• 2-minute read •
n today’s difficult economy, there are many qualified candidates coming out of top–flight graduate schools, but unfortunately there are not enough job opportunities waiting for them. The overall employment rate for the law school class of 2011 fell to its lowest level since 1994 – at just 85.6 percent. Even worse, merely 65.6 percent of law school graduates in 2011 found jobs that required bar membership in the first place, thus leaving 35 percent of law school graduates to either be underemployed or not employed at all. This problem of having too much labor supply, but not enough labor demand, is leading esteemed graduate schools such as Northwestern University, George Washington University, and the University of California’s Hastings College of Law to trim their admissions by taking up to 20 percent fewer students. There are a few notable exceptions, such as the University of Virginia’s 7th–ranked law program, which actually saw an increase in acceptance volume last year, but overall, schools are cutting down.
Showing posts with label market. Show all posts
Showing posts with label market. Show all posts
Marketing yourself with internal and external promotions
Surveys have shown that up to 80% of those employed are unhappy.
Unhappiness results from being overworked/underpaid, a deteriorating relationship with colleagues or management, or possibly, disappointment in oneself. If you plan to sell your time and abilities, why not take complete advantage of your efforts. Being in control of your career and promoting yourself can dissolve dissatisfaction by providing more career options and opening more doors to opportunity.
Volunteering on committees or with non-profit organizations (whether internally or externally) or offering your capabilities when your employer shows a need can educate you on new topics.
While learning on the job or within a volunteer position, you’ll likely uncover opportunities through continued personal growth or by networking with individuals you wouldn’t have met through your existing channels. Added responsibilities will show management that you are serious on saving the company money, or that you care about your community.
Executives and business managers want to see measurable results from employees, so I recommend making the effort to step up to the plate.
The benefits of self-marketing can far outweigh the time needed to do so; I’ll outline just how in this story about a salesman.
If a sales rep out-produces colleagues with over $2 million in yearly sales, then the company probably won’t mind paying upwards of six figures to keep this employee happy, right? The company is experiencing a very favorable return on investment, and the employee is trained, independent, and compensated well. It’s a win/win situation.
The question now is how did this sales rep turn into an asset.
After all, out-producing colleagues is not an easy feat. I’ll tell you exactly how this person went from a mediocre $50,000 salary to over six figures within less than 2 years.
First, he took the initiative to participate in evening classes on various sales topics, such as relationship building, new selling techniques, and identifying the aspects that provoke decision makers to buy. Did the company pay for these classes?
No. He saw the need for improvement and jumped at the chance to enhance his education and produce more revenue for the company.
Second, he focused on external marketing techniques by sending personal press releases upon obtaining key accounts (more notably known as “People on the Move” within business sections of newspapers and other publications), participating on non-profit committees, and so on.
One opportunity was particularly beneficial. He elected to serve on a high-profile committee and found himself talking to a secretary that reported to the Director of Business Development for a prominent technical firm. Ironically, his company had been pursuing this corporation for over 5 years. He gradually built a relationship and eventually landed the account that produced nearly a million dollars in new revenue for his business.
Committee meetings were on his personal time and not compensated.
Marketing yourself to the community can enhance your existing job or job search tremendously because companies like to see employees that I’ll label “movers and shakers.” These individuals don’t wait for things to happen, they make them happen.
Third, he documented all career successes and solidified his position in the industry. Documentation can consist of letters from superiors or customers, awards, and/or performance bonuses.
When seeking a raise, he created a presentation that focused on the amount of new revenue he cultivated for the business over the last 12 months and compared it to the proposed new salary. The company would be crazy to refuse his request, in my opinion. If they did, he would subsequently work for a competitor making him an adversary rather than an ally.
Taking a proactive approach, rather than being reactive, is what catapulted this person to a six-figure salary. Prove yourself an asset to your employer. Make them unable to live without your expertise, your devotion, and your overall dedication to ensuring the company’s financial health and customer loyalty.
Unhappiness results from being overworked/underpaid, a deteriorating relationship with colleagues or management, or possibly, disappointment in oneself. If you plan to sell your time and abilities, why not take complete advantage of your efforts. Being in control of your career and promoting yourself can dissolve dissatisfaction by providing more career options and opening more doors to opportunity.
Volunteering on committees or with non-profit organizations (whether internally or externally) or offering your capabilities when your employer shows a need can educate you on new topics.
While learning on the job or within a volunteer position, you’ll likely uncover opportunities through continued personal growth or by networking with individuals you wouldn’t have met through your existing channels. Added responsibilities will show management that you are serious on saving the company money, or that you care about your community.
Executives and business managers want to see measurable results from employees, so I recommend making the effort to step up to the plate.
The benefits of self-marketing can far outweigh the time needed to do so; I’ll outline just how in this story about a salesman.
If a sales rep out-produces colleagues with over $2 million in yearly sales, then the company probably won’t mind paying upwards of six figures to keep this employee happy, right? The company is experiencing a very favorable return on investment, and the employee is trained, independent, and compensated well. It’s a win/win situation.
The question now is how did this sales rep turn into an asset.
After all, out-producing colleagues is not an easy feat. I’ll tell you exactly how this person went from a mediocre $50,000 salary to over six figures within less than 2 years.
First, he took the initiative to participate in evening classes on various sales topics, such as relationship building, new selling techniques, and identifying the aspects that provoke decision makers to buy. Did the company pay for these classes?
No. He saw the need for improvement and jumped at the chance to enhance his education and produce more revenue for the company.
Second, he focused on external marketing techniques by sending personal press releases upon obtaining key accounts (more notably known as “People on the Move” within business sections of newspapers and other publications), participating on non-profit committees, and so on.
One opportunity was particularly beneficial. He elected to serve on a high-profile committee and found himself talking to a secretary that reported to the Director of Business Development for a prominent technical firm. Ironically, his company had been pursuing this corporation for over 5 years. He gradually built a relationship and eventually landed the account that produced nearly a million dollars in new revenue for his business.
Committee meetings were on his personal time and not compensated.
Marketing yourself to the community can enhance your existing job or job search tremendously because companies like to see employees that I’ll label “movers and shakers.” These individuals don’t wait for things to happen, they make them happen.
Third, he documented all career successes and solidified his position in the industry. Documentation can consist of letters from superiors or customers, awards, and/or performance bonuses.
When seeking a raise, he created a presentation that focused on the amount of new revenue he cultivated for the business over the last 12 months and compared it to the proposed new salary. The company would be crazy to refuse his request, in my opinion. If they did, he would subsequently work for a competitor making him an adversary rather than an ally.
Taking a proactive approach, rather than being reactive, is what catapulted this person to a six-figure salary. Prove yourself an asset to your employer. Make them unable to live without your expertise, your devotion, and your overall dedication to ensuring the company’s financial health and customer loyalty.
Six Ways to Get Back in the Job Market
If you have been out of the job market for a while, you may feel intimidated by a job search. But don't be. Whether you have been comfortable in your current job for a long period and want a new challenge or even change career, or you are retuning to work after spending time away raising a family, you can make a smooth transition back into the into the job market. Here are some tips and tricks that will prepare you to look beyond the obvious when searching for a new job. 1. Have a plan The old adage "fail to plan, plan to fail" is as true today as it has ever been. Ensure you have a clear understanding of your career plans and ambitions. If you are just embarking on your career it is important to join an organisation noted for its training. Some organisations have built up reputations as excellent training providers or promoting from within, for example, and are industry-recognised as leaders in their field. 2. Become Internet savvy Most online job boards, offer job seekers the opportunity to register their details and CVs onto a database that can searched by potential employers, recruitment consultancies and head-hunting firms. This puts your details in the public domain and increases your visibility in your chosen marketplace. And, most job boards will allow you to block your current company from seeing your details, so you don't have to worry if your boss discovers that you are actively looking for another job. Create your own blog. Writing a blog gives you the opportunity to become a leading authority on your business. It also gives potential employers an insight into your character and -- if you keep it updated -- dedication. Blogs can act as a personal PR tool too because you can link your blog to other blogs to create a network and this will further enhance your credibility and profile. 3. Become an expert in your field One of the most effective ways of getting noticed quickly is by attracting media attention. I am not suggesting that you have to go the extremes of appearing on "60 Minutes" or "Newsnight." But, writing articles for your trade publications or running seminars and presentations to business leaders will position you as a leading authority. The media will know you and so will potential employers. 4. Put it about and open some doors The power of networking cannot be underestimated. Think of it like speed dating for workers -- self-promotion to impress a potential suitor (employer). Admittedly not everyone is comfortable schmoozzing with a room full of strangers. But, networking can enable you to gain access to the hidden job market and it can take place at industry functions, breakfast meetings, online or even at the bus stop. From a self-marketing point of view, networking can increase your chances of getting your next job by as much as 33 per cent, according to Richard Bolles, author of "What Color is Your Parachute?" Keep your conversations short to give yourself the opportunity to speak to as many people in the room as possible. The more business cards and contacts you make the better. 5. Ask questions If you are considering changing your career, ask someone who does the job that you want how they got where they are. People love to talk about themselves, it's human nature. And, the more people that you talk to, the more you will identify the key traits needed to achieve your ambition - and know what pitfalls to avoid. 6. Phone a friend Personal recommendation and word of mouth are one of the most effective forms of advertising. Some career analysts suggest that 80 per cent of vacancies are not advertised. After Y2K, a new school of marketing thought emerged that questioned the effectiveness of advertising in the modern age -- when did you last see Starbuck's advertising? They don't. But everyone has heard of Starbuck's. So, contact ex-colleagues to unearth potential opportunities, and get client testimonials to add to your CV. And, increase your chances of being found by posting your CV on the CareerBuilder.co.uk database and let potential employers find you. Paul MacKenzie-Cummins spent several years working within the online recruitment media. He is now a freelance writer specialising in all issues regarding careers, workplace issues, recruitment, interviews, and hiring trends.
Six Ways to Get Back in the Job Market
If you have been out of the job market for a while, you may feel intimidated by a job search. But don't be. Whether you have been comfortable in your current job for a long period and want a new challenge or even change career, or you are retuning to work after spending time away raising a family, you can make a smooth transition back into the into the job market.
Here are some tips and tricks that will prepare you to look beyond the obvious when searching for a new job.
1. Have a plan
The old adage "fail to plan, plan to fail" is as true today as it has ever been. Ensure you have a clear understanding of your career plans and ambitions.
If you are just embarking on your career it is important to join an organisation noted for its training. Some organisations have built up reputations as excellent training providers or promoting from within, for example, and are industry-recognised as leaders in their field.
2. Become Internet savvy
Most online job boards offer job seekers the opportunity to register their details and CVs onto a database that can searched by potential employers, recruitment consultancies and head-hunting firms.
This puts your details in the public domain and increases your visibility in your chosen marketplace. And, most job boards will allow you to block your current company from seeing your details, so you don't have to worry if your boss discovers that you are actively looking for another job.
Create your own blog. Writing a blog gives you the opportunity to become a leading authority on your business. It also gives potential employers an insight into your character and -- if you keep it updated -- dedication.
Blogs can act as a personal PR tool too because you can link your blog to other blogs to create a network and this will further enhance your credibility and profile.
3. Become an expert in your field
One of the most effective ways of getting noticed quickly is by attracting media attention.
I am not suggesting that you have to go the extremes of appearing on "60 Minutes" or "Newsnight." But, writing articles for your trade publications or running seminars and presentations to business leaders will position you as a leading authority. The media will know you and so will potential employers.
4. Put it about and open some doors
The power of networking cannot be underestimated. Think of it like speed dating for workers -- self-promotion to impress a potential suitor (employer). Admittedly not everyone is comfortable schmoozzing with a room full of strangers.
But, networking can enable you to gain access to the hidden job market and it can take place at industry functions, breakfast meetings, online or even at the bus stop.
From a self-marketing point of view, networking can increase your chances of getting your next job by as much as 33 per cent, according to Richard Bolles, author of "What Color is Your Parachute?"
Keep your conversations short to give yourself the opportunity to speak to as many people in the room as possible. The more business cards and contacts you make the better.
5. Ask questions
If you are considering changing your career, ask someone who does the job that you want how they got where they are. People love to talk about themselves, it's human nature. And, the more people that you talk to, the more you will identify the key traits needed to achieve your ambition - and know what pitfalls to avoid.
6. Phone a friend
Personal recommendation and word of mouth are one of the most effective forms of advertising. Some career analysts suggest that 80 per cent of vacancies are not advertised.
After Y2K, a new school of marketing thought emerged that questioned the effectiveness of advertising in the modern age -- when did you last see Starbuck's advertising? They don't. But everyone has heard of Starbuck's.
So, contact ex-colleagues to unearth potential opportunities, and get client testimonials to add to your CV. And, increase your chances of being found by posting your CV on the job sites and let potential employers find you.
Here are some tips and tricks that will prepare you to look beyond the obvious when searching for a new job.
1. Have a plan
The old adage "fail to plan, plan to fail" is as true today as it has ever been. Ensure you have a clear understanding of your career plans and ambitions.
If you are just embarking on your career it is important to join an organisation noted for its training. Some organisations have built up reputations as excellent training providers or promoting from within, for example, and are industry-recognised as leaders in their field.
2. Become Internet savvy
Most online job boards offer job seekers the opportunity to register their details and CVs onto a database that can searched by potential employers, recruitment consultancies and head-hunting firms.
This puts your details in the public domain and increases your visibility in your chosen marketplace. And, most job boards will allow you to block your current company from seeing your details, so you don't have to worry if your boss discovers that you are actively looking for another job.
Create your own blog. Writing a blog gives you the opportunity to become a leading authority on your business. It also gives potential employers an insight into your character and -- if you keep it updated -- dedication.
Blogs can act as a personal PR tool too because you can link your blog to other blogs to create a network and this will further enhance your credibility and profile.
3. Become an expert in your field
One of the most effective ways of getting noticed quickly is by attracting media attention.
I am not suggesting that you have to go the extremes of appearing on "60 Minutes" or "Newsnight." But, writing articles for your trade publications or running seminars and presentations to business leaders will position you as a leading authority. The media will know you and so will potential employers.
4. Put it about and open some doors
The power of networking cannot be underestimated. Think of it like speed dating for workers -- self-promotion to impress a potential suitor (employer). Admittedly not everyone is comfortable schmoozzing with a room full of strangers.
But, networking can enable you to gain access to the hidden job market and it can take place at industry functions, breakfast meetings, online or even at the bus stop.
From a self-marketing point of view, networking can increase your chances of getting your next job by as much as 33 per cent, according to Richard Bolles, author of "What Color is Your Parachute?"
Keep your conversations short to give yourself the opportunity to speak to as many people in the room as possible. The more business cards and contacts you make the better.
5. Ask questions
If you are considering changing your career, ask someone who does the job that you want how they got where they are. People love to talk about themselves, it's human nature. And, the more people that you talk to, the more you will identify the key traits needed to achieve your ambition - and know what pitfalls to avoid.
6. Phone a friend
Personal recommendation and word of mouth are one of the most effective forms of advertising. Some career analysts suggest that 80 per cent of vacancies are not advertised.
After Y2K, a new school of marketing thought emerged that questioned the effectiveness of advertising in the modern age -- when did you last see Starbuck's advertising? They don't. But everyone has heard of Starbuck's.
So, contact ex-colleagues to unearth potential opportunities, and get client testimonials to add to your CV. And, increase your chances of being found by posting your CV on the job sites and let potential employers find you.
Knowing your personal market value
Different jobs and industries have vastly different pay scales. As you work out your real worth in the job you are in now or hope to move into, do everything you can to research the market.
Understanding the relationship
Just like many areas of business, employment is a deal done on the basis of supply and demand. The workers with the skills and experience influence supply in the job market, and the companies currently hiring for certain positions influence the demand. How rare you and your skills are and how much your employer needs you is the fundamental basis for calculating your worth in salary and benefits.
One example of this in practice is within popular industries such as journalism. There are many talented writers around and a finite amount of jobs which means newspapers can offer very low pay rates to entry-level employees. The combination of few opportunities and the fact that people after these roles often do it for the love, not the money, puts the employer in a very strong bargaining position.
Finding the going rate
The Internet is a priceless tool for salary research. Using an online salary calculator will give you a rough idea of what you can expect in your particular role, industry and location. They are however limited in the amount of information they can provide as everyone’s skills, experience and situation is unique.
Search through various job descriptions to benchmark your role against. It will give you a good idea of the key attributes companies are looking for in certain jobs, which means you can emphasise these in your CV to make yourself a more attractive prospect. If you are lacking in any important areas, make an effort to brush up on your skills to maximise your value.
An individual's salary is not something that is generally discussed in the open, even within close groups of friends so try and steer away from asking people outright what they earn. Online it is a different matter as you have a certain level of anonymity. Ask a question such as “Is £25k a good salary for a Marketing Manager in Newcastle in the telecoms industry?” in a forum and see what your peers have to say.
This isn’t an exact science as all companies use various bonuses and benefits to bolster their employee’s salary packages, but it should give you a good idea of what to expect.
Using your findings
If you’re approaching your boss for a pay increase in your current role, you can expect some scepticism when you present your results, so be ready to back them up with specific examples. Make sure that any job description comparisons you make are fair, and that you are not exaggerating your own importance or qualifications.
Work with your manager to examine your role in detail. There may be things you are doing that your boss is not actively aware of, such as working unpaid overtime at home or skills you have developed, which are a real benefit to the business. All these can be used as extra leverage when you get down to the actual numbers.
If you’re discussing the possible salary for a new job, your potential employer will usually have a salary range in mind set by their management team. When you’re made a job offer, you’re immediately in a good position to negotiate as they obviously think you’re the right fit for the job. Consider the offer and match it up with your research to see if it’s fair. As you will probably be unaware of their other options, you shouldn’t get too over enthusiastic and go back to them with an unrealistic number, but if you think the offer could be topped up a little, there’s no harm in asking.
However strong your case, an employer simply may not be able to pay the figure you’re asking for. Budget constraints operate in every business and it’s impossible to accommodate every pay demand from every employee. If money really does end up as a stumbling block, consider using transferable skills to move into a more profitable and high-paying industry or job.
Choosing the right company to work for is an important decision at every step of your career, and if one doesn’t appreciate your value in the market, there will be another out there that does.
Understanding the relationship
Just like many areas of business, employment is a deal done on the basis of supply and demand. The workers with the skills and experience influence supply in the job market, and the companies currently hiring for certain positions influence the demand. How rare you and your skills are and how much your employer needs you is the fundamental basis for calculating your worth in salary and benefits.
One example of this in practice is within popular industries such as journalism. There are many talented writers around and a finite amount of jobs which means newspapers can offer very low pay rates to entry-level employees. The combination of few opportunities and the fact that people after these roles often do it for the love, not the money, puts the employer in a very strong bargaining position.
Finding the going rate
The Internet is a priceless tool for salary research. Using an online salary calculator will give you a rough idea of what you can expect in your particular role, industry and location. They are however limited in the amount of information they can provide as everyone’s skills, experience and situation is unique.
Search through various job descriptions to benchmark your role against. It will give you a good idea of the key attributes companies are looking for in certain jobs, which means you can emphasise these in your CV to make yourself a more attractive prospect. If you are lacking in any important areas, make an effort to brush up on your skills to maximise your value.
An individual's salary is not something that is generally discussed in the open, even within close groups of friends so try and steer away from asking people outright what they earn. Online it is a different matter as you have a certain level of anonymity. Ask a question such as “Is £25k a good salary for a Marketing Manager in Newcastle in the telecoms industry?” in a forum and see what your peers have to say.
This isn’t an exact science as all companies use various bonuses and benefits to bolster their employee’s salary packages, but it should give you a good idea of what to expect.
Using your findings
If you’re approaching your boss for a pay increase in your current role, you can expect some scepticism when you present your results, so be ready to back them up with specific examples. Make sure that any job description comparisons you make are fair, and that you are not exaggerating your own importance or qualifications.
Work with your manager to examine your role in detail. There may be things you are doing that your boss is not actively aware of, such as working unpaid overtime at home or skills you have developed, which are a real benefit to the business. All these can be used as extra leverage when you get down to the actual numbers.
If you’re discussing the possible salary for a new job, your potential employer will usually have a salary range in mind set by their management team. When you’re made a job offer, you’re immediately in a good position to negotiate as they obviously think you’re the right fit for the job. Consider the offer and match it up with your research to see if it’s fair. As you will probably be unaware of their other options, you shouldn’t get too over enthusiastic and go back to them with an unrealistic number, but if you think the offer could be topped up a little, there’s no harm in asking.
However strong your case, an employer simply may not be able to pay the figure you’re asking for. Budget constraints operate in every business and it’s impossible to accommodate every pay demand from every employee. If money really does end up as a stumbling block, consider using transferable skills to move into a more profitable and high-paying industry or job.
Choosing the right company to work for is an important decision at every step of your career, and if one doesn’t appreciate your value in the market, there will be another out there that does.
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