Category: Blog

Posted on

Your Network Is Fragile: Handle With Care!

I awoke this morning to find an email from my friend and associate, Bill.  He recently accepted a job as a Chief Marketing Officer, (CMO) and will be relocating to the frigid north within the next six weeks.  The CMO position carries a big risk of short tenure/high turnover, so I am sure that Bill received an offer he couldn’t refuse.  He suggested that we get together for a Cigar and Whiskey prior to his relocation.  He also asked about continuing his membership with my networking group as he feels unable to make a meaningful contribution.  Bill’s question is common for people that have landed full-time employment.  I hear it often, especially from Baby Boomers.   I happily accepted his offer with plans to answer his question while indulging our favorite pass-time.

During my 20 years as an Executive Recruiter, I’ve seen a vast number of my peers lose their jobs and high salaries to be thrust into the job market. They weren’t ready to retire, maybe they couldn’t.  They may have had the benefit of an out-placement program, which is a good thing, but often they didn’t.  They got to work on their job search. They updated their resumes, bios, LinkedIn profiles, and other collateral material. They became reacquainted with online tools to research prospective companies and seek opportunities. They may have joined a networking group or two. Some even took to blogging.  

They faithfully executed of their plans, scheduling coffee meeting after coffee meeting and attending networking meetings. Their job search may have lasted six months, nine months, or sometimes over a year. Eventually they reconnected. They found a job that met their requirements and went back to work.  Life was normal again.

They didn’t care for unemployment, so they worked hard to ensure success at their new jobs. They invested extra time and effort on behalf of their employers. Before long, they had little free time available for networking.  That’s where their problems began. As they backed off their networking activities, their networks began stagnating.

But that’s not the end of the story.  Often, I saw those same people starting a new search, sometime within months, often within a year.  It is happening more frequently today. In some respects, a short tenure may be a blessing in disguise. It probably means that one’s network is still intact, available to be resurrected without much effort. That may be something of a paradox.  Unfortunately, the longer one is gainfully employed, the greater the likelihood their network will wither and become unproductive.

Job tenures are getting shorter and shorter, especially for Baby Boomers. The labor market is more volatile and dynamic than ever.  Today, a two-year tenure is the norm for a baby boomer’s next job. In many respects, two years isn’t that long. However, it is long enough to render one’s network so unproductive that significant time and effort is required to re-energize.   The market is dynamic. It continues to change.  Without constant attention the value of your network will become a diminished asset.

My recommendation is to reserve enough time to maintain and enhance your network when you find your next job.  Try to remain active with one or two networking groups to maintain your skills.  Professional Associations rank high with me as they offer professional development as well as networking opportunities.  If possible, seek out leadership roles to further enhance your visibility and resume.  LinkedIn should remain a high priority.  Make sure that your profile is always current, especially your contact information.  Engage with one or two groups, commenting on posts, and consider creating original content for publication.  Finally, be a resource to other job seekers by accepting their meeting requests.  

It’s a bad idea to stop networking after landing your next job!  It is a fundamental mistake I frequently encounter with job seekers.  Your network is a major asset, but it’s fragile.  Handle with care!

Thank you for visiting our blog.

I hope you enjoyed our point of view and would like to receive regular posts directly to your email inbox.  Toward this end, put your contact information on my mailing list.

Your feedback helps me continue to publish articles that you want to read.  Your input is very important to me so; please leave a comment.

Jim Weber, Managing Partner

Posted on

New Year’s Resolutions – Seriously!

It’s that time again. A new year. The hope for new beginnings.  Time to make New Year’s resolutions.  Is this really meant to be a serious activity? I wonder.   Many take it as a joke while others see it as an important opportunity. I suppose it depends on the individual.  The most ubiquitous goals seem to be about our personal health and well-being. Usually, that means losing weight and going to the gym.  As I recall, fitness center memberships always spike at the beginning of the year, then taper off throughout the year.

The genesis of creating New Year’s resolutions goes back, at least 4000 years to the Babylonians.  They celebrated the New Year by pledging loyalty to their King and promises to the gods to repay their debts.  If they faithfully fulfilled their promises, they expected to receive favor from their gods.  The Romans, and Early Christians had similar traditions.  Today, it is largely a secular practice.  Approximately 45% of Americans make New Year’s Resolutions, with an 8% success rate.  

Making New Year’s resolutions is easy! I do it every year. Accomplishing my resolutions, however, requires effort.  I was curious to know how others view New Year’s resolutions, so I polled my colleagues on the subject, which I recapped in the following paragraphs.

Don told me, “The only New Year’s resolution that I’ve ever been able to make and keep (so far) I made 35 years ago, and that was not to ever make another New Year’s resolution. All kidding aside though, as each year passes, I find myself reflecting on who I am, what drives me, and how I can grow a stronger servant spirit to those I interact with. Therefore, I’d say that an ongoing resolution is to strive to be a better person, to realize & attempt to improve on the areas I fall short, and to always remain open to opportunities to utilize my life experience to help others whenever and wherever I can.” 

Sue said, “My POV may be a bit different than others as well.  I tend to take a more philosophical approach vs. the bucket list…So, it’s more of an inventory of “what really matters? and structuring strategies to get there” and the tactical issues tend to fall into place.  With so much (and needed) focus on Leadership qualities and when put into practice the potential positive impact on the lives of others, this approach resonates with me.”

Don and Sue believe in big general goals.  Their interest is focused on affecting the lives of others. They understand the need to create specific tactics to achieve those broader themes.

Mark wrote, “Life is an ever-changing beautiful puzzle. The best way to make your wonderful life puzzle is to visualize your wanted future experiences and share them with others so they can participate and improve them with you. Setting temporary resolutions or goals may be the wrong puzzle pieces to build your better life. See bigger than simple puzzle pieces for your life. At work, setting goals for projects is good. But for life, goals are too small and rigid. Be flexible and evolve your life puzzle picture.”

John told me; “January 1 is the milestone to turn over a new leaf, go forward with that idea that’s been stuck in your head for months, lose the bad habits that are keeping you down.  Don’t listen to the naysayers that don’t believe in resolutions. I say even if it fails, at least you’ve given yourself an opportunity to feel optimistic, good about yourself and belief in your future. And from there, on to the next resolution, do your best to make it stick. Write it down, tell someone, make a daily commitment to remind someone what your goals are. Find daily quotes for encouragement, “even if you don’t feel like it, get up, dress up, show up and never give up”

Mark and John are serious about creating bold Resolutions.

Richard is focused on execution. “Format your New Year’s resolution in terms of a SMART goal. Especially the part about measurable and time bound.  Share it with friends who you will want to know how you’re doing.”

Eric has a tightly focused Resolution.  “As I mentioned, my New Year’s resolution is to focus on effective communications.   As the old saying goes, tis better to remain silent and be thought a fool, then to speak and remove all doubt.”

Personally, I like to fast forward 12 months to visualize where I want to be, then determine how to achieve that result.  For example, I want to become a more effective leader.  I plan to achieve this goal by listening more; to be more positive; and be more supportive in my personal relations.

If you aren’t serious about improving your situation, making New Year’s resolutions is pointless. If you are serious, it means replacing unproductive habits with productive habits.  In other words, creating new habits.  If you are reading this post, I am confident you are serious about action to improve your situation.

Thank you for visiting our blog.

I hope you enjoyed our point of view and would like to receive regular posts directly to your email inbox.  Toward this end, put your contact information on my mailing list.

Your feedback helps me continue to publish articles that you want to read.  Your input is very important to me so; please leave a comment.

Jim Weber, Managing Partner

Posted on

Small Changes, Big Results

Originally Published July 16, 2016

I am up to my neck at work.   I have a full-plate of search assignments and a consulting gig.  I have a major presentation to deliver in September.  I am talking with a client about beginning a C-level search. That is the good news!   The bad news is that I am six months behind on some tasks, like completing my expense reports, and three months behind in balancing my accounts.  Am I worried?  No!  I learned a valuable lesson (not sure when) that eliminates the stress of dealing with past due work.  Now, don’t misunderstand, these tasks are not customer related.  They are merely administrative; important, but not urgent.   The secret I learned and came to embrace is that a little effort, over time, can support big results.  By investing just ten to twenty minutes a day, I will be back on schedule.

You may be wondering why I am completing expense reports given that I own my business.  Well, honestly it is a hold-over from my corporate career.  It is a useful discipline that I have maintained in my executive search business.  Quick Books allows me to print out weekly expense recaps which make it easier to compile my expense report.  Of course, those reports do not include cash expenses or mileage.  

I have learned that investing a few minutes a day on important but not urgent tasks improves my effectiveness.  It might not seem like much, but, I continue to become more productive.  It is far better than procrastinating until one is forced to make an investment in time to tackle the issue.  When I look back, I am reminded of a habit I developed early in my career.  I began each day by reading a chapter of a non-fiction business book, or the Wall Street Journal.  That practice helped me steadily advance my career.

Not long ago, I took some advice from Bill O’Reilly, the host of The Factor on the Fox News Network.   Mr. O’Reilly caught my attention when he suggested that a glass of water with a lemon wedge before every meal would help prevent overeating.  It was not the first time I had heard that, but I was receptive to the idea.  I had lost control of my weight and knew I must make some changes.  I tried it, and it worked.  Creating that habit was a small step.  It led to additional dietary changes.  Over time I shifted toward more fruit, vegetables, and protein.  These adjustments have allowed me to maintain my weight without spending time in the gym or on crash diets.  Significant changes begin with a single step.   

Last week I met a CMO, who noted that I had recently published my first book.  He asked me how long it took to write.   Somewhat tongue-in-cheek, I told him that it took five years of weekly blog posts.   The book did grow out of my Blog, so my response wasn’t entirely facetious.  My colleague Stan, and I have a running joke about ideas for his book.  I ask him why he doesn’t start by writing a blog.  He tells me that his working style is to sit down and bang it out all at once.  I just laugh.   We both know he is too busy to block out that amount of time, so I keep poking him.

In my view, productivity improvement is all about replacing less than optimal work habits with more productive behavior.  Technology is very helpful.   The voice to text service on my landline eliminates the need to check my voice mailbox. Using the “rules” option in Outlook helps me organize my email by topic, client, and assignment.  It is another valuable time saver.    My iPhone has been a major productivity enhancer.   I even found an app (MileIQ) to automate the capture and documentation of my automobile mileage.   It is a fabulous tool which eliminated that irritant.   Well, you get the idea, on to the elimination of the next irritant. 

Your feedback helps me continue to publish articles that you want to read.  Your input is very important to me so please leave a comment.

Thank you for visiting our blog.

I hope you enjoyed our point of view and would like to receive regular posts directly to your email inbox.  Toward this end, put your contact information on my mailing list.

Your feedback helps me continue to publish articles that you want to read.  Your input is very important to me so; please leave a comment.

Jim Weber, Managing Partner

ITB PARTNERS

Jim.Weber@itbpartners.com


Posted on

Job Search In The New Normal: Three Perspectives; Originally Published February 13, 2016

My activity during the last two weeks has included three networking meetings with prospective candidates.  Two of the meetings were face-to-face at Starbucks, and the third was over the phone.  Their experience and individual situations ran the gamut.  The first candidate I met, Matt, is a referral from a solid networking connection which I have known for many years.  Matt had gone to school with my friend and had worked together earlier in his career. He was in town for a few days prior to leaving for a boys-skiing weekend.  Matt is an established Financial Planning and Analysis (FP&A) professional employed in a good job with a major company.  He and his wife want to get back to the Atlanta area to be closer to their extended family.  His objective is to find a good job first and then move.   I found Matt to be very affable and professional.  Little surprise as his background included a private school education and Ivy League college degree.  Additionally, he had earned an MBA from a prestigious, top-tier University.  Matt is a very polished guy who knows how to communicate.  His intention was to establish a relationship with me and to explore some options.  Although a preliminary discussion, I enjoyed our visit and will work to help him achieve his goal.  Clearly, Matt is well grounded for a job search in the “new normal.”

My second meeting was not as positive.   John has had a difficult time finding a new job.    Also, a native of the Atlanta, he has been out of work for eighteen months. John has lived out of state for the past 16 years working in a small company.   He moved back to Atlanta to be close to family after the failure of a business venture. After earning an Ivy League Degree, he worked as a manager for established restaurant brands, later transitioning into the small company sector. In his most recent situation, he was in charge of administration for a small company which included the responsibilities of a CFO, a CIO, and Director of Construction. John was not comfortable during our meeting.  He was visibly nervous and a bit awkward.  We discussed options he has considered including consulting and project work. His references were very positive. However, his experience is not resonating with prospective employers.

Mark was my third networking encounter; this meeting was via telephone. Mark was referred to me by a CEO contact who had to terminate his employment as part of a company restructure.  Mark is a middle manager who has worked his way up the ladder to middle management without a college degree.  He has not had to look for a job for a very long time as he has been recruited from one job to the next by people who know him. Mark is well spoken, and his resume is solid.  Now unemployed, he really does not know how to look for a job in the new normal.  I suspect his network needs to be rebuilt as well.  We scheduled a phone call to trade information, but he made little effort to prepare for that call.  He did not review my background by visiting my website or checking out my LinkedIn profile.  As a result, we spent too much time on fundamental issues without learning how I could be helpful to him.  After our conversation, I made one referral on his behalf.  I need to follow up with Mark to more fully understand his needs and aspirations.

There are interesting similarities between these gentlemen.  They are all about the same age and have enjoyed success in their chosen fields.  Their circumstances are very different, however.  Matt is in the best position as he begins the process to understand his options.  John is in a difficult position as the time between situations is taking a toll on his psyche.  He must reboot his search.  Mark will be fine.  He will need to rebuild his network, but his skills and experience are highly marketable.  I suspect that he has a suitable severance package.  He can ramp up his job search quickly and will likely be reconnected by summer.

The one thing they have in common is that they are learning to adapt to job search in the new normal.  Their ultimate destinations will take them down different paths, but each will need to engage in the same activities.  Matt and Dave will have more options to consider than Mark whose background is exclusive to restaurant operations.  Nevertheless, each must assemble and nurture an effective network, their team, to identify appropriate opportunities.  They must craft a viable personal positioning strategy to evaluate opportunities presented.  They must be able to convince hiring managers and recruiters that their experience and skills match the job requirements and that they are a cultural fit for the enterprise.  And, when employed again, they must get off to an effective start by taking ownership of the onboarding process.

Of the three, which represents the situation you would aspire to?  Matt’s of course!  He is proactively directing his career, building from a position of strength.  He is working on a plan to make a career move before circumstances force the need.  More than ever before, one must be vigilant in the management of their career.  Nurturing an effective network is the starting point.

Thank you for visiting our blog.

I hope you enjoyed my point of view and would like to receive regular posts directly to your email inbox.  Toward this end, put your contact information on my mailing list.

Your feedback helps me continue to publish articles that you want to read.  Your input is very important to me so; please leave a comment.



Jim Weber, Managing Partner

ITB PARTNERS

Jim.Weber@itbpartners.com



Posted on

The Middle-aged Salesman

A friend recently contacted me regarding her husband’s need for help finding his next job. Jerry, (not his real name) is an accomplished sales manager in his own right whose experience has been in the commercial printing industry. Now in middle age, he has become sidelined in a dead-end job. Jerry is someone I have spent time with over the years and found him to be affable and witty. I had no reason to doubt his networking abilities. He is a salesman after all. Networking is about building relationships, the most fundamental part of sales.

 So, I happily arranged a coffee meeting with Wendy, a friend who has a business helping companies find optimal solutions to their print marketing needs. Since they were both professionals from the Printing Industry I thought this meeting would be a natural. Wendy is an excellent net-worker with very strong connections in Jerry’s target market. I could not have arranged a better connection for Jerry. This meeting looked to have great potential benefit for them both. Well, at least that was my thinking.

We all know that good networking includes the productive use of time. Get to the point. Let me know what you are trying to accomplish. How I can be helpful? The 30-second elevator speech is at the heart of the process. Unfortunately, as the meeting progressed, I saw that Jerry’s goal was to tell Wendy his life story. Jerry’s single-minded intent was to follow through on that objective. Had Wendy been an Executive Recruiter, like me, learning about Jerry’s full history might have been useful. Being a potential networking contact, Wendy’s knowledge of Jerry’s life story was not only irrelevant, it wasn’t a productive use of her time. In the process, Jerry learned absolutely nothing about Wendy. Doubtless, Jerry would not be a very useful networking contact for Wendy.

Frankly, I was astonished. More than once Wendy stopped Jerry to ask him what he was looking to do and how she might be helpful. This irritated Jerry. He did not answer her question but continued on with his story. It was excruciating. Wendy politely cut the meeting short, indicating that she had another meeting to attend. Jerry and I went off to have lunch and debrief.

During our lunch, Jerry expressed his frustration with Wendy. He was completely baffled as to why she continued to interrupt him during his soliloquy. I tried to address his fundamental misunderstanding as to how networking is conducted; i.e. time is of the essence, and the process is meant to be a two-way exchange of information. I explained that Wendy had tried to get Jerry to come to the point, but he refused to budge from his script. I went on to explain that over time, in order to build relationships, it may be useful to reveal more of one’s life story. It is totally inappropriate, however, in an initial networking meeting. My final point was that the message to Wendy was; “it was all about Jerry.” I think Jerry got the message, but I cannot be sure.

 I am still unclear as to why Jerry conducted the meeting as he did. It was not only strange, but it was also a little creepy. At his age and with his experience I expected a focused and productive presentation. I had been with him in a number of social settings and always found his behavior to be appropriate. His meeting with Wendy was totally unexpected. Could it be that Jerry was just a very poor salesman? I was beginning to wonder.

Key Learning: To help facilitate a productive networking meeting I use email to introduce my contacts and exchange their information. Exchanging resumes and LinkedIn profiles is a very useful part of the process to prepare for an effective meeting. This gives the participants the opportunity to learn background information prior to the meeting so the focus of the meeting can be on the present. It puts the meeting in context. A “good networking meeting” is a productive exchange where all parties leave with clear knowledge as to how to help the other.

 In this case, I should not be too hard on myself. I had enough experience with Jerry to expect a good outcome. I did exchange biographical information in advance. Jerry, Wendy, and I are all about the same age so there are a lot of similar life experiences which made the connection easier. I was surprised that Jerry did not grasp the fundamental concepts of mutual benefit and the productive use of our time. He learned nothing about Wendy and how he might be able to help her. Sometimes, even with the best of intentions and solid preparation, things don’t go well. That’s life. Suck it up and move on. As with last week’s horror story our efforts to help Jerry ended with that meeting.

My balance sheet with Wendy is very much in the positive so there was minimal damage to my credibility. Life goes on. Fortunately, my failed networking meetings continue to be a very small percentage of the total. Work in Progress:

Thank you for visiting my blog.  I hope you enjoyed my point of view and would like to receive regular posts directly to your email inbox. Toward this end, put your contact information on my mailing list.

Your feedback helps me continue to publish articles that you want to read. Your input is important to me so; please leave a comment.

Jim Weber, Managing Partner

ITB PARTNERS

Jim.Weber@itbpartners.com

Posted on

A Tale Of Two Holiday Networking Events

In last week’s post I spoke about maximizing one’s effectiveness at holiday networking events. The primary message was as follows:

  • Time is short. Be strategic! The objective is to meet influential people, gain their interest, and schedule a follow-on meeting. 
  •  If the event is for business networking, stay focused on business. If the event is a social gathering, be sociable.
  • Remember to thank the host before leaving, and later, send a thank you note. 

This week I had an opportunity to take my own advice as I holiday networking events on Tuesday and Thursday.  Both were scheduled between at 4:00 p.m. and 8:00 p.m.  They were open house come-and-go-as-you-please events.  On Tuesday I attended the CFO Round Table event.  Thursday’s event was hosted by an Investment Advisor who hosts a monthly Lunch With Four Interesting People, (LW4IP). I wrote about the latter group in September.  Of course, each event reflected the host’s personality and networking strategy.

There were many similarities between the two events.  Neither required a cover charge, and both provided an ample selection of luscious hors-d’oeuvres. Beer and wine were served at one, and the other was wine only, a Cabernet and a Chardonnay. Of course, one could enjoy sparkling water if preferred.  They were held in different types of venues and included a different mix of people.  

The CFO group was overtly business-related. The members of this group pay an annual fee and meet periodically throughout the year.  Although I let my membership lapse, I was invited as a guest of the moderator.  The attendees were coming from work, so they were dressed appropriately for their respective work environments, mostly business casual. Few neckties were observed.  It was an older crowd, as it takes significant career-development time to become aChief Financial Officer.  At least three were people looking for a new job. 

The LW4IP event was meant to be more social than overtly professional.  The attendees were a more diverse group, both by gender and age, sporting a wider range of attire.  I must say, the ladies were much more stylish. The gentlemen, on the other hand, ranged from very casual to professional business attire. As I am more old-school, I decided to dress more businesslike. For the event with the CFOs, I wore traditional gray flannel slacks and a blue camel hair blazer. No tie, however.  For the event on Thursday, I went full ‘Brooks Brothers,’ complete with a white pocket square and a popular red necktie. I say popular as I received a few compliments on my tie, including one from a lovely young lady. I wore a white cotton dress shirt with French cuffs for each event. It’s my signature look.  My mother impressed on me as a young man, that it is always better to be over-dressed than under-dressed.  While I wasn’t overdressed, I did make a positive impression.

My plan for the CFO event was focused on my Executive Search Business, as much of that work involves CFO searches. The Thursday event gave me an opportunity to talk about the consulting part of my business, ITB Partners.  Surprisingly, there were a lot of  freelancers attending the LW4IP reception.

As I reflect on these events, I did a  respectable job of taking my own advice.  I had a plan and executed it well.  I focused on getting know others with less talk about me.  I enjoyed the food and beverages in moderation.  I collected a lot of business cards and distributed many of my own.  I expanded my network, and plan to renew my membership with The CFO Round-table.

Each event was well executed and well-attended. The CFO group was impacted somewhat by weather and traffic issues in the Atlanta area, however.  I enjoyed both events.  I knew more of the folks at the Tuesday event as I have been active with that group. I knew only a few people at the Thursday event.  This gave me an opportunity to make new acquaintances and to expand my network. Almost immediately, we arranged to become connected on LinkedIn and began scheduling coffee meetings.  It was fun and productive.

Thank you for visiting my blog.  I hope you enjoyed my point of view and would like to receive regular posts directly to your email inbox. Toward this end, put your contact information on my mailing list.

Your feedback helps me continue to publish articles that you want to read. Your input is important to me so; please leave a comment.

Jim Weber, Managing Partner

ITB PARTNERS

Jim.Weber@itbpartners.com

Posted on

Holiday Networking Tips

It is Prime Time! The end of 2022 is upon us, and the celebration is beginning. You may be attending a lot of parties and networking events. In keeping with the season, it makes sense to offer some advice and guidance to ensure you have a productive month.

The Holiday Season is all about bringing people together. It is a time of celebration, reflection, and anticipation for the New Year. It’s a time for networking groups to schedule events to close the year. This month, you can meet people you want to add to your business network or social circle. These events are target-rich environments to identify and connect with influencers. Although each event will have a specific focus, you can exercise some leverage. In other words, social events can generate proper job-search connections, while professional networking events may result in social opportunities.

As you contemplate your calendar for December, begin with a plan. Determine what you want to accomplish this month. If you are between situations or looking to move, you may be looking for people to help you locate your next job. In this case, you should try to attend as many events as possible. Of course, you will necessarily want to prioritize your time for friends and family. Religious activities are an essential consideration. If there is a conflict, all things being equal, opt for the event that best supports your objectives for the month. In some cases, you may be able to attend multiple events, dividing your time between them on the same day.

Set a goal for each party! Begin with the guest list. Who do you want to meet? Plan to meet specific people who may be helpful. Learn who will attend each event and determine who you want to meet. Researching guests is a lot easier today, as more and more event planners are using online applications to manage attendance. Those applications will notify you as others accept the invitation, so you will know who plans to attend. Then, you can cross-reference individuals to their LinkedIn profiles.

Time is short. Be strategic! The objective is to meet influential people, gain their interest, and schedule a follow-on meeting. Make a good impression, so they will want to help you. Leverage your friends, family, and acquaintances to help identify these influencers. Ensure your elevator pitch and appropriate variations are well-honed and committed to memory. Bring business cards to distribute. Make notes on the back of each card you receive to send a personalized message. Remember, ask to schedule a meeting. Additionally, become connected to these folks on LinkedIn. Everyone is a potential lead to a job, so introduce yourself to someone new.

Stay focused on your objective. Your approach will differ depending on whether the event is business-related networking or more of a social event. If the event is for business networking, stay focused on business. If the event is a social gathering, be sociable. As you get to know the other party, there is nothing wrong with learning about their occupation, whether in a social setting or their interests, if at a networking event. Begin with casual conversation. Ask questions, including advice. Listen with interest. Stay away from religion, politics, or other potentially sensitive issues, unless you are talking with like-minded friends or associates

Here are some parting thoughts. Maintain a friendly, positive attitude and smile. You will attract more interesting people. Dress appropriately. You don’t want to stand out negatively. Eventually, most people will migrate in your direction. Don’t overindulge in food or alcohol. Remember to thank the host before leaving, and later, send a thank you note. Enjoy yourself; the Holiday Season can be a lot of fun!

Thank you for visiting my blog.  I hope you enjoyed my point of view and would like to receive regular posts directly to your email inbox. Toward this end, put your contact information on my mailing list.

Your feedback helps me continue to publish articles that you want to read. Your input is important to me, so; please leave a comment.

Jim Weber, Managing Partner

ITB PARTNERS

Jim.Weber@itbpartners.com

 

Posted on

Stay Focused: Avoid Time Sucks!

I give a lot of consideration to the way I use my time.  Often, these assessments lead to significant adjustments.  A decision this week reminded me of a similar situation a decade ago.

 

In 2003 I joined a club to conduct business and entertain clients and prospects. This club provided excellent food and beverage service to accommodate breakfast and luncheon meetings.  It had enough rooms of varied sizes for private meetings.  Because of its commanding view from the top floor of a high-rise office building, it was a popular place for many events, including weddings, and holiday parties.  It was a good location for political functions.  I made good use of the club’s amenities, especially during the holidays.  I hosted an Annual Company Meeting and facilitated the use of the club for a major alumni event and a few smaller gatherings.  My middle daughter chose the club for her wedding and reception.  The club was good about giving back to its members as well, hosting a free members appreciation gala during the holiday season.  It wasn’t the most convenient location, but I met a lot of great people and significantly improved my networking skills.

 

Among the members, I came to know, were a few cigar aficionados.  Although the club was a non-smoking venue, there was a cigar bar in an adjacent hotel.  One thing led to another, and eventually, we formed a poker group. We met once a month, enjoying a cigar and a beer or two before the game.  Poker night was not as much about poker as it was camaraderie among friends.  Fifteen years later, the game is still going. It is still less about the poker and more about spending time with friends. Only two of us are left from the original group, as members have come and gone.

 

Toward the end of 2008, as the economy slipped into recession, I chose not to renew my membership with the club.  The recession put a lot of things into perspective.  A crisis will do that.  I came to realize that I was not meeting the type of people I needed to build my business.  Additionally, the location caused me to spend too much time traveling to and from the club.  It wasn’t necessarily a happy decision as I was very fond of the club.  I had made some lasting friendships and had gained the respect of the management and staff.  Sadly, continued membership at the club was not aligned with my objectives.   I realized the need to refocus my efforts as the economy became more unstable and unpredictable.  It wasn’t easy leaving the club, but it was necessary.

 

I had a similar epiphany Friday morning conducting a very successful ITB Partners meeting. I was with twenty highly accomplished professionals, with two or three more participating by telephone. We were discussing plans for a strategic review for our company.  It was quite exhilarating. I’ve always enjoyed leading bright people through the process of chartering business strategy. You could say that it is in my DNA. I was in the zone.

 

On the other hand, I’ve come to realize that I no longer have the same level of anticipation for poker night. In fact, I’ve noticed a certain level of trepidation.  I know it’s pointless to continue playing if it isn’t enjoyable. I have far too many other responsibilities to occupy my time.

 

When I compared Friday’s meeting to the monthly poker game, the implication was clear. The thrill is gone. I have been going through the motions. It is no longer a productive use of my time, even for recreation.  It’s time to move on.  My decision won’t affect the relationships I have with close friends in the group which are solid.

 

It’s important to reassess from time to time.  Successful companies have a process to review their annual progress against plans, adjusting as needed.  As individuals, we make New Year’s Resolutions at the beginning of each year.  Many of those resolutions are never achieved, however, we understand their intrinsic value.  I find it useful to assess the way I use my time in connection with my goals and objectives.  I think you will too.

Jim Weber, Managing Partner

ITB PARTNERS

Jim.Weber@itbpartners.com

 

Posted on

LFPR and the Demand for Labor Paradox

 

On November 2nd, the Friday before the midterm elections, the U.S. Department of Labor presented its initial report for October.  The report showed that employment increased by 250,000, a 1.7% year-over-year improvement.

 

On Tuesday, November 6,  The Bureau of Labor Statistics released its Job Openings and Labor Turnover Summary,

The report reflected an unemployment of 3.7% and a Labor Force Participation Rate (LFPR) of 62.9%.  Job Openings were reported at 7.0 million, down from 7.3 million the prior month.

 

The bulk of October’s hiring came from three major industry segments; healthcare and social assistance added 46,700 jobs, leisure and hospitality added 42,000 jobs, and manufacturing added 32,000 jobs. The only sector to record a decline was the education sector which dropped 2,500 jobs. On a year over year basis, the manufacturing sector increased employment by 9.4%, construction employment increased by 4.7%, and transportation/warehousing increased 3.5%. The information sector lost a half a point.

 

The September employment figure was revised downward from 134,000 to 118,000, whereas the August figure was revised upward from 270,00 to 286,000.  During the third quarter, GDP increased by 3.5% as compared to 4.2% in the second quarter. The consensus is that the economy is on track for a full year GDP increase of 3%.

 

The economy remains strong, without clear evidence of slowing. We have seen some wage increases which supports the belief that the labor market is tightening.  I find it interesting that employers are trying to fill 7 million jobs, and The Labor Force Participation Rate (LFPR) is at a historic low.  In fact, the ratio of people looking for work to jobs available is .9.  In other words, for every 100 available jobs, 90 people are actively seeking employment.  The U.S. labor market has enough slack to accommodate the demand for labor, or so it seems.  So, why haven’t those jobs been filled by the people looking for work?   There is an obvious disconnect between the demand for labor, unemployment, and the LFPR.  Call it a Demand-Unemployment-LFPR Paradox.

 

FIVE REASONS FOR THIS PARADOX.

Lack of appropriate skills

Structural unemployment

Disability and chronic illnesses

Opioid epidemic

Baby boomers are retiring

 

I find these reasons interesting if not compelling. I can understand the effect of disability and chronic illness, especially high blood pressure and diabetes.  The effect on the labor pool includes the afflicted and their caregivers. Personally, I would include people who are chronically addicted to drugs, including opioids, as disabled at least temporarily. These issues require Public Policy initiatives at the Federal and State levels.

 

About “lack of appropriate skills,” the issue is clear.  If an employer is looking to hire software engineers, it is unlikely that a middle-aged, displaced factory worker would be a viable candidate.  This is an obvious example however, it doesn’t explain the bulk of the paradox.

 

I find the issue of retiring Baby Boomers most interesting as there are conflicting signals regarding their situation. The first is that we are healthier than previous generations and highly motivated to contribute.  Additionally, I continue to hear reports from financial planners that the average baby boomer has somewhere between $10,000 and $50,000 in savings, hardly enough to support retirement.  The effects of divorce and unemployment have diminished the financial security for many Baby Boomers.  Admittedly, many are leaving the corporate world and government service with pensions. However, Baby Boomers I encounter are not ready to retire even if they have the financial resources to do so.

 

Structural Unemployment is a euphemism for age discrimination, whether real or perceived.  In some cases, it may be due to a perceived lack of relevant skills.  In other situations, it may be due to salary requirements.  The lack of relevant skills is a perception that seniors are not as savvy using technology as younger workers.  I find this questionable.  On the other hand, seniors probably have expectations for a greater wage than the market may support.   A good example is the demand to raise the minimum wage by displaced workers who were forced to find employment in Quick Service Restaurants during the recession.  Hiring older workers carries risk, including health and vitality, and EEO complaints.  Of all the reasons to be disconnected from the workforce, I find this to be the easiest to overcome. As the economy continues to restructure itself to accommodate the digital revolution, employers are becoming more comfortable employing freelancers, or outsourcing job functions. This creates tremendous opportunities for anyone with relevant skills, like Baby Boomers, to create their own employment opportunities.

 

I believe it is a useful goal to create an economy that can employ everyone that wants to work.  I believe in policies that provide incentives for people to work.  Our current economic environment has challenges and opportunities.  The clearest opportunity is for Baby Boomers and those affected by Structural Unemployment to turn perceived weaknesses into strengths and embrace the digital economy.  Corporations may take the lead in addressing the skills gap by providing training and development programs.  Public Health Policy must become more robust to address chronic illness and addiction.  It occurs to me that the Labor Paradox can be bridged, but it will take significant effort.

 

Addendum: Understanding The Bureau of Labor Statistics Reports on Unemployment and LBFR

 
The Labor Force Participation Rate (LFPR) is derived from a survey of the number of people available for work as a percentage of the total population of possible workers. In October 2018, that rate was 62.9%. It measures the amount of labor in an economy, one of the factors of production. The other three are natural resources capital and entrepreneurship. LFPR equals labor force divided by civilian non-institutional population.
As defined by the Bureau of Labor Statistics the civilian noninstitutional population includes everyone living in the United States who is 16 years or older minus inmates of institutions such as prisons, nursing homes and mental hospitals, and active duty military.
“Labor force” is everyone classified as either employed or unemployed.
“Employed” is anyone age 16 or older in the civilian noninstitutional population who worked in the last week, They are those who worked an hour or more is paid employees or 15 hours or more as unpaid workers in a family-owned business or farm,  It also includes those who have jobs or businesses but didn’t work that week because they were on vacation, sick or on maternity leave, on strike, or in training, or had some other family or personal reasons why they did not work. It doesn’t matter whether it was paid time off or not.   Each worker is only counted once even if they hold two or more jobs,  Volunteer work and work around the house do not count.
“Unemployed” are those age 16 or more who weren’t employed but are available for work and were actively looking for a job within the past four weeks.
People who would like to work but have not actively looked for work in the last month are not counted as being in the labor force no matter how much they want to job. They are counted in the total population.
The BLS does not track them.  It calls them “marginally attached to the labor force.” These are people who have looked in the past year but just not the previous month.  These people might have had school or family responsibilities, ill health, or transportation problems that prevented them from working recently.
Some of the marginally attached people in the survey are considered discouraged workers. This term is defined as people who have given up looking for work because they don’t believe there are any jobs available for them. Others have become discouraged because they lack the right schooling or training. They may be concerned that they are too young or too old to be of interest to potential employers. Some have suffered discrimination. They are counted in the real unemployment rate. Others who are included in the labor force are students, homemakers, retired people, and those under 16 who were working. Still, they are counted in the population.
Between 1948 in the 1990s, the LFPR had been increasing. Prior to 1963, the LFPR had been below 60%. As more women entered the labor force, the LFPR gradually increased to 61% by the early 1970s. It reached 63% in the 1980s and peaked at 67.3% in 2000. The LFPR fell to 66% with the onset of the 2001 recession. Following the financial crisis that began in 2008, the LFPR fell below 66% and has continued falling, reaching a low of 62.6% into 2015.
In her recent article, Kimberly Amadeo indicated that economists are divided as to how much of the recent drop in the LFPR was due to the recession.  Estimates range from 30 to 50% and as much as 90%. Many of the workers displaced during the recession never returned to the job market.

Thank you for visiting our blog.

I hope you enjoyed our point of view and would like to receive regular posts directly to your email inbox.  Toward this end, put your contact information on my mailing list.

Your feedback helps me continue to publish articles that you want to read.  Your input is important to me so; please leave a comment.

Jim Weber, Managing Partner

ITB PARTNERS

Jim.Weber@itbpartners.com

Posted on

On Becoming a Thought Leader!

Coaching and Mentoring Consultants.

Lately, it seems I spend much of my time reflecting on my career. No, I am not going through a midlife crisis, I’ve passed that stage.  I believe it’s due to the coaching and mentoring time I spend with my consultants. It must be a natural result of my leadership responsibilities. As I work with my consultants, listening to their issues, my mind unlocks memories of similar situations I experienced. I’m certain this is not uncommon as it is just the way our minds work. Happily, I am pleased to be able still, to tap into that reservoir of knowledge.  The added benefit is that it helps me empathize with these folks.  I have learned a great amount of useful information during my career, and I am happy to share that learning with my consultants.

 

The good news is that I’m still learning.  I am becoming more productive by developing new skill sets and sharpening existing skills.  Especially my listening skills. It’s not just understanding what is being said, but more importantly, its about picking up cues to understand what’s not said.  I have learned that the seminal issue is often blurred, obscured by biases and faulty self-talk.  Empathy is an added benefit of improving my listening skills which help to better understand the needs of my team.

 

I’ve learned that coaching is more effective if I can work around one’s logic filters. If the message can be internalized at an emotional level there’s greater likelihood that one will act on the message. Turning experience into stories is an effective way to create a lasting impression.  Stories carry the weight of credibility if they come from one’s personal experience.  My advice is supported by authenticity and the passion I display reliving a personal experience. I consider it “the concept of connecting with impact.” My natural predisposition is to use humor whenever possible, especially self-deprecating humor.

 

I have the pleasure of working with highly-skilled professionals who have established impressive careers. They have all the skills necessary to become successful consultants even if they don’t recognize the full potential of those skills.  My mission is to train and motivate them to become effective freelancers by developing the skills they need now.  My strategy is to turn my experience, the good, the bad, and the ugly, into stories to help them learn how to achieve their goals.

 

Many in our group are accomplished independent consultants with ten to twenty years of experience.  They’re a tremendous resource and a big help to me.  However, we’re attracting new members who left their corporate careers to become freelancers. They are highly-skilled, highly-competent professionals, that are unclear on the requirements to build their businesses.  Naturally, I spend a lot of time coaching these folks on prospecting for gigs and closing deals.  The objective is to position them as “Thought Leaders,” or “Subject Matter Experts.”  The skills needed to become recognized as a  Thought Leader include:

Networking from a Plan

Speaking Engagements:  Selling by telling

Writing: Build a following of evangelists

 

Some of these skills come naturally to our new consultants.  Others are adept in each of these areas.  But some need a lot more help in one or more of these skill-sets.  I remember when I made my exit from the corporate world.  My public speaking skills were above average, however, my networking and writing skills weren’t ready for prime time.  That is not to say they were poor, but they weren’t polished enough to be an asset.

 

Now, my role is to start new members on the right path.  It isn’t easy for some, so I encourage them to take small steps.  Presenting at our monthly Members Meeting is an important step supported by a friendly room.  Likewise, we have a supportive team to help one gain the skills to write interesting blog posts. These small steps help one to gain experience and confidence.  Small steps lead to longer strides and then to leaps and bounds.  Appealing to one’s emotional hot-button is the trigger I use to help them make that first small step.

 

Thank you for visiting our blog.

I hope you enjoyed our point of view and would like to receive regular posts directly to your email inbox.  Toward this end, put your contact information on my mailing list.

Your feedback helps me continue to publish articles that you want to read.  Your input is important to me so; please leave a comment.

Jim Weber, Managing Partner

ITB PARTNERS

Jim.Weber@itbpartners.com