What Strategies Really Work in Executive Job Search?

I continually advise my clients that it is important to use a variety of strategies and resources in conducting an executive employment search, as one never knows from which source that great opportunity will arise. But as I work with my executive resume clients, they frequently ask me which in my experience are the most productive methods.

Conventional wisdom has it that networking is the way most executive opportunities are identified, with estimates that jobs found in this fashion account for anywhere from 30% to 60% of hires. Recruiters generally place candidates for about 20% of executive positions, so it is definitely worthwhile and relatively inexpensive to get yourself on their radar screens. Posting your executive resume or submitting it in response to publicly posted job openings in newspapers or on career sites such as ChiefMonster, SixFigureJobs, CareerJournal, ExecuNet, ExecutiveRegistry, Netshare, or RiteSite is also a relatively inexpensive route that produces about 10% of filled positions.

Then there is direct mail. Direct mail has received a bit of a bad rap in recent years, due to the plethora of mass mailing firms out there that indiscriminately blast poorly prepared one-page resumes to companies with no selectivity whatsoever and with a dead-giveaway, cookie-cutter look that often includes postage applied by postage meter.

However, according to Mark Hovind, owner of "JobBait.com" (a targeted direct mail house for executives), a high-quality, custom-prepared direct mailing to a carefully selected group of CEO's of companies in your field of interest can yield up to an 85% success rate when 3,000 letters are sent for each hundred thousand dollars in salary. Mr. Hovind says that from his experience direct mail is the most expensive but least time-consuming strategy. A direct mail campaign in this quantity at various vendors runs between $5,310 and over $13,000.

(Note: Many career experts say this strategy may not work as well for someone seeking a CEO position, since most mailings target the existing CEO, whose job you would be seeking. However, see a contrary view below this post.)

For executives with salaries in the $100,000 to $1M+ range, you can see that direct mail costs add up very quickly based on Mr. Hovind's formula. Still, for those with deep pockets who really have little network to work with and are not willing or able to build one, targeted direct mail to companies may indeed be a viable way to go.

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Postscript added 7/23/2007:

Mr. Hovind at JobBait.com commented to me via email recently that he does not concur that direct mail is ineffective for the CEO's job search. He makes the point that a CEO at a smaller company may very well be looking for a successor in order to move on or retire, for instance. Also, for those of you who are CEOs of smaller companies, perhaps contacting the Board Chairman of target companies could be fruitful, and you might well fit in as a Division President or COO of a larger company.

Some executives cannot afford to wait through the typical lead time for executive-level search (some say this averages a month for each $10K of income, meaning someone at $200K could have a 20-month search). In this case, accelerating the job search to conclude within 90 days with a $5K to $15K investment in direct mail may well be worthwhile. Here are your 90-day odds of success as stated on the JobBait.com site:

85% with Classic Direct Mail
30% with Networking
1% with Recruiters
1% with Resume Posting
1% with Job Boards

Lastly, Mr. Hovind mentions contacting money brokers (venture capital firms, investment bankers, etc.), which is a target audience I have long recommended my clients pursue (including my CEO clients). I recommend you visit his site at JobBait.com and see what you think. After all, the proactive executive candidate evaluates all options and pursues a variety of strategies that suit his or her particular situation.

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Job Search for the CEO

Once you have reached the top of the heap, the dynamics of employment search do undergo some changes. While you will still want to circulate your resume among a select group of retained recruiters and monitor online resources for opportunities, the opportunities are fewer and parties on both sides of the table are necessarily more selective than for lower level executives. At this level, "Who You Know" becomes not simply an important factor, but a critical one.

An interesting fact about working with headhunters, especially at this level, is that oftentimes they already have a short list of potential candidates that their client has indicated interest in - they already know about these candidates but want the headhunter to handle the transaction. This makes the strategy outlined below even more important, because it will go a long way to making sure you are on the radar screens of both recruiters and the clients they serve.

You certainly cannot contact the CEO of a company that has captured your interest and inform him that you'd like to take his job away! The people you really want to talk to are the Board, but it can be difficult to get contact information for these individuals, who understandably do not want to be bothered with many inquiries. So what do you do?

Your approach must be made in a roundabout way. You will want to zero in on individuals who have influence with and work with or service that Board. This includes bankers, accounting firms, venture capitalists, attorneys, and others. Developing these insider contacts is critical to your strategy.

The time you invest in developing these contacts is well worth it and may pay dividends in unexpected ways. Both the board members themselves and those who work with and serve them have inside knowledge of and access to a variety of companies. They may very well put you in the running for an opportunity of which you were unaware and with a great company you had not even considered.

As always in networking, leverage the contacts you do have to establish communications, and avoid where at all possible "cold call" contacts. You want to be able to say "so and so suggested that I contact you" when you are writing that letter, sending that e-mail, or making that phone call.

Another good resource are venture capitalists, especially for candidates who thrive in start-up, entrepreneurial, or turnaround environments. You can develop contacts with them through the network you are building. A selective direct mail campaign to this audience can also yield results. You'll also want to find out where and when events that attract venture capitalists will be held in your area, and be there to meet and greet.

Evaluating Executive Recruiters

It's another in a long line of busy days at your desk when the phone rings. An executive recruiter is on the line, and he wants to talk to you about an opportunity. You are flattered and thrilled at the prospect, and eagerly go into "interview mode," striving to impress that recruiter with your exceptional qualifications.

But wait. A relationship with a recruiter is a two-way street, and you have every right and need to know some things about that recruiter before you proceed beyond a very preliminary conversation.

Firstly, the recruiter should be willing to clearly identify who he or she is, what firm if any they are affiliated with, and give you full and verifiable contact information — address, telephone, fax, website. Obtaining this information is only prudent in today's employment market full of scam artists and identity thieves. If you can get the recruiter to mail or fax you his or her card and materials about the recruiting firm, this is also a good idea.

After you have hung up from that initial call and before you send them any personal documents, look up the recruiting firm online. See what you can learn regarding their longevity, clientele, specialty areas, and reputation.

If they are a member of the AESC (Association of Executive Search Consultants), this is a plus, as this organization's membership is comprised exclusively of retained executive search firms, and membership requires meeting certain criteria, rather than simply writing a check. The process requires an application, 2 AESC references who are willing to be sponsors, client references, a site visit, and review by the AESC Council. I routinely advise the senior level clientele of my executive resume service (Creative Keystrokes) that retained recruiters are the preferred resource for their executive search (versus contingency recruiters), and that AESC members are the cream of the crop.

You'll want to confirm that the recruiter is to be paid by the company, and that you will not be asked to pay a fee of any kind. If there is a fee for you to pay, this is NOT a bona fide executive recruiter. Run, do not walk away.

The next step is to learn about the process this firm uses in conducting a search and working with you. The recruiter should not be vague about the client and the opportunity, but should display in-depth knowledge of both. They should exude professionalism to the core and not high-pressure you in any way. You should get a strong sense of their sensitivity to your privacy and the value of your time. It must be unequivocally established that your name or your executive resume or other credentials will not be provided to any company without your express permission.

Once all of the above information has been obtained and the ground rules established, you can work with confidence with that recruiter.