Would you refuse a bonus?

However, when I first heard the story on the radio I started thinking about the bonuses and commission we receive as recruitment consultants or as people in sales positions.

As a recruitment agency which specialises in placing people in sales jobs, we’re well aware how a good commission structure and bonus scheme can drive and motivate people to sell. If you are of this school of thought then maybe you think that it’s the case that Hester DID deserve a bonus? The way I see it, if a salesperson is doing a good job, then he’s guaranteed to earn more money and in turn this motivates him to continue to do a good job. Could this also be applied to Hester? For example, surely getting a bonus in shares should be considered a good thing! Look at it like this – if he did a rubbish job, the value in shares would go down so he’d inevitably be taking money out of his own pockets. Obviously, like any good salesperson, he’d want to do a good job and thus accrue more shares. Makes sense right?

And it’s the same in any sales job.

If you're doing well shouldn't you earn a big bonus?

If someone is doing well and earning a lot of money for their company, then it stands to reason that they should earn a proportion of what they billed for their company by way of commission or bonus payment.

On the other hand, how about if you or your company aren’t doing so well? For example, reading an article on Hester rejecting his bonus, I was reminded of a time not so long ago when the credit crunch was in full swing. As the recruitment industry was hit hard and consultants struggled to sell their services to businesses up and down the country my colleagues and I were offered a solution to the impending doom of redundancy; namely four day weeks. Those of us still lucky enough to be in a job agreed to work reduced hours in order to keep our company afloat. However, rather than reduce commission payments our Director decided it might be a better idea to scrap the commission threshold and offer a non capped commission scheme for a brief period whereby any consultants who billed would earn commission on their placement, regardless of the fee.

Are there other ways to incentivise people?

This turned out to be an effective way to incentivise people and raise morale. Especially in a climate where freezes on recruitment were high in most industries and businesses sought to pay out as little of their profits as possible.

But how about the flip side? Would you, as a sales person, be prepared to give up your commission or bonus for what could be termed as the “greater good”? For example, if you’re business were floundering, as a devoted employee, would you forgo any commission payments in order to see your company survive?

Furthermore, should companies funded by the tax payer even be allowed to pay bonuses until their debt to the tax payer is repaid?

Would you ever give up your bonus for a year like Stephen Hester? If not, why not? And if you would, well, we’d REALLY like to know the reasons behind that!

Executive Network Sales Ltd specialises in sales vacancies and associated positions at all levels across a range of niche sectors throughout the UK.

What do you do, accept or refuse?

Well certainly there are a number of reasons as to why people would turn down an honour; perhaps they don’t agree with the monarchy or perhaps they are declining one honour in the hopes of being offered another. Whatever the case, it seems quite absurd to refuse something that can offer so much prestige and responsibility.

But what has this got to do with job searching? Well, let me tell you. Picture the scene: you’re unhappy in your current role. It offers no career progression. You believe you’re underpaid. You feel stale in the role you’re in and dream of pastures new. So you apply for new positions you’re interested in and before you know it you’ve landed a fantastic new job. Now THIS is when the counter offer comes in. Your boss takes you into a meeting, offers you a pay rise and a promotion and suddenly you’re picturing yourself driving that new Audi A5 you’ll be able to afford with your 20% salary increase.

So, this is when you’ll most probably be weighing up your options.

What would you do when you're offered a pay rise or promotion?

Remember I said that it seemed quite absurd to refuse something that can offer so much prestige and responsibility? Much like refusing an honour, why would anyone refuse something that offers them better status and standing?

Well let me tell you this, a counter offer is not necessarily the best thing for you and on many occasion, simply not worth the risk.

Will you stay or will you go?

When you’ve handed in your resignation, and thereafter changed your mind, your loyalty to your current company may now be in question. Your management team may now be wondering whether you’re just hanging around until you find a better opportunity. Furthermore, if your loyalty to the company is suspect, does this mean you might have scuppered your chances of advancement in the future?

But is the grass really greener?

The answer is yes! You made the decision to leave your current company because the new position offered you the best environment to fulfil your career needs.

The grass IS greener on the other side!

Furthermore, if money is the issue, for example, why should it take the chance of you leaving before you’re offered a pay rise? Likewise, if you’re offered a better position, why should this only come about because you threatened to go elsewhere?

In the end, much like the people who declined the honours, you know what’s best for you. Whether that be declining the counter offer or not. But remember, the counter offer is only a belated recognition of the contribution you have made to your company. Maybe if it had come unprompted it would be a lot more flattering to you. As such, my advice is this: Move ahead with the goal of making yourself as valuable to your new employer as you now know you were to your old.

Executive Network Sales Ltd specialises in sales vacancies and associated positions at all levels across a range of niche sectors throughout the UK.

Images provided by watcharakun / tungphoto / Stuart Miles / FreeDigitalPhotos.net

The FSA are cleaning up the Financial Services industry

In effect the FSA are cleaning up the industry, placing restrictions on the advice that can be given out from people who aren’t qualified to a certain standard.

On the surface it seems RDR should be a very positive thing for financial advisors and certainly this may be the case for some of you. As something which aims to improve public confidence in the financial services industry as a whole then surely raising the bar in terms of ethical standards and qualifications is a valuable strategy? Furthermore, surely it’s true that charging a fee rather than commission payments will allay the fear of mis-selling?

On the contrary there are also considerations to be made as to whether RDR has any implications restricting advisors. For example, as an advisor who already operates in a professional manner, having worked in the industry for a substantial amount of time, do you consider the necessary changes in terms of qualifications invaluable or disruptive? If this is the case, are you considering a move from the financial services industry? Does this mean the industry will notably lose a lot of hard working, dedicated advisors?

Is it also possible that advisors will continue to practice without any intention of doing anything about it in terms of qualifications? Is it encouraging non regulated advisors to abuse the new regulations under the guise of a servicing consultant?

Are you and your company ready for RDR?

There is also the question of whether your company is ready for the impending RDR? Certainly for large companies whom employ more than 40 advisors, it’s a daunting task to ensure all advisors are qualified to the necessary level.

However, if you are part of a smaller company do you think you have the resources to ensure your company is RDR compliant?

Here at Executive Network we work with a large number of IFAs and as such, we’re finding that RDR is having an impact on recruitment within the financial services industry. For example, there are a number of advisors who themselves are RDR compliant and have taken on board what they have to do in respect of the impending RDR. However, many have concerns with the companies they work for regarding their RDR processes and procedures, that their companies are not taking their part in RDR seriously or their RDR proposition is not complete.

Some might argue these companies have time to turn things around, however, in spite of this, many advisors are contemplating a move to companies who are more RDR compliant. If a company is not ready for RDR does this mean we will see vast movement in the industry as a whole? If this is the case, when will this happen? Moreover, with this in mind, will there be increased competition for jobs in the future in what is traditionally a candidate short market?

RDR has raised many questions for individuals and their companies

And does this mean advisors should be more prepared or exploring more opportunities available to them now rather than in the future when competition will inevitably be higher? With all the changes the industry is set to face, would  it also be prudent to make a move now? Would it be advisable to transfer existing clients prior to RDR so they are comfortable and familiar with a company whilst changes are being made?

Executive Network Sales Ltd specialises in sales vacancies and associated positions at all levels across a range of niche sectors throughout the UK.

Take heed!

On LinkedIn recently we spotted a post where someone had a rant about recruiters, claiming that they should “stop getting in the way and stop lying”. Now we’re not saying you’re not entitled to your own opinion but it might be prudent to think carefully before posting such rants on a social media site such as LinkedIn.

At Executive Network Sales we certainly don’t operate that way; we have the best interests of both the candidate and the client at heart. We will put you forward for roles we feel are suitable for you and match your skill set with the job specification. If we believe you’d be able to perform the role well there is absolutely no reason why we wouldn’t put your CV forward to a client.  We’re sure there are cowboy recruiters out there, however if you tar recruiters with the same brush you risk alienating those recruiters who put a lot of time and effort into helping you land your perfect position.

....although, we hope he isn't as harsh as this chap!

As a candidate seeking employment you need to realise what kind of impact these negative rants have on recruiters; they will deem you rude, discourteous and certainly won’t look too favourably on you! What’s more, it’s never a good idea to offend people that are in a position to help and assist you, whatever your reasons.

Big Brother is always watching, or so it seems. If you use social media to post unhelpful and rude comments about others you can be sure that these comments will be seen by someone who you would really rather not see them. Remember the majority of our Tweets, LinkedIn posts or Facebook statuses are visible to a vast amount of people. As such, you should avoid being too negative on these sites or blogs.  If you post as yourself, making yourself known you can be sure it’s going to come back to bite you!

Maybe social media isn't the best place to vent your frustrations!

Think about it, if recruiters see your rants they are unlikely to want to work with you. Not only is it unprofessional but they’re very unlikely to want to sell you as a rational professional to one of their clients if you’re ranting and raving about recruiters being “unethical” and “standing in the way of the employer”.

Aside from offending people, there are other reasons why it might be a good idea to stop and think before posting anything on social media. With the way the current market stands, employees can afford to be picky when choosing the perfect candidate for their role. A few weeks ago one of our recruiters found the Facebook page of a potential candidate whom had posted very disturbing, not to mention racist

Beware of the Facebook spy!

and ignorant jokes on their page. This candidate may have thought he was being funny, but we’re certain he wouldn’t laugh if he knew the reason the recruiter didn’t put him forward for a role was because of his Facebook status!

Blunders such as these can prevent you from being offered that great new position, regardless of your ability to perform the role. So be warned job seekers, the next time you Tweet about that loathsome recruiter who is standing in the way of you getting that job you’re after, you never know who might be reading!!!

Executive Network Sales Ltd specialises in sales vacancies and associated positions at all levels across a range of niche sectors throughout the UK.

Cast your mind back to 2010 when a 29 year old woman was jailed for 6 months for lying on her CV. Her CV stated that she had A Levels which enabled her to apply for, and subsequently acquire, a position as Capital Projects Administrator in the NHS.  

Lying on your CV may seem harmless, but in cases such as the one above that it is no less than fraud. Be aware that a “little white lie” on paper constitutes a crime under the Fraud Act of 2006.

Lying on your CV constitues fraud!

In this instance it’s obvious that the woman lied, but it’s not always so clear cut. Outright lying in our opinion would be claiming knowledge that the candidate doesn’t have or claiming to have worked on specific projects.

Some would believe that everyone embellishes their CV; salary expectations, achievements, duration of employment within certain companies. It has even been suggested that research shows that 25% of information on CVs is exaggerated! However, others believe in being 100% truthful. 

Does it mean that those of us who are 100% honest and upfront about in our CVs are short changing themselves when going against others who have embellished slightly? At Executive Network Sales we don’t think that’s the case; there are other ways to make yourself more employable with respect to your CV, rather than embellishing it.

Market yourself through well written achievements.

There is no need to exaggerate or embellish qualifications and achievements. Put a positive spin on any accomplishments you have under your belt, a CV should present you at your very best and as such should provide concrete, truthful details as supporting information.

Be creative with the truth.

One way to get around any shortcomings in your career history would be to be 100% truthful on what an employer wants to hear and then not tell them the rest. We call this being “creative” with the truth. Be truthful about achievements but obviously enough, don’t display your failures.

Always remember, employers can check!

So you’ve told your potential employer that you’re qualified to the max for this hot new position your interested in. Come third interview stage and you’re certain it’s in the bag. There’s only one thing standing in your way: You don’t have the qualifications specified in the job description. Not a problem, “I lost the certificates” you tell the interviewer. Well let’s face it, you could have got the qualifications, had you bothered to apply for the course in the first place. You’re not stupid. Right?

Wrong. “I lost the certificates” might seem like a good enough excuse at the time, but do not underestimate your potential employers. They can see through a white lie a mile off and although many of you may think that you’ll be able to get away with it, it’s easy for an employer to check your credentials and qualifications.

Don't tell little white lies! They might come back to bite you!

Our stance here at Executive Network Sales is that there is no real difference between embellishment and lying. It is only really the scale of the porky pie that differs. Embellishment isn’t truth and if you’re not telling the truth you’re lying, plain and simple. Honesty and integrity are the key to a professional and admirable CV and the risk of getting caught out by future employers with a little white lie is definitely not worth it.

Executive Network Sales Ltd specialises in sales vacancies and associated positions at all levels across a range of niche sectors throughout the UK.

8:20am –  It’s Friday and you arrive at work 10 minutes early after a really good work out at the gym. You’re feeling energised and raring to go. Today you’re excited about recruiting!

9:16am –  A client who you’ve been working with for the past five years is retiring and, as a nice goodbye gesture has written you a great , lengthy referral, detailing your trustworthiness  and professionalism– this will bode well with the boss!

It's always nice to receive a thank you card. Especially with a box of chocolates!

11:12am – The post arrives and with it a thank you card and box of chocolates from a candidate you placed who, after being made redundant three years ago, had been stacking shelves at Tesco’s for £11k a year. After a long, drawn out process you managed to get the candidate an offer of £30k plus benefits (he would have taken £20k). His heartfelt thank youpulls at your heartstrings. THIS is what recruitment is all about; changing lives (and of course a nice, juicy commission fee!).

Would you be as happy as this guy?

12 noon – It’s midday and you begin a short new business session, contacting prospective clients to offer your services. As luck would have it the FIRST company you call puts you straight through to the decision maker who brightly claims you’re “Just the person I’ve been looking for” and that he has a number of Area Sales Manager roles he’s struggling to fill. After a pleasant conversation your new client agrees to full fees (that’s 25% of the candidates annual remuneration if they are placed!). Feeling rather smug you realise you have four candidates sitting and waiting (so to speak) who fit the bill! Your new client wants to see these people straight away. That’s four interviews arranged and it’s not even lunch time. Today is turning out to be a good day!

1:30 – Your boss buys you lunch to thank you for the hard work you’ve been putting in recently. Chomping on a duck salad wrap from the local deli that he’s brought you, you  smile to yourself thinking that it looks like all your hard work is paying off.

You're climbing the ladder of success

2:36pm – You’re called into your promotion meeting with your Director and Line Manager – you’ve hit the requirements needed for promotion, exceeded all your targets and your Director even says you’ve been “Setting a good example” to the Trainee Consultants in the office.  Finally, you’ve been promoted to a Senior Consultant! Fantastic news! You’re basic salary has gone up, you’re offered a company car or car allowance and as you leave the meeting thinking about that 2 year old Audi A5 Convertible that fleet have at the moment you’re told that your team have surpassed the number of interviews they needed to arrange this week in order to be granted an early finish. Could this day get any better?!

Your hard work is earning you some big bucks!

4:05pm – The day is drawing to a close (since you’re leaving work an hour early!) but 25 minutes before you leave the office you have a call from a client of yours offering one of your candidates a Sales Director position. Well this is good news, you were told your  client had pulled the role! With your fingers crossed you call your candidate and try and close him. Success! Your candidate accepts the offer and that’s a surprise £10k deal in the bag. Not bad for a Friday afternoon!

4:32: As you leave the office, a spring in your step, heading to the pub, reflecting on the wonderful day you’ve head you think to yourself: “Now this is why I LOVE recruitment”.

Executive Network Sales Ltd specialises in sales vacancies and associated positions at all levels across a range of niche sectors throughout the UK.

Matt Ellis, Managing Director, Executive Network Sales Ltd

When asked who or what inspires him the most, Matt explains, “I am inspired by people, those who strive to be the best at what they do and at the top of their game. I like to surround myself as much as possible with people who excel in their chosen fields. As such, the pursuit of excellence by people is something which definitely inspires me”.

Outside of work, Matt is inspired by his three year old son, Samuel and explains that the birth of Sam is by far his most significant accomplishment. However, on a business level, Matt explains that his most satisfying moments are based around the achievements of others. He says, “It is hugely satisfying to see others succeed, from a trainee receiving their first big commission payment to a big biller breaking company records”

Similarly, always one to motivate and inspire people himself, Matt has a number of positive words of wisdom and leadership quotes which are often to be heard around the office. One of his favourites is “Keep attacking”, something which can be heard almost on a daily basis.

Never one to shy away from change, be it an office move around (something which is a regular occurrence here at Network House!) or new databases or systems, it’s not surprising that one of Matt’s favourite phrases is “embrace and manage change”. They’re words that the Consultant’s at Network House agree will stick with them during their career.

Moreover, Matt also has advice to offer Recruitment Consultant’s who are striving to be the best. He explains that the best thing a recruitment consultant can do is prepare, “If you prepare, prepare, prepare then you’ll be the best in your game”. He explains consultants should never give up and that recruitment is something which is fundamentally about a positive attitude. Those with the right attitude will, quite simply, achieve and excel at what they do. Those who believe that the grass is greener and that everything happens to them can equally fail. He states, “You are in control of your own destiny and therefore if you want to succeed you will”, something we believe to be sound advice.

Surely in a business such as recruitment it is easy to make mistakes from time to time and Matt admits he has made blunders in the past. However, he explains he has no regrets and offers the following advice: “do not make the same mistake twice, procrastinate when making decisions or try and do everything yourself”.

Finally Matt explains that he is always looking to improve his business knowledge and develop his business, attending seminars and for inspiration and motivation and he has put in place some exciting plans in place to expand the business, doubling it in size over a three year period. Matt and the rest of Network house are looking forward to a bright and prosperous future in recruitment.

Matt Ellis, is a Director of Network Group Holdings and is the MD of Executive Network Sales Ltd, The HSE Recruitment Network Ltd & The FM Network.

One of the most nerve wracking experiences an individual can receive as they progress through their career is a telephone call from a headhunter. Whilst such a call can represent both validation and recognition of hard work it can also prove daunting and terrifying if not approached correctly. Receiving contact from headhunters can prove a rewarding experience if dealt with in an appropriate fashion and, as such, there are a number of different considerations that should be applied when dealing with them.

Knowing what they want

For many people who have not had prior experience in dealing with headhunters a call could represent to them nothing short of a solid job offer. This is not the case. When a headhunter makes contact they are simply undertaking a bit of research for their own benefit; they have been employed by a company to find the best possible individual to fill a certain role and it is in the headhunter’s best interests to do as much research as they can before putting candidates forward. More often than not a headhunter will “feel out” several prospective candidates at once, phoning them and ask if they would hypothetically be interested in a new role. From the information collated at this stage the headhunter will make a short list and from there whittle down the candidates further.

Treat every interaction like an interview

As headhunters will invariably be contacting a plethora of people, it is within the candidate’s best interests to do everything they possibly can to stand out from the crowd. One of the best ways to do this is to treat every single instance of contact with a headhunter with the utmost professionalism; that is to act as if every interaction is an actual job interview. For job interviews, and therefore in interactions with headhunters, it is important for individual’s to not just be polite and courteous but also to be well prepared and eloquent. Due to the fact headhunters will be observing a number of candidates from similar professional backgrounds, and more than likely similar qualifications, every small thing an individual can do to stand out will act as an advantage for them.

The intial call

The earliest possible instance to make a bad impression on a headhunter is, of course, in the first interaction. Oftentimes a lack of professionalism can be shown during a first phone call and, more often than not, this can be accidental; being headhunted is an alien experience to many and there are a number of reasons this can cause panic. Many candidates have a propensity to worry about where headhunters have gained the individual’s contact details from. Usually the answer to this proves rather innocent or innocuous and constitutes nothing to worry about; a friend, work acquaintance or colleague could have forwarded the phone number or it may have appeared in an industry directory. Another reason to panic is the idea of discussing new opportunities whilst in the middle of the current workplace. This is easy to work around; simply ask the headhunter if it is possible to swap details and make arrangements for a secondary interaction at a later date. This will give the individual an opportunity to compose themselves and allows for preparation to be made so as to appear knowledgeable and eloquent on the subjects to be discussed.

If the position is unappealing

It is not uncommon for a headhunter to phone and begin to discuss what could constitute an unappealing role for the individual. It is, in many instances, easy therefore to dismiss the headhunter out of hand. This is a mistake; any perceived slight or rudeness could cut off any avenues for future contact, something which could be a mistake particularly as a headhunter could have potentially returned with a more appealing role or in case the individual’s circumstances changed at a later date. The best thing to do in this instance would be to politely decline the headhunters opportunity but to take the opportunity to recommend any colleague who may be more open to the role. In doing so the interaction is likely to have been of benefit to three parties as opposed to none.

Author Bio

Kieron Casey is a BA (Hons) Journalism graduate who blogs on a number of topics including employment, careers, business opportunities and headhunters.