As we are all aware the backdrop of the job market has changed in recent times, presenting challenges to companies and employees alike. Now is the time to take stock of where you are and where you would like to be in terms of your career. You can then take the necessary actions to achieve your career goals and ambitions.
Despite recent publicity about the rising level of redundancies, there is no doubt that while jobs are being lost the overall level of opportunities available to qualified Chartered Accountants is still encouraging.
In challenging economic times our natural reaction is to be more cautious and prudent. This can translate into a sense of inertia in relation to career development as well as a reluctance to move roles because of feelings of insecurity. Do not place your career development and progression on hold. Continue to seek out new opportunities for a career/job change.
Obviously it is advisable to be more selective in terms of the companies and roles you will consider. Be sure to research the company thoroughly and be mindful of job security and long-term sustainability. It is during these more challenging times that a strong qualification and continued training and learning will benefit you.
Businesses will need talented professionals to guide them through a tougher economic environment. There are a number of ways that you can improve your career progression and development both in your current company and with a prospective employer.
Improving job security
Take on additional responsibility that will add value in the business, even if the areas are outside of your specific remit. Seek out areas that are being neglected or where you see potential for growth, development, increased revenue and ultimately profit.
Conduct a review of the organisation and know what the critical operations, key performance indicators (KPIs) and issues are and what they are likely to be in the future. This will offer you the potential to show the company how you can add value and take on responsibility on your own initiative. It might even result in a whole new role and career opportunity opening up for you.
Increase your visibility
Ensure that you network within your organisation. Manage and communicate upwards. Develop relationships with those in more senior-level roles. Volunteer for and become involved in major projects asthis will help to increase your profile. Drive the projects and take on a lead role. Demonstrate your ability to take responsibility and to work on your own initiative. The more you raise your profile with the management team, the more likely it is you will be recognised for your contributions to the company. The company will also be very reluctant to see your skills leave the organisation.
Communicate your value to management
During difficult economic times, the focus is very much on costs and, unfortunately, increasingly on the payroll costs. When it comes to a choice as to who will be made redundant the decision is often based on cost and value for money. Employees who are adding value to the business will have more job stability. If you don't make management aware of your contribution and how this translates into the bottom line in terms of income or cost savings the decisionmakers may not recognise your value when making cuts.
Job hunting
Due to recent changes in the job market, in some areas and levels there is a greater supply of candidates than roles available. This is particularly the case with senior- and executive-level roles. The result is a very competitive environment where candidates have to be more strategic and creative during their job search. Companies recruiting will be particularly selective and considered in relation to their recruitment criteria. It is essential that your skills and knowledge are up to date and that you are in touch with developments in your area.
The recruitment process is also likely to take longer as companies are under less pressure to make a decision. A process that might have previously taken 6 weeks may now take 8 - 10 weeks to turnaround. Where formerly there may have been two interviews you may now have to attend a third interview. Companies are likely to be more mindful of the costs associated with the recruitment process and pressure may be exerted in terms of salary expectations, especially in asituation where the candidate is not currently working.
Salary structures
There will now be more focus on your performance in a role with KPIs, goals and targets being agreed in advance. This may be reflected in terms of the package on offer. A higher proportion of the overall value of the package may be performance-related in the shape of a bonus structure. The base salaries on offer may be lower but with a higher potential in terms of bonus based on your achieving predefined criteria and overall company performance.
Positioning and branding yourself
In a more challenging market it is essential to position yourself ahead of the competition, especially when you are being considered for senior level roles. You need to be able to articulate what it is you have to offer. What is so unique about YOU that an employer will want to hire you and retain you in the business irrespective of their financial circumstances? At a certain level it is assumed that you can prepare a set of accounts and manage the day-to-day financials. You have to show where you can really add value from a broader perspective. You need to demonstrate an understanding of the specific challenges facing your sector. We all have something unique to offer. You need to package this to develop a robust value proposition.
Think in terms of cost versus benefit.
Can you justify your salary and implement changes that will equal or be more than your cost to the business? By proving your value to the business you will be in a stronger position than others at your level.
In interview and in your CV provide examples of where you have demonstrated your ability to add genuine value and a contribution to a business in the past. Give details in relation to projects that you initiated and managed, outlining the implications and benefits. Use metrics and statistics to reinforce your impact. This helps your prospective employer to understand fully what benefit you can bring to the business and that you are value for money. It is a numbers game! With more competition in the market it is important to increase the level of applications you are submitting. Ramp-up your activity in terms of networking also. Talk to your peers to learn what is happening in your sector and what roles and opportunities are currently in the market. Don't be afraid to make targeted unsolicited approaches. Do your research in advance to ensure your details reach the desk of the decision makers. Be sure to follow up any applications you make. Master the balance between being persistent and annoying.
Where possible, arrange a face to face meeting rather than communicating via phone and email. This will afford you the opportunity to make more of an impression.
Returning from abroad
When you have been out of the local market for some time you can lose touch. It is important before deciding to return to get a full understanding of the market and your position within it. Do your research in advance by contacting fellow members and recruitment professionals specialising in your area. Know your current market value in terms of salary and package and be sure to be realistic.
If the experience you have gained has been very specialised ascertain if there is an appetite for this skillset. You can then decide if and how to transition this experience.
Location will also be a major consideration for you. Decide on where you would like to be based when you return. The more flexible you are willing to be, the more options will open up for you. Try, where possible, to make yourself available for a face to face interview. A telephone interview will generally suffice for the initial screening process but to land the job you will have to be available in person. In some instances depending on the distance involved it may be the case that you will have to leave your existing role and come back to Ireland before securing another role. It may be a risk (although calculated if you have done your market research) that you will have to take.
Overview
There is no doubt that we have entered a new phase in relation to the economy with the knock on impact being on the level of opportunities available. However, it is during such challenging times that a recognisedand respected qualification will stand to you. Employers realise that they will need talented professionals to guide their business to success.
To maximise your career opportunities and potential in this climate it is essential to remain in touch with market trends and demands. Successful career planning is an eternal exercise no matter what the economic climate. Once employers recognise how valuable you are, recession or growth, they will want you on board.
Karin Lanigan is Careers Advisory & Placement Executive at The Institute of Chartered Accountants in Ireland.