March 31, 2008
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A Message From Jeff
Dear Friends,
March has turned 2008 into a year in which no one knows what to expect, and I cannot overlook commenting on what is occurring.
Are we heading toward a recession? Are we in a recession already? What does it mean when the stock market falls by more than 10% from year-end and people are saying we have not yet seen the bottom?
It is clear the meltdown of the financial services sector, which has led to massive layoffs at most banks and brokerage houses, has shaken the confidence of the entire global economy. The problems at Bear Stearns and Citigroup have raised issues of whether these companies can survive as going concerns without significant new capital infusion (from the Middle East). Is the war on terror turning into a financial war, in addition to a political and military war?
Here at EC, we are seeing distinct signs of a slow down in hiring in a number of sectors. Clearly, several vertical industry sectors—including retail, housing and financial services—are in recession, as layoffs and downsizing initiatives far outweigh hiring and expansion programs.
The one bright spot continues to be the expanding digital economy; however, even Google hit a rough patch, requiring layoffs (for the first time), and its stock price tumbled by 25%.
On a personal brand level, this is a time to check the category you are working in to assess how the slowing economy is likely to impact your personal brand valuation. In other words, if you expect general advertising to be flat over the next 12-24 months—and this means bonuses and incentive compensation at agencies will likely be minimal—is this a time for you to consider where else you can take your personal brand? How about a move to the client side? How about a change from a slow- or no-growth category to one that is rapidly expanding?
In a couple of instances in financial services, for example, since the U.S. domestic market appears to be flat or declining, we are exporting executive talent to China, India and other parts of Asia that are still growing rapidly. How can you apply the same thinking to your personal brand?
In recessionary marketing, we know one thing: the strong and the fast eat the weak and the slow. This is a time to be even more nimble and resourceful than when the economy is booming. This is also a time to look opportunistically for acquisitions, just as JP Morgan Chase is opportunistically looking to take over Bear Stearns.
Your strategies should include building strategic alliances, and utilizing alliances to strengthen your product and service offerings, as well as your speed and delivery to market. Yet many individuals and organizations are actually weak when it comes to designing “win-win” alliances. This month’s article is on designing alliances, and this is definitely something to focus on as part of your leadership repertoire.
As always, we welcome your input and questions (please write in and ASK OUR COACH). Let’s hope the beginning of spring and the upcoming second quarter hold positive news for our global economy.
Sincerely,
Jeff Gundersen, CEO jgundersen@executiveconnects.com
Executive Connections, LLC 941-323-8300
334 Under Mountain Road
P.O. Box 265
Salisbury CT 06068
Executive Search, Coaching & Consulting
http://www.executiveconnects.com
Designing the Alliance: How to Empower All of Your Relationships
Maureen is the executive liaison with her company's designated ad agency, which turns out brilliant and effective campaigns. But it annoys her that Henry, the agency's account director, is difficult to reach and often waits until the last minute for Maureen's input. All too often, Maureen has found herself working late hours to accommodate Henry's schedule.
Brian feels frustrated because his department's senior VP practically watches over his shoulder 
while he's working. Being the new guy in the department, Brian doesn't want to make waves;but he doesn't know how to get his boss to let him work without so much supervision.
These scenarios sound familiar? They are but a sampling of the seemingly infinite number of ways in which our business relationships can go astray through a lack of understanding or a lack of flexibility in seeing a relationship as a common alliance toward a shared goal. The Answer: A Designed Alliance. Read full article.
As part of our commitment to provide assistance and support to executives wanting to further their professional and personal brand, we have created the ASK OUR COACH email service where you can get confidential answers to your career questions. What's on your mind? Don't hesitate to ASK OUR COACH.
Here is our answer to a question we received last month:
Q: Based upon a major digital marketing services acquisition by our holding company, I have been recently merged out of my CEO position responsible for the digital agency I helped build from the beginning. I have a great relationship with the CEO of our holding company and am still working 24X7 on many new business pitches. Our CEO says I am highly valued; however, the role they have offered me is a senior staff position, and I am not sure this represents career progression for me. Should I hang in there or begin looking for new opportunities?
A: Most agency professionals spend their entire careers rising through the ranks to get a line operating role (i.e., CEO, president) with P&L responsibility. Being merged out will sometimes happen at the CEO level; it just comes with the territory.
Ask yourself the following questions:
• If I am really valued, what is it about me that I have been merged out as the CEO?
• What straight conversations have not been had that I need to have?
• Is this a step up or a step back in my career? Is this really career progression? Or career regression?
• Will this non-executive position hurt my opportunities to find another CEO/leadership position?
• Does this career move affect my personal brand positively going forward?
• What are the costs and benefits of staying in my current role? Does one outweigh the other?
• What is important to me right now?
In our opinion, this is a backward move and not a positive career move for your personal brand. You are entitled to exercise the “change of control” clause in your contract, negotiate a severance package and create a timeline for moving on. If you have built one digital business, you can certainly build another one. And with the digital sector growing at 15-20%+ compounded growth rates, there should be plenty of demand and opportunity for you to find a challenging, and personally (and financially) rewarding, position. Run, don’t walk, to the door. Start by making the mind shift to move on and create an exit strategy, NOW!
TALENT ALERT!
EC is delighted to announce a new service ("Talent Alert") we are offering for our executive coaching clients in career transition. Deborah Wall, head of Customer Insights and Data Analytics for GE Money, is our first client for the "Talent Alert" service. We are making selective and targeted introductions for Deborah to connections of ours who are in a position to assist Deborah in identifying her next career opportunity.
In addition to making introductions, we are working as Deborah's personal advisors in helping her evaluate various career opportunities—whether identified by us or not—to assure she makes her decision based on finding a fit with her personal vision and values. In effect, we are playing the role of career advisors to Deborah as she manages this challenging period for her personal brand. Our advisement services also include critique of Deborah’s resume, cover letter and other written communications, as well as critique of how Deborah presents herself in personal interviews/meetings. If you are interested in exploring this new service for your personal use, please call Jeff Gundersen at 941-323-8300.
Connect with EC at These Conferences
20th Annual Card Forum and Expo
April 6, 2008
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ad:tech San Francisco
April 15, 2008
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Jeff Gundersen
CEO & President
Executive Connections, LLC
Serving Executives in
- Advertising and
marketing communications
- Direct marketing / CRM / loyalty
- Digital marketing /
e-commerce,
- Financial services
- Healthcare industries
- Private equity financed companies
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New York University
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