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Key Items I’m Watching This Year Market Commentary – January 17, 2021

Now that we are a few weeks into the new year, I wanted to look forward a bit and briefly discuss some of the things I’m questioning and watching this year. I like to go through this process each year to force a review of my thinking and the strategies that come from those thoughts that I pass along to you.

Will stock concentration continue?
Five stocks represent a quarter of the S&P 500, which is the largest weighting for five stocks since the early 1970s. It’s hard seeing this continue, but it’s harder to come up with a reason why it won’t.

Will value come back?
Over the last 5 years, the Russell 1000 Value Index has grown by 9% a year. Not bad, except when you compare it to its growth counterpart, which has grown at 21% a year. Maybe we should be talking less about value being dead and more about growth being impossible to keep up with.

One of the reasons for the discrepancy in returns has to do with the difference in sector weights. Value has 29% fewer technology stocks and 26% more financials, industrials, and energy. The spread between value and growth on fundamental factors is as wide as it has been since 1999, and on some metrics, it’s even wider. But is it different this time? You cannot rule it out.

Will the stocks that benefited the most from Covid continue to outperform?
The world looks different today than it did a year ago. People are working from home, and they are wearing masks in the street. Some parts of our lives and some parts of the economy are changed forever. The question is, has the market already discounted all the change and then some?

Zoom, Peloton, Docusign, Teladoc, Shopify, and Wayfair gained an additional $300 billion in market cap this year. For comparison, that’s twice as much as the combined value of Delta, Las Vegas Sands, Marriott, Royal Caribbean, and Simon Property.

Again, the Covid beneficiaries added twice as much in market cap this year as the combined value of the badly hurt names by the virus. Did the market get this right? Does the gap narrow this year, or does it continue to widen?

Irrational Behavior
Investors went a little crazy this year. And I don’t mean in the way that Zoom gained $100 billion in market cap. That might be justified. But what investors did after Apple and Tesla announced that they were splitting their stocks was absolutely insane.

Apple announced a stock split on July 30th. On July 31st, the stock gained 10.5%. That was its second-best performing day of the last decade. $172 billion in additional market cap was added one day because investors were getting four shares for every 1 they had previously, with the price of their shares getting cut by 75%. In theory, this shouldn’t impact the value of a company. In reality, it really it did!

Will investors continue to ignore things like common sense? Investor behavior is impossible to predict, but I’m really looking forward to seeing whether or not 2021 is a continuation of what feels like irrational behavior because often such behavior ends badly.

Where does the Dollar Go? 
Maybe all that money printing is finally catching up with us. For the first time in a long time, the mighty dollar is starting to show signs of weakness. This has implications for the global economy and implications for U.S. investors.

A weaker dollar is good for gold and good for non-hedged foreign stocks. Gold quietly made an all-time high earlier in the year, and international stocks are showing signs of life, after doing a whole lot of nothing over the last decade.
International developed stocks (EFA), think Japan, United Kingdom, have only outperformed U.S. stocks once in the last 8 years. This is another one of those things that shouldn’t continue forever, but it’s hard to make the case why it wouldn’t.

Will we see more institutional adoption of Bitcoin/Cryptocurrencies?
Speaking of dollars, it has been a wild year for Bitcoin. Until recently, Grayscale’s Bitcoin was the only way for U.S. investors to access bitcoin in a listed fund. But recently, competition is showing up, providing investors more options.

Until now, Bitcoin/cryptocurrencies have been mostly a fringe asset and has not had a place in the portfolio of 99% of investors. What happens if institutional investors start to get involved?

Will the yield curve continue to steepen?
The yield curve, historically one of the most predictive economic indicators, went negative in 2019. That got a ton of attention at the time. Once again, it preceded a recession, albeit one that had nothing to do with the underlying economy. Be that as it may, right now it is at a 3-year high and I see few people talking about it.

A steeper yield curve, again, in theory, is good for economic growth and rising inflation expectations. With the Fed committed to keeping short-term rates low for the next few years, this may continue to widen, and maybe longer-term bonds start to outpace inflation.

And What About SPACs?
What Is a Special Purpose Acquisition Company (SPAC)? It is a company with no commercial operations that are formed strictly to raise capital through an initial public offering (IPO) for the purpose of acquiring an existing company.

Also known as “blank check companies,” SPACs have been around for decades. In recent years, they’ve become more popular, attracting big-name underwriters and investors and raising a record amount of IPO money in 2019. In 2020 SPACs raised $64 billion. And they’re just getting started.

According to Goldman Sachs, $61 billion in SPAC IPO proceeds are currently searching for acquisition targets. I cannot wait to see this. There are going to be some spectacularly bad deals come through.

It’s always hard to see things changing. And then along comes a year like 2020. Nobody had any of this on their list at the end of 2019. 2021 is sure to deliver some surprises, and unlike the last dreadful year, hopefully, those surprises will be for the better.

Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual. All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly. The economic forecasts set forth in this material may not develop as predicted and no strategy assures success or protects against loss. Investing involves risk including loss of principal.

 

Integrated Financial Group

Kevin Garrett – Integrated Financial Group

My firm specializes in working with people that experience what we call “Sudden Income.” Typically the income came from one of these events:

1) Accessing and Managing Retirement Assets

2) A Performance Contract (Typically a Sports or Entertainment Contract)

3) Divorce Settlement

4) Inheritance or Insurance Payout

5) Sale of a Business or Stock Options

6) A Personal Injury Settlement

I believe the unique nature of these events requires specialized professional experience, empathy, and communication to deal with both the financial changes and the life changes that inevitably come with them.

My clients value my ability to simplify complex strategies into an actionable plan. They also appreciate that I am open, non-judging, and easy to talk to about their dreams and fears. Each client defines financial success differently and my goal is to guide them from where they are now to where they want to be. As my client’s advisor, my goal is to provide them with a lifetime income stream, improving returns, protecting their funds, and managing taxes.

Firm Specialties:

    • Retirement Planning For Business Owners & Executives
    • Woman’s Unique Financial Planning Needs
    • Professional Athletes
    • Investment/Asset Allocation Advice
    • Estate Planning
    • Risk Management
    • Strategic Planning

Kevin was listed in The Wall Street Journal as “One of the Financial Advisors In The Southeast That You Need To Know”

Kevin was listed in Forbes Magazine’s Annual Financial Edition as a Five Star Financial Advisor

Kevin has been awarded the Five Star Professional Wealth Manager in Atlanta Magazine in 2012, 2014, 2015, 2016, 2017,2018, and 2019.

Award based on 10 objective criteria associated with providing quality services to clients such as credentials, experience, and assets under management among other factors. Wealth managers do not pay a fee to be considered or placed on the final list of Five Star Wealth Managers.

KEVIN GARRETT, AWMA, CFS

Integrated Financial Group

200 Ashford Center North, Ste. 400 | Atlanta, GA 30338

Phone | 770.353.6311

Email | kgarrett@intfingroup.com

Website | kevingarrettifg.com

 

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Significant Human Resources Alterations in Store Under Biden Administration

 

 

FlexHR

HR changes employers can expect from the Biden administrative agenda.

Copyright © 2021 Flex HR, LLC. All rights reserved.

2020 was quite an unpredictable year, and employers are still working to restore stability as the nation transitions Presidents. One thing the past year has taught business leaders is the flexibility to adapt to such fluctuating environment. And businesses need to stay compliant because some major HR deviations are due to transpire. President-elect Joe Biden has communicated his initiatives to considerably change employment and labor laws that currently reside in the workplace today. His actions thus far prioritize filling his cabinet and surrounding offices with individuals that have deep roots in labor relations. Therefore, it’s imperative that Human Resources leaders be aware of the predicted upcoming modifications.

Key Human Resources areas possibly impacted by the new administration in 2021 will be: 

COVID Management

There are strong indications that the new administration will move very fast to implement new guidelines and standards. In fact, this first action could come as soon as a few days after the President-elect takes office. Instilling remote work and holding companies accountable for that, strengthening sanitation procedures, social distancing, and employee training is also on the shortlist of items that could be implemented quickly. We may see a band at any social events of more than 25-50 people. And if it is allowed, masks will be required or a fine can be imposed. These guidelines could take effect until the number of death cases drops substantially. To support these efforts the new administration is considering doubling the number of OSHA inspectors.

COVID-19 Direction

OSHA to issue more binding rules outlining workplace exposure prevention, testing, temporary closures, and penalties for employer COVID violations. We will also see a push for more monetary relief for those economically harmed by COVID.

Healthcare

Expanded coverage under the Affordable Care Act (ACA). This will take some time to see major reform. The only thing we see happening quickly is increased attention to health plans covering all care related to COVID. Another popular offering is to add Telemedicine as a requirement in ACA qualified plans.

COVID Paid Leave

Extended paid leave of the Families First Coronavirus Response Act (FFCRA) is currently voluntary for employers to retain through March 31, 2021. We may see swift action to require this Act to be followed as it was through December 31, 2020, and even extending the act several more months past March 31, 2021.

Paid Leave

Beyond anything related to COVID, the President, and Vice President-elect have made strong commitments to put a Company Paid Leave Act into law. Share on X

Previous communications of 12 weeks of paid leave have since dissipated. Most states that have implemented a paid family leave program are paid through a state tax charged to the employee as a payroll deduction. Also, this may be mandated by the size of the company.

Wage-And-Hour

Push for a nationwide minimum wage increase, overtime rule changes, and “wage theft” provisions to the Fair Labor Standards Act (FLSA) will be seen in the first 90-days of the new administration. There may be some occupations that will be allowed to sustain a lower wage such as agricultural and farming positions, for example.

Secretary of Labor

President-elect Biden has nominated Boston Mayor Marty Walsh to be the next Secretary of State. This is the first union member to fill this role in over 50 years, indicating the new laws will focus on employee-centric policy versus employer-supported rules.

Non-Competes

Only a few states today prohibit non-competes in employment agreements. However, President-elect Biden has strong commitments to supporting the California elected Vice President in following her state law of not allowing non-competes for all workers.

No-Poaching Agreements

This is where employers and employees agree not to poach and hire each other’s employees. The new administration has a strong commitment to ban this practice.

Harassment, Bullying, and Discrimination

Broadening on discrimination and harassment (gender, age), and possible required anti-harassment training every year or two. There are some state laws requiring this now so it would not be hard to model off of one of those states.

Immigration

Transference in executive orders affecting immigration and increased work visas. However, this may help support the shortage of high-tech open positions and other jobs for Nurses and even Doctors but resulting in the burden of bringing them to work for US companies at the expense of the employer. We most likely will see fees escalate your VISA applications, H1B’s, and green card administration services. And you guessed it, the cost will shift more to the burden of the employer.

Labor relations

Most likely there will be a drive to enforce the “Right to Organize” Act, supporting major changes for Unions, which they will welcome. Over the past four years, the Labor Relation Board has not been at the forefront in labor activity. Under the Biden administration, expect to see the NLRB very active in employee-centric activities.

About Flex HR

Jim Cichanski – CEO FlexHR

Flex HR is an Administrative Services Organization (ASO) that provides leadership to deliver customized, scalable, and cost-effective HR outsourcing solutions. Flex HR offers a highly collaborative approach to consulting and outsourcing by aligning core human resources competencies needed to achieve the value expected from your company’s most important assets: your people.

 

 

Jim Cichanski | Founder & CHRO | Flex HR

JCichanski@FlexHR.com

404.966.0690

Thank you for visiting our blog.

 

Jim Weber, Managing Partner – ITB Partners

Jim Weber – Managing Partner,  ITB Partners

I hope you enjoyed our point of view and would like to receive regular posts directly to your email inbox.  Toward this end, put your contact information on my mailing list.

Your feedback helps me continue to publish articles that you want to read.  Your input is very important to me so; please leave a comment.

 

 

 

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Have you ever thought about owning a franchise business?

 

Have you ever thought about owning a franchise business?

Are you skeptical?

This webinar will show you the basics of franchising as a path to business ownership.

 

You will learn:

• What are the industry options?

• How do I know if franchise ownership is right for me?

• How can I find the right franchise for me?

• What do I need to watch out for when exploring franchising?

• What are the options for financing?

This webinar is free and there is no obligation to purchase anything.

https://zoom.us/meeting/register/tJcqd–urzstHNP47p173DOvyp0LY3BbblqD

BONUS: The first 30 people to register and attend receive a free copy of “The Franchise MBA”

 

David Roemer

Dave Roemer has more than 30 years of experience as a franchisor and a franchisee. He gets both sides of the relationship as he has been on both sides.

After several years as a restaurant operator and trainer, Dave began working with franchisees as a business consultant for Dunkin’, Arby’s, and TGI Friday’s. He then purchased a Business Coaching franchise and began working with small business owners in the Columbus, OH market. After a couple of years, he decided to go back to the restaurant business and was a Director of Franchise Operations for Long John Silver’s and the Einstein’s/Bruegger’s/Manhattan Bagel brands.

Today, Dave is an independent Franchise Consultant who helps people interested in purchasing a franchise determine which brands are the right fit and then helps them through the due diligence and discovery process. His services are free to the client as his fees are paid for by the various franchise brands with which he works.

 

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Gather the Troops

Today I’d like to chat about the different types of support staff you need and what makes them so important.

There are essentially three key roles that need to be filled to set your business up for success:

    • The Technician
    • The Manager
    • The Entrepreneur

 

All of these roles need to be played simultaneously by different people with the right talents. It’s all about balance.

The Technician

This person represents the present and all that needs to be done for the physical aspects of the business-building process. They are the “doer”. This is usually the most visible person in the entire operation.

The Manager

This person represents the past and works to fix problems through learning from past mistakes. They are on the practical side of the business and is in charge of putting together the business and overseeing the planning.

The Entrepreneur

This person represents the future and the vision for the business. They are responsible for the creative side of the business and are always considering ways to enhance products/services, business image, branding, and more.

Adrian is offering a complimentary coaching session to focus on what you can do to drive more business in 2021

All three of these characters are essential in the success of any business and to build a solid foundation from the start, you need to work harder to find the right people to put in these roles. Obviously, you need to be one of these key people, but ensure you find the role that fits your skills and talents, not necessarily what you THINK you should be doing.

This may be a hard process for you as you will need to relinquish some control over the business and instill trust in people to allow them to do their jobs.

Most business owners are aware of the daily burden people in the wrong key roles create but aren’t capable of diagnosing it themselves. Share on X

After all, change is HARD. A business coach becomes not only your mentor but your accountability partner during this process.

Michael Gerber, in his book “The E-Myth”, explores this concept deeply. For more information, or to set up a discussion with a coach devoted to helping you grow a profitable business, visit http://www.salesmarketingresults.com/

Helping businesses isn’t one thing we do. . . It’s all we do!

Adrian Sasine

Adrian Sasine is a Business Coach and a Marketing & Sales expert! From Start-up to Sale – Adrian delivers customized, results-based coaching for every business owner! With over 20 years of hands-on experience, Adrian offers a proven ability to increase profits and drive business growth. His clients receive invaluable business knowledge and insight from his own successes, failures, and thirst for business knowledge. What began as a hobby consulting with entrepreneurs, has turned into an undeniable passion to help serious business owners generate more clients, close more sales and increase their overall revenue and profits >> quickly and inexpensively. His expertise is as diverse as his resume, which includes having owned and exited several small businesses and leading the marketing division of a Fortune 500 company.

Adrian Paul Sasine
Tel: 470-839-4769
Email: adrian@salesmarketingresults.com

URL: salesmarketingresults.com

Thank you for visiting our blog.

 

Jim Weber, Managing Partner – ITB Partners

Jim Weber – Managing Partner,  ITB Partners

I hope you enjoyed our point of view and would like to receive regular posts directly to your email inbox.  Toward this end, put your contact information on my mailing list.

Your feedback helps me continue to publish articles that you want to read.  Your input is very important to me so; please leave a comment.

 

 

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Looking Back to Move Forward

Planning Requires a Learning System

Jim Weber – Managing Partner, ITB Partners

I began 2020 with a great sense of optimism.  However, within weeks of my New Year’s post, the world was in lockdown.  Was I ever surprised!    I did not anticipate the Covid-19 Pandemic.  Honestly, we were all surprised.  Sure, we knew it was a possibility.  The concept had been discussed in the culture, complete with dire warnings mostly ignored.

I had just completed a COO search when the lockdown began.  My placement’s start date was March 16.  I was sure that my client would rescind their offer.  But I was wrong.  The new COO became an integral part of their organization, helping them navigate through the challenges created by the pandemic.

Great companies create a learning culture that guides their planning. Share on X

My first blog post of the year is meant to establish a theme for the New Year.  It is somewhat different this year.   It seems appropriate to put 2021 into greater context, given our experience in 2020.  As we begin 2021, we are into the second flair-up of Covid-19, tracking the normal influenza cycle.  The residual effects of 2020 will be with us for a while, certainly through 2021.   Companies are still looking for a handle on the situation. They have learned much but need more time to adapt and thrive.

My  ‘beginning of the year message’ of 2020 was a typical opener, The setup spoke to the importance of planning and goal setting.  I wrote that companies are more likely to achieve their objectives, whereas individuals abandon their New Year’s Resolutions within a few short months.  I observed that the difference might be due to a lack of systems.  Goal attainment requires a system that incorporates learning.   Creating virtuous habits is the key to success.  That was my thinking at the beginning of 2020.

A chronological review of the topics for my 2020 posts is revealing.  In the first quarter, I was writing about making a productive start to the new year.  Pre-pandemic thinking.  In the second quarter, I was writing about situation awareness.  I wanted to understand the effects of the pandemic and assess the needs of our clients.  By the third quarter, I was writing about developing strategies to reconnect with customers.  The fourth quarter was the setup for 2021.  I wrote about the need for a clear positioning statement, supported by a communications program.

My 2020 Blog Themes by Quarter

    • !st Quarter Planning and Strategy -Typical Start of New Year Message
    • 2nd Quarter – Understanding/Responding to the needs of clients – Communications.
    • 3rd Quarter – Reconnecting Strategy-Communications
    • 4th Quarter – Positioning Strategy-Communications

A catalog of my 2020 articles is listed at the end of this post.

The lockdown made it clear that business models need to adapt to a new paradigm.  Many trends already working their way through the economy accelerated.  Remote working and internet shopping are obvious examples.  Other changes were not expected, especially health protocols surrounding Covid-19 mitigation.  There was a noticeable impact on the supply chain due to bottlenecks at the manufacturing/production node. The service sector was hard hit as ‘high touch’ retail concepts collided with social distancing, PPE, and sanitation protocols.  Our clients struggled to adapt.  My goal was to help them understand, adapt, and reposition themselves for success.  This is still my focus.  Find a defensible niche, organize around that strategy, and market your brand (communicate) accordingly.

My take-away from 2020 is that most companies are not investing in strategic threat assessments or developing contingency plans.  This leads me to believe that their planning systems are not generating information to protect their flanks.  Actionable information is the foundation for planning. A robust strategic analysis discipline will validate strengths, mitigate weaknesses, identify opportunities, and surface threats.  This approach to planning creates a learning culture.  An effective planning system is a learning system. Good companies employ a planning system.  Great companies create a learning culture that guides their planning.

A Fresh Approach to Strategy!

 

Beginning a new year is still exhilarating.  Maybe even more so this year.  We face a fluid situation as the second phase of the Covid-19 Pandemic takes its toll.  And a new Political Administration will soon be in place.  We know that further change is coming, but its size and scope is unclear.  The challenge is to gain clarity to ensure our continued survival.  This requires more experience and solid analysis.

 My 2020 articles in reverse chronological order.

Write an Impressive Cover Letter, Dec 28, 2020

Your Bio – Why it’s Important, Dec 19, 2020

Position Yourself for Success, Dec 12, 2020

Is Your Job Search Strategy Working, Nov 21, 2020

The Turning Point, Oct 24, 2020

A Crisis Averted, Sept 29, 2020

When Opportunity Presents (Public Speaking)  Aug 15, 2020

Job Search in the “Latest” New Normal – Know Your Options, Aug 1, 2020

Job Search in the Latest “New Normal” – Recruiting and Selection Dynamics. July 25, 2020

Job Search in the Latest New Normal, July 18, 2020

A Compelling Story Is Your Launchpad, July 11, 2020

Job Search – What’s Your Story, May 31, 2020

Things Will Change – New Habits Will Be Created, March 21, 2020

Starbucks Meets WeWork at the Automobile Service Center, March 7, 2020

Part IV – It’s Not Who You Know, It’s Who Knows You!  An Interview with Susan Knox of Corporate Connections, February 29, 2020

Part III – It’s Not Who You Know, It’s Who Knows You!  An Interview with Susan Knox of Corporate Connections, Feb 22. 2020

Part II – It’s Not Who You Know, It’s Who Knows You!  An Interview with Susan Knox of Corporate Connections. Feb 15, 2020

It’s Not Who You Know, It’s Who Knows You!  An Interview with Susan Knox of Corporate Connections, Feb 8, 2020

Identify Toxic Entanglements: Adapt or Disengage, January 20, 2020

Don’t Become Entangled in Their Pathology!, Jan 11, 2020

Do You Plan to Achieve Your New Year’s Resolutions, January 4, 2020

Thank you for visiting our blog.

 

Jim Weber, Managing Partner – ITB Partners

Jim Weber – Managing Partner,  ITB Partners

I hope you enjoyed our point of view and would like to receive regular posts directly to your email inbox.  Toward this end, put your contact information on my mailing list.

Your feedback helps me continue to publish articles that you want to read.  Your input is very important to me so; please leave a comment.

 

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Write an Impressive Cover Letter

Someone has been giving my prospective candidates lousy advice.  For years, I have received resumes with absurd cover letters.  Many are bizarre.  The worst begins with “In this challenging economic environment.”  Are you kidding me?  If they were trying to impress me, they failed.  They nullified their most crucial sentence with something trite and boring.   I do not know who advocates for this style, but they have done significant damage.

Here is a typical example.

Dear Mr. Weber:  

As a marketer and executive leader, I’m known for creating awareness that drives action and achieving transformational growth for startup, emerging, and mature brands. Most recently, I launched and built a challenger activist brand into a nationwide community movement that drove historic electoral wins. My experience, however, largely spans for-profit industries-art, luxury, and tech where I developed deep expertise in digital communications and brand-driven marketing strategy.

The first time I saw this letter, I did not read past the first sentence.  I doubt that any recipient did.  Why should we?  The writer took forever to get to the point, a big waste of time.   Possibly a good second paragraph, this is the wrong way to begin a cover letter.

This letter went on for seven more paragraphs, totaling 432 words.  It was not until the last paragraph that the author stated what she wanted.   Even then, the description of her ideal role was unclear.  Her most specific point was that she wanted to work for “brands that support social causes or are committed to investing in and evolving a social impact function.”  Since most corporate strategies include a ‘social cause,’ this point was unnecessary.   More wasted time

While researching this topic, I did not find anyone advocating for this style of a cover letter.   The advice on this subject is consistent with my thinking.  So, what is the origin of this style?  I wish I knew!  It makes me wonder if I should send this post to every candidate who violates the rules for writing an effective cover letter.

What is a Cover Letter?  Why is it necessary?  These are useful questions.  A cover letter is an introduction.  It tells the reader who you are, why you are contacting them, and enclosed additional information, like a bio or a resume.   It is handy when sending information unsolicited.  Whenever you send your credentials to a prospective employer or client, use a cover letter.  Today that is usually via email.

The purpose of a cover letter is to entice the reader to give your enclosure a thorough review.  You should provide enough information to captivate their interest, but not so much that they decide against your interests.  From a marketing perspective, a cover letter is a ‘teaser.’  Your letter must spark the reader’s curiosity, compelling them to review your credentials.  The letter or email should answer three questions.

    1. Who are you?
    2. Why are you contacting me? What do you want?
    3. Why should I give you serious consideration?

You must address the first two points in your first sentence.  The remainder of your cover letter provides a summary of your qualifications.  Three bullet points are sufficient.  Let the attachments explain your skills, experience, and interests. Finally, thank the reader for their time and ask for an interview.  Make it effortless for the reader to absorb your message.

Three Types of Cover Letters

    1. Responding to a specific situation (job posting) including a resume
    2. A cold introduction seeking a specific situation (may or may not be a job opening)
    3. A networking introduction (a bio or a detailed intro letter)

A Caveat.  An introductory letter without attachments can be powerful.  In this event, the writer makes a compelling case for her candidacy on one full page.  When closing, the writer offers an invitation to request more information if interested.  This tactic is appropriate for cold introductions, but the letter must be flawless.  It is most effective when sent via USPS.  It is not suitable for most situations.

Thank you for visiting our blog.

 

Jim Weber, Managing Partner – ITB Partners

Jim Weber – Managing Partner,  ITB Partners

I hope you enjoyed our point of view and would like to receive regular posts directly to your email inbox.  Toward this end, put your contact information on my mailing list.

Your feedback helps me continue to publish articles that you want to read.  Your input is very important to me so; please leave a comment.

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Your Bio – Why it’s Important!

I cannot begin to tell you how many of my apps want me to update my profile, especially the “about me” blocks.  This includes everything from LinkedIn and other social media accounts to email marketing services and meeting schedulers.  I am sure that you have had the same experience.  They believe a bio is important to attract followers and build one’s reputation.  And they are right!  Fortunately, as I am a big believer in the value of a good bio, these requests are simple ‘cut and paste’ activities.

I recommend that you have a complete and current bio.  It is a useful networking tool. As you know, networking is the key to building your career.  Whether you are in job search, trying to gain more customers, or building your brand, networking is how it’s done.  I recommend having a bio because it is more likely to be read than a resume.  Whereas resumes are scanned, at best, bios are read because they tell a story, especially if your story is interesting.  Throughout history and across cultures, storytelling has been a treasured, universal concept.  People like stories. We all like to read stories. A bio is perfectly suited to tell your story. It’s hard to argue with the concept. That is why I am an enthusiastic supporter.  I often speak to the importance of telling your story, whether networking or in job search.

You still need a resume; however, a bio is more likely to generate interest with a prospective employer. A bio is less threatening from a networking perspective.  Whereas handing someone your resume screams “I am looking for a job,” a bio is more subtle.  It says, “Hey, I want you to know about me in the event you learn of an opportunity that is appropriate for me.”  A bio is a better vehicle to help you build a relationship with the reader.

How to write an interesting bio:

    1. Begin with your overview – your positioning statement
    2. Write in the third person
    3. Make it personal – more than just about your career
    4. Talk about your accomplishments, training, and key learnings
    5. Keep it interesting – use active voice, mix up sentence structure, use short paragraphs
    6. Write it like a short story – what is the theme of your career?
    7. Two pages or less
    8. Include a photo.

Early in my career, I learned that the secret to an effective presentation is to tell them what you are going to tell them, tell them, and then tell them what you told them.  In other words, begin with an overview of the message, provide the message in detail, and then summarize the message.  So, begin your bio with an overview of your career.  My preference is a three-sentence personal positioning statement.  (Review last week’s blog post). The first is about what you do, who you do it for, and how do you do it.  Secondly, speak to the towering strength you bring to the table.  Finally, speak to your value system, leadership style, and the way you conduct your work.  This provides the reader with an inventory of attributes that formed the foundation for your career.

The body of a bio chronicles your work history starting at the beginning of your career then moving forward.  Some people have bios that begin before their formal career as their experiences while maturing created a foundation for their career.  This is always useful information if it is relevant.

The body of a bio provides an opportunity to talk about significant accomplishments, skills learned, and reasons for job changes.  It can also explain breaks in employment for personal or developmental reasons.  Be sure that every paragraph supports the first paragraph, your positioning statement.  The body of your bio provides depth and explains how you acquired your skills and experience.

The final paragraph can be entirely personal.  Lead with your education and awards, certifications, publications, etc.  Talk a little about your family, where you live, and any hobbies or interests that may be compelling.  If you are involved in community service or charitable work, include those interests as well.  Remember, use a conversational tone with an active voice. Alternate between short and compound sentences. Use short paragraphs.  Minimize the use of buzzwords and business jargon.  Above all, make it an interesting read.

The point of any career document is to be invited for an interview.   You want the reader to become interested enough to learn more about you.  A bio is an excellent tool to begin a discussion.  Create several versions, each emphasizing a different primary skill stack.

Thank you for visiting our blog.

 

Jim Weber – Managing Partner,  ITB Partners

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Position Yourself for Success!

In the past five days, I have had two conversations with job seekers.   Both are Gen Xers, currently under-employed. One is working for a not-for-profit, the other for a conservatively managed packaging company.  They have some job satisfaction, but their scope, salaries, and sense of accomplishment are below their expectations. Both seek positions that are more appropriate to their capabilities, experience, and aspirations.  They want to be fully engaged and productive.  Denise is frustrated as she has had several viable opportunities slip through her fingers. She doesn’t understand why but realizes that she may need professional help.   John is just getting started on his job search.  His career is still on the upswing, so he is looking for greater responsibility.  I agreed to look at their resumes and to offer my thoughts.

Many Baby Boomers and Gen Xers have difficulty reconnecting in this job market.  It is not just because we are recovering from a pandemic induced recession, which has created issues for many service sector companies.  These companies are coming back, albeit slowly.  They are reluctant to add full-time equivalents until they have confidence in their financial situation. Of course, many companies did not survive the lock-down.  Those jobs are gone.  It is a confusing time for healthy companies too.  They are adjusting their strategies, looking for better ways to be competitive and grow revenue. As the economy recovers, their strategy is to identify and pursue new opportunities.  This is exactly the mindset required for job seekers.

Because some job seekers lack a clear sense of direction, they come to me for help.  From my perspective, they do not appreciate the opportunities being created in this economy.  They have difficulty prioritizing the value of their skills.  They don’t understand their Unique Selling Proposition.  They have difficulty creating positioning strategies of interest to employers. They do not have an effective elevator pitch.   And, they have difficulty connecting with younger professionals.  Savvy professionals, they are struggling through “the fog of war.”

The other side of the equation reflects the needs of prospective employers.  Most employment opportunities are with Small to Mid-Cap and emerging Companies.  Many of these are owned by Private Equity Groups.  They need employees who can help them grow.  They need leaders, project managers, program managers, and portfolio managers.  They need employees who can innovate and help them identify new lines of business.

Job Seekers need to think strategically to conduct a successful search.  They need to begin with the fundamentals, analysis.  A viable strategy begins with a SWOT Analysis.  SWOT is the acronym for strengths, weaknesses, opportunities, and threats underlying the planning process.  If you understand this process, you can determine where your strengths align with opportunities in the market. You will understand how to nullify your weaknesses and mitigate threats.  How you deploy your efforts and resources to capitalize on opportunities is your strategy.    Putting these components together to realize your goal is your plan.  If you don’t have the skills to do a strategic analysis of your situation, seek professional help.

When your strategy is established you must craft a clear, concise way to communicate your objective, your positioning statement.  A positioning statement answers three questions.  Who are you?  What do you do?  And how do you conduct your work?  More recently a fourth question has been added; why?  This last question gets to the heart of your value system.

Your Positioning Statement is also known as your Elevator Pitch.  You will use this in person, while networking, and in your written correspondence.  It should be the lead on your LinkedIn Profile, resume, and bio.  It is your Brand Message.  Your Unique Selling Proposition is the “how,” of what you do.  This statement must be easily understood, unique, and memorable.

Baby boomers and Gen Xers have a vast amount of experience managing teams, projects, and programs.  This is a huge advantage that many fail to recognize.  They know how to get things done because they have solid interpersonal skills.  Their leadership abilities set them apart from younger employees.  They need to take stock of their strengths, skills, and experience to understand how and where they are needed by the market.

Thank you for visiting our blog.

 

Jim Weber – Managing Partner,  ITB Partners

I hope you enjoyed our point of view and would like to receive regular posts directly to your email inbox.  Toward this end, put your contact information on my mailing list.

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What the COVID-19 Vaccine Could Mean for Companies Throughout the Nation

FlexHR

In the past week and a half Pfizer and Moderna have announced their COVID vaccines have proven 95% effective. “It’s just as good as it gets — 94.5% is truly outstanding,” Fauci told CNN.

According to Biopharma Dive, “no vaccine has ever been developed so quickly, never mind manufactured for the world. The goal, at least in the U.S., is to have a vaccine ready for use in some fashion by the end of the year, or early next.”

Although doctors suggest the vaccine may not be readily available for the general public for several months, business owners are already turning to their Human Resources professionals, such as Flex HR, Inc., wondering whether or not they should require their employees to be vaccinated. And if that is legal?

Can Employers Mandate Vaccines?

In short, the answer is yes. The U.S. Occupational Safety and Health Administration (“OSHA”) claims employers can require their staff to get influenza vaccines, for example, but emphasizes that employees “need to be properly informed of the benefits of vaccinations.” Obligatory workplace vaccinations are not a new concept despite the focus of our national conscience. For years employers have included mandatory vaccination programs into their policies and procedures within the company Handbook.

In fact, flu vaccine guidelines have been a part of specific industry policies for a very long time; particularly for healthcare workers. Amy Traub, an attorney with BakerHostetler in New York City, told the Society for Human Resource Management that hospitals and nursing homes, in particular, have a compelling argument for requiring the COVID-19 vaccine given that their employees interact largely with immunocompromised patients.

According to JacksonLewis, “Neither the EEOC nor OSHA has published guidance (yet) on the issue of COVID-19 vaccines in the workplace; however, currently, both the EEOC and OSHA recommend encouraging, not necessarily requiring, flu vaccines.”

What If An Employee Refuses?

It’s inevitable that some workers are going to reject getting the vaccine. Pushback could be for political or religious reasons, medical concerns, or even out of fear. OSHA goes on to explain that “an employee who refuses vaccination because of a reasonable belief that he or she has a medical condition that creates a real danger of serious illness or death (such as a serious reaction to the vaccine) may be protected under Section 11(c) of the Occupational Safety and Health Act of 1970 pertaining to whistleblower rights.” Flex HR, an industry-leading full-service HR firm supporting all HR functions, recommends employers take the time to listen to their employees’ concerns. If an individual opposes receiving the coronavirus shot, allow them to provide an explanation for their refusal of the vaccine. This could include justification of their religious beliefs or a note provided by their medical advisor addressing their medical condition and other health risks.

The Civil Rights Act also compels employers to issue a reasonable protective alternative — such as wearing a mask or allowing employees to work remotely (if possible) — in lieu of a vaccine. However, a worker who objected to a vaccine requirement “for moral or political reasons would not be protected,” CNN Business reported. If an employer puts a COVID vaccination mandate into the company policy as a term and condition of employment and an employee refuses to comply, he or she may even be fired if no accommodation can be made.

Considerations

Before an employer goes to their HR department requesting to add a vaccination policy for their staff, consider these premeditations below when weighing this very controversial decision.

    • Is mandating a vaccine policy really necessary or are there other measures your workplace can take first?
    • Have you required your staff to wear masks in the office, created more physical distance between working spaces, or allowed employees to work from home in order to prevent the spread of COVID-19?
    • Encourage employees to get all vaccinations and be sure their vaccinations are up to date to keep themselves and their co-workers safe.
    • Employers that decide to put a vaccination policy in place should seek HR expertise in adapting this new requirement.
    • Offer flu shots and other vaccinations at no cost to the workforce and even make an on-site location for staff to get during working hours.

Requiring the workforce to receive the COVID-19 vaccine is a tough choice for one’s business. The pandemic has undoubtedly triggered employers to adapt to an unknowing, changing environment. Jim Cichanski, Flex HR’s CEO notes “I know we will receive more direction as we get closer to the arrival of a COVID-19 vaccine. In the past, guidance from OHSA has been to protect your workers and the workplace by allowing employers to demand COVID negative tests before returning to the office. One good piece of advice is to require employees to get tested for COVID. This protocol aligns with providing that safe haven working environment for all staff. Now we await potentially the same type of guidance once the actual vaccine is released.”

When Do Employers Have To Decide?

Employers have quite a few months to make the decision whether or not they will mandate their staff to get the new Coronavirus vaccine. The CDC indicates that the 21 million healthcare workers will be the priority, then followed closely by first responders, teachers, high risk, and over 65 years old. Dr. Moncef Slaoui, chief science adviser for the federal government’s Operation Warp Speed says, “each state will independently decide, taking account the guidance, who to immunize.” He goes on to say “20 million Americans could be vaccinated by next month.” As employers continue to explore all their policy options, they should remain vigilantly prepared, proceed with caution, and obtain expert HR support sooner rather than later.

Jim Cichanski – CEO FlexHR

Engaging business complexities is perplexing enough without the added burden of doing so during a pandemic. Dr. John Cascone, SVP at Flex HR, has commented “many CEOs are reaching out for guidance in an effort to provide sound direction to their management team and employees to keep them safe and productive during this critical period.” Leadership is continually challenged with making effective and balanced decisions for both staff and the organization. Simultaneously all while trying to enforce the company’s core values and safeguarding the well-being of employees. To ease the burden of management, Flex HR experts have created “helpful tips for managing the Coronavirus crisis” online, specifically addressing COVID-19 business impact concerns. For checklists, sample return to work letters, and other essential information for having your staff return to work, contact Flex HR now.

 Thank you for visiting our blog.

 

 

Jim Weber – Managing Partner, ITB Partners

Jim Weber – Managing Partner,  ITB Partners

I hope you enjoyed our point of view and would like to receive regular posts directly to your email inbox.  Toward this end, put your contact information on my mailing list.

Your feedback helps me continue to publish articles that you want to read.  Your input is very important to me so; please leave a comment.

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Is Your Job Search Strategy Working?

Without a doubt, 2020 will be unforgettable.  To say, “it was the year that everything changed,” maybe an overstatement, but not by much.  However, it is safe to say the pace of change accelerated in 2020.  You know exactly what I am talking about.  There is no need to recap experiences that are still fresh in your mind.

One unfortunate effect of the Covid-19 Pandemic mitigation efforts has been an increase in unemployment, especially for Senior Executives.  My clients and the people I work with.  Even as the economy recovers, many industry segments struggle to find and maintain a defensible niche.  This has led to terminations as employers adjust to remain profitable.

ITB Partners has not been spared by the events of 2020.  The lock-down resulted in a loss of business for many of our consultants.   Demand for Executive Search has plummeted, although my coaching business is up.  One consulting client has kept me particularly busy.  More recently, the demand for our services has increased, often in unexpected ways.  Our consultants recognize the need, to maintain contact with their clients and prospects, to stay connected.  Overall, the membership at ITB Partners has remained stable.  People still need our services.

My work is focused on helping senior executives, mostly Baby-boomers.  They need help in finding their next job or a new career path.  They seek counsel to understand their options in the 21st Century, the New Normal.  For these people, the next situation will be entrepreneurial; with emerging companies and established mid-caps.  Likely, their next employer will be a portfolio company owned by a Private Equity Group.  Some have a better grasp on the situation than others, but most have difficulty understanding the digital economy and working with Millennials.  They want to be relevant and contribute. They have the skills to be successful in this environment but do not know it.  The irony is their greatest strength is lacking most in the culture, interpersonal skills.  They need professional help to navigate this environment.

A Career Coach can quickly assess and validate their clients.   The process of validating a candidate is designed to determine if their experiences and skills are supportive of an employer’s company life cycle position, their product line or services, and their company culture. It is a skill I learned in Industry, then honed over 22 years conducting searches.  Leadership is the fundamental skill set employers seek in a Senior Executive.  It is the starting point of the evaluation process.

Begin with the Fundamentals

    • Straightforward concise communications
    • Strategic problem-solving skills, ability to prioritize at a high-level.
    • Leadership skills: vision, alignment, motivation, and accountability
    • Appreciation for culture, values, norms, tradition
    • Situation awareness: matching strategy with life cycle position
    • Integrity: models ethical behavior – their strength of character

My good friend and ITB Partners co-founder, Stan Stout uses a five-point model he calls The Five Cs.

Stan’s 5-C Model

    • Competency
    • Character
    • Culture
    • Changeability (adaptability)
    • Cultivator
    • Communications.

Using these criteria, candidates are probed for the experience that demonstrates competency as a leader in their field.

Understand Your Relevant Skills

Secondly, career coaches identify the candidate’s unique selling proposition, (USP).  The USP are the skills and attributes that make one ‘stand out’ among the competition.  They identify the theme of the person’s career story and determine how to present it most effectively. It provides focus and direction for one’s search.  It is the candidate’s job search strategy.

Effective Communication is Required

Finally, career professionals help their clients communicate their relevance through the various media in play, resume, biography, intro letters, LinkedIn profile, etc. Their clients have good overall communication skills but find it difficult to present themselves. I was surprised to learn that this is common even among the best sales and marketing professionals.  They can sell another’s product but not themselves.  A career professional will help them craft and communicate an effective message.

The result of this approach is the clients find the best situation in the least amount of time.

It is said that a man who represents himself as his own attorney in a court of law has a fool for a client.  I must agree!  There are times when we need the expertise of others.  We cannot possess all the skills necessary to handle every situation.  A different perspective can be valuable.  Hiring a professional career coach can be a good investment, especially in this uncertain environment.

 

Thank you for visiting our blog.

 

Jim Weber – Managing Partner,  ITB Partners

I hope you enjoyed our point of view and would like to receive regular posts directly to your email inbox.  Toward this end, put your contact information on my mailing list.

Your feedback helps me continue to publish articles that you want to read.  Your input is very important to me so; please leave a com