Cracking the Hidden Job Market:
What Every MBA and MSc Student
Needs To Know
Donald Asher
Asher Associates
(415) 543-7130
www.donaldasher.com
[email protected]
The Only Three Things
You Need to Know
You get jobs by talking to people
 You need 100 leads at all times
 Look for work in channels

Watch for the pink bathrobe story
The Three Pillars of ‘B’ School
Academics
Connections
Job Search

Why to Network While a Student




You’re supposed to; it’s part of the educational
process! It’s part of why you are in school!
Everybody loves a student
The economy could get worse, especially this year
and next
Career exploration now creates job leads later
This Is Easier than You Think…

You can call or email anybody and ask, “May I
know the name of your MBA recruiter?”
Undergrads would ask, “May I know the name of the person
who hires new college graduates?”
Then, you email that person and ask,
 “How can I best get consideration by your
company? What are you most looking for?”
Respect Hiring Cycles
1.
2.
3.
How can I submit my resume, and
when will you review them?
When do you expect to begin
interviewing?
When do you expect initial offers
might go out?
Stages of Job Search
1.
2.
3.
4.
5.
6.
7.
Identify job targets (industry, function, title)
Identify raw leads (companies, people, ideas)
Identify names of specific people
Turn a name into an appointment
Sell in the interview
Stay alive through the selection process
Close the deal
The Four Dynamic Tensions…
Job
 Salary
 Location
 Effort

If one is really important, you have to be flexible on the others…
Where’s Your Next Job?



On campus interview cycle
Self-directed search
Your old employer
Don’t blink, because
There is NO other source
Everybody Needs a Back Channel





Top-half complacency
It’s practice for the future
Maximize benefit of your contacts
The best students gain benefits from multiple offers
Nobody wants to come out without an offer
Interested in U.S.?

Fully 1/3 of major employers report
that they do hire internationals for
jobs in the U.S. (NACE Report), in fact,
they are looking to hire them
Companies Resources





Directory of Foreign Firms Operating in the
United States
Directory of American Firms Operating in Foreign
Countries (3 vol. set)
http://goinglobal.com (subscription)
www.uniworldbp.com (subscription)
www.workingoverseas.com (subscription)
The Guru
Mark B. Rhoads
Attorney at Law
Immigration Practice Group
McCandlish Holton
1111 East Main Street, Suite 1500
Post Office Box 796
Richmond, Virginia 23218-0796
804-775-3824
[email protected]
Why Multiple Channels



At most MBA programs, about half do not find internship
through on-campus interviewing
Don’t fail to work multiple channels:

On campus

Self-developed external opportunities

Career fairs

Etc.
Top salary offer (by design) – bottom offer (by default)
Identifying a job target



Interest alone may not be enough, but…
Friends can open doors that skills and experience
cannot
Remember:
Recruiters are not paid to be creative
The Diamond of Success
(But You Don’t Need to Go Obvious Until March)
Suppliers
Competitors
Current Employer
(HQ & all branches)
Customers/
Clients
Venture Partners/
Consultants
Want something new?


On campus interview cycle

Recruiters may accept raw skills and genuine interest

One of the only ways to get easy access to recruiters

Good practice anyway
Aggressive informational interviewing and selfdirected search

You find the right people and you get them to talk to you
Minimum Definition of a Job
Industry
 Function
 Title
Only in an MBA program can you change industry and
function in one jump
It is harder to change industry than function, so
concentrate on changing industry

Three to Five Goals


“Something to do with green business or exporting”
vs.
“Broker for industrial-level recycling of postconsumer electronics, as in container loads or larger,
and global trade in such materials”
Undecided?

You cannot afford to leave this room without a
direction…
Building Target Statements
Industry
 Function
 Title

Building Target Statements

Industry
 Insurance
 Commercial
real estate
 Electronic components manufacturing
 Global commodities trading
 Plastics extrusion
Industry is hardest to change, so do it first.
Building Target Statements

Function
 Operations
management
 Logistics
 Finance
 IT
& systems
 E-Commerce leadership
 Sales, marketing, business development
Building Target Statements

Title
 CFO
 CIO
 VP
Business Development
 Pick a next job, rather than ultimate goal
Titles reveal you as an industry insider
 Assistant Editor vs. Editorial Assistant
Building Target Statements








Industry
Function
Title
Values
Location
Commute
Dress
Hours









Travel
Autonomy
Tele-work & flex-time
Supervise
New / Old
Large / Small
Compensation
Risk
Opportunity / career path
Alignment



Your goal must match your plan, your skillset, your
experiences, your personality, and the real world
There are no part-time jobs for investment bankers
And you can’t become a ballet dancer now…
Your Targets for This Year
for first year MBAsj/MSc-Dream Internship
Backup Plan
you need 100+ iterations, which means
you will be doing research
Got a Target?



You need 100 iterations or leads, see Hoovers.com
You need 100% of the people you know who could
lead you to an introduction at one of those
iterations
Use LinkedIn, twitter, plus Old School networking
100 + 100%

100 Leads

100% of the People Who Can Intro You
Where jobs come from
See the very sophisticated MBA diagram
 The Stacey Factor
 2/3 are contingent (temporary, part-time, or
contract)
 You have to get ahead of the cycle

A Profound Difference

The Overt Job Market
Posted openings anywhere
 Job seeker is not “first mover”


The Hidden Job Market
Jobs that are not yet posted anywhere
 Invisible openings
 ALSO: People who apply anyway, without reference to a
posting
 Job seeker is “first mover”

Difference Can Be Subtle
Career Fair

Career Fair
The recruiter is actively
seeking chemical
engineers – that’s the
OJM

You get the recruiter to
consider you for a
marketing assistant
position – that’s the
HJM
You are going to job fairs, right?
HJM
Jobs…
 You can’t see
 Filled before they are posted
 Filled by internal candidate
 Filled by existing resume bank
 Created for a particularly promising candidate

Also: HJM is also all the jobs obtained by
someone who did not respond to a posting
BIGGER and EASIER too!
55 to 80% of all jobs
 Competition is vastly reduced

Posted Openings
Hidden Job
Market
HJM: How Big Is It?
How Big Is It??
 Between 55 and 80% of people who take a new
position did not respond to an opening posted anywhere
 About 2/3 of hiring takes place IRL !!
 Almost all HJM is IRL
 Only about 1/3 of all jobs are ever advertised online
 Consistent finding: more than half of all hiring is HJM
76% got job through HJM,
either personal connection
(57%) or just applying directly
to the company (19%)
Mark Granovetter
(sociologist, now at
Stanford)
Getting a Job
How Big Is The Hidden Job Market?
© 2014 Asher Associates,
used only with permission
Even More for Professionals
Professional/Technical/Managerial
Source of Job:
84% from referral or
direct application (HJM)
Not Your Closest Friends
“The Strength of Weak Ties”
Acquaintances are more powerful
than friends and family to find a
new job
 Moderate ties (56%) “occasionally”
 Weak ties (28%) “rarely”
 Strong ties (17%) “often”
© 2014 Asher Associates,
used only with permission
 When the acquaintance can introduce the job
seeker to a “high status” person
Connections that cross social
and income lines are
particularly valuable, such as
…
alumni associations
Especially valuable…
Here’re Some Recent Data




Research: CareerXroads annual survey of major
employers
Analysis of 309,600 hiring events, spread across all
disciplines, levels, types of company
Data collected from “large employers” with good data
capture practices (only ≈5% “unknowns”)
From:
CareerXroads
Gerry Crispin & Mark Mehler, Principals
HR consultants re War for Talent
External Sources of Hire
Based on CareerXroads Research on New Hires
Referrals 30%
Corp Web Sites 22%
3rd Party Job Boards
13%
Direct Sourcing 8%
All Other 5%
College Recruiting 4%
Print 4%
Search Engine Ads 4%
Same Data, Different View
External Sources of New Hires
35%
30%
25%
20%
15%
10%
5%
0%
Sources of Hire
Note…
All online sources--39%
Vs.
 All IRL--61%

A Very Different Approach…

Ignore openings…and go out and look for a certain
type of job
First Link: A Human

TEST: Think of your last job that you got…
Can You Get 10 Friends to
Introduce You to Their Boss??
Source: CareerXroads Research New Hires
1-4 Referrals 31%
5-10 Referrals 31%
11+ Referrals 38%
Two MBA Drawings…
1.
2.
Where Jobs Come From
Stacey vs. 10,000 Resumes
How Many People Apply for Postings?

383 applicants for every advertised opening*
*CEB (Corporate Executive Board), WSJ, Jan. 24, 2014
More Proof?

Hard Work, Low Pay, Bad Boss
Church Bulletin
Bar in San Francisco
Marketing Assistant on CareerBuilder

“Rex K. Nine”



Three Main Approaches
Candidate-in-Waiting
 Informational Interview
 Advice for Seeker

or…just get out there and ask for a job
HJM Success Stories



Models of how this works in the real world:
Aiden Gets a Job…
The Pink Bathrobe Story…
Talking to People → Success
Four Steps to Success
1.
Identify a job target of interest
2.
Find someone doing that job right now
3.
Talk to them
That’s it. This simple process can change your life…
4.
Repeat until retired…
Think of Yourself as…


A Zombie Horde
A Hack Attack
My Favorite – pick emails off their web
site…


“Hey, I just love your company. I would like to know
if you have or anticipate any opportunities in
European sales. I speak French and German, and I
have a strong sales background. Who would I talk
to about your European sales activities?”
“I heard you guys were looking for marketing
analysts with expertise in QuantSCAN-4. Who
would I talk to about that?”
The Postcard System
FROM
Maria Gonzales, V.P. of Export Sales
XYZ Corporation
505 Main Street
Bentonville, Arkansas 72731 USA
Please check one and return this self-addressed stamped postcard to the address as marked on other side. Thank you!
□ Yes, I’d be willing to discuss our hiring plans and processes.
I can be reached at this telephone number
_________________, ext. ________, or you can email me at my direct email address
_____________________________________.
□ I’ve forwarded your materials to ____________________________________.
You can mention my name when you
contact him/her directly at this telephone number _______________________________, ext. _________, or via email at
_____________________________________.
□ Don’t contact us further!
We’d never hire someone like you! Go away!
Social Networking Sites




Build a presence on Facebook and LinkedIn, plus any
sites related to your field…
Ask everyone for introductions to someone in specific
industries or companies
“Does anyone know someone working in private K-12
education in Chicago?” is a good query, but “Does
anyone know where I could get a job?” is a bad query
Hot tip: the best contact is not a vice president or
bigshot; it’s somebody two years into the job you want
I’m just askin’
Are you naked snorting drugs anywhere
Clean it up. Also Phone and Email
Your E-Footprint
© 2014 Asher Associates,
used only with permission
Got a Person? What Do You Say?

Elevator speech:
“I am an MBA student interested in sports
administration. I was on several campus committees
devoted to promoting and producing sporting events,
both intercollegiate and intramural. I was a volunteer at
the last World Cup. My ultimate goal would be to land
in sports marketing and sponsorship sales, but I am also
interested in other areas. I got your name from the
alumni office, and I wonder if you would have a
moment to speak with me about the sports business. If
you’re too busy to speak by phone, could I ask you
some questions via email? I’d truly appreciate it!”
Another…
“I am interested in global operations management. My
experience to date has emphasized matrix- and liaisonmanagement of offshore manufacturing plants, working with
both joint-venture/contracting structures and wholly owned
offshore units. I speak Spanish and Chinese fluently, and have
picked up a little Gaelic and Vietnamese. My career interest is
global manufacturing and anything to do with synchronization
of non-co-located corporate operations, such as engineering
on one continent and production on another. I’m calling because
I understand your company has operations in Taiwan.”
Networking? Ditch your Resume!




Prepare a great resume, but only provide it when
asked
Resumes get you routed to HR, a black hole for
jobseekers trying to explore HJM
Use email queries to find opportunity
Follows: two sample query emails sent without a
resume, one for summer vacation temp work, one for
European sales opportunities
Dear Ms. Name:
Before any of us know it, it will be summer, and no doubt your company will want to have some talented people around to
cover workers on vacation, to do the needed administrative, organizational, and analytical work, or to produce special
projects that permanent staff don’t have time to pursue. And no doubt you’d like to have a pool of talent from which to pick
promising new hires should you need some later.
I’d love to be one of those temp workers for you. I have leadership and business skills but, more importantly, especially for
your business, I have a very solid background in most administrative management functions. My skills do include an ability
to communicate well with both technical and nontechnical staff, and the ability to support mission-critical assignments, and
successful experience with diverse, multicultural teams.
Since my interest is to transition to a marketing or product/brand management role it would be great for me to get some
marketing exposure this summer. On the other hand, I’d welcome an assignment to any task where you have a need. I am
hoping that you will see my quantitative skills, my work ethic and strong sense of personal discipline, and my enthusiasm as
assets of potential value to you.
I am available 24/7 for travel or assignment wherever you may want me this coming summer. My recommendations are
quite favorable (very strong).
Please let me know this: When do you think you’ll make a decision about whether you need some temp help to cover the
workflow for the summer? Who recruits for this, and what is her/his email address? I’d very much appreciate your guidance,
and will follow through exactly as you advise me. Here’s the best way to reach me: [email protected].
Thank you very much.
Sincerely,
Your Name Here
Dear Mr./Ms. Name:
Are you leaving money on the table in Europe? Are there markets you have not opened because you don’t
have the internal resources to open them? For my last employer, I increased European sales by $15 million
in just two years. I would be delighted to have the opportunity to make such a contribution to your
organization.
Perhaps you will find this of interest:
1. Virtually my entire career history has been in international marketing, with last seven years in Europe,
Latin America, Far East, South Africa, Australia.
2. Fluent in English, French, Spanish, Italian.
3. Available 100% for business travel or relocation anywhere in the world.
4. Strategic, analytical, planning skills. Can develop fully justified/supported marketing plans to meet
your needs globally and by region/country.
I am very interested in discussing this further with you, first by telephone and if we can establish a mutual
interest, then in person. I will call you within two days to follow up on this mailing, or you can contact me
24/7 at [email protected] or voice/fax at 212-555-0920.
Thank you for your consideration. I look forward to our conversation!
My warmest regards,
Valeria Carla Firenza
Expect These 4 Objections
1.



We’re not hiring
That’s okay. I’m not applying for a position with
you. I’m just looking for information about this
line of work
That’s okay. I’m not in any hurry. I just wanted you
to know what I have to offer in case something
opens up later
That’s okay. Perhaps you can think of someone
else who might be interested right now in what I
have to offer. Your referral could be appreciated
by both of us
The 4 Objections
2.



I’m too busy.
This’ll only take a moment.
Yeah. I heard you guys were pretty successful right
now. [then, STOP, no matter how long the silence]
I’d be happy to meet you early, late, during lunch,
even after work. What’s best for you?
Objections
3.



Send me your resume
Great. What’s your email? I’ll send it to you while
we’re talking
Well let me tell you what’s on it. I’m the one who…
I’ll bring it to the meeting. What’s a good time for
you?
The 4 Objections
4.



Just apply online, or, I don’t handle this king
of thing; talk to HR:
Actually, I’m going to be applying through ‘official’
channels, as well, but I wondered if you could give me a
little inside information
But I’m not applying for a job. I got your name from _____.
She said you were quite knowledgeable about this field. I
just want to know if you would have a moment to share with
me any advice, ideas, leads and referrals
Who should I be talking to? I appreciate the referral
Gatekeepers




Call once a day until one of you dies…
Cite a high-status referral
Cite any referral
Enlist their help
HJM Often Leads to a Posted Opening
Don’t avoid applying for posted openings
 Ask, “Who hires people like me?”
 Ask, “Who hires _________?”
 When you stumble across a hiring opportunity, ask
“How would I go about formally applying for that
position?”
Staying alive






It may take months to find a position
Send a prompt thank you letter by email and
mail!
Hit their radar screen every week or two or three
Identify 12-50 “champions” and use the easy-out
bugging system
Put your middle initial in, out, in, out, in, …
What to do if you’re seventh choice…
Seventh Choice?

Occupy mental space!! Because…
1.
2.
3.
4.
5.
6.
7.
You!
Salary Negotiations



The Three Rules of All Negotiations
Deflect the issue if it comes up
 “Salary is not my first concern. I’m really more
interested in the opportunity, especially for the
internship.”
 “As long as the summer comp is fair and
competitive, I’ll be happy.”
Questions? See the white paper on my web
site: www.donaldasher.com
When all else fails…
Dear Mr. Steel:
Thank you for your kind letter of April 17. After careful consideration I regret to inform you that I am unable to
accept your refusal to offer me employment with your firm.
This year I have been particularly fortunate in receiving an unusually large number of rejection letters. With
such a varied and promising field of candidates, it is impossible for me to accept all refusals.
Despite your outstanding qualifications and previous experience in rejecting applicants, I find that your
rejection does not meet with my needs at this time. Therefore, I will initiate employment with your firm
immediately following graduation. I look forward to seeing you then.
Best of luck in rejecting future candidates.
Sincerely,
Anthony T. Tyger
Secrets to the Hidden Job Market
1.
2.
3.
4.
5.
6.
7.
How big it is: 55 to 80% +
It’s easier than OJM
You have to start with a target
You get jobs by talking to people
Ditch your resume!
Don’t start by asking for a job
It often leads to an “advertised opening” after all
6 Sources of Job Leads




Networking
Research
Job Fairs
Internet




Active
Passive
Headhunters
Newspapers
Networking



It’s about information, not power
Types

Hiring authorities

Direct referral sources

Centers of influence

Uncle Bob and Aunt Claudene
Don’t forget receptions and job fairs, one of the only places on
the planet to meet a lot of recruiters easily

Switch to Networking Handouts

Return for Interviewing…
Research
Business library experts
 Industry directories & association lists
 Hoovers (formerly zapdata), i.e., D&B (10+ million)
 Chamber of Commerce
 State Department of Commerce
 Drive by
 Int’l students: see int’l student rep
You don’t have to do this on your own. Get some help!

Job Boards & Company Sites

Active works the same as research
 Find
companies in your area of interest
 Research companies before any interview

Passive works in limited cases (more below)
 Post
and hope
Weddle’s Guides have 100%
 Use the career center lists!

Also…
Consolidators
 www.indeed.com
Feeds & Specialty Sites
 InsideHigherEd.com
 Chronicle.com
 Dice.com
 Wall Street Journal’s www.fins.com
Find Them ALL at:
 Weddle’s Guides to Career Web Sites
The Problem w/ Job BB





Intensive competition, 500+ to 1 is typical
You have to be perfect
Monster, CareerJournal.com and others like it
Always running behind the cycle
Secret: Trade press and specialty publications still
a great source
Headhunters





Find people for jobs, not jobs for people
1000+ is generally considered minimum effort
Go to kennedyinfo.com or look at the Directory of
Executive Recruiters, aka “The Red Book”
How to field and/or deflect a HH call
Do NOT expect a recruiter to babysit you, give you
friendly advice, or help you find any job except one
she has an open requisition for
Leave no Stone Unturned!







I.D. 50+ companies that are “right on,” and 100200 “2nd Tier” companies, minimum!
On-campus interviews and search training
Receptions and job fairs (Travel! It’s worth it!)
Alumni networking
Post on all MBA web sites
Plan holiday interviewing junkets
Remember Uncle Bob & Aunt Claudene
Overheads on
Breaking Down the Door

See your handouts…
Interview Rules





You will call and confirm the day before
You will research the company before the meeting
You will arrive exactly 4 minutes early
You will know the plan for the day
You will look your best
Prep 7-15 “Hero Stories”



PAR – Problem Action Result
STAR – Situation, Tactic, Action, Result
PAARLA – Problem, Analysis, Action, Result, what I
Learned from this is ___, and how I Applied that
learning in new situations is ___.
RULES: (1) All stories have a happy outcome,
(2) You are the author of the action, not an observer
Questions They’ll Ask You

The Classics
 Tell
me about yourself…
 Strengths, weaknesses, preferences
 What would your former boss say about you?

Behavioral Interviewing Questions
 Tell
me about a time when….
 What would you do if…?

Case Questions
Classic Interviewing Questions

Tell me about yourself….
Tell a short business story that leads to the inevitable
conclusion that you are just now perfectly prepared
to contribute to this company
Behavioral Interviewing Questions




Answer the question!
Provide a specific example
Tell a short business story, hopefully one where you
are the hero
Go from the specific to the general, that is, show
that you understand the big picture after you
answer specifically
Case Interview Questions


Mental gymnastics: How many golf balls in a 747
Case questions: people, product, financials, may be
verbal or written
 How
would you improve net revenues?
 How would you design a succession plan for the
founder?

See career center for practice and samples
Follow up Questions
Does that answer your question?
 Is that what you had in mind?
 How do you do it at your company?
 What approach does your company favor?
 What are your plans relative to this?

Questions to Ask Them





What are your hiring criteria? Which skills and abilities are
critical for success?
How many interviews do you plan? When will you be able to
extend an offer?
What would you like to see accomplished in the first few
months on the job?
What resources will be available to me to accomplish my
objectives?
How will success be measured?
Salary Negotiations



Interns are not to negotiate hard for salary
Deflect the issue if it comes up
 “Salary is not my first concern. I’m really more
interested in the opportunity, especially for the
internship.”
 “As long as the summer comp is fair and
competitive, I’ll be happy.”
Questions? See the career center
Staying Alive



Send a prompt thank you letter by mail!
Hit their radar screen every week or two
What to do if you’re seventh choice…
th
7
Choice?
Who Needs Aggressive Techniques
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Entrants
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Re-Entrants
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MBA interns and graduates
returning parents and caretakers
returning prisoners (who knew you had so much in common?)
the idle rich
Career changers
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New graduates
Dropouts
ADA-empowered entrants
especially career changers
In a downturn: Everybody
It’s YOUR Responsibility
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This is part of your MBA education, but it’s all your
responsibility to follow through
If you don’t have timely success, you must follow
through with the career center; they’re there to help
you
You get jobs by talking to people
You need 100+ leads at all times
Look for work in channels