The job market is dead for executives (case)

July 21, 2023 | CareerAngels | Real Cases

The job market is dead for executives

This is just one of many emails we have received in the past months. The job search process can be so difficult that it may appear as if the whole job market was dead. As it’s a very relatable example, we’d like to share with you our response to it.

Dear Career Angels,

Here are some statistical numbers based on my job search:

I have contacted 33 companies. So far, I have received 19 replies (follow-up emails were sent 10 days after 1st email). 2 companies indicated that they would come back to me for further talks as they currently had no relevant open positions.

I have also contacted 38 headhunters. 24 replied so far. I had 3 general “get to know each other” interviews with them.

I’m going to follow up at the end of the year by sending LinkedIn invitations to contacts that have been generated but never replied to.

It appears that the market is currently dead. I can’t see any changes due to the season nor any heightened post-corona demand…

Dear candidate, we hear you!

The job market had already been competitive before COVID-19. Afterwards, times were unusual and if you wanted to be successful in your job hunting, you needed to put even more effort and method into it. The market has almost returned to its pre-Covid state, but the unfortunate developments in the world have brought it back onto unsure ground.

Let us now pick out fragments of the email, so we can comment on them directly.

I have contacted 33 companies. So far, I have received 19 replies (follow-up emails were sent 10 days after 1st email). 2 companies indicated that they would come back to me for further talks as they currently had no relevant open positions.

The most important aspect: we’re taking a statistical approach in our evaluation here, which means that 33 companies are definitely not enough. Our recommended scope is 90 companies to start with. In CV-19 times, some of our clients needed to extend it to 120. Nowadays, we aim for 90-120 companies.

The average numbers based on our data:

  • response rate (RR) of 30-50%
  • interview rate (IVR) of 5-10%

When calculating the RR or IVR, we divide effectively contacted people by all the rest. The definition of effectively contacted is: you have sent 1st email and the follow-up email. The point is, the more companies you contact, the higher the number of replies and interview requests you receive.

After you contact min. 60-90 companies, you should start receiving offers.

I have also contacted 38 headhunters. 24 replied so far.

Your RR: 24 ÷ 38 * 100 = 63%. That’s above average! Well done!

I had 3 general “get to know each other” interviews with them.

Interview rate (IVR): 3 ÷ 38 = 8%. That’s the average. Also good.

Note: most “get to know each other” interviews are never what they seem to be. It depends on how you present yourself whether or not the companies will disclose their current or future projects. Take the opportunity to receive feedback and ideas on what other companies to add to your list.

I’m going to follow up at the end of the year by sending LinkedIn invitations to contacts that have been generated but never replied to.

Perfect! Remember also Xing.com if those contacts are based in Germany, Austria or Switzerland.

It appears that the market is currently dead. I can’t see any changes due to the season nor any heightened post-corona demand…

Your KPIs indicate “normal”. As mentioned, our data shows the biggest difference currently is just having to contact more companies than usual (up to 120) to generate 2-3 good offers.

Find your potential bosses and their email addresses. You can research that using LinkedIn, company websites, search engines or you can ask your network. More on how to find email addresses here.

 

In summary, what you need to do is “simply” more of the same:

  • contact more companies & alternative decision makers where there was no response,
  • like Dori said to Nemo, “Just keep swimming!”

Not sure if you’re doing enough? Check our Job Hunting Efficiency tool – answer 9 short questions and receive a comprehensive analysis of your job search efforts. Click here!

Are you an experienced manager or executive who needs to review or improve their job search KPIs or simply wants to discuss their job search strategy?