Welcome to The Fordyce Letter:

The Fordyce Letter

Straight Talk for the Recruiting Profession


Cold Calling

Fewer Candidate Cold Calls, More Conversations



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When I started in search in 1998, conventional wisdom said that if you were not on the phone, you were not working. In fact, two of the firms for whom I have worked had call tracking software built into the phone system. Every night, the head of the office would send out a report to the entire company detailing how many calls each recruiter made and how much time they spent on the phone. It was implied that recruiters who spent time sending e-mails and performing internet research did so because they lacked the spine to make cold calls. This attitude became deeply ingrained in me.

However, times change and technology changes behavior. Many people today are not likely to answer the phone if they do not recognize the number on the caller ID and even less likely if the caller ID is blocked. A few candidates in their twenties and thirties who work at big companies have confessed to me that they frequently go a week without checking voicemail. They feel that if information is important, it will arrive via e-mail. 

Editor's Corner, Relationships

Poker Faces and Prosperity



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I know many of you enjoy occasionally sidling up to the poker table to play a little Texas Hold’Em. There’s something about bluffing your opponents with a crappy hand and still managing to win the pot that is thrilling to anyone. The best poker players in the world know how to mask their ‘tells’ and read other people like a book. It’s this in-person interaction that makes the game enjoyable, challenging, and rewarding.

The World Series of Poker began in 1970, but poker has been around for much longer. Some trace its roots back to a 15th century German game called Pochspiel. Others liken it to a Persian game called Nas, recorded around the turn of the 20th century. One of the more commonly accepted stories is that the game of poker originated in the mid-1700s and was played widely throughout the Mississippi River region by 1800. Games were played by groups of men sitting around small tables, trying to convince each other that they had the best hand through bluffing and betting. Social skills were an important aspect of playing the game successfully – one had to know how to read his opponents in order to, as Kenny Rogers puts so eloquently, “know when to hold ‘em, and know when to fold ‘em.”

Social Media, Technology

Why Do We Need These Clones?



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A good old-fashioned quick rant. I like Yahoo Groups. It was the first version I saw for what I needed at the time. Now there’s Ning and Google and LinkedIn and many others doing what they do best but also trying to copy Yahoo Groups.

And Yahoo is messing with me too now. I got an invite from someone to share pictures and status updates and all the same crap that’s on FaceBook via Yahoo. Why do we need ten different versions of Facebook now? They won! Let it go! Just stick with your main Yahoo stuff.

Just yesterday I saw a new search aggregator that says it’ll search about 10 of those things at once for info on people.

Maybe we all need a ‘personal portal’ that will handle all these requests from all these entities so we can actually get something done.

Now I need to go update my LinkedIn status so it’ll go out on Twitter and Facebook so people will know I have a new blog entry. If I send it on Plaxo and my Yahoo Profile it’ll also go to people who spoke to me once and could not care less. In fact, what I should really do is just call Tom, Ron, and Clyde. Then the only three people who were going to read it anyway can say…he’s at it again…

original post from Dave Staats

The Business of Recruiting

American Heroism in the 21st Century



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Recently, we celebrated Independence Day, so I feel inspired to write about American Heroes. But not the kind of heroes you might be thinking of. If you are currently employed as an Executive Recruiter, Executive Search Consultant, Headhunter, or whatever you prefer calling yourself, I am writing about you.

Instantly, I can conjure up three reasons to support the claim of heroism for third party recruiters.

First of all, you have overcome being one of the 5 million or so Americans to continue to file for unemployment reimbursement after the recession ravaged approximately 8 million jobs.

Secondly, you most likely earn your income through pure performance.

That’s right. According to results from the Survey of Search Firms owners I conducted at Fordyce Forums 2007-2010 as well as RMAR.org owner/operators, more than 2/3 of the headhunters in the United States of America with more than 2 years of experience do not get paid a base salary; at all. So, you are probably a straight-commission “sales” professional that has learned how to execute in an extremely challenging economy to pay your bills. If you make placements often against rigorous odds and multiple obstacles, you survive. Fail to find a client company willing to engage your services and then identify the ideal candidate for them, and you perish.

The Business of Recruiting

Thoughts on Geography and Search and Placement



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Profitable specialties come and go, and most people who have been in the business awhile have switched specialties from time to time – usually due to a combination of factors, but most often for economic reasons. The industry or functional area they worked, for whatever reason, tanked. In an industry where two non productive months in a row can drive you out of business, flexibility is a necessity.

Desks are specialized by industry, function, geography, or combinations of these, but it’s generally accepted that geographically specialized desks run the highest risk of eventually failing, simply because geography, by its very nature, is something fixed, inflexible, and subject to nature, man made disasters, or being too closely tied to one industry (please search: “hurricanes” “oil spill” “Detroit automotive”). However, there’s something to be said for firms which dominate their local markets. I know several owners who will not work outside their office’s immediate geographic location, and over the years they have become the “go to” guys in the industry for their locations. Most of these firms have desks specialized by function, but they generate all their business from the local marketplace. I admire these firms for how they have become dominant locally.

Industry News

Interim Association launches outreach effort to Private Equity firms during Great Recession



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The Interim Association has launched an outreach effort to Private Equity firms to promote the Association’s members, especially those fulfilling CFO, COO, and CEO Private Equity interim assignments.
The Interim Association and its members:
  • Represent a substantial network of over 5000 experienced executives available for opportunities
  • Cover the spectrum of C-Level, VP, and Director titles
  • Include seasoned executive talent in a wide variety of industry sectors such as Healthcare, Pharma, Consumer, Hi-Tech, IT, Industrial and Energy
  • Hold deep experience in leading Private Equity held businesses, M&A, turnarounds, restructurings and exit activity
The interim management industry, a $3.8 billion dollar industry in Europe, is poised for dramatic growth in the United States. CNN Money has estimated the interim management industry in the U.S. alone to be a $26 billion dollar industry in the next decade.  The mindset is shifting in those who hire interim managers and those who are interim executives in America. Anne Fisher, a contributing writer for Fortune wrote of the industry: “Only about 10% of those polled say they’re doing contract or interim work because they got laid off; the overwhelming 90% majority jump from one employer to another because they like the variety and flexibility of it.”
Relationships

Networking With Hiring Managers



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Why should a recruiting firm start, develop, and maintain relationships with hiring managers as a key activity? We have found that over the years the largest contribution to our ability to survive in an ever more competitive environment has been our desire to establish and maintain strong rapport with hiring managers. It didn’t start as a planned activity – it just happened over time. The benefits have been many. It’s much easier to understand “the secret sauce” of openings when you have known the hiring managers over a long period of time. Having worked with them as candidates in the past adds to a level of credibility the competition cannot easily match. And being able to get their opinions about their ex-co-workers is priceless.

With the benefit of hindsight, the formula for successful networking with hiring managers is rather simple. You start by concentrating your attention on the best people in your industry. You get to know them professionally and, quite often, personally. You learn what they do and don’t do that makes them rising stars. You try to get opinions from people who know them about what makes them special and then discuss it with them.  In this way, you are developing relationships with both current and future hiring managers.

If you can create a connection when these people are happily employed and are not looking to change jobs, you build a relationship that could weather a storm for many years. Sooner or later, when they decide to look for new opportunities, you are there to help and advise. You build your rapport over a long period of time – someone with less than 10-15 years of experience in the industry is seldom senior enough to have influence in the hiring process.

Editor's Corner

What We Can Learn About Recruiting From the Cleveland Cavaliers



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There are several recruiting lessons to be learned from the bomb that LeBron James dropped on Cleveland late last night about his departure to the Miami Heat. Before we get into those lessons, let’s take a quick look at some of the highlights of LeBron’s NBA career with the Cavs:

  • 2003: selected by the Cleveland Cavaliers as the first overall pick in the NBA Draft; signed a three-year, $12.9 million contract
  • 2004: named 2003–04 NBA Rookie of the Year
  • 2004-2005: selected to his first NBA All-Star Game
  • 2005-2006: named as one of the candidates for the NBA Most Valuable Player Award
  • 2006: negotiated a three-year, $60 million contract extension, with a player option for a fourth year, to begin in the 2007-2008 season
  • 2007-2008: won the 2008 All-Star Game MVP
  • 2008-2009: wins NBA Most Valuable Player award
  • 2009-2010: wins 2nd NBA Most Valuable Player award
  • July 2010: contract with Cleveland expires; becomes a free agent, meets formally with the New York Knicks, Chicago Bulls, and New Jersey Nets

Make no mistake about it; this guy is Talented. With a capital “T”. But it takes more than one guy to make a team, as Cleveland has surely learned. Just a couple of lessons to glean from this entire situation:

Cold Calling

Why Cold Calling is Imperative to Your Success, Part 3



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Now that we’ve discussed how to go about cold calling candidates, let’s rewind just a bit and discuss cold calling for business.  Obviously without business, you’d have no reason to cold call candidates! A lot of the same principles apply in both types of cold calling, so why not put your skills to work on both sides of the desk? I realize that not all third party recruiters handle business development but a well-rounded recruiter should definitely be capable of doing so. The most successful recruiters are those that control both ends of the placement equation, thus resulting in more earned fees.

Smart recruiters will seek relationships with clients where they can have direct interaction with hiring managers, allowing them to gain a deeper understanding of the client’s needs and environment beyond just a job req.  Instead of competing with hundreds of vendors on VMS requisitions, targeting smaller environments where these relationships can be built is a great way to position yourself for long term success. While I certainly would never discourage big business, relationships make the best placements. Period.

That being said, what’s the best way to go about cold calling for business? The same way you would if you were looking for a candidate.  Research!

How-To

Recruiting Your Recruiter Washington Post Article



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It doesn’t happen often, but every now and then you are made aware of an article that you just know will become a new and critical tool in your search best practices toolbox (thank you, now forgotten LinkedIn contact who first made me aware of this gem).

That is exactly what I thought when I read The Washington Post article by freelance writer Vickie Elmer titled Do Your Own Recruiter Searching Long Before You’ll Be Job Searching.

In my mind it is an instant classic.  One you can use with every single candidate you recruit, or try to recruit, who says, “I’m not looking right now.”