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.

You know that the time will come when the “employer market” will change back to a “candidate market”.  My friends, that day is fast approaching!  For those of us who went through this cycle in the 90s (yes, I was there), it was a great time for qualified talent to make a change but not so good for companies who had invested thousands of dollars and years into cultivating the talent.  Firms were often in bidding wars over candidates and many times there would be 2-3 offers up for consideration.  Sign on bonuses, relocation packages and stock options were commonplace, not the rare exception.

There are some basic steps you can take as an employer to solidify your relationship with your employee so you don’t find yourself looking for help when you didn’t see it coming.

1. Make sure your employee knows where they stand in your business.  Tell them how you feel about them.  Show them they matter in their pay, benefits and involvement in the decisions of the business.
2. Be flexible with things like time off, work hours and virtual work when possible. Today’s workplace has changed dramatically and employees are juggling much more in their schedules and the employers who offer the most flexibility will grab more of the top talent.
3. Don’t try to play the bidding game with an employee who is already looking on the outside.  If they matter to you, counter quickly and decisively if necessary but be willing to let them go their own way.  If their decision to leave is all about more money, the desire to get more will continue to be there.
4. Promote your best people and give them a clear career path that is set in your firm.  People who have been patiently waiting through the Recession for those long ago promises will not be so patient moving forward. 

As a candidate looking to make a change there are also key factors for you to keep in consideration.

1. Have your resume always up-to-date and references available.  Some jobs will appear out of the blue and you don’t want to keep a potential employer waiting.
2. Keep your social networks open and always looking for new potential matches.  Remember, other people will have the same idea as you.
3. Don’t just “kick the tires” to see what is out there.  While as a candidate you might have the upper hand, you can burn bridges and get a bad reputation with recruiters and clients that will spread like wildfire.

The bottom line is that things are improving and the market will be much more competitive for the top talent and keeping the people you already have in place.

Now is a good time to do some “soul searching” and make sure you haven’t capitalized too munch on the current market and irreparably strained the staff relationships that your business needs to continue to be successful.

Here is a recent answer to a PR Week question. I thought I would share it with you here:

What are some ways junior-level candidates can stay positive during an extended job hunt?

Jadey Ryndak

April 27 2009

A positive, energetic attitude is one of the main factors to determine a candidate’s success. Companies can teach a new recruit many skills, but every employer knows that a new hire’s actual success will be highly influenced by his or her attitude. So be sure to keep your enthusiasm at the forefront during your job search.

In order to stay positive, surround yourself with people who share your passion by seeking out associations and groups, and attending face-to-face and online events.

You can also stay connected by reading articles, subscribing to RSS feeds, and participating in related events.

Break the job-search process into small steps and view the accomplishment of each step as a victory. The best way to keep rejections from being traumatic is to have lots of opportunities in the wings. Cast a wide net and never stop networking and seeking opportunities.

Create a list of the roles you want and the qualities, abilities, and skills that you can offer. Read this list regularly before interviews and networking events, or even after a disappointment.

Link

Like many of you, in the past few days I have taken the opportunity to look back on the last year and reflect.

In 2008, I made a big transition.

After working as an Account Manager at Paladin for a little over a year, I took the plunge and started graduate school, completely changing my career path - I am now a first-year doctoral student in Clinical Psychology. At Paladin, we see many candidates who are in the process of a career change, and regardless of whether you are making a minor shift (say, from working in an agency to pursuing a career client-side) or a more drastic career overhaul, there are some common principles that apply. After finishing my first semester successfully, I wanted to share some of the insights that helped me along the way, in the hopes that they might also help others to smooth this scary transition. Here’s some of what I learned:

Demonstrate Your Interest and Commitment

One of the biggest hurdles we career-changers face is that we don’t always have much direct experience in our field of interest. It can feel at times that we can never catch up to those who have been doing our desired work longer than we have, and it can be difficult to get a foot in the door. Experience may be important, but so is passion, interest, and commitment. As you prepare to make a career transition, it helps to reflect thoughtfully on your own motivations: what has led you to the decision you’ve made? The first step to making a successful transition is being able to clearly articulate your motivation and passion to others (especially those with the ability to help you move toward your goal). If you have done volunteer work or had unique experiences that contributed to your interest in your new career, highlight these things consistently in your communications with others (admissions counselors, recruiters, hiring managers, etc.). Volunteering or getting involved with professional organizations in your desired field is a great way to gain some valuable experience, begin networking, and most importantly, demonstrate your commitment to the change you are making.

Know What Your Transferable Skills Are (and Aren’t)

Once you understand your motivation for making a career change and can clearly articulate it to others, the next challenge is to make the case for how you are qualified to do the kind of work you are seeking. A critical evaluation of your skills, strengths, and weaknesses is called for here. This might require a little thinking outside the box, as you analyze what you do and what you are good at, and try to creatively imagine those things in a different context. Be sure you do solid research on the field or industry you wish to enter, so you know the skills they need and can best match your abilities to those needs.

Understanding your transferable skills is important, but it is arguably more important to know what they are not. One of the biggest mistakes made by individuals trying to change careers is to overstate or ignore the limitations of their experience and skills. At the time I was applying to clinical psychology graduate programs, I had no work experience whatsoever in a clinical or health care setting, compared to many applicants who had interned at hospitals, volunteered for crisis lines, or worked as techs in psychometrics labs. However, I had evaluated my own experience, and realized that the many interviews I had conducted in my career as a recruiter demonstrated an important transferable skill: the ability to talk to people one-on-one, listen to their concerns, and synthesize information to help them find a solution (i.e. a great job opportunity or the perfect candidate).

When I interviewed for graduate school, I talked about the ways in which my experience could be seen as applicable, but I never said anything that implied that interviewing in employment is just like clinical interviewing or therapy. To do so would only have demonstrated that I lacked a clear understanding of the role I was trying to transition into, and would have backfired against me. This is equally true in a job interview. Articulating your transferable skills should be your opportunity to demonstrate to a hiring manager that even though you may lack direct experience in your new field, you have a firm understanding of what it entails and what you can bring to the table. Overstating the case for transferability, however, will have the opposite effect. It’s a fine line to walk, but it can be done successfully if you take the time to do your research about the types of positions and companies you are trying to transition into.

Work Your Network and Utilize Your Support System

The most successful transitions are a well-supported team effort. Once you have come to a decision about where you would like your career to go, and are able to confidently articulate your motivation, your commitment, and your transferable skills, it is time to start reaching out! While recruitment firms like Paladin can be a great resource during your transition, perhaps the best way to get your foot in the door is by talking to the people who already know you well: trusted colleagues, friends, and family. If you are confident and passionate about where you’d like to go next, your enthusiasm will transfer to those around you, and they will be more inclined to reach out in turn to their own networks, helping you find the opportunities that will put you on your path. In applying to grad school, I reached out to friends who had studied psychology and were familiar with programs in the area, which significantly helped me make decisions about where to apply and where to attend. Paladin also played a role in my transition - I was (and am) lucky to have strong relationships with my managers, who offered me the opportunity to keep working with Paladin on a part-time basis while I attend school. I get the best of both worlds - to extend and deepen my relationship with a company I love working for, while being supported in pursuing my next career.

Finally, I want to mention something that might seem obvious, but isn’t always acknowledged: Transitions are stressful! Even when you feel very confident that you are headed in the right direction, making a big change is scary. Many people are hesitant to admit that they feel fear of change. However, being willing to do so, and being able to rely on a support system of people who love you, can make the transition a whole lot easier. Don’t be afraid to ask for help when you need it!

To all of you out there contemplating big changes in 2009, I wish you the best of luck, and Happy New Year!