60 Percent of Our Clients
End Up Changing Industries
When you are thinking about changing jobs, you need to take a close look at
yourself and the industry you're working in. For better or worse, you will
quickly find that, compared to a decade ago, you have changed, your career field
has changed, and your industry has changed.
Today, people must be prepared to market themselves with sufficient skill so
that they are attractive to employers in many industries. People who see
themselves as specialists, or in one industry, may mistakenly believe they are
locked into one type of business.
Others feel they have few available options because they are generalists. The
reality is that executives of all ages are making moves into new careers and
frontier industries. Many find such choices allow them to have greater income
and more challenge. In this section, we will share some basics we have learned
from the many executives we have helped to change industries.
Our process for helping you involves doing an exhaustive analysis to surface
your assets. Then we match them against a range of opportunity areas. The key
point to remember is that transition to a new industry is easier than it used to
be. Historically, people have overrated the barriers and underrated their
abilities to make contributions in new areas in a relatively short time frame.
Why We Favor Looking
Into Growth Industries
As a rule, we identify a range of possibilities that people may not have
uncovered, or considered —on their own. Of course, we also consider traditional
areas and large firms. Ultimately, clients select their own goals.
We tend to favor growth industries. Why? Because a fast-growing firm generally means higher pay, faster
promotions and more valuable stock options —giving people a meaningful chance of
accumulating some wealth and job satisfaction. Stated another way, with all
things being equal, why join a firm in the steel business or other mature
industries where stock options may prove meaningless?
Growth companies are usually driven by shareholder value. Every employee
receives more options each year. In private firms, employees often receive
options to buy stock at only 10 percent of the price extended to VCs.
Of course, there are restrictions regarding tenure with the company. But if a
person joins a growth company, they have the potential at any age for
compensation in stock options that can go far beyond their salary.
Making It Easier to
Change Industries
We track growth industries and growth companies by constantly updating our
knowledge through our relationships and information sharing. Our research
department also continually reviews dozens of major media, dozens of
lesser-known publications, trade media, newsletters, and online sources, as well
as the business sections of major newspapers. Any mention of a growth industry
then makes its way into our growth file.
From there, we isolate characteristics of each industry and match them with
characteristics of industries where our clients have previous experience. We
refer to this as having an "industry hook." And, projecting some form of any
industry hook is the next best thing to having industry experience. Our goal is
to compile your best industry possibilities, and we group them three ways:
Close industry hooks—easy possibilities
Medium industry hooks—next best
Far reach or "stretch" industry hooks
The more you appear to know about an industry, the easier it is to generate
interviews. Conversely, the harder it is to demonstrate knowledge of an
industry, the less likely a person is to move into it.
When you have no knowledge. If you are short on information about a particular
industry, the easiest way to acquire knowledge is through trade publications.
They make it easy to communicate on new products, data on specific firms, and
the major industry challenges.
A client was a marketing executive with Philip Morris and she joined a
cosmetics firm. Why? Their methods of marketing are similar.
Another client was the EVP of a circuit- board company, and was recruited to
become president of a firm that makes power packs. Why? These industries have
similarities in manufacturing and sales.
A Lockheed Martin executive was recruited to become CEO of a small firm that
sells high-tech services to defense contractors. Why? The key was the new CEO's
contacts and his market knowledge.
Another way to get this knowledge is to talk with people in the industry. You
can also use our private website to surface information on virtually any trade
association and its key executives.
Turnaround opportunities. Troubled industries also have something to offer. Executives who have worked for firms under pressure can be
invaluable contributors. Those who learned tough lessons in competitive battles
can function as veterans in any industry.
Low-tech opportunities. As you review potential industries, you might also
remember that while glamorous high-tech and service businesses receive 90
percent of the publicity today, many people will find far more opportunities in
industries that are considered low-tech.
Obviously, you don't want to overlook your leverage power ... the added benefits
you may bring by virtue of your contacts or knowledge. You may be able to bring
a team with you that helped you "turn around" a similar situation. Perhaps you
control major accounts that would give you their business in a new field. Or,
you may have cut millions from overhead before and can do it again.
Versatility. Another consideration can be your versatility. The fact is, nearly
every capable person can work in a different function that is broader, narrower,
or in some way associated with a past position. Here are some examples to
reinforce this point:
A versatile purchasing executive with Honeywell found it easy to move to a
growth firm where she is responsible for all manufacturing.
A general manager from Mattel became the marketing VP for a consumer firm in
the cosmetics industry.
A lending officer with BankOne became the top executive in an Internet
financial services firm.
An executive went from the Labor Department to president of a pharmaceutical
firm.
A lawyer from a steel company became EVP of an engineering company.
Be sure to communicate the scope of your knowledge and potential. Sales
executives, for instance, often know quite a bit about marketing, purchasing and
distribution. Manufacturing professionals often know a great deal about
administration, logistics, the control function and general management. A
controller will sometimes have a grasp of every aspect of a business.
Minimizing arbitrary requirements. When discussing the requirements for a
position, it will be important for you to distinguish between arbitrary
requirements and those that really relate to results. Arbitrary requirements
include degrees, titles and industry experience.
Your selling proposition. The final hiring decision usually has little to do
with specifications. If you can present yourself convincingly as being able to
produce results, you will most likely get the job. We have thousands of
examples. If you believe you can produce direct results in a situation, lay
claim to it. Don't seek a lower level than you should, or rule yourself out of a
job, simply because they have never done it before.
Aim where barriers are low. If you are switching industries, you will find that
more opportunities emerge in small and mid-sized companies. They don't have
layers of management waiting to fill new opportunities. Their executives tend to
be less specialized.
How Our Technology Helps Us
Identify Your Industry Options
We have tens of thousands of professionals complete our Industry Characteristic
Profile yearly. This is a unique checklist form which contains hundreds of
"descriptors." It enables clients to quickly tell us about the characteristics
of the industries where they have worked.
For example, an executive who had been with the fast food giant "McDonalds"
would probably check that his industry was characterized by such things as heavy
national advertising, strong brand development focus and that it was manpower
intensive. Obviously, there are many other criteria as well.
On the other hand, an executive who had been with Time Warner's cable television
group would probably describe his industry as being capital intensive, subject
to government regulation and other descriptors.
When you become our client, you will complete our Industry Characteristic
Profile. Then, we will utilize our software to identify other industries that
have similar characteristics to your own. For example, we might start by having
our computer program bring up all industries which match 75 percent of the
characteristics. If we didn't get enough, we would request a 65 percent match.
The bottom line is that we can review dozens of industries from the 1,800+ we
track that may be a good match.
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How Some of Our Clients
View Changing Industries
"I had been in a manufacturing industry for 20 years here in Pittsburgh.
Several times I looked for a position, but had no success. The key to your
helping me had to do with your extremely thorough way of analyzing my whole
career history. Working with your staff, we came up with completely different
presentations based upon my skills. Getting it all put together in the
communication strategy was also key. The whole search took about 15 weeks but I
am extremely happy and excited about the firm I have joined."
As I look back on my career, I agree with you that being in the right
industry can have a major impact on both your career and financial progress. I
had worked for two tire companies, most recently Firestone, and only wish that I
had made the effort to break into a new area at a much earlier date."
"There is no mystery to your approach to helping people change industries.
Nevertheless, without some professionals to talk to, I think most executives
would have a hard time pinpointing their industry options. Your staff
enlightened me to a rather dramatic extent. I have shifted from a career in
nonprofit and education to the business world and am looking forward to my new
challenges."
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