Going through a recruitment agency remains one of the best routes to land a job in IR, according to the IR Magazine Global IR Survey, which finds that 27 percent of external IR appointments are sourced via a third party such as a recruitment agency or executive search firm. Indeed, the upgraded, more strategic role the profession has enjoyed of late means more and more recruitment specialists are dipping their toe in the IR job market. But not all recruiters are equal in helping candidates in their quest for the Holy Grail of an in-house IR position.
‘A lot of the big executive search companies are now saying they helped place IR people, because obviously IR has gone up the food chain,’ explains Oskar Yasar, managing partner of London-based recruitment specialist the Oskar Yasar Partnership. ‘Candidates need firstly to work with a recruiter that knows the IR space, not one that – like many of them – wants to place a square peg in a round hole.’
‘You need to be selective about the recruiter you use,’ agrees Sarah Crawshaw, the Hong Kong-based managing director of Taylor Bennett Heyman. ‘So doing your homework and identifying the most appropriate recruiter is important.’
With former sell-siders flocking to the profession in search of a change of career, recruiters have been awash with high-caliber candidates, albeit with no IR experience. ‘The IR recruitment sphere is a buoyant market but an even more competitive one,’ notes Yasar, who receives five to six CVs daily from ‘equity research analysts, corporate brokers and investment bankers trying to get into IR. For those job seekers, the best way to get into the profession is to go through a recruiter.’
‘Building a long-term relationship with a recruiter can be hugely beneficial with respect to having it do some of the work for you in identifying and spotting opportunities and being able to use the recruiter as an objective sounding board,’ Crawshaw adds. ‘There’s also a role we play acting as a broker between candidates and clients.’
Get your message across
Yasar’s first piece of advice is for candidates to fully understand ‘their own individual brand within the context of IR’. IROs and aspiring IR practitioners should focus on determining their key messages and unique selling points, he explains. ‘The world of IR is about communication so if you can’t spell out your own key messages, how are you going to be able to communicate your company’s?’
Crawshaw, who also gets at least five new applicant requests daily on average, urges candidates to be flexible and open-minded. After an initial contact, she will often pass details on to a colleague, which might ‘put people off slightly. Recruiters are all there to help people in their careers and whether it’s me or one of my colleagues, you will get the same level of service,’ she says. ‘Our business model is focused on building long-term relationships with people, so while we don’t place entry-level people, we certainly offer them guidance.’
Candidates should really engage with headhunters, adds Yasar, who finds job searchers can sometimes be ‘too complacent, often assuming their experience alone will open doors and get them their next job. A lot of candidates tend to be lost in the system, when they need to be in control of their own careers, which is why I sit down with them and work out their five to 10-year career path.’
While job seekers should engage and keep in touch with recruiters, getting the balance right is also important, Crawshaw says, pointing to applicants in Asian markets, where IR is still nascent and opportunities scarcer: ‘Any good recruiter should set expectations, and explain whether it will be every week or every six months when something appropriate might crop up. If the recruiter doesn’t give that information, the candidate should ask.’
Browsing the job board of your local IR association on a regular basis will also help to stay abreast of the latest opportunities.
Start socializing
Candidates who haven’t yet created a professional social media profile are strongly advised to get online. ‘All major multinational companies have a talent team that continuously mines professional networking sites to find candidates,’ highlights Crawshaw, who spends a significant amount of time in a research capacity on LinkedIn, to which her firm’s database is directly connected. ‘There is a trend of organizations taking their recruitment in-house so having an online presence and making sure it’s up to date, well populated with appropriate content, and clearly spelling out your skills and experience is absolutely critical.’
Another aspect job applicants should not underestimate is the importance of their connections and networks, which can provide ‘some kind of measure of how they fit in the larger scheme of things. If I were to go to a head of IR for a retail company and see that he or she is connected to the whole analyst community covering that sector, I would be well assured that he or she has very strong relationships,’ says Crawshaw. ‘It’s one of those things people don’t necessarily think about but that a recruiter will certainly be considering.’
Last but not least, monitoring any non-professional online presence is also crucial. ‘Candidates should make sure their Facebook profile that can be accessed publicly doesn’t share any unprofessional photographs,’ Yasar cautions. ‘They should continuously be asking themselves, Is my Twitter feed or my Facebook page going against my own personal brand?’
Taylor Bennett Heyman’s top five tips
1. Prepare before you get in touch. Being articulate, clear and well researched will indicate your potential as a candidate.
2. Show flexibility and keep an open mind to suggestions, even if they do not match your aspirations exactly.
3. Don’t try to bypass the retained recruiter. A hiring company usually pays an external adviser to handle the recruitment process because it doesn’t want to deal directly with candidates.
4. Request honest feedback and be prepared to have your thinking challenged. You will get more out of the relationship that way.
5. Keep in touch and update the recruitment agency on your circumstances, but get the balance right. Bombarding it will serve only to make it feel harassed; it won’t further your cause.
This article appeared in the fall 2015 print issue of IR Magazine
