| In This Issue |
Hiring Outlook
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Behavioral Interviewing
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Job Expansion
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Q&A with Weaver Partners
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Opportunities through Weaver Partners
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Hello!
This email is sent from www.weaverpartners.com. Thanks for signing up for Weaver Partners' Quarterly network on www.weaverpartners.com. If you did not personally sign up, someone you know in the Employee Benefit Industry has submitted you.
Hiring Outlook
We hope that this finds you well and keeping warm this winter. Weaver Partners is excited to report in from the street, to provide an up-close look at the hiring scene in the Retirement Services Industry.
It's been awhile since our last newsletter, but for good measure. We are placing a lot of candidates and working hard to assist everyone in our network. Weaver Partners posted record Quarters back to back in 2005.
The quantity of Retirement Services job opportunities posted online is up more than 25% from this time last year. In addition, we have exclusive access to many searches that are never posted online. We are seeing steady growth in the Defined Contribution segment; and growth in the Defined Benefits arena is stronger than we have seen in many years. Growth is steady on the non-qualified retirement plan side of the fence with executive compensation becoming more of a factor everyday. That said, the number of companies working with search firms has dramatically increased. Weaver Partners is consistently building new relationships with prospective clients. Weaver Partners only works with the best companies in the industry and are selective in our screening of potential clients, in order to ensure the retention of our candidates - thus, focused beyond the hire. We are accepting new searches weekly, from Plan Administration through Senior Management.
Make sure to be smart about your search and work with accredited Recruiting Firms. NAPS is the recruiting industry's national association that sets the standards for ethics and professionalism. Weaver Partners is an active member and the only recruiting firm in Retirement Services who is aligned with the ideals and parameters that the Recruiting Industry has established. For more information on NAPS, please visit: http://www.recruitinglife.com/AboutUs/index.cfm
Behavioral Interviewing: The Predictive Technique
Behavioral interviewing, a relatively new style of interviewing developed in the 1970's asserts that "the most accurate predictor of future performance is the candidate's past performance in a similar situation." In fact, behavioral interviewing is said to be 55% predictive of future on-the-job behavior, while traditional interviewing is only 10% predictive. An example of a behavior-based question might be, "Describe a situation in which you were able to use persuasion to successfully convince someone to see things your way." Or, "Tell me about a time when you had to go above and beyond the call of duty in order to get a job done." Currently, 30% of all organizations are using behavioral interviewing to some degree.
Job Expansion Through 2007
University of Michigan economists predict that the U.S. economy will add nearly four million new jobs through 2007. In their annual forecast of the U.S. economy, Saul Hymans, U-M emeritus professor of economics, and colleagues Joan Crary and Janet Wolfe, predict that 2006 will see a 3.4% growth in the national economic output and almost 3% in 2007. Furthermore, 2006 will see 2.1 million jobs added nationwide with another 1.8 million to be added in 2007. The next two years are expected to see unemployment fall to under 5%.
Q&A with Weaver Partners
Question from a Retirement Services employer: I am losing candidates during my search; the ones that I probably would have extended an offer to. This hasn't happened before. What can I do to ensure that I get the candidate I want?
Weaver Partners: First of all, great question. As stated above, the market has taken a dramatic shift and candidates have multiple irons in the fire. From the time a candidate sends a resume, realize that they will most likely be off the market within 4-5 weeks. The burden to keep your process moving forward falls onto your shoulders, or on the shoulders of your search firm. Realize that you shouldn't cut corners on who you hire - hire the best candidate for the position, but do so efficiently. Here are a couple of tips to ensure that you are leading the process and not being dragged by the process:
- Create a Search Schedule based on Start Date. When do you need this candidate on board? Once you have a realistic start date, you can create a schedule that will manage your time and expectations of your team, your search firm, and the candidates involved. For example, if you were to start a search on February 1 and it involves the candidate relocating, here's what you should expect:
- Week of 2/6 - begin search: recruit and screen
- Week of 2/13 - Phone interviews
- Week of 2/20 - In-person interviews + offer
- Week of 2/27 & 3/6 - Candidate is into 2-week notice
- Week of 3/13 - Candidate is relocating to your market
- Week of 3/20 - Candidate becomes Employee!
- Sense of Urgency. We understand that you are not in the Recruiting Industry, but the Retirement Services Industry. However, the longer your positions remain open, your present team takes on the burden and company goals risk not being met. It's critical to keep your hiring a priority and keep the process moving, giving direction and timely feedback to all parties.
- Communication. It's critical to keep lines of communication open. Do the candidates in process understand the timeline involved? Are they communicating with you if something changes on their end? Leverage your search firm for this!
Personal note: Realize that good search firms will act as your 'Trail Guide' and lead you through this process, so you don't lose candidates without knowing that they could come off the market. With the flood of un-qualified candidates that respond to the ads, it's beneficial, because you can focus on your business and let the search firm manage all the details so that all you have to do is interview, make a decision, and extend an acceptable offer. Weaver Partners works hard and smart with our clients to ensure that the sense of urgency moves at a rate where the Impact of the hire is our utmost focus; making sure that you have the right candidate for the right role.
Recent Question from a Candidate: Should I accept a counter-offer?
Weaver Partners: The decision to accept a counter-offer is one that needs to be thought through carefully. When we hear of candidates accepting counters, the decision was one that was made on more of a personal level than professional - and this worries us. The majority of counter-offers accepted, don't work out. If faced with a counter-offer, here are ten-objective questions to ask before accepting:
- What type of company do you work for if you have to threaten to resign before they give you what you are worth?
- Where is the money for the counter-offer coming from? Is it your next raise early? All companies have strict wage and salary guidelines which must be followed.
- Your company will immediately start looking for a new person at a cheap price.
- You have now made your employer aware that you are unhappy. From this day on, your loyalty will always be in question.
- When promotion time comes around, your employer will remember who was loyal and who wasn't.
- When times get tough, your employer will begin to cutback with you.
- The same circumstances that now cause you to consider a change will repeat themselves in the future; even if you accept a counter offer.
- Statistics show that if you accept a counter-offer, the probability of voluntary leaving is six months or being let go within one year is extremely high.
- Accepting a counter-offer is an insult to your intelligence and a blow to your personal pride; knowing that you were bought.
- Once the word gets out, the relationship that you now enjoy with your co-workers will never be the same. You will lose the personal satisfaction of peer group acceptance.
Personal note: According to national surveys of employees that accept counter-offers, 50-80 percent voluntarily leave their employer within six months of accepting the counter-offer because of unkept promises. The majority of the balance of employees that accept counter-offers involuntarily leave their current employers within twelve months of accepting the counter-offer (terminated, reduction in force, re-org, etc.).
Opportunities through Weaver Partners
We have highlighted several "Red Hot" opportunities that will offer tremendous opportunities for growth. Please review the list and let us know if you know any retirement services professionals that would be interested in learning more about any of these opportunities. Anytime you refer a retirement services professional to Weaver Partners and we are able to place that candidate, we will reward you for your efforts with a $500 referral bonus.
All opportunities are true positions - not fiction. This does not list all opportunities, as many searches are confidential. To make your navigation that much easier, we have classified the EB opportunities by opportunity and by location. Categories include: Attorney (EB law), Conversions, DB, Executive, HR, Plan Specialist, Plan Administration, Relationship Management, Sales, Systems, and Other. Make sure to visit frequently, as new positions are posted weekly.
Click Here For a Full List of Opportunities
RED HOT
ERISA Associate - Central
Opportunity for a 3-5 year Attorney to join one of the Central Region's largest and best Employee Benefit Practices.
EB Auditors - All Regions
Must have your CPA, or capable of earning.
Consulting Actuary - Pacific Northwest
HUGE OPPORTUNITY - Exclusive Search - One of the most respected TPA's in the Northwest is looking for a Consulting / Production Pension Actuary comfortable working in a TPA environment. (Potential for ownership within 5-years!)
Enrolled Actuary / DB Manager - Southwest
Excellent opportunity for an Enrolled Actuary with the desire to manage and grow a successful Defined Benefit team of 5 to 10 professionals. Successful candidate will need to lead by example and will be expected to do production in addition to management responsibilities.
Actuarial Analysts - All Regions
Multiple opportunities for DB Analysts with hands on actuarial valuation and FAS experience. If you are in the process of passing your SOA exams, our clients will keep you on the path and continue to pay for your education! Our clients will offer a competitive salary and pay for you to earn your EA and beyond.
Conversions - Northeast
Several opportunities!
Internal Sales Supervisor - Central
Great opportunity to lead a team of sales support specialists.
Call Center Managers - Southeast & Northeast
Great opportunities for call center specialists who have had supervisory (team lead) experience and / or management experience.
ERISA Compliance Roles - Southwest, Central, Northeast
from Sunny California, to Central Region, to the Northeast. We have immediate opportunities ranging from Compliance Administration to senior roles that include the need for plan document experience and consulting, and management / supervision.
A-Z Plan Administrators - Southwest, Central, Northeast
We have all ranges of Plan Administration opportunities presently. Must be able to do hands-on compliance and recordkeeping for a caseload of 50+ clients. You will have client contact. ASPPA Designations preferred!
Relationship Managers- All Regions
Phenomenal opportunities for client services professionals that enjoy helping plan sponsors and plan participants reach their goals. If you have professional presentation skills, investments experience and enjoy making a difference for you team and clients, let's talk.
External Wholesaler - Central
Great opportunity for an experienced External Wholesaler with defined territory in Central Region.
If you or anyone you know would like to learn more about any of these opportunities please contact us immediately. These are just a sampling - we have many additional opportunities and are bringing on new searches everyday.
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