Don Straits - Dragon Slayer

I wish I had a dollar for everytime I heard an executive make that statement....I could retire in Bali.  Virtually every week I hear stories of how executives were certain their job was secure, and then along comes Donald Trump and says: "You're Fired."

Here are just a few stories.  They are never ending. 

Two weeks ago I picked up a new client who held one third ownership in a $100 million dollar company.  He was VP of Operations.  He was 100% certain there would never be a change and he was set for life.  His partners and the board decided they wanted someone with a different perspective on business operations.  He lost his "guaranteed for life" job.  I confess he is somewhat stoic.  He is looking for a new job, but he says if the company is ever sold he will make a ton of money.  He may also try to sell off his shares.  He is one of the fortunate ones.

A top senior executive in the consumer packaged goods industry consistently lead his company to profitability and double digit growth. His company was one company of many within a holding company.  His company was sold to a British organization, and, despite his extraordinary ability, documented performance, and leadership, he was replaced with a new "team."

A COO was recruited from Virginia to California for a high tech company in Silicon Valley.  He relocated with his family for a new start.  One week on the job and he was released.  The board of directors, without even the knowledge of the president, had been seeking a buyer for months.  The deal was consummated the week he arrived.  The company was rolled into the other organization and all senior execs were replaced.  Talk about an eye-opener:  relocated with family, new house, new mortgage, no job, and no severance package.

Don't ever think that it can't happen to you.  Here is a very helpful visual that shows the stages of career transition.  It is very similar to the grieving process when a loved one passes away.  In some form, every exec goes through these stages.   Successful executives are the ones who go through the stages as fast as possible.

In today's tough economic marketplace, more and more executives are faced with the challenge of going through a career transition.  Don't ever think for a minute it can't happen to you.  There are things you can do to prepare for it, in order to make yourself more marketable and your transition faster and smoother. 

Here are just a few ideas:

• Build a profound presence on the Internet.  You want to demonstrate you are current, contemporary, recognized as an authority, and a leader in your field or industry.  This might include developing and maintaining a thought leadership blog, giving speeches at industry events, writing articles for publication, participating in all the social networking sites, hold leadership roles in industry associations, develop friends in the press so that you will be quoted in articles, and approach radio and TV stations who can call upon you as an industry spokesperson when relevant news stories break.  (I'll bet 90% of you have failed to do the majority of those items listed).  If you are reall internet savvy, and understand SEO and SEM, you can do these on your own.  If not, we can help.  Check out our Catapult program.
• Keep your resume or executive portfolio up-to-date.  Even though you think your position is "secure," you should always take interviews for positions that provide opportunity for growth or enhanced security.  Building relationships with organizations and their leaders will represent a great network when you need to make a transition.
• Build relationships with executive recruiters.  The recruiting industry is going through profound changes.  They are suffering from the recession like everyone else.  The number of positions they have available is down by 50% prior to October 2008.  Ask yourself when was the last time recruiters were seeking you out on a consistent basis.  Despite that, make contacts with recruiters in your field.  When possible, give them leads to recruiting assignments or help them find candidates when they request your assistance.  When the time comes that you need them, they will be more likely to help you.
• Grow your network.  We all know this, but often, too many executives, particularly senior executives who have fallen into a comfort zone, stop networking.  Never stop.  Keep up with the following:  attend conferences and conventions, speak at industry events, and connect with execs outside your industry through social activities (the law of six degrees of separation is so important for the last item).

What is imperative is that you don't just live for the moment. Change is the only constant.  You need to prepare for the future.  The wise executive is a visionary, not just for their company, but for their own career.