%. Taking into account the so-called “underemployed and frustrated” workforce, the rate rises to just under 17%; still a far cry from the 24% reached over 70 years ago.

Here we are, 19 months into the longest U.S. recession since WWII, and the debate rages over when the recovery will actually begin – late 2009, mid 2010, early 2011. Of course, no one will know for sure when it started until after it has already taken hold! The timing of the recovery, the number of available jobs, the consumer confidence index and the unemployment rate are completely beyond our control.

Now more than ever, it is imperative that we focus our efforts in the areas that we can control – namely, the makeup of our job search. Over the past 5 years, multiple surveys have indicated that on average, 70% of professionals landed their current position through networking, regardless of the state of the job market.

On average, approximately 15% of job seekers have secured their current position through an online job posting and roughly the same number has found success through a recruiter.

This is where Sutton’s Law comes in handy. If nearly 3 out of every 4 job seekers found their job through networking, “the most likely diagnosis” is that you will find your next job in this same fashion. Therefore, when it comes to job search, you should be spending the majority of your time where you are most likely to find a job – networking!

Before we go any further, let me define “networking”. After spending the last 11+ years as an executive recruiter and career coach and the last 24 years working closely with the public at large, I have come to define networking as “a conversation between 2 or more people where each party gives and receives information about their experiences, skills and aspirations.”

Using this definition, networking takes place every day at the grocery store, Starbucks, on the sidelines at your child’s soccer game, at a board meeting or at a networking event.

Please note that the most important component of effective networking is maintaining a balance between speaking and listening.

Once we agree that networking should serve as the cornerstone of your search, the challenge becomes identifying the most effective form of networking. Using our definition, people are networking all the time and it does not necessarily have to be formal, planned activity. Networking is a state of mind than a pre-scheduled meeting.

There are many options when it comes to organized networking - attending events, joining a board, volunteering at a non-profit, serving as an Expert or Entrepreneur in Residence (EIR) for a start up company, etc.

The best way to determine which one is right for you is to focus on your goal – what kind of professional are you trying to meet and where can they be found? Now that we have agreed on what it is we are trying to accomplish, let’s talk about what you can do to ensure that you are effective.

Here are the 10 keys to effective networking regardless of the format:

• Define your value proposition (what you can offer to individuals) & your unique skills (what you can offer to a business)
• Determine your “ideal contact” – i.e. what kind of professional is most likely to hire you or know someone that could hire you (VP Marketing, CFO, CEO, VP Human Resources, etc.)
• Review your contact list and look for people that match this ideal profile; identify any gaps
• Identify the networking organizations and events that cater to these types of professionals
• Attend the appropriate networking events or become active in targeted organizations on a regular basis to establish your credibility and remain visible
• Schedule 1-on-1 follow up meetings with the professionals that you “connect” with
• Leverage LinkedIn™ to connect with professionals that fit your “ideal contact” and extend an invitation to meet for coffee
• Offer to help others by introducing them to your network
• Send a monthly Career Update email to your network describing your networking activities, offering to introduce them to the new contacts you have made, and reminding them of the types of introductions that you are looking for
• Follow up, follow through and follow up again!

Once again, Sutton’s Law should be the guiding principle behind all of our networking. This law is taught in medical schools to guide new doctors in ordering tests in a way that leads to faster treatment, while minimizing unnecessary costs.

This same philosophy should be applied to job seekers who want to conduct a more targeted search by interacting with people who will lead them to a job faster while minimizing their costs! If Willie Sutton were alive and unemployed today, perhaps he would be famous for saying “I network because that’s where the jobs are!” Who would have guessed that a bank robber’s legacy would be so applicable in today’s job market?