What your LinkedIn profile says about you.

While our previous blog discussed how Facebook can be a Career Killer, LinkedIn is a most definitely a Career Maker. Or rather, it has the potential to be. Forbes.com recently quoted a Jobvite study from June 2010 stating that 73.3% of companies now look to social networking sites such as LinkedIn for recruiting rather than traditional job boards. In fact, eMarketer reports that 80% of companies who recruit via social media networking use LinkedIn for their recruiting.

LinkedIn has become the social media home for executives and professionals. In fact, Forbes reports that LinkedIn is most successful in assisting recruiters and companies to identify potential exective and management-level prospects rather than entry-level professionals who still would do better to turn to traditional job posting boards.

Your LinkedIn profile is your resume, your public profile to the world. Whether you like it or not, companies and recruiters could be looking at your profile, even as you read this article. What does your LinkedIn profile say about you?

No profile – Not Good. This says you are not interested in networking or career building. It also says that you are not ‘with it’. No one wants to hire or do business with a luddite.

Few connections (under 20) – this begs the question, are you really a person worth knowing?

20-100 connections – many users fit into this category. This says you are a person worth knowing, but you’re not a connector.

100-500 connections – You are a connector. This is where most executives and professionals should be at. An executive or professional like you should have enough visibility to know 100 people like yourself.

500+ connections - You’re a star networker. If you’re not in a sales or recruiting role already, perhaps you should consider it. You are a go to guy (or gal).

Having a Closed Network – This says you are afraid of your contacts knowing who you know. It means you are protective of your contacts. The only valid reason I see for having a closed network is if you are a lawyer – maybe. Otherwise, how open you are to others defines how open they will be to you.

Having an Open Network – says you are interested in making a difference to the people in your network, by allowing all of them to see each other. To gain from networking, you need to give before you get.

So take a minute and look at your LinkedIn profile with a critical eye. Who are you connected to? Are all your connections old high school pals? Fraternity buddies? Friends? Or are all your connections career related? Are your career connections only related to your previous jobs? Or do you have many important connections at many different companies? Seek out connections that will give your profile a more well-rounded feel.

How are you presenting yourself to the world? Will a recruiter be able to see your strengths at first glance? Are your posts and comments intelligent and worthwhile? Do you contribute in a positive way to the online community?

Allow opportunities to find you. Use your LinkedIn profile to market yourself to the world.

Network for Work

This past year and a half has seen an economic downturn that has affected almost everyone in the business world. No one has been more directly affected then those that are currently unemployed.

I have had numerous conversations recently with highly qualified people finding themselves in this situation. Many of them are rebuilding their network after years of neglect (but let's call it 'lack of nurturing').

If there was one thing that they should have done differently while they were employed, it was to keep their network alive and nurtured. If they did that, they would be in a better position today to find their next opportunity, or they would be possibly working today.

Recommendation: If you are employed, continue to build and nurture your network.

The Hottest Opportunity in Accounting?

Being that I speak to a lot of people in accounting, I continue to get asked "what is the best opportunity in accounting today".

There are a few now. Treasury is hot. So is Accounts Receivable and Collections. This shouldn't be a surprise, especially in the era of "Cash is King".

However, one area that continues to be hot, and is at an ideal time to enter into, is Starting your own accounting practice.

While this area is not for everyone, I highly recommend you read this article if you are considering (or would potentially consider) starting your own practice.

If you feel that this could be an opportunity for you, please feel free to contact me directly.

Have a successful day....
Samuel

Who you know, What you know PLUS Reputation

I'd like to slightly modify my answer to What you know vs. Who you know. See my posting to an answer on LinkedIn.

Comments appreciated.

Accounting for Overtime

From the beginning of time in Accounting, Overtime has been a requirement.

This weekend, KPMG advertised in major newspapers across Canada to inform their current and ex employees that they are offering them additional compensation for their Overtime. They are not doing this out of the goodness of their heart, but as a response to a class action suit launched by one of their former employees in 2007. (I'm curious as to how long it will take the other Big 4 in Canada to make the same offer.)

KPMG is being reactive rather than proactive, and I’m sure this will be a topic for discussion when it comes time to recruit staff, whether out of university or experienced staff, not only for KPMG, but all accounting firms, especially the Big 4.

Accounting firms have always had a reputation for requiring Overtime. Prospective Accounting graduates wanting to work at an accounting firm have always been aware of this requirement. So what’s changed?

It seems that Generation Y is not so interested in working too hard. And who could blame them? They don’t need to. Especially in Accounting, accountants with a few years of experience are in demand, and if they don’t like the conditions of their employer, they can find greener pastures elsewhere.

Accounting is a time sensitive business. Deadlines are always around the corner, and for work to get done in accounting, both at firms and at companies, overtime will be required. How companies manage the overtime they require their staff to work is how they will be rated by their employees, both current and prospective.

As I mentioned in a previous blog, Progressive companies are compensating their staff for the overtime worked, either in cash or in time off. For Generation Y employees, giving them flexibility will be helpful in keeping them motivated and retained.

Another Key to Success

Many accounting and finance professionals are noted for their dedication to their career and their company. There is a key to long-term success that many successful CFOs have learned that others haven't figured out, which could be why they didn't (or won't) make the C-suite.

The answer is community involvement.

Becoming involved in the community allows you to showcase your talents, skills and abilities to others, as well as learn things from a different perspective. Working with a Not-For-Profit can help you learn to make decisions that are not purely profit oriented. You can also learn how to facilitate decision making, learn new skills, and get to know people you would never meet otherwise.

As Colleen Johnston, FCA, CFO of TD Financial Group said recently on her community involvement, "I originally thought it was about what I could contribute in the community. I learned that it was not so much about what I can give, but what I can learn."

If you're serious about becoming a CFO, make the move and get involved.

Economic Outlook 2008: Effects on the Accounting & Finance Job Market

I have always looked at Economic forecasting as something of a voodoo science. Many economists and pundits have opinions of where the economy is going, and the beginning of a new year is always a good time to predict the future.

Thankfully, I’m neither an Economist nor a Fortune Teller. However, the general economic opinion on the North American market for 2008 ranges from “Cautious” to “Pessimistic”. I haven’t come across an opinion that says that 2008 is going to be a gangbuster year.

Being directly involved in the Job market for Accounting & Finance and subjectively watching trends, I do believe the following: No matter the economy in 2008, the Job Market in Accounting & Finance will stay strong.

I am confident in this prediction for the following reasons.

1) If the economy contracts, companies may cut people in core areas of the business directly related to revenue. However, companies, whether profitable or not, still need to produce and prepare their financial information on a timely basis. This still needs competent, intelligent and hard working accounting and finance professionals.

2) Accounting departments are not currently overstaffed. No one we speak to (either client or candidate) will admit to their accounting departments having too many people.

3) There may be fewer companies doing transactions, but I don’t believe that these transactions will grind to a halt. I do believe that companies with strong cash positions may acquire struggling companies at better prices than they could have bought them for in 2006/2007.

4) The strong economy has created a lack of work for Restructuring professionals. Many I have spoken to in 2007 are waiting for their turn for growth. This could be a great area to get new experience for candidates looking for something new and challenging.

One thing I am sure of – 2008 will be an interesting year. And as the Chinese Proverb says, “May you live in interesting times”.

Wishing you a successful 2008…

Samuel

What you know vs. Who you know

What you know = knowledge
Who you know = network

In reaching for success, which is more important?

Ultimately, they are both important. Each career minded individual needs to use their knowledge and their network to succeed.

From my perspective, many career-minded individuals focus too much on knowledge, and not enough on network. This is very evident when people begin to look a new job – they usually start their network again from scratch.

People that have mediocre knowledge with an excellent network often find their next great career opportunity quicker than those with excellent knowledge and a mediocre (or non-existant) network.

Lesson: ABN – Always be networking. You never know when you’ll be looking for that next great career opportunity