On Friday I had the pleasure of taking part in a panel discussion with graduate students from Northwestern University’s Masters of Science in Communication program. The topics covered included: career paths, job search and the effects of the current economy for recent graduates.

Here are a few of the insights that I gathered and shared with them:

 Masters of Communications vs. MBAs:

We ran a quick pool of several senior level marketing and communications professionals to get their take on the value of a Masters of Communications.  As of today 51 have responded. Nearly 50% said it gave a professional a leg up or was “a must”.  Only 17% said other degrees are better.  The poll is still live. Feel free to participate and check out the results: Poll

Compensation:

One of the trends we are seeing is a polarization of compensation. The top 10% of earners within marketing and communications make at least 50% more income than the average earnings of the bottom 90%.  An article in Marketing Week from the UK gives a global view of this trend: ‘A New Age of Austerity Hits Pay Packets Hard‘

 Where the Money is: 

• US owned companies compensate these Marketing and Communications roles better than their European counterparts.
• Digital natives (those who have worked within online marketing from the beginning of their careers) earn a significant premium in compensation.
• High performing employees may be in a great position to negotiate. 70% of companies reported that they were concerned that these high performing employees may leave.

The Economy

Yes, the economy is difficult. But the anxiety caused by high unemployment numbers is often worsened by media oversaturation. The staggering numbers (8.4 Millions jobs lost since the recession began – Bureau of Labor Statistics) do not provide a  perspective on how communication  professionals will be effected. While white collar workers did experience some of the wrath of the poor economy, they were not affected to the same degree as those without a bachelor’s degree. Bureau of Labor Statistics Education Pays Graph.

 On the bright side:

• The Unemployment rate recently fell to under 10%.
• In January there were 5.9 job seekers on average competing for each job -  a significant decrease from the pervious month
• There were 2.5 million job openings in December 2009- a significant increase from November
• Even with 14.8 million people out of work, there are an estimated 137 million employed.
• A Towers Watson survey released Dec. 2009 states that the number of polled companies that plan to freeze or reduce hiring dropped by half to just 33%. Click here to see the Study
• Marketing, creative and communications professions make up only a very small percentage of the total work force and unemployment rates among those ranks are generally much less than the national averages.
• In surveying the January job postings for Communications roles several groups were up. For example- Internal Communications increased 9%, Communications Managers increased by 10%.

So take a deep breath and start regrouping for the big surge ahead that will surely follow this economic turmoil.  It is time to get back to the hard work – figuring out what you are truly passionate about. Trying to guess the direction of the market, following the hot industries of the moment will never create the foolproof career plan. Being passionate about your chosen path will make you more attractive to employers regardless of which way the current trends are blowing.

Employee vs. Contractor

Temporary employment is becoming the new norm. As companies remain fiscally conservative and credit strapped, they are reluctant to bring on a permanent head count. Marketing, creative and communications departments have had experience with this model for years. This will continue to be a growing trend into 2010 and potentially far beyond. From junior assistants and mid-level specialists to the most senior level strategic directors – contract vs. employee is an important part of the mix. Check out two articles on the subject:

‘Temporary CMOs are Here to Stay – for Six Months or So’ - Brandweek

‘Recruiters See Jobs Pickup in 2010 Despite Concerns’ – Wall Street Journal

As always, I came away from the panel discussion super charged. The talent, dedication, drive and passion these professionals have reminded me why I love this field so much- a big Thank You to the school for inviting Paladin to participate.

Over the last few months, several of our corporate clients have discussed significant changes in how they execute their marketing and communications efforts. Several are planning to drastically shift how they use their agency partners and will bring key projects in-house. Others are looking to outsource marketing and creative functions to concentrate on their core business. These clients differ across industries and size including global b-to-b manufactures, financial services firms, non-profit organizations and professional services firms. Because of the number of clients grappling with the same issues, we want to dive in further to find out if these are unique occurrences or growing trends.

We are turning to the marketing and communications community to hear from you. How are you executing marketing and communications efforts?  Take our poll and check back for results: TAKE POLL NOW

In the mean time, here are a few articles I have come across recently on related topics that may also be of value in this discussion. Feel free to share your comments, insights and opinions on the topic here and on our poll.

Tough economy forces marketers to reorganize http://tinyurl.com/yfjghjd

Small ad agencies go over big http://tinyurl.com/yg98soe

Down economy drives small businesses and EAG http://tinyurl.com/yghcv6h

Marketing Business Services in Down Economy http://tinyurl.com/yl8etfc

Avoid the temptation to cut marketing budgets http://tinyurl.com/yf9ahe2  

In-house SEO vs. SEO Provider http://tinyurl.com/yf87yr9

Lately, I’ve been reminded that business Web sites often come in one of two flavors.  Perhaps you can recognize them:

1. What we do – These are sites that focus on attracting business.  They devote most of their pages to describing their services, human capital resources, success stories and the like.
2. Who we are – These are the sites that have chosen to focus on attracting talent.  A significant percentage of the site is devoted to recruiting, so they showcase the work experience, profiles of their office locations and career opportunities.

These are broad brush-strokes and there’s nothing inherently wrong with either approach.  Of course, some overlap occurs when talking about the work experience (showing a potential client how thorough you are) or describing your services (showing potential recruits the level of impact they can have).  Many sites dedicate space to both services and recruiting.  But they could be so much more.

The best sites offer a third option, one that combines the flavors above with a way that keeps clients, prospects and potential new hires coming back again and again.

The knowledge site

Call it the Neapolitan solution because it’s three flavors in one – services, recruiting and knowledge.

The difference, of course, is in what knowledge you make available.  The idea is to make the knowledge you share valuable and useful without giving away the store.  Give them just enough new information on a regular basis – or provide access to a database of information if that aligns with what you do – to whet the appetite or keep you top of mind when the time comes to actually purchase your services.

If you’re a design firm, for example, you could offer case studies on how good designs have made a difference between success and failure in a campaign, or offer tips for how to approach branding, color or layout.

Professional services firms can present examples of best practices in operational efficiency or performance management.  Publishing companies can offer reviews and insights culled from their latest editions.  Industry news, white papers, articles, summaries of round table events – the opportunities to position your organization as a valuable resource are endless.

This isn’t a difficult or particularly new concept but for some reason it’s a rare one to see being utilized.  But examples can be found: just look at what Paladin is doing by publishing these blogs.

What kind of a Web site are you?

It’s not easy to do this.  It takes imagination, management appetite, resources and, just as important, maintenance.  It takes collaboration over the long haul to create the content and promote its existence on a regular basis.

It’s long past time when a company could get away with being an electronic brochure.  The war for talent and the fight for business demand that you reach out to clients and prospects – or give them a reason to reach out to you.

Small businesses are especially vulnerable these days and are looking for ideas to generate revenue.  The good news is that those ideas are right in front of them, in the knowledge gained through the experience of their people, the tools they use, and the services they provide.  The not-so-good news is now that knowledge needs to be transformed into a format where it can be shared.

But it can be done.

Do you have any examples of favorite sites that exemplify the Neapolitan approach?  Remember what your mother said about sharing…

How you communicate can say as much about you as what you communicate.

For example, you may have noticed that people often fall into either one of two contact categories – e-mail or voicemail.  You would do well to find out which one that new client or manager prefers as soon as possible.  Your lines of communication will be that much more secure.

Yet when it comes to e-mail, voicemail, Instant Messaging and even Twitter, there are traps waiting for you.  The way you use these vehicles on a day-to-day basis can be particularly revealing.

Here are some best practices – reminders for some, news for other – to keep in mind.  Don’t worry – they’ve all been field tested:

• You say goodbye and I say hello – It’s a typical scenario: Someone sends you an Instant Message at exactly the wrong time.  Sure, it’s nice to get an unexpected missive from a friend once in a while.  But IM’s can arrive just when you don’t have time to engage with them.  And the sender doesn’t know when to get off.  If the IM conversation needs to go on for more than five or ten minutes, call.  And if someone writes that they’re in the middle of something, let them get to it.

• In cyberspace, everyone can hear you scream – Everyone can tell how you really feel when you dash off that e-mail/IM/Tweet response to something (or someone) that really bugs you.  Write the e-mail if you must, but save it as a draft and read it again later.  Better yet, delete it and start anew.  The ancillary to this is the e-mail written so quickly that it becomes the electronic variation of bad handwriting.  No one will know what it means, so it wastes everyone’s time and says “I’m too busy to care.”  Not a good message.  Take your time, use spell check and review before you send.

• It’s all personal – On a subliminal level, hearing your voice say that you can’t come to the phone right now tells me that you will get back to me.  Hearing your assistant or a “standard greeting” tell me you can’t come to the phone says something else entirely.  Seriously, is it that hard to set up a voicemail greeting using your voice?  Set it up once, keep it brief and you’ve demonstrated a personal touch that speaks well of you.

• Can we change the subject, please? – By now we’ve had e-mail long enough to know that in a long e-mail series, the topic will change.  So either stop replying and start anew or change the subject line to reflect your current topic.  Be specific in the subject line (e.g., “Statistics on sales for October”) rather than general (e.g., “Information requested”) to make it easier to scan and identify.  And like the IM conversations mentioned above, if the series threatens to go on for more four rounds, pick up the phone.

• “Mr. Watson, come here, I want to see you” – Alexander Graham Bell had just spilled battery acid on himself when he made that first telephone call.  Not all of your voicemails are quite so urgent.  Don’t mark them as such unless it’s truly vital.  When every voicemail is special, then no voicemail is special.

I could go on but now it’s your turn.  What are your best practices?

Contributed by: Frank McGee
Writer, trainer, coach