Archive for category Career

Finding a Job in the Informal Job Market

Remember your senior year in college? If it was a good one, maybe you don’t remember much. However, at some point you started looking for a job. If I were a betting man, I’d guess you did a few of the following:

  1. Visit career sites like Monster.com or Careerbuilder.com
  2. OR maybe you knew those sites were black holes and visited a site with slightly less traffic like craigslist.org thinking you were outsmarting the others.
  3. Search by general terms like “finance” or “sales.”
  4. Briefly scan the actual job description and focus on salary and requirements. Who cares what the job does if it pays well?
  5. Address your generic cover letter to “Whom it may concern” or “Human Resources.”
  6. Click submit and repeat half a dozen times per day.
  7. Play video games and beer pong while you wait for your phone to ring.

That’s how most of us, myself included, used to apply for jobs. What I just described to you is called the formal job market. And believe it or not, some of us are still trying to find jobs this way (minus the beer pong).

But what if I told you that only 20% of jobs get filled this way?

The Informal Job Market

Despite government’s best efforts at bankrupting our country to lower unemployment, it remains a rock solid 9.1%. Throw in the other folks working part-time wishing they had full-time work, plus the people working at a job they hate, but are too afraid to leave and that figure increases dramatically.

This post originates from an article I read on Tim Ferriss’ Four Hour Workweek blog. It was a guest post written by Michael Ellsburg, author of the book The Education of Millionaires: It’s Not What You Think and It’s Not Too Late. He describes the informal job market as “all jobs that are not filled through someone responding to a job advertisement. Usually, these are jobs that are filled through relationships.”

More gold from Michael here:

Either there is a position at the firm that needs to be filled, and an employee at the firm knows someone who’s qualified. Or, the firm wants to bring a specific person they know to join the team, and they create a position for that person out of thin air. If you do some Googling on the informal job market, you’ll learn something shocking: according to various estimates (on CNNCBSMSNBC, and NPR) somewhere around 80% of jobs get filled informally. In other words, only 20% of jobs get filled through people responding to job ads (the primary method of job seeking most people do).

So, how does the 80% of hiring that occurs in the informal job market actually happen? The way Eben did it: by building up a professional relationship with people within the organization doing the hiring, long before the hire is made.

Connections. Referrals. Knowing people who know people.

This means that, in the vastly larger informal job market, human relationships and a solid network are far more important than GPA figures on a resume.

The 80/20 rule is back. 80% of us are trying to find jobs in the formal job market, which produces just 20% of the hires. What if you focused your search where 80% of the hires are made and the competition is much, much less?

What Should I do?

To get started with your job search, tell everyone you know you’re looking for a job. The more specific you are about what you’re looking for, the more helpful your friends and family can be.

Second, find 4- 5 companies you’d like to work for, then work backwards. Study up on them. What are their needs? Are they struggling with anything? Usually we search for the job first, and the company is secondary. Sounds kind of backwards, don’t you think? We should put at least equal weight on the place we’ll be spending 50 hours a week at for the next few years.

Third, what are your skills? How can you help these companies? Before you meet with anyone, watch this video by Ramit Sethi where he describes his briefcase technique.

Fourth, use your network to get your foot in the door with someone at these companies. Linked In is huge asset for this. Somehow, someway get in front of a player you can prove yourself too. Buy them coffee, a beer, lunch – something. Then form a relationship with them.

Remember:  People love talking about themselves. Showing a little interest goes a long way.

Finally, make sure you stay in touch.  Even if they don’t have something at that moment, stay in contact by sharing articles they might find interesting and give updates on cool projects you’re working on. They may refer you to friends who have openings at their companies.

The MBA and MA are BS

There is value in the MBA and a Master’s degrees, if you’re doing it for the right reason. Getting an MBA so you’ll be qualified for jobs is not the right reason though.

Let’s think about this for a second.  Check out this “basic qualification” I found in job description:

“MBA degree – Top Tier school preferred”

If you see similar requirements over and over again it’s natural to think you need one. But guess how much an MBA at Columbia costs?

$200,000

Gulp. That is a lot of money for one bullet point in a job description.

This is another big reason the informal job market is so important. Going back to Michael’s article, he says this:

So let’s get clear about one thing. Saying that a BA and MA is “required” to do a certain job is BS. These degrees are not actually required to do the job well. Rather, they serve as convenient screening tools for recruiters needing to wade through piles of cold resumes on the formal job market. That’s it, nothing more.

Your entire multi-year, six-figure education is reduced to a simple check-mark used to get past impatient screeners on the other end of a Craigslist ad.

For a person seeking a job or economic opportunity, this whole system of job screening is wildly inefficient.

What if instead, you focused on the informal job market, which is vastly larger and more accessible (especially if you learn some basic networking skills)?

People like to give economic opportunities to people they know and trust. Requirements be damned.

Right or wrong, men tie a lot of their worth to their jobs. It gives us a sense of purpose, and when a job is taken away part of our pride goes with it. This shouldn’t really be the case, but if it is you may as well do something you care about. An informal job search can get you there.

I admit it’s tough out there, and if you have a mortgage and family it’s harder to think about leaving a job you hate. And it sure seems like it’s going to get worse before it gets better. But recessions our cyclical and we’ve been through them before, and we’ll go through them again. Think for a minute though about the person you will be in 20 years.

Will the older you be happy you got scared in a tough job market and blew $150K on a degree to avoid job hunting in a bad economy? Or you stayed at that crappy job just because you were too afraid to leave the security of your current one?

What’s the worst that can happen? You get fired six months after joining your new company? Not only is that highly unlikely, but by reading this post and Michael’s article as well as your own research, you have a leg up on 80% of job hunters for your next search.

Think about what you’ll feel in 20 years as opposed to what you’re feeling now. It will probably change your decision-making. At the end of the day, we are responsible for our own careers and the income we make. We can go about it like everyone else and be average, or we can be anything but.

I’d love to hear your thoughts and questions on this post and any other job tips you can share with Ag readers. I’m also happy to help with your own search in any way I can. Again, you can read the article by Michael Ellsberg here.

-JM

@averagegents

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Read to Succeed

One of my favorite activities of late is taking our puppy, Dixie, for long walks at night around the Upper East Side.  Particularly the cross streets between Park Avenue and Fifth Avenue.

It’s nice to look into the apartments and townhouses (not in a weird, creepy way) and catch a glimpse of these beautiful homes. Homes I someday hope to  live in if I work hard and create enough value for others. Dixie already seems comfortable on Park Ave based on her strut and interactions with fellow dogs.

After doing this for a couple of weeks it became obvious one characteristic in which all these homes share.

They have bookshelves. Filled with lots of books.

Now we may not need bookshelves in 10 years with the Kindle and Nook, but that’s not what this article is about. It’s about a simple observation with huge implications. Let’s work with the assumption that residents on Park Avenue have achieved success in at least two areas of life: financial and career. That doesn’t necessarily mean they have great relationships or are happy, but odds are they’re doing well in at least those two.

Brian Tracy is fond of saying if you want to increase your income, then you should increase your knowledge intake. And all it takes is one hour a day. From Brian:

Go Through 50 Books Per Year
If you read one hour per day in your field, that will translate into about one book per week. One book per week translates into about 50 books per year. 50 books per year will translate into about 500 books over the next ten years.

It’s hard to imagine anyone is reading 50 books a year, period. Here is the rest of the article where Brian also discusses joining the Top 1% of Money Earners.

We have been taught since we were little how important it is to read books, but according to an article written by the Associated Press, 1 in 4 adults didn’t read a book in 2007. Of those who did read, women and older people were the most avid. Men were nowhere to be found.

You might be thinking to yourself:

Well I may not read books, but I still read all the time.

I completely believe you because I feel the same way. Every day I read news articles and opinion pieces online, blog posts in my Google Reader, newspapers and lots and lots of magazines. At one point, I had subscriptions to the following: The Economist, Success, Consumer Reports, Men’s Health, Money and Foreign Policy (nerd alert). If I didn’t have some self-control I might have 30 magazine subscriptions now.

All of that reading leaves little time for a good book. And after three years of this routine, what do I have to show for it? To be honest, not much. Recently, I wrote a post on the 80/20 rule. The principle applies here because most of us spend 80% of our time reading content online and from magazines. Throw in Facebook updates, instant messages and tweets, and we spend 20% of the time reading books if we’re lucky.

John Maxwell says in this clip that the greatest influence on his life was the books he read.

I write books because the greatest influence on my life were the books that I read. Books have formed me, who I am today, how I think, what I feel. They have all been formed by what I have read.

Books help us learn more because we’re reading about a certain topic in detail, instead of a six or seven paragraph blog post. Even fiction books offer learning experiences.

What would happen if we flipped the ratio and read books 80% of the time? It won’t guarantee I’ll end up on Fifth Avenue or you’ll become CEO of your company, but it’s a start. I can assure you the smartest people I know read a lot of books. And 50 books in one year is a lot. I have since cut my subscriptions to magazines down and only read The Economist and Success. My goal to read 25 books over the next 12 months at least. I’d love for you to join me and share your thoughts in the comments.

To get you started, Esquire put together a list of the 75 books every man should read. Enjoy.

-JM

Follow me on twitter (@averagegents)

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The Grass Isn’t Always Greener (Part 2)

I often joke with my wife that I’m someday going to pack up, move to Montana and build a log cabin.  Do you ever have the same feeling? A moment when you consider checking out, moving to Mexico and surfing for the rest of your life?

You are not alone.

As great as computers are, and they are great, humans were not meant to spend 8-10 hours a day in front of them.

If you don’t believe me, read this and this. As a person who exercises regularly, I thought I was fine even though I sit all day.  Yeah right, turns out even an hour of exercise a day isn’t enough.

In Part 1, I gave you a small insight into mill work. One of the things I loved about working there is every day you made tangible progress.  Leather came in, leather went out.  The pile of skins on one table decreased, while the skins on another increased. At the end of the day your legs and back hurt, but there is a sense of accomplishment because you see immediate results. I can now work on a project that may not yield results for months, possibly a year.

Nowadays, the only pain I feel after work is in my wrists due to a growing case of carpal tunnel from typing responses to hundreds of emails, most of them meaningless.  Ever work 8 hours a day and feel like you accomplished nothing? Welcome to the 21st century, where assembly lines have been replaced with Microsoft Office. Instead of axles, metal and widgets, we have Excel, PowerPoint and Word.

The other thing I loved about the mill was the lack of stimulation. You were actually able to…think. Sure the act of putting skins on a table is pretty boring, but your brain was allowed to wander.  There isn’t a lot of time to think and contemplate in corporate America.  Not when you’re blasted with emails, instant messages, phone calls and social media updates. This is the great challenge of our generation. Those that can focus and avoid distractions will succeed.

Now I’m not naïve enough to think if I started working at the mill full-time again, I wouldn’t be daydreaming about my computer chair from Staples in six weeks.  The grass isn’t always greener when it comes to blue-collar vs. white-collar. A mix of both would be ideal, but I haven’t figured out how to have the best of both yet.

You and I have a choice to make. We can stay a cog in the corporate America wheel for the next 20-30 years and be average, or we can make small tweaks to our daily life that could make us happier and more productive. And if you’re reading this site, you are probably interested in both.

Here are some of my suggestions I came up with, feel free to add more in the comments section.

1.  Get off your Butt

You have to exercise, ideally 5-6 times a week.  As I said earlier, even an hour a day isn’t enough, but something is better than nothing.  I don’t care what it is, walking, running, biking, lifting weights, Wii Fit…just do something.

2.  Motion Creates Emotion

Just like Ben Affleck said in Boiler Room (one of the best monologues of all time), “Get off your ass. Move around. Motion creates emotion.” Sure you can reply to that email in 30 seconds, or give someone a call about that TPS report, but why not take a walk across the office to speak with them in person? Be conscious of these opportunities. It’s a good way to keep the pulse of your team, stay engaged and build relationships. I try to work in 90 minute intervals, followed by a short walk to the water cooler. I talk about this in my 80/20 post.

3.  Break the Email Cycle

Has a communication tool been more abused than Microsoft Outlook? The carbon copy feature has led to many nervous breakdowns and padded rooms. I’m willing to bet 60% of your email is crap and doesn’t warrant a response. I dare you to prove me wrong.  If it’s important the person will call, I promise.

4.  Technology Break

Take a day off from your computer, smart phone, cell phone, television, dvd player, ipod, ipad, iphone and anything else Steve Jobs has created once a week. You might have the shakes at first, but the results are pretty powerful.  My track record is abysmal, but I never regret it when I succeed.

5.  Get an Outdoor Hobby

My company offers an amazingly ridiculous perk in that we have a full gym in our office. It’s awesome that I can work out on my lunch. The problem is I don’t go outside for 8-10 hours a day.  Not cool. Besides if you’re going electronics free you may as well spend it outdoors.  Even urban dwellers don’t have an excuse. One of my favorite activities in NYC is walking around at night. NYC resident are also a quick train or car ride from decent hiking and beach opportunities.

6.  Career Fulfillment

I hesitate to add this because we live in such a feel good society where so many talk about finding their passion.  Especially considering our grandparents did whatever they had to do to provide for their families, even if it meant doing a job they hated. I know guys who used to work at one mill during the day, and work at a second that night.

However if you’re going to sit at a desk for extended periods of time, you may as well do something you like.  The time will go faster and make sitting for long periods more tolerable. I am personally interested in more of a sales role where I can interact with clients much more than I do today.

7.  Elevate Your Desk so you can Stand

Do not do this, weirdo.

Most of us are in the early stages of our careers, or have at least another decade ahead of us. If we are not happy with our situations, then it’s up to us to fix it. Hopefully these two posts offer an incentive to do so.  The grass might just be greener after all.

Thanks for reading.

-JM

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The Grass Isn’t Always Greener (Part 1)

Johnstown, NY is one of two cities that made up the “Glove Cities Capital of the World.”  Johnstown and Gloversville held that title for a long time, which I suspect now belongs to China.  There are still some leather mills in Fulton County serving as a vivid reminder of what used to be.  One of those mills, B&M Leather, is run by my father and co-owned with my mother.

As soon as I could hold a broom, I was sweeping floors. I used to form big piles of fluffy dust left from the shaver and buffer machines to jump in like a pile of leaves. In addition to sweeping, I was tasked with cleaning the office and bathroom.  As I grew older, my responsibilities increased and I was allowed to work on certain machines, band pallets, stack tables and empty barrels into the dumpster.

Евро поддон

Image via Wikipedia

Mill work is hard work.  It requires you stand for 8+ hours a day, which is rather monotonous. For the most part, you stand at a machine either sending or receiving skins to be put on a table and eventually back on a pallet. If you are not a morning person, it’s not the job for you.  My Dad is often at the mill by 4am.  On busy days, 5am-5pm is the norm.  In the summers it gets very hot, and there is no air conditioning. The skins get heavier as the day goes on.

My summers were spent at B&M.  It was cool working with my Dad during those summers. He didn’t take it easy on me, nor did I expect him to. As the lowest guy on the totem poll, I was stuck doing some of the real dirty work.

In high school, I was repeatedly told by co-workers, truck drivers and other visitors how important it was to “go to college, get an education and get out of this place.” As any parent who wants better for their child my Dad echoed this sentiment.   No one got an argument from me.  I couldn’t wait to go to college, move to New York City and sit in a comfy computer chair in my eventual corner office.

Fast forward 10 years.  I have my desk, although not in a corner office – I care less about that now.  I have a wonderful view of Times Square to my right (which is as close as I’ll get to that dreadful place), and the mighty Hudson River to my left. For the most part, I’m right where I hoped to be.  Living and working in Manhattan working for one of the largest media companies in the world.

Yet, with every year passing year I find myself thinking more and more about those days in the mill. In fact, whenever I visit my folks for an extended time I usually ask my Dad: “Need any help at the mill?”  Ironically, when he says no I have the exact opposite reaction I used to have when I was 18 or 19 – disappointment.

So what gives?  Check out Thursday’s post to find out.

-JM

Don’t forget you can follow me on twitter @averagegents for my thoughts and shared articles throughout the week.

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The 80/20 Rule

It appears the 80/20 rule is all the rage lately.  You’ve likely heard about it at some point e.g. 80 percent of your sales come from 20 percent of your customers.  Let’s walk through what it is and how to implement the rule in your life.

Background

The 80/20 rule is also known as the Pareto Principle.  In 1906, Italian economist Vilfredo Pareto created a mathematical formula to describe the unequal distribution of wealth in his country, observing that 20% of the country owned 80% of the wealth.

After Pareto, others made similar observations in their areas of expertise. Quality Management pioneer, Dr. Joseph Juran working in the US 1930s and 1940s recognized a universal principle he called the “vital few and trivial many.”

Essentially the few (20 percent) are vital and the many (80 percent) are trivial. Look at it this way: 80 percent of what you do in life isn’t important or critical to your future success.

Implementation

How can you apply the 80/20 rule to your life?  If 20 percent of your time yields the greatest 80 percent of your results, then what are you doing with 20 percent of your time?  Let’s break down a typical work day.

8 hour day (480 minutes):  20%= 96 minutes

10 hour day (600 minutes):  20% =  120 minutes

12 hour day (720 minutes):  20% = 144 minutes

If the 80/20 rule is accurate, then you only need to spend 1.5-2.5 hours a day on your most important tasks.  If you work long days (12 hours), 20 percent is just 12.5 hours a week! Ruthlessly focus on your top tasks for 12 hours a week, and you’re probably ahead of 95% of the population.

Let’s take this a step further.  Match this 1.5-2.5 hours a day with your most productive time of day. Are you a morning person, or do you get your second wind after lunch or in the evening? Do a self-evaluation and figure this out if you don’t know. Then synch up your 20 percent with your preferred working time for maximum effectiveness.

For example, if you are a morning person get to work an hour earlier or avoid checking your email first thing, which will side track you (more on this in another post).

But what is my 20%?

Let’s break this down into two buckets:   Bucket A (important) vs Bucket B (not important)

Bucket A

This will include anything that directly ties into revenue generation for your company and yourself. Tasks that will keep your boss happy and lead to a raise and continued development. If you don’t know, ask your boss what he or she thinks are your most important tasks are.  You might be surprised to find that you two aren’t on the same page.

Examples:

  • Sales
  • Marketing (product/service promotion)
  • Legal Obligations
  • Product / Service Development
  • Learning new skills
  • Customer feedback
  • Thinking

Bucket B

Examples:

  • Email
  • Internet surfing
  • Administrative duties
  • Invoicing

In conclusion, to improve your productivity determine what 20 percent of your work day is, and match it with your most productive time of day (morning/afternoon/evening).  Finally, block off 20% of your day to focus only on the important stuff:  income generation for yourself and your company, personal development, etc.  Literally block off time in Outlook and label it 20%.

Try this for a week and let me know if you see any differences in your productivity.

-JM

Source: About.com

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Thank You Cards

If you don’t have a stack of these in your desk, you are seriously dropping the ball.  Thank You cards are an effective way to express gratitude and leave a positive impression with friends, family and colleagues.

Most people understand you should send a thank you card after a job interview, although surprisingly some don’t.   One buddy used to adamantly argue that a thank you email was enough.  He was also unemployed for more than a year (not that I’m blaming it on not sending thank you cards).  However, if two identical candidates applied for a job, interviewed well and one sent a thank you card while the other didn’t – who would you hire?

Why Sending An Email Isn’t Enough

It’s lazy for starters.  Besides, a lot of people get between 100-150 emails a day.  Who needs one more?  Especially if it’s sandwiched between annoying emails from a colleague in Asia or a last-minute request from your boss.  The note can get lost in the email shuffle, which lessens the impact.

Real Life Example

Last week, as part of a continuing education initiative program at my company, I attended two one-hour sessions on accounting and budgeting.  Four people presented in total ranging from VP’s to Directors.  A woman from HR organized the work shop.

All five got thank you cards last Friday.  Yesterday, I passed the Director of Finance who said this:

“Hey, thanks for the card.  That was really nice and completely unexpected.”

That’s because I doubt anyone else sent one.  Now If I ever mess up an accrual estimate or need a favor, this guy is 10x more likely to help me out.  As for the presenters that don’t know me, they will certainly have a favorable impression should we cross paths again.

Finally, send thank you cards right away.  While it’s still better than not sending one at all, a bigger impact is made if you’re first.

Do the unexpected.  Stand out from the crowd.  Sometimes it only takes five minutes.

-JM

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