Welcome to The Fordyce Letter:

The Fordyce Letter

Straight Talk for the Recruiting Profession


Carolyn Thompson

Carolyn Thompson resides in the Washington, D.C. area and has been an executive recruiter since 1988. She is Director of Human Resource Services Dixon Hughes Goodman, one of the largest CPA firms in the US. A creative entrepreneur and a certified career coach, she is frequently called upon by national news organizations such as The Washington Post, The Wall Street Journal, NPR, CNN, MSNBC, and AOL Jobs among others to contribute content on a variety of topics. Her articles on career development and the employment industry have been published in various national magazines, trade journals, and on the Internet. An enthusiastic motivational speaker, she is a member of the National Speakers Association, The Pinnacle Society, and The International Coach Federation. She is certified by both the National Association of Personnel Services (NAPS) and the American Staffing Association (ASA) as a continuing education provider. Carolyn is an alumnus of Kansas State University and author of TEN EASY STEPS TO A PERFECT RESUME and TEN STEPS TO FINDING THE PERFECT JOB, and TEN SECRETS TO GETTING PROMOTED available in select bookstores and on Amazon.com. Her blog can be found at www.JobSearchJungle.com.

Articles by Carolyn Thompson

Business, Entrepreneurship

Coaching or Consulting?



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A realization came to me one day that I spent a noticeable amount of time coaching people, even long after I placed them. A few years ago I decided to make it official and put some real credentials to it in order to expand my professional offerings. Now, I work with individuals and companies all over North America on leadership development, organizational planning and development, efficiency strategies, and sales growth.

Whenever I start with a new group wanting to increase their efficiency to boost their sales, I get a lot of the same questions from the business managers and owners:

  • How can I get more productivity with the same people?
  • How can you turn bad habits into good ones?
  • Can you get Suzie Q to pick up the phone and make a decent marketing call?
  • Where can I get some higher margin business?
  • Can you get Tom Jones to work normal hours again? He’s been here a long time and comes and goes as he pleases because he’s the top producer.
  • Where can I find a rainmaker without a non-compete?
  • What do you think of my pay plan?

The answers to these questions are clearly not that easy or simple, and they vary widely based upon location, industry focus, line of business, available technology, and most importantly, the management philosophy of the company.

The solutions to all of these require a hard look at the infrastructure and process flow of the organization coupled with an introspective analysis of how they got into these patterns in the first place.

Business

Tax Day Advice: Reinvest Your Refund Into Your Business!



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As income tax season concludes for 2010, have you found a few extra dollars about to burn a hole in your pocket? Even though your first instinct may lead you to a sunny vacation on the Riviera after two or three tough years, consider how reinvesting all or part of your tax refund back into your business to create efficiencies can increase your profits for 2011.

Many of us cut corners wherever we could in the past few years to weather the economic storm, but the general consensus in the recruiting world is that we are all getting busier. As the unemployment rate continues to drop and business keeps picking up, now is the time to consider what your needs are this year from an infrastructure, staffing, facilities, and technology standpoint.

For Managers, Relationships, The Business of Recruiting

Radio Killed the Interview Star



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Like most top performing recruiters, I’m a multi-tasker. When I’m in the office, no matter what I’m doing, I like to have the radio on in the background. I fall asleep to the television and I always have music playing in the car even when I’m on the phone.  My husband is the opposite. He turns the radio off when he receives a phone call and mutes the television while he has a conversation. He can’t stand having what some people call “white noise” in the background. He wants to focus on one thing at a time without interruption.

As many of you know, I work within a large CPA firm and perform executive search services for our clients. In my office, most of the employees are tax and audit professionals so the offices and workstations are kept quiet, but a few people use iPods with headsets. Some of the partners even have cable television running while they work. (Admittedly, during March Madness there are a lot more TV’s running!) 

Business

March Madness…Let the Games Begin



2011 march madness

I was going to write about recruiting for retention, but then I got sidetracked. The NCAA tournament starts today, and I have done my research for my basketball pool at the office. Last year, I entered two brackets; a first in Goodman history mind you. (I always like to be a trailblazer, you know). I went with Obama’s picks as one of my brackets as I figured he has a lot of professional help on his side so why not take advantage of all that statistical information our tax dollars pay for. Then I selected my own. I tied with myself in the end so I was equally skilled in picking my own bracket as I was with Obama’s!

I would hope President Obama spends as much time working on creating jobs as he does his basketball picks, but alas, creating jobs is my full time focus, which got me thinking about how much recruiting is like basketball.

Closing, Fees, TFL archives

To Negotiate Or Not To Negotiate…



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The deal is nearly closed. The references and background checks are done. You have thoroughly pre-closed your candidate and have been given the authority to accept on their behalf when the caller ID flashes your client’s number. You answer the phone euphorically with one hand, your calculator in the other, deciding what you will buy with your gigantic commission check when you answer the call…

And it starts with those six dreaded words: WE NEED TO NEGOTIATE THE FEE.

Your mind starts racing; how can this be? It’s the end of the process – why is this coming up now?

DON’T PANIC! This happens to the best of us…even when we have a signed fee agreement in place.

Take a deep breath, and…

Closing

Back To Basics – The Tough Questions



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I recently brought someone onto my recruiting team with absolutely NO prior recruiting experience. Proving my long-held belief that it is sometimes better to hire drive and desire over experience, he had his first placement before he even finished his second full week on the job.

Is this because I am an excellent trainer? I’d like to think so… but I believe it’s also because he followed the process exactly as I laid it out for him… to the T. This included asking the tough questions.

Over a casual catch-up lunch, one of my long-time clients mentioned to me that her sister had written the bestselling book The Hard Questions: 100 Questions to Ask Before You Say “I Do”. This got me thinking about one of my first mentors in the business, Brad Violette, who taught me his approach to the tough questions which he called:

THE KEYS TO THE CLOSE

Counter Offers

Counteroffers – Are You Kidding Me?



ToughQuestion

Nope, it’s true…they are making a comeback!

At the 2010 Fordyce ForumJenifer Lambert led a great presentation on her research based on client needs and satisfactions.  One of the topics that came up in that discussion was the resurgence of counteroffers.  I remembered an article I had used in 2005 as we were experiencing incredible competition for talent.  I often gave this to candidates as I conducted their initial interview to try and head off counteroffer acceptances. I want to offer that to Fordyce Readers as a downloadable pdf to share with their candidates as the situation arises (and it will!).

Counteroffer – Just Don’t Take It!

Picture this scenario:  After working several years for your current company, you feel your job has become stagnant.  The working conditions have declined, or were never what you expected, your company or position has not been challenging to you, and there is little room or opportunity to reach your full potential.  Fortunately, you have secured a new position at another company and you are looking forward to a better environment, management, salary, commute, promotion potential, flexibility, or whatever the benefits may be that will be an improvement over your current situation. When you inform your manager of your decision to leave, s/he may give you an offer to entice you to stay, even promising to match whatever benefits your new position may be offering. It could be a higher salary, better benefits, more responsibilities, or a job title to make your colleagues green with envy.  This is too good to pass up, right?

Uncategorized

Help Your Placement’s Transition



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I have been a recruiter since 1988 and have held leadership positions with large national companies as well as owned my own executive search firm for 10 years. I’ve been a member of the Pinnacle Society since 2006 and am also certified as an executive coach by the International Coaching Federation.

What a lot of people don’t know about me (besides that my first job in high school involved wearing a bear costume for kids’ birthday parties at Chuck E. Cheese) is that I actually started a new job in January.

After 10 years on my own with two business partners, we amicably parted ways, and I was recruited by a large regional CPA firm, Goodman and Company, to provide executive recruiting and human resources consulting services to its client base. This was one of the hardest decisions I’ve ever had to make, but it has been a great reminder about the transition our candidates go through when changing jobs.

It has been a rough road in our industry recently, even for a seasoned recruiter, causing me to pause and reflect on what made me successful in the first place. I told someone recently that I feel I was a much better recruiter when I was less experienced. I wasn’t as efficient as I am now, and certainly didn’t have the trust-based relationships I do now, but I think I had better attention to detail because ultimately, more was personally at stake with every deal while I was building my business.

Now, much of my business comes to me based on my established reputation. But with more orders to fill, it’s easy to get sloppy. I took my own job change as an opportunity to revisit some of the fundamental placement principles and fine tune my skills.

I watched my former Pinnacle Society colleague Tony Byrne’s videos as a starting point: 30 Steps In The Placement Process. The first time I watched this I found myself thinking: “I can do this in 15 steps. Why 30?”

But in watching the suspender-clad training guru (who left us much too early, and was succeeded by Danny Cahill as training chair for the Pinnacle Society), it reminded me not only of how much I miss the ‘80s, but also of how business was conducted before technology took over.

It was a great primer about bridging the gap between the keyboard and the phone which advancing technology has created.

Uncategorized

The Beach Chair Close



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I recently spoke at the Capital Area Staffing Association meeting as part of a Pinnacle Panel, and one of the questions that came up was about fighting fee reduction.

We are rapidly heading into the summer months and I have started to dream of a few moments with a good book on the beach. This got me thinking about my favorite beach chair…

My husband and I bought a condo a few years ago in Miami, and one of my favorite things to do when we visit is settle into a beach chair for a few hours with a good read. I’ve seen and gone through a number beach chairs since buying the condo, but about a year ago I happened to spend more than I usually have on some beach chairs for the convenience of getting them quickly, only to find that my new chair has become one of the highlights of my trek into the sun and sand.

Features and benefits:
First, it has a backpack on the back allowing me to more conveniently travel with my essentials such as beach books and sun block. Second, it has a cup holder, this keeps my beverages at hand and free of sand…no one wants to drink a sandy drink. Third, it has plastic arms; a surprisingly enjoyable switch from my usual preference of wood since cleaning is effortless. Fourth, it folds up quickly and easily and shuts securely for transportation. Fifth, it has a comfy pillow on the top so you aren’t resting your head on hard (or hot) metal. Last but not least, it’s made of a material that dries immediately, so when you sit in it wet then decide to head out, you aren’t dragging a sopping wet chair.

The things I love about my favorite beach chair and the benefits each feature offers led me to think about our services and fees in the same way. We all sell beach chairs, right?

They have a pretty standard function: they fold out, people sit in them…But it’s the specific features of a chair that make it a perfect fit for its owner. If you concentrate on buying based on price alone, you will end up with an old woven strap beach chair that you just throw away instead of take home. There’s nothing special about those cheaper chairs; they have hot arms, they aren’t comfortable, and the bands often break soon after purchase.

Isn’t the same true of service deliverers who are cutting their fees?

They often don’t perform the full service for the job, and cut various corners, in order to offer those lower fees. The placement eventually breaks (usually shortly after completion) leaving the client to reluctantly buy a replacement from another store, ultimately spending more time and money on the cheaper chair.

Know the features and benefits you offer that set you apart from the competition.

In my office, we use a list of nine features and discuss their benefits so my staff is clear on what makes us unique to our clients. I’ve recently assisted several companies across the country with the exercise of identifying the features and benefits of their services, and they are seeing amazing results now that their staff is able to discuss their individual identifiers as selling points to prospective clients. There’s no need to cut your fees to complete with the cheaper beach chairs if you train your staff so they know exactly what features go in to the fees to make a great beach chair and the benefits those features produce for clients.

Offer your clients a better chair, it might be a little more expensive, but it will last more than one summer.

To schedule a facilitated session on this topic or for other customized recruiter training, visit my website at www.carolynthompson.net or email me at ct@carolynthompson.net.

Uncategorized

Getting Back to Being Busy



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Editor’s note: Carolyn Thompson is a scheduled speaker at Fordyce Forum 2010 in Las Vegas this June.

I can’t remember the last time I had five placements in one week.

As a member of the Pinnacle Society, I challenge myself to have, or be involved in, at least one transaction each week resulting in between 50 and 80 placements a year. Last year I worked hard to hit my minimums, but this year I’m already exceeding my targets.

In my “back to basics” methods, I have been putting in more hours on the phone and in-person meetings than ever before. This leads me to mention activity levels. People ask me all the time, how is it that you bill so much? Focusing on these revenue-generating activities each week helps me exceed my target sales and revenue:

  • In-house candidate interviews
  • Job orders
  • Candidate send out interviews at clients
  • Meetings

In-house candidate interviews:
Getting to know each candidate, creating a one-on-one connection, goes a long way toward helping them find a job, especially when they are struggling with the job search process. I try to personally interview four people every day, either in-person or by phone. The majority of my work is locally based, so I am lucky that I can connect with people in person, although for distance searches I utilize my webcam to form a unique bond at the outset. This enables me to better inform candidates about my expectations of them and what they can in turn expect from me as a recruiter.

Using the candidate’s recent interviews as a launching pad to learn what they liked and didn’t like about where they interviewed often opens up a line of communication that helps you learn what is, and isn’t important to them, enabling me to be more efficient on their behalf.

Job orders:
Seem simple enough, but many companies don’t want to pay fees unless they absolutely have to. In these cases, market candidates who are a great fit for the company and the opening they have, but make SURE you come to a WRITTEN mutual agreement on the fees BEFORE anyone crosses their doorstep. Activity levels will vary by specialty, but generating 1 to 3 new job orders a week is a great goal to aim for in any industry.

Candidate send out interviews:
Whether they are phone interviews, breakfast or dinner meetings, or actual on-site interviews, this is the most important step to getting the offer. Each step of the interview process is important so attempting to have one candidate-client interview per day is an excellent goal. This could be a first, second or even third step, but it’s the ONLY step that will get you closer to an offer and acceptance.

Meetings:
Meetings are an important step when establishing relationships with candidates and clients. Again, whether it’s in person or via Skype, there’s no replacing the opportunity to put a name with a face. Your ability to make a personal connection with your clients will set you apart from your competition, who are focusing on fees.

I also count preparing the candidate for their client interview, or interview preps, as “meetings” in my weekly activity report. I learned years ago that no matter how much I planned, made great marketing calls, and even secured a signed fee agreement, if the candidate was not well-prepared for the interview, all my hard work was for nothing. I generally spend more time in the prep than the initial interview and often do them from home in the evenings so as not to be interrupted.

So how many activity points does it take to bill $1M?

You can easily calculate that based on your specific individual fees and number of annual transactions, but I aim for a minimum of 25 activities per week. That’s only 5 a day. I have a tried-and-proven worksheet that will help you calculate your average transaction and how that breaks down into value per activity.

If you’re interested in a hands-on activity, visit my website for a webinar I recorded that many people find helpful: Goal Setting for Recruiters.

Focus on activities so the placements will follow!