Car Safety and Job Safety

I read the news about a car theft in Singapore today and found it bizarre. Singapore is perhaps one of the safest countries in the world, and its residents don't expect theft. So, leaving the car unlocked (for two years) is quite OK... until it is not.

https://www.straitstimes.com/singapore/took-a-while-to-set-in-man-stunned-after-6-teens-take-his-unlocked-car-for-joyride-in-sengkang

People can have the same "my job is safe" mentality. Singapore has created many safety nets and the government has enough in the central bank to fight against all kinds of challenges, including a crazy pandemic.

But this "job safety" mentality can lead to dangerous moves. For example, we might not "lock our door" and others might "take away" the job.

How do we keep our doors locked? Here are three KEYs:

Keep improving. There is no stopping in the competitive business environment. Every entrepreneur and business will know that once you stop innovating and learning, that is when you can be taken over by others. The same applies to you, the jobhunter. Don't stop improving and learning.

Expand your network: The longer you work, the more you depend on your network. Invest your time and energy to grow and nurture your network. Don't just call people when you need something. Be prepared to give before you take. While recruiters/headhunters are relevant in the market, don't depend on them. They work for their clients, not the jobhunters.

You are the product: Always consider yourself as the Product in jobhunting situation. A product has Features and Benefits. You have a Price and you need to Promote yourself. You need to be at the right Place, and show up at the right time. You are operating in a competitive environment. There are other equivalent products in the market, and you will need to stand out with your USPs (Unique Selling Propositions).

So, keep your car safe, keep your job safe!

The Hidden Job Market

As a headhunter, I’m approached by jobhunters every day. Jobhunters believe that I can offer them a job as I have a good grasp of what is happening in the job market. Somehow, there is a belief that headhunters can easily help jobhunters to find a job. 

The reality is very different. I have to disappoint most of the people who send their CVs to me. I also don’t have the capacity to meet everyone for coffee. 

Most people are not aware of the “hidden job market”. 

Here is a simple overview of what happens when there is a job vacancy: 

• A job vacancy appears for several reasons. Someone left the job or is about to leave. There is a need to run a confidential process. The management knew about the vacancy and they started to think. 

• The management will first think about who can take over the role internally. For larger companies, there will be an internal job posting – and that is after the management has identified 2 to 3 potential candidates. 

• For many small and medium enterprises (SMEs), there are often no internal candidates. Therefore, there is a need to look outside. 

• So, the management will activate their network. They will ask around for potential candidates. Besides family and friends, it will be ex-colleagues, suppliers or customers. 

• Once that source is exhausted, which may take 2-3 months, the management might ask the HR department to source for candidates. Most HR departments today have some form of talent acquisition capabilities, i.e. they can put up a job ad easily on LinkedIn and another job portal. 

• After 2-3 weeks, there will be more than 100 applicants. The HR department will process the applicants and shortlist some candidates for the management to consider. Interviews will take place. 

• If none of the applicants are suitable, then there is a possibility of engaging an external headhunter. In the market, the possibilities of finding a headhunter are many. Either the Management or HR will contact the headhunter. Often, they will call a few and ask for a competitive quote. 

• There are typically two options: the contingency approach, i.e. more than one headhunter. Or the retained approach, only one headhunter and there is a retainer fee. 

• When the headhunter is activated, the vacancy may already be there for 3 to 6 months. 

Now, as a jobhunter, you can send applications when you see a job ad or you can wait for a headhunter to contact you. If you are not in a hurry, it doesn’t really affect you. 

But if you are in an active job search process, you want to be ahead of the queue. 

This is when the hidden job market is important to you. 

Hidden doesn’t mean unknown. Hidden simply means not publicly available. A few people know about the job vacancy. 

How can you find out? 

1. You need to actively engage the right people in your network, especially the senior executives who are often the hiring managers. 

2. You need to build your network way before you need a job. 

3. You need to stay in touch with your network regularly. It’s not about sending your CVs to 50 people or even 20. It is about engaging your network by offering something regularly. 

4. Being active on LinkedIn is good but insufficient. You need to meet people regularly even when you don’t need a job. A pure digital and social media approach is insufficient. 

Here are 5 things that you can do: 

1. Check in your current company. Let others know that you are open to exploring a new role. Connect with people that you don’t normally interact with. The person might be sitting in a different country or at HQ. 

2. Update your CV every 6 months. Remove the old stuff and add in the new achievements. 

3. Sharpen your elevator pitch. Who are you, who do you want to be, what are you focusing on?

4. Share your insights regularly on LinkedIn and in F2F meetings. Share generously before you ask for something. 

And if you really have the conviction to build something, you can create a pitch deck. One of my clients recently got himself a Regional Business Development job in Asia after he presented a 30-page deck to the CEO. In his deck, he showcased the opportunities and go-to-market channels in Asia. The management was convinced that there are untapped opportunities in Asia and he is the right person to do the job. 

So, be ready to put yourself out there to explore the hidden job market. When you talk to enough people, you will start to see opportunities that are not publicly available!

Do you need a PhD to be a General Manager?

I had an interesting conversation with an old friend over the weekend. He is based in U.S. and he works as a Sales Director for a Swiss industrial company.

He observed that many of the senior executives and general managers in his companies have PhD degrees.

He had discussions with his manager about his career progression and his manager reminded him that many of the senior executives used to be in technical roles.

That's why he asked me "Do you need a PhD to be a General Manager?"

My answer is not straightforward. From my perspective in Asia, it is uncommon for GMs to have a PhD But in Germany, Switzerland and several European countries, there are many more PhD-qualified professionals. Therefore, it's not uncommon to see many senior executives have a PhD.

One of the main reasons is that many Europeans can obtain advanced degrees with no school fees and there is a social safety net in the society. In Asia, the pressure to start working after obtaining a Bachelor's degree is quite high.

My short conclusion is "it depends on how the company management perceives the importance of academic qualifications".

Later, our discussion shifted to "What about an MBA?"

I observed that MBAs are a lot more common among senior executives in Asia.

My friend lamented that the school fees of MBA programs are very high. I agree with him as it is often the most profitable program in the university.

For many senior executive roles, having a Masters qualification is not a must, but it is seen as a good plus.

So, if you are in your 30s, 40s or even 50s, pursuing an advanced qualification is never too late. Of course, you need to make some financial planning to ensure a good return of investment.

What is your take on advanced education?