Transition Techniques

Eric Schweitzer, vice president, global outplacement and executive coaching consultancy at Challenger, Gray & Christmas, Inc. lead a panel discussion about employment transition on Tuesday, August 7 for members of the CFA Society Chicago. In addition to leading the conversation, Eric shared his experience transitioning from a bank trust department to an outplacement and coaching position. He emphasized the importance of preparation to identify relevant skills and brand.

Nancy Fehrenbach, CFA, a financial planning analyst with Phase 3 Advisory Services, Ltd. shared her process “re-entering” the investment advisory business after an extended time working as a mother, for non-profits, and as a school board president. Fehrenbach found that networking with friends and acquaintances helped her gain insights into how her experiences and skills could translate into a new role in the financial services industry. She found that investment advisory firms often look for new hires with “a book of business.” Her time away from the industry and skill set focused on analysis and customer service versus new business development. She eventually found the appropriate role for her providing financial planning services to individuals.

Daryl Brown, CFA, a director of market strategy at TransUnion, found self-evaluation tools and books, like What Color is Your Parachute, helpful in “boiling down” his skill set to effectively sell himself. Brown emphasized the importance of networking through LinkedIn. He used LinkedIn to find people that had a connection to employers that he wanted to pursue. He found that people wanted to offer assistance. Daryl encouraged the audience to reach out, even if it feels uncomfortable. Brown subscribed to the LinkedIn premium level and used the skills and endorsement features.

Phil Jandora, CFA, a senior transitions analyst in the Investments group at Willis Towers Watson, supported the critical importance of social media in his job search process. He used LinkedIn to learn about opportunities and to build out second and third level contacts. Jandora’s experience supports the advice presented in various “Jump Start Your Job Search” messages- your resume is a necessity but your network is critical. Jandora also noted that programs like Toast Masters or improvisation training can help build the communication skills necessary for the job search process.

Tim Byhre, CFA, director of business valuation at RSM, emphasized the importance of level two connections in the job search process. Most significant, he noted the importance of maintaining and building relationships before you need them. Byhre also noted his use of Glassdoor to learn about the culture of companies. He read Glassdoor reviews about what it’s like to work at the firm to determine if the firm would be a good fit for him. Tim emphasized the importance of writing down your skill set along with an explanation of how they can be used to further the success of a potential employer.  He found this preparedness very helpful when interviewing.

Eric Schweitzer supported the importance of networking and emphasized that you should know the answers to the following questions before making calls – why am I calling, what am I looking for, and why am I looking? He also noted that you should ask the individual to “do something”- offer a reference, referral, opening to a company, etc.

The panel emphasized the importance of finding a cultural fit. Fehrenbach noted her desire to work with people that she liked and enjoyed being around. Schweitzer noted that the right role at the wrong company can lead to failure. Brown said that potential employers will probably recognize a cultural mismatch, so don’t waste time compromising for a paycheck.

All agreed that a disciplined process with a focus on the future that reaches out to second level contacts can produce a successful employment transition. Throughout the process, focus on the audience’s perspective with an emphasis on “how” or “why” versus “what”. A final thought from Schweitzer – employers want to know how you are going to help them fix their problems without bringing any of your own along.

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