Executives often ask us why they should have to invest in their careers.
In the early part of your career, investment is indeed less necessary. But as you age and the telephone stops bringing hungry headhunters, investment begins to seem more reasonable. After all, your career is your most valuable pre-retirement asset. Increasing its worth through judicious investment only makes sense. And at senior executive levels, well, small ponds… big fish… those opportunities typically do not fall in your lap without some degree of investment.
In fact, clients come to recognize that marketing yourself as an executive requires clear targets, a good plan, and strong execution… the attributes that only much experience can provide. And most executives have limited experience in marketing themselves.
However, we have been at it for 32 years now and Forbes ranks us among the best in the industry. We have the experience to guide executives through all the phases of the process and the multiple market segments that are available—particularly the unpublished market, but also the recruiter and published markets as well.
Here are a few examples from our recently landed clients:
The data is arranged in increasing level of Previous Gross compensation. The “Change” column represents the change in compensation before and after landing. This “Change” includes the more quantifiable benefits (such as a signing bonus) but excludes other benefits such as vacation, health coverage, company cars, etc. The “Cherry on the Top” Compensation column helps to explain, for example, why a few clients actually accepted decreases in their fixed compensation in favor of the potential upsides that equity or a large performance bonus offers.
Also interesting is that many of these executive clients changed industries, demonstrating the fact that skills are indeed transferable if they are presented properly. Demonstrating the transferability of a candidate’s skills is a specialty here at the Barrett Group. It is a focus as part of our clients’ Personal Branding (a.k.a. Packaging) step.
Another important insight is that compensation and title do not always move in parallel. For example, one of the highest compensation levels in this subset of data is a Director.
What’s the bottom line for this randomly selected cohort of recently landed executives? They raised their compensation by 19% on average. Thus generating an ROI of more than 450% on their investment in career management services with the Barrett Group—year one! Add in the downstream employment income and the ROI only goes up.
“There was a significant amount of work that I put in during the three months leading up to that interview. From reflecting on what I wanted to do, to recognizing my skills, to building up contacts – I was prepped for that interview. That is due to The Barrett Group, no question about it!”
When Ray received the initial job offer, his career consultant provided critical assistance in the compensation negotiations. This resulted in a much more attractive package.
“This is where TBG really earned its fee. Thanks to Isabelita [his career consultant], I was able to understand quickly what should be in the package and, so, negotiate a better one,” said Ray. [Ray Cleary, Read more]
We are different because we work for the client as candidate (not the employer). Each candidate has a personalized program that is made just for them. We take time at the beginning of the program to completely understand each client’s behavioral tendencies. We learn their current situation and longer-term aspirations BEFORE we develop the personal branding elements. Once we have a clear vision for the client, we can then assist them in accessing the executive market.
By the way, there are always executive opportunities in the market—more than 450,000 of them per year in the markets we actively follow. [Read more] If you are hesitating to find the right time to get started, the time is now.
So, while your satisfaction and quality of life are, of course, critical to your health and happiness, many of our clients celebrate the ROI they have received from investing in their careers by hiring the Barrett Group.
How about you?
Peter Irish, CEO
The Barrett Group