Given the events of 2008,  it seemed like now would be a good time to take a look at the U.S. IPO market for venture funded enterprises and see how it has fluctuated during the past 10 years.  One of the most effective means to illustrate movement of this type is the motion chart option offered by Google.  It provides a truly unique method of observing change over time.

The categories selected for this particular examination are City, Number of Companies,  Amount Raised, and Total Valuation.

The data used to construct the charts is derived from the always useful Moneytree Report along with 2008 data from Hoovers IPO Central and pertinent corporate releases.

Regions assigned to each metropolitan area are designations that I have often used for my own personal items, and are provided as a means to allow the user to readily identify all cities in each particular realm if so desired.

Feel free to adjust the tracking speed with the arrow next to the play button.   I’ve also found that changing the ‘Lin’ setting to Logarithmic on both axes provides a much better perspective on the data.   Individual metro areas can also be isolated either by clicking on the corresponding dot or checking any of them in the appropriate box on the right side of the form.

The high-water mark of 1999-2000 is readily apparent,  as is the trough of the 2002-2003 post-bubble cycle.  Confidence was restored to some degree beginning in 2004, but the number of offerings in the years up to current barely surpassed that set in 2000 alone.

How have things fared during each quarter of the current year for all companies?

The enormous Visa event of Q1 appears much like the Sun set against a hobbled solar system.  Things regressed to the point where there is a solo orb remaining (Grand Canyon Education out of Phoenix) at the end of the year that is highly symbolic of the status of the current IPO market.  In short, it tanked massively.

Certainly an improved atmosphere for public offerings will return in due course, albeit perhaps in a form that may not approach even the middling numbers of the past few years for some time.  The question is whether or not many of the executives who might normally consider this route (particularly those in the high-technology field) even need to worry about going public when so many similar companies are being snapped up by massive entities who need to fill out a particular niche in their overall product stable.

Indeed, many leaders make it clear from the onset that their primary goal is to eventually have their venture taken over as opposed to undergoing the process necessary to reach and put forth a successful offering.  Add to this the myriad of issues that must be addressed on a regular basis after the company becomes publicly traded and it’s not a surprise that many are leery to take that path.  Often it is much easier to seek partnerships with an IBM or HP,  make certain they utilize your product as much as possible,  and wait until representatives show up at your door with a bag full of cash and an acquisition offer.  Frankly, in many cases,  it’s an approach that is hard to argue against.

One of the most common questions I am asked to address is whether or not a candidate who is seeking a particular position should attempt to keep their career information confined to the space of one page.  While it seems fairly obvious that those with five or less years of experience in the workplace should do all possible to keep things compressed to a single sheet, what about those with much more seasoning or highly technical backgrounds?

During the early part of the decade a very tangible movement took place whereby individuals were often prompted to construct a one-page resume no matter how much experience or accumulated skills they may have acquired.  This was fantastic for those in HR departments who had become accustomed to searching for keywords or simply did not have the desire to peruse past Page 1.  However, it soon became clear that many individuals were omitting information from their profiles that provided a more thorough and comprehensive outline of their true capabilities, quite often to their detriment.  Based on the numerous resumes I read each day, there can be no question that things have shifted back to longer abstracts.  Nonetheless, there seems to be a very clear preferred page number emerging that all applicants should take into consideration.

Many hiring managers have told me that they have difficulty reading anything more than two pages – something to keep in mind no matter how much experience you may have.  The vast majority of these individuals feel that if a potential contributor cannot summarize their abilities within this amount of space, they may have difficulty performing at an optimal level within their organization.  This perception certainly may have little merit but, nevertheless, it does exist in very prevalent fashion and must be taken into account during the formulation process.

Areas to consider amending in order to keep things concise:

• Font size – 12 point is more than sufficient.
• Corporate logos,  grand expanses of italicized flourishes, and ornate text boxes can be attractive, but make it a point to focus on content that will show why you should be hired.
• Keep bulleted statements to a minimum and utilize only those that truly emphasize your ability to successfully fill the position and help the company generate revenue and growth.
• Results that are outlined in compact form are far more important than softball league affiliations or wreck diving acumen.  Eliminate all personal items that may seem unnecessary.

Numerous studies have shown that the typical employer will devote less than 30 seconds to each resume they read.  Make certain to make the most of this time and quickly grab their attention with accomplishments, proven leadership skills and, if applicable, appropriate technical certifications and knowledge.  It’s a simple matter to keep a copy of that 6-page behemoth in the rare event that an individual wants to examine it.

You feel that the interview went exceptionally well. You had great rapport with the hiring manager. You both agreed that your qualifications, cultural fit requirements, and relevant performance-related accomplishments were a superb match for the role. Yet, unexpectedly, you received notice afterwards that the company was no longer interested in pursuing you for the opening.

You were confident that the job was yours to accept but, upon further reflection, there is a nagging feeling in a corner of your mind that the perceptible change in the interviewer’s manner at the very end of the talk may have been much more than the simple anomaly in their overall approach that you initially assigned to it. What might have happened to change the timbre of the engagement so quickly after everything before that point had gone so brilliantly?

A number of potential candidates and trusted clients I chat with tell me that many recruiters view interview preparation as little more than an afterthought. Indeed, many assign no purpose to it other than to announce what time the talk will begin and with whom it will be conducted. This crucial element of the process takes only a small amount of attention and effort, and neglecting it is a disservice to all involved.

Items ranging from extensive study of the corporate offering and the requirements of management, to something as basic as appropriate attire are all certainly essential. However, there is one very simple yet highly important facet of the undertaking that must be attended to after each step – let the individual know that you are very interested in moving things forward to the next stage.

A particular manager may have been very enamored with a seemingly perfect candidate but, after talking with them in greater detail, felt that their enthusiasm for the opening was not sufficient enough to warrant further discussions. This may not have actually been the case but, if those in the hiring post feel that they are dealing with someone who is not entirely committed and enthusiastic about working for them, things can stall rapidly. Conversely, on a number of occasions I have seen contenders win a role because they were deemed to be the person who had the most interest in it, even though many times I perceived them to be somewhat less qualified than others vying for the position.

It’s vital to remember that company executives want to be actively engaged and pursued by an applicant. A simple miscommunication may lead to you losing what may have been the best station of your career thus make certain to convey excitement and passion for the company and the open slot if it truly is of interest to you. Most importantly, let them know that you do indeed want the opportunity and will do whatever is necessary to succeed. This seemingly most simple of actions can have a tremendous impact and is an essential component of any interview.

It is essential to be prepared to effectively and agilely provide strong answers to an interviewer’s queries. Although the range and form of each individual’s respective format and approach may differ greatly, there are a number of core questions that always seem to surface during the course of an assessment. Those who have readied determined, cogent responses to the following will be a step ahead in this part of the process.

1. Describe your current duties and responsibilities.

2. Describe yourself.

3. What do you find satisfying/dissatisfying about your present position?

4. What are your most important achievements?

5. What provides you with the motivation to excel at your job?

6. What type of actions have you taken to improve your professional and personal development?

7. What do you perceive to be your weaknesses?

8. What are your short-term and long-term goals?

9. Why are you looking for another opportunity?

10. What knowledge do you have of our company and the position we are offering?

11. What are your expectations from the job and our company?

12. How do your skills and abilities apply to the position we are offering?

13. What do you have to offer that other individuals do not possess?

14. How would your coworkers and managers describe you?

15. How well do you work within a team environment?

16. What activities/interests do you enjoy outside of the workplace?

17. Why should we hire you?

Well-prepared and germane questions for a potential employer not only allow you to effectively gauge the strength of the opportunity and how well it matches your requirements, they also provide the interviewer with a strong impression of your commitment and professionalism. The following questions have all proven to be highly relevant and effective:

1. What does it take to excel in the position and your corporate environment?

2. Have the employer discuss his/her career and their development at the current company. Why did they chose to work there and what keeps them happy?

3. What are the duties and responsibilities attendant to the role?

4. Why is the position available?

5. What type of individuals are most successful with the company? How is that success measured?

6. What does a normal day consist of for someone in this position?

7. What are the most important things I will be called upon to address?

8. What type of opportunities are available after I have consistently performed at high levels for an extended period?

9. What are the strengths and weaknesses of the company, as you perceive them?

10. What are the goals of the company – short-term and long-term?

11. What separates the company from others in the same market?

12. How would you describe the company culture?

13. Are there opportunities for additional training?

In my last post I outlined the story of an individual who took great initiative and was rewarded with the best job of his career. Here are some of the important points I was able to mine and utilize from that and other similar experiences in recruitment.

Generate your own luck
Did I have a great deal to do with this placement? Aside from helping to construct the contract and attending to all final ancillary items, the general and seemingly obvious answer would be no. However, the individual who produced the successful candidate may very well have never been located and prompted to action without hard, focused work, a strong presentation of the benefits of the position, and a willingness to continually strive to improve one’s professional approach. Diligence and perseverance always seem to be hallmarks for most people who are perceived as having more than their fair share of fortunate breaks.

Never underestimate passion, motivation, and proper organizational agreement
All too often the key figures in the hiring decision framework become overly fixated on quantifiable minutiae and, in the process, often neglect or erroneously diminish other crucial factors that are essential to determining whether or not a potential employee will flourish in their particular environment. I am familiar with some highly successful technology sales executives who decided to enter the recruitment field and ended up generating results that were far less than spectacular. In many instances, they had become accustomed to recurring streams of income and often disproportionately large customer wins that readily filled their respective quotas. Unfortunately, such ingrained reliance left them ill-prepared for the unequal demands of an executive search role. Others simply preferred to spend the brunt of their time in the field or found the nature of the work to be dissimilar from what they had expected.

Clearly it is important to make certain that potential employees possess a minimum amount of relevant skills and abilities to effectively operate in a certain role. However, it has been my experience that the truly great performers are more often than not those who may lack the most appropriate background, but are willing to do whatever is necessary to far exceed established standards. Their desire to be the best is unflagging, and they will quite often achieve far better results than individuals who have an applicable line of descent and highly pertinent knowledge. Underperformance by those perceived as exemplary may be due to a host of reasons, some of which include: a) lack of necessary impetus to excel, b) satisfaction with current expectation/success ratio, c) improper fit with the company’s structure and systems or d) outside demands that require a great deal of attention. The important thing to note is that employers must give sufficient weight to qualitative intangibles when making a hiring decision.

Always expect the best possible outcome
It is absolutely essential to maintain confidence and resolve even in circumstances that may appear dire. A positive perception of one’s abilities combined with a diligent and professional demeanor, particularly during the most trying of circumstances, will produce extraordinary results. Even if a certain assignment is not completed successfully, all involved will greatly appreciate the sincerity and determination of your approach and will be more than willing to utilize your services again in the future.

Never assume anything
I recall working at a company with one individual who only became aware that a placement had gone awry when the client organization called the day after the candidate was to begin work and wondered why he hadn’t shown up. It turned out that he had received an offer from another company which he had decided to accept. Neither person felt it necessary to make contact and the results were abysmal and very possibly avoidable if the recruiter had followed basic protocol.

Some things will simply be beyond our control. Many others, however, can and should be attended to with as much diligence as possible. Increased attention to seemingly small details such as candidate presentation, interview preparation, follow-up, and other pertinent factors will dramatically increase success in all areas of the hiring process and life in general.

Embrace the unexpected
In the example given above, it would have been a simple matter for the VP to storm out of the room in anger and call off the entire slate of examinations. However, he was an individual who had experienced great success by wielding the ability to recognize opportunity where others simply saw distraction. Most importantly, he had always made it a point to confront, control, and nimbly guide all potentially deleterious events in a direction and manner that was as undaunted and forthright as possible. Even if things do not fare as well as hoped, the lessons learned from the unforeseen event are quite valuable.

Systems and structure are great; adaptability is golden
We all have developed particular standardized methods that have proven to be productive. However, too many people seemingly become bound by the confines of an established continuum and are either unwilling to advance their abilities due to perfectly natural apprehension, or they simply are not allowed such latitude due to corporate policies. The difficulty, of course, is that humans are not hamburgers and, try as we might, there simply is not a single approach or framework that ensures uniform success for all. Individuals must be allowed sufficient leeway within an established scheme in order to fully utilize their particular skills and abilities.

Do everything possible to maintain and enhance relationships with clients and potential candidates.
Certainly a very basic tenet, but one that often seems to be depreciated or entirely disregarded in the quest to generate business. In the case illustrated above, not only did the company still offer to pay a recruitment fee, they did so without hesitation due to the fact that we had an exceptionally strong track record with the firm and many of its executives.

Through great initiative, preparation, and basic drive Steve had won a highly coveted position over a number of supremely qualified applicants, all of whom had exceptionally appropriate experience and proven success in the sector in which the company operated. The VP of Sales had been willing to take a studied chance on an individual who would require training and a brief period of time to appropriately acclimate. Nevertheless, the amount of business Steve might generate above that of other candidates would more than make up for the initial investment requirements.

Bob had always believed that items such as motivation, extended record of performance, and attitude should carry as much (if not more) weight than product knowledge, company pedigree, and time in the sector. By being open to an overture that many may have quickly dismissed, and maintaining an approach that willingly incorporated a tempered tolerance for calculated departure from the standard, he had hired a champion sales professional.

]]> http://renascentsolutions.com/blog/lessons-learned-from-an-unexpected-candidate-placement-part-2/feed/ 0 http://renascentsolutions.com/blog/lessons-learned-from-an-unexpected-candidate-placement-part-2/ http://feedproxy.google.com/~r/SalesRecruiterBlog-DanMclaughlin/~3/KGmx850MGeE/ http://renascentsolutions.com/blog/lessons-learned-from-an-unexpected-candidate-placement-part-1/#comments Fri, 30 Nov 2007 19:06:06 +0000 Dan McLaughlin http://renascentsolutions.com/blog/?p=5

Five years ago I was in the process of helping a client locate an exceptional sales leader for a high-profile global account position within their organization. I had arranged for the VP of Sales to meet with a very well qualified, proven group of five individuals – all of whom would undoubtedly represent the company with great aplomb and, most importantly, greatly improve customer relations and rapidly increase revenues generated from all pertinent accounts.

The interviews had been set up to take place in successive order over a period of five hours. The hiring manager and I had agreed to dissect the discussions immediately after all had been completed. Unbeknownst to me, one of the account executives (let’s call him Mark) had spoken with an associate at another company about his candidacy for the position and, upon further discussion, both had apparently decided that our new player (designated Steve) would be a better match for the role. Subsequently, they devised a plan to have Steve show up for the meeting and hope that it lasted long enough for him to avoid bodily damage.

I became aware of this fine bit of cunning immediately after I contacted Mark at the time we had assigned for a post-interview debriefing. Needless to say, I was not overly pleased. This was an individual I had never spoken with, and I knew nothing about his background and abilities. I had carefully and thoroughly prepared Mark for his evaluation the day before it was scheduled to take place. I also checked in with him the next morning to make certain all was still proceeding accordingly and to address any potential loose ends we may have thought of in the interim. He had given me excited reassurance that his interest in the position was strong and he looked forward to his engagement with the company’s leadership.

When I asked Mark why he had not simply brought Steve to my attention and let me make a proper introduction to the hiring manager, he told me that he felt there was no chance I would move forward with him due to his specific experience. Upon further discussion, I suspected he was most likely correct. Although I always put a premium on qualities such as motivation and desire (and it was clear that this individual was quite driven and he did indeed have some relevant contacts who would undoubtedly be of great assistance), his background simply was not within even the most generous outer parameters established by the hiring manager and myself.

Fantastic, I thought. Hours of networking and careful recruitment had just been undone by an errant act that would most likely not only cast a somber timbre over the entire slate of talks due to the fact that Mark was expected to be the first to appear for the sessions but, most importantly, my relationship with the hiring manager would be irrevocably damaged.

As I picked up the phone to get feedback from the VP, my initial thoughts were rather similar to those Washington must have had when he learned that Arnold was interested in signing away the fort. Perhaps not quite so vexing, but very disconcerting nonetheless. However, I had been in awkward situations such as this in the past and had found that it was always best to find the potential positives and gracefully temper any amount of ire that may be forthcoming – warranted or not. I had already spoken to the other four candidates and had not detected any signs of untoward animosity or outright disdain. Indeed all individuals had greatly enjoyed their respective conversations and looked forward to pursuing the position with all alacrity. My general outlook on things picked up ever so slightly. Even though Steve had most likely tainted the process and possibly set up a rather unpleasant round of discussions for the subsequent individuals, I started to get a feeling that things had progressed better than expected.

The other end of the line became live and I was greeted with… a laugh?
“Dan, I had a rather interesting day today,” Bob the VP said.
“Yes, Bob,” I said, “I suspect you did.”
He then explained how the unexpected guest had blown into the room, rapidly outlined the situation, and asked for 30 minutes of his time. As Steve had undoubtedly hoped, Bob figured the hour was fairly well shot anyhow and thus acceded to his request.

Things went exceptionally well. Bob told me that there was no way he would have agreed to see him based on his standard qualifications and experience. However, this particular candidate had three things going for him:

· A proven record of superb accomplishment in a wide array of fields.
· Tangible evidence of his willingness to do whatever was necessary to achieve his selected goals.
· Bob simply liked him more than the others.

The biggest surprise came next. Bob wanted to hire him on the spot. He was absolutely convinced that Steve would be an incredible asset to the company and wanted to have him join his team as soon as possible. We rapidly agreed upon terms for all parties and Steve started work there that week. He is still with the company and has consistently been ranked within the highest echelon of performers each year since he started.

This experience was quite valuable as it reinforced my belief that certain highly appropriate variables are all too often discounted in the quest to locate what is perceived to be the ideal candidate. There are a multitude of pertinent thoughts that may be extracted from this particular event. I’ll convey my thoughts on those in Part 2.