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Hidden Job Market
November 24, 1999
The vast majority of available Jobs are not advertised online, in print, or on radio spots. They are filled by more subtle means - through referrals, informal networking, friends, and acquaintances. Some career experts estimate that over 70% of available positions can be found in this hidden Job market.
Because this Job market is harder to access, the quality of the Jobs tend to be higher and the competition is less fierce. Think about the classified Job postings you've looked at online or in print - they tend to solicit highly skilled technical candidates or very broadly skilled low-wage workers. Typically you will be unqualified for the former Jobs and overqualified for the latter.
Accessing the underground Job market requires more effort than just responding to Job postings. You need to become part detective, part researcher, and part PR hack. If the hidden Job market represents where three quarters of the better Jobs are, than this is where you should devote most of your Jobhunting time.
Employers don't really want to be bombarded with resumes, but that is the result of their Job postings. So their first step in filling positions is more informal - they spread the word into the hidden Job market. Employees at small firms (less than fifty Employees, representing 80% of all workers) often know when their company is growing and what positions need to be filled before the Jobs are posted as classified ads.
The primary means to accessing these Jobs is through Research, Networking, and Informational Interviewing.
Your Job is to Research companies to find out which firms are growing and need/will need Employees. Contact people there (by letter, phone, email, in person) and uncover more information about them, their company, and prospects at their firm and in the Industry as a whole. Build your web of contacts (Network), and politely keep them informed about your progress.
Don't treat these contacts only as a means to an end - some of them may end up as good friends or mentors to you in your profession. Remember to avoid Ageism; mentors (and members of your network) could be younger than you. Once you get comfortable using the underground Job market, you may never look elsewhere for work.
Telecommuting
November 23, 1999
"Fifteen percent of the US workforce will be telecommuting by 2002.", according to the US Department of Transportation. And if the commuters I've talked to are any indication of the feelings of Employees at large, then the percentage of workers that want to perform their Jobs from the comfort of home approaches half the workforce.
Now that we know you probably want to telecommute, the question is, "Can you?"
Working from home, or even just off site, is not for everyone. It requires a certain set of skills and personality traits. You need to be: ·
Employers will expect you to produce as much work (at a similar quality level) from home as other workers do from the office. While avoiding the dreaded commute sounds like a dream come true, there will be many distractions that tempt you away from your tasks. Like the television, the refrigerator, and your cozy bed. Errands, pets, family members, phone calls, and unfinished projects will also sound their siren call.
Employers can help you make the adjustment by providing some structure for your work from home. You and your Employer will need to agree on a list of tasks to be accomplished on a daily or weekly schedule, and performance standards should be set for 'home office' workers that are comparable to workers still stuck in the regular office.
One of the missing links that telecommuters often notice is a lack of communication with colleagues and supervisors. Being 'out of the loop' (or just feeling that way) can impair your ability to do your Job well, so it's important to schedule videoconferences, email correspondence, phone conversations, and meetings to keep off-site Employees up to speed on events in the office.
Telecommuting can be done effectively, managed for success, and lead to happier and more productive workers. But, like everything else, it takes a focused effort by both the Employer and Employee.
Options
November 22, 1999
Negotiating your salary and benefits package has never been difficult than it is in today's Job market.
It used to be cut and dried, with a prospective Employer telling you "I'll give you $17.50/hr. Take it or leave it." Today a Job offer sounds more like this, "We're looking at $30,000/yr plus medical & dental, with two weeks paid vacation and one sick day (non-cumulative) per month. Benefits begin after three months, and you'll have 500 stock options that vest in one year at $9/share."
Most of this can be sorted out so that you can compare Job offers as apples to apples, rather than as an offer from Apple versus an offer from Tropicana. The stumbling block is figuring the present value of future stock options. Options give you the right to purchase a Company's shares (at a price set now) at some future date. Furthermore, an option to buy 500 shares of Tropicana may be more valuable than an option to buy 500 shares of Apple, even if both currently have the same price.
Investigate the company's proxy options. The amount of stock options they offer you divided by the total number of outstanding shares gives you a benchmark percentage. You can compare this percentage to what your colleagues at other competing companies have received. Unless you are targeting a high level executive position, you're probably looking at less than one percent in redeemable shares.
Useful questions to consider: What is happening in the Industry as a whole? Has the stock price been rising (or dropping!) steadily, or have there been volatile swings up or down? If the Company hasn't finished looking for investors, than their next round of financing may involve issuing more stock - which will dilute the value of your options. Startup companies often use stock options in lieu of high salaries to attract new Employees. The promises of future riches are tempting, but are they really worth what you sacrifice in pay?
If you think the Company's stock is a good bet to double in price in the next year, you can gamble on a lower salary and more options. Companies tend to have more leeway in the number of options they offer you than they do in salary, so it is an easier benefit to secure in negotiations. Options usually vest in increasing numbers the longer you stay with the Company, so how good your gamble is depends on the thoroughness with which you research the Company's history and the Industry as a whole.
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Materials written by John Sumser © TwoColorHat. All Rights Reserved.