The Godfather of Las Vegas - Executive Recruiting for Casinos/Gaming and High Tech (By Referral Only Please)
I Was Laid Off This Week: How Long Should I Wait to Start My Job Search? - Great question, and one being contemplated by hundreds in the Las Vegas RIF (reduction in force) this week. Companies are firing, not hiring. So should you jump in with both feet and find a new job, or take time off to recharge your batteries? The answer: Depends how long you want to be on the beach (unemployed). For many, getting laid off is a blessing in disguise. They reconsider their priorities and realize health and family is far more important than any particular job. If you are in the RIF, this might be a good time for a sabbatical. Take six to twelve months off and travel the world and/or focus on your family. That, of course, presumes you have 12 months of savings for living expenses. Only 33% of Americans have a savings account; 60% live paycheck to paycheck. But won't that time off create a hole in my resume and make me unattractive as a candidate? Nope. That used to be the case pre-Pandemic, however these days employers are more understanding of sabbaticals. Provided you have a reasonable explanation for the time off (sabbatical, caring for elderly parents, health issues), taking time off is no longer a scarlet letter. What if I didn't establish an emergency savings fund and can't make the mortgage payment this month? You obviously have a greater sense of urgency. And it really depends on your compensation. First, work your professional network - 85% of jobs come via referrals from your peers. At $100,000+ base salary, contact one or two Executive Recruiters you have a relationship with. If you don't know an Executive Recruiter, ask your peers for a referral, however keep in mind that the wrong time to meet an Executive Recruiter is when you are unemployed. Always build the bridge before you need to cross the river. At salaries under $100,000, work your professional network and check out www.indeed.com for job listings. If you see a role that is a good fit, try to find a professional contact that can introduce you to someone at the company. Worst case scenario, apply online. Unfortunately, you will be one of 500 people applying for that job today.
Bob Rosati
6mo
Great advise Mark
Chief Financial Officer
6moHere's my take on executives in transition. Generally speaking, there are limited opportunities for senior executives in transition. In many cases, an executive may be in transition up to one year after their termination, and perhaps longer in a recession. Here's the problem: there is no shortage of great candidates (especially during a recession). So, your perfect job may only be available the first two weeks after your termination, and you might not find another opportunity until six months later. My advice for the terminated executive is to recharge quickly. Contact your network immediately, and have a resume ready if something comes along. You don't want to miss any opportunities. On average, senior executives take several months to place (three to four months), so if you want to take a breather, you'll get one because it takes a long time for someone to hire you.