How Well Do You Network?

Transcription

1 ASHTON TWEED Once upon a time, it used to be a given that if you joined a big company, worked hard, and stayed out of trouble (i.e. didn t get caught up in internal politics) you could pretty much count on having a job with that employer for the duration of your working career. This was particularly true in the world of pharmaceuticals and medical devices. After all, people do get sick, and in the wake of a post-war baby boom and a present day aging but active population, the demand for high quality healthcare products and services remains at an all-time high. However, despite the remarkable continued advances in the fields of science and medical technologies, and aided by patent laws that extend the years of exclusivity for the innovators, jobs within Big Pharma or large medical device companies are anything but assured. One just has to turn on the news or open a newspaper to learn of the large number of job reductions being announced by these major firms.

2 2 The competitive landscape for the large life sciences companies has also changed quite dramatically in the past decade. Many are struggling with less than stellar product pipelines. As many of their blockbuster products face patent expiration, the likely onslaught of generic competition is a most certain reality. Right up there with Big Tobacco and Big Oil, the most recent victim to have fallen into disfavor with the public is Big Pharma, whom the public blames directly for the high cost of prescription medications. These combined market forces have caused stock values to drop and shareholder confidence to wane. In an attempt to rebound from this malaise, many firms have opted for a mergers and acquisition strategy, perpetuating the cycle of corporate restructuring and layoffs. So chances are that if you are from the baby boomer generation working in the life sciences industry, you will have on average 3 to 6 employers over the course of your working years. If you are a member of Generation X (born about ), the number of your employers doubles, and for those just starting their careers ( Generation Y born about ), the real expectation is that you will change jobs on average every 3 years and likely with a new employer. If you are currently looking for a new job, what is your best source for finding that job? Many would argue that given today s technology, the Internet is your best source. Although the Internet will probably make up one component of your search, the most effective way to find a job is through networking. You could answer dozens of ads, but knowing the right people can make all the difference in landing an offer. Plus, only about % of all job openings are ever publicly advertised in any medium. Most job opportunities come through the tried and true grapevine... aka... networking! What is networking anyway? The simplistic definition for networking is an informal system whereby persons having common interests assist each other. With networking, it is important to remember that it is not information that stimulates behavior changes, but rather the ability to access the experiences of others in the context of social connectivity. Given the digital age that we now live in, systems that allow us to connect to various social or professional groups are springing up everyday. LinkedIn ( is one of the largest online business-networking services that help professionals connect. LinkedIn s focus on professional networking distinguishes it from social playgrounds such as Facebook, where users are encouraged to share their personal lives by posting party photos or adding favorite bands. Although it may not sound like as much fun, LinkedIn is thriving with over 300 million users as of 5/14/2014 according to the statistics found here: LinkedIn Stats. However, some may see LinkedIn as little more than a tool for job hunters and employment recruiters, a slightly different twist on online help-wanted services such as Monster.com and Yahoo Inc. s HotJobs.

3 3 When Do You Need Networking the Most? In the wake of ongoing changes in the Life Sciences industries, it is good to prepare yourself for the worst case scenario of losing a job. There is nothing worse than getting plan of action at the last minute. Here are 1. Activate your network. Chances are you ve established at least a small network of colleagues and business associates you can call upon during this time. Many of you may be familiar with the phrase six degrees of separation referring to how everyone is seemingly related somehow. In popular culture, this concept became famous through the creation of the parlor game, Six Degrees of Kevin Bacon. In the pharmaceutical industry, many would argue that due to the fraternal nature of the industry, there are in fact only two degrees of separation. You have heard it many times before... networking is the single most effective way to find another job. While you are still employed, you have a multitude of reasons for contacting colleagues, vendors, co-workers and clients. Use this time wisely and creatively to expand and strengthen your networking web. 2. Update your job search tool kit. Some companies provide a job search course for former employees who are part of a layoff. Take advantage of these! They can provide assistance in updating your résumé, creating cover letters and navigating job interviews. If your company does not offer such programs, there are several other options to consider, such as the Department of Labor Employment & Training Administration s many career search tools ( 3. Exercise fiscal responsibility. For most of us, losing a job can become a real hardship. That s why it is important to start thinking about your money situation even before you get official notice. Remember, if you do get laid off, cash flow will be of immediate concern, so steer away from long-term investment vehicles and keep your discretionary savings in cash or liquid assets. 4. Use your benefits. Upon losing your job, you will likely be eligible for a COBRA benefit plan. It is important to stay on some sort of medical insurance plan, so be sure to weigh all of your options. If you take part in a flexible spending account, try to use up the balance as soon as possible. In most cases, if you don t use it, you will lose it. Additionally, investigate the fine print of any other miscellaneous benefits you may be receiving, such as company-sponsored child or elder care programs. You may be able to keep using these services upon your departure. 5. Secure your personal and vacation days. State laws vary on whether companies are required to compensate departing employees for unused leave. Some companies allow employees to sell back their unused days. Be sure to check into this option and know your state s regulations.

4 4 Finding Your Next Opportunity

5 5 You might be surprised at how receptive these peers can be to your cause, especially if they have been in your situation within the last 5 years... for they too know the power and importance of networking. At approximately 5 weeks into your job search, you may find yourself with much different career goals than you had initially. This is the time to update and evaluate. If this applies to you, clearly write out your new career aspirations and tweak your cover letters and résumé accordingly. By now you should have met with 40 to 60 professional peers and know who really needs you to provide results for them. They may not have openings, but they need your skills, even if only you know it. Conclusion In closing, keep in mind that the average employer takes about 6 to 12 weeks to hire someone after posting a job ad or initiating a search order. So don t be discouraged, keep at it! Continue networking in order to keep up the momentum you ve created. Finally, remember to nurture your network, for like a good garden, it needs your constant care even after you land your next job. Next Steps We hope that this paper has given you some points to consider as you nurture your network. We would love to chat with you as you conduct your job search and evaluate your next opportunity. Our company is dedicated to serving the human capital and business consulting needs of life sciences companies. Our services, including retained and permanent search, direct hire, interim/ contract engagements, and business consulting, connect clients with life sciences professionals who can address and resolve their business needs at any point along the drug discovery to product com-mercialization continuum. At Ashton Tweed, we have created the first Life Sciences Talent Bank, consisting of industry professionals from the pharmaceutical, biotechnology, diagnostic and medical device sectors of the life sciences who are immediately available to address clients urgent business needs within a clearly defined time frame. If you are interested in joining the Life Sciences Talent Bank, we invite you to send your résumé to info@ashtontweed.com.

6 6 Want to Network with Ashton Tweed? Ashton Tweed created the first Life Sciences Executive Talent Bank enabling the placement of Biotech, Medical Device and Pharmaceutical professionals. Meeting clients needs through retained executive search and/or the placement of interim executives for urgent business issues, Ashton Tweed provides just-in-time expertise and leadership needed to move a company through its growth continuum whether a new therapeutic or device to the marketplace or a growing and established business. Jim Rudman, Partner and CEO, has more than 25 years of human capital management experience and specializes in the placement of senior and C level executives in the Biotech, Medical Device and Pharmaceutical industries. Utilizing the unique Ashton Tweed Life Sciences Executive Talent Bank, he has facilitated: l t To speak with Jim directly go to: CONTACT US 565 E. Swedesford Rd, Suite 214 Wayne, PA phone fax info@ashtontweed.com website ife Sciences Talent Bank Company