I write these career articles to prevent good people from making silly career mistakes. Millions are in the RIF (reduction in force – layoffs) this year, and many have not looked for a job in years. One casino company is laying off senior level executives with 20 to 35 years tenure with the company. Hopefully these tips help a few people out.

Last year I met my friend Rob Bone at Starbucks to catch up. When he arrived, Rob looked me in the eye and asked, “What is the one thing in Executive Recruiting that changed during the Pandemic?” Without hesitating, I responded, “I lost my faith in humanity.” Candidates lie about everything. Their education, experience, title and compensation. The Pandemic changed people, and not for the better. When a candidate sends me a resume, I ask a few simple qualifying questions:

Compliance – Is there ANYTHING in your background (criminal record, tax lien, DUI, bankruptcy, foreclosure) that will show up on a background check or gaming license investigation? I always start with compliance, since many background issues are deal breakers.

Compensation – Acceptable compensation? Because anybody that tells you money doesn’t matter…doesn’t have any. No reason to waste your valuable time if the job pays $200,000 and you want $300,000.

Can You Relocate? – If the job requires relocation, you must be 100% committed to moving. No, you can’t work remotely.

Do you have a non-compete? – Don’t see these on the casino side much these days, however they are rampant on the gaming supplier side.

Why are You in Transition (Unemployed)? – If you are gainfully employed, WHY do you want to change jobs?

Which Companies and Executive Recruiters Have You Submitted Your Resume to in the Last 12 Months? – I can’t represent you to any company you have submitted to, and if you spammed your resume to five Executive Recruiters, I wish you all the best.

Don’t want to answer the questions? Bye Felicia! These are easy, elementary questions that tell me if you are a strong fit for the job. I don’t want to waste anyone’s time: You, me, or my client.

During the Pandemic, there was a tsunami of bad behavior. As stated previously, candidates lied about everything! They took counter-offers and ghosted (didn’t show up) on start date. Hear are the four things a hiring company will confirm during the background check. If you get caught lying about any of these, the job offer will be rescinded.

• Title – The title on your resume must match what comes back from your former employer during the background check. EXACTLY. If your resume says Executive Director and your actual title was Director, your new title will be, “Unemployed.”
• Tenure – The dates on your resume must exactly match what comes back from your former employer. Start date. Termination date.
• Compensation – The salary you provide on the employment application must match what comes back from your former employer. This is a big one. Don’t lie about your base salary in an effort get a better offer. Once had a candidate tell me he was making $200,000. Background check said $160,000. When confronted he said, “Oh, I thought you meant W2, not base salary.” You…are…fired! Being dishonest goes to character.
• Compliance – Disclose, disclose, disclose! If you have a five year old DUI, most likely it won’t be an issue…provided you disclose it on the background check. Once had a VP, Human Resources candidate with a minor 20 year old issue. Unfortunately, he did not disclose, and the hiring company rescinded the job offer.

Two Bonus Items – Many companies will validate your college degree. You would be shocked how many people lie about having a college degree. Don’t care if you “attended college.” You have a four year college degree or you don’t. Unless you received a four year degree from the university, don’t list it on your resume. Last item: Companies may also ask your employer about the dreaded “rehire flag.” Most companies have a box labeled, “Eligible for Rehire?” If the answer is NO, that is pretty sure sign your story did not end well, so be honest about why you left. Honesty is the best policy.

Having challenges hiring quality employees? You are not the Lone Ranger. Here are three of the biggest hiring mistakes I have seen post-Pandemic. Make sure you are not making one of these fatal hiring mistakes.

It is NOT an Honor and Privilege to Work Here – Hiring high quality talent is a competition. The old, “This is a great place to work!” narrative no longer works. Executives are not attracted to the IBM model – work for 30 years and retire with a gold watch. Some of the biggest employers were the first to layoff this year. Many of those same companies compensate well below the going market rate, so is that REALLY a great place to work? Nope. Post-Pandemic everything has changed. Employees see work as an exchange of their time for money (paycheck). They want to be compensated fairly, a solid benefits package, a challenging job and appreciation for their hard work.

Death by Due Diligence – If it takes you two or three months to make a job offer…you won’t be hiring anyone good. Candidates in transition (not working) don’t have months to participate in your panel interviews while you kick every tire on the planet. Candidates that are gainfully employed will have three job offers in two weeks. Has hiring slowed? Yes. Have layoffs commenced. Yes. But keep in mind that companies don’t lay off their star performers. If you like a candidate, move quickly to close the deal.

Lowball Offers – Anyone that tells you money doesn’t matter…doesn’t have any. If you are paying below market rate, you won’t be hiring anyone good. Before the Pandemic you could make a job offer in the middle of the salary range, right? Let’s say you were hiring a VP with a salary compendium of $175,000 to $250,000. Pre-Pandemic it was a buyers market and you could offer $200,000. These days it’s a sellers market and you are probably $250,000, maybe a little more. During the Pandemic there was no shortage of lowball offers to mediocre executives. All those chickens (bad hiring decisions) are now coming home to roost. High quality executives are worth the extra nickels.

Laid Off?: Tips for Finding That Next Great Career Opportunity! – Layoffs were a few here and there up until this month. Now they are in mass, hundreds at a time. I’m receiving resumes of executives laid off after 20 years with the same company. So, it’s time to roll out The Godfather’s career advice for those in the RIF (reduction in force).

• Never Resign Until You Have Another Job! – Number one tip. If you are unhappy at work or think you will be part of the next layoff, ride the pony until you find a new gig. Don’t quit! Gainfully employed executives are far more attractive to hiring companies than unemployed ones. P.S. – Make your job search a priority.
• Don’t Rant About Your Crappy Former Employer – I get it, you are pissed off. Thought you were indispensable. How could they possibly RIF you? Listen, if you die tomorrow, they will replace you on Monday. Those guys at the top receive up to 80% of their compensation in the form of stock option, and they will do whatever is required to keep the stock price up. That includes reducing head count when revenues are falling.
• Don’t Rant About Your Great Former Employer – Yeah, yeah, yeah. It was a good run, move on. They forgot your name the day you walked out the door. Truth? If they loved you so much, they would have kept you.
• Online Job Postings – If you make $50,000 have at it. Numbers game. But if you make over $100,000, don’t apply online. You will be one of 500 people applying today. You know who utilizes online job postings for senior level roles? Lousy, cheap companies you don’t want to work for!
• Stay in Touch with Your Professional Network – Did you know 85% of job opportunities are referrals from your professional network. I try to drill this into candidate’s head: Build the bridge before you need to cross the river. If you only call people to ask for a job, no one will call you back.
• Executive Recruiters – Let’s face it, they have the best jobs. If a company is willing to engage and pay an Executive Recruiter, they are the real deal. They don’t see executives as a commodity. Don’t know an Executive Recruiter? Reach out to your professional network for a referral. The wrong time to meet an Executive Recruiter is when you are unemployed. They get people for jobs, not jobs for people.
• Be Reasonable About Compensation – This is the number challenge I see post-Pandemic. Executives demanding a 40% salary increase and to work from home. Nope! Those days are over. With all the layoffs, finding a job is now a competition. Don’t price yourself out of the market.
• Can You Relocate? – If not, you will be limited to the local opportunities, and in the case of Las Vegas, that is not good. Companies are firing, not hiring. Find a local Executive Recruiter; they will have the local job opportunities.
• Did You Really Retire or Resign? – Had a great candidate for a million-dollar job. Unfortunately, there was a press release stating he retired, and the hiring company opted not to interview him. The same with resignations. Do you know how many people told me they were laid off or terminated over the last 20 years? None. Just be honest, especially if you are working with an Executive Recruiter. No one will think less of you.
• Pursue Your Hobbies – Here is something to consider when you are on the bench. I see so many one-dimensional executives. Work, work, work. Your job is not your identity. It’s an end to a means. Use the time off to focus on other facets of your life. During the Pandemic, I Spanish and piano lessons.
• Take a Sabbatical – Another great alternative: Take some time off with the family or travel the world. Careers are important, however your relationship with family and friends is far more valuable. You can always make more money, but Father Time is undefeated.

My Dad used to say, “Anyone that tells you money doesn’t matter…doesn’t have any.” When executives are searching for a new career opportunity, compensation is a major consideration. Here are a few of my tips for negotiating the best compensation package.

• Be Reasonable With Your Compensation Expectations – This is my number one recommendation. The 40% Pandemic raises are over. Companies are firing, not hiring. If you are making $100,000, no company is going to pay you $200,000. If you were making $400,000 in Macau, that job is $200,000 in America. Know the market salary rate for your role. If you are unreasonable, you will spend months or years on the beach (unemployed).
• Compensation is Important, Opportunity is Critical – Does this position fit with your long-term career objectives? Does it move you forward from a title or salary perspective? If you are obsessed with money, recruiters and companies can sniff that out in a heartbeat, and will drop you like a hot rock.
• Salary is Important, W2 is Critical – Focus on W2 (total compensation), not just base salary. Most companies pay a bonus and relocation, however I have clients that also pay cost of living incentives, provide a car and give four weeks of vacation. At senior levels, many companies pay for health insurance. Check out the Benefits Package.
• Ask About the Money Up Front, But Never Bait and Switch – When interviewing for a job, always ask about the salary range up front. As an Executive Recruiter, I always get the money straight up front. If the job pays $200,000 and the candidate wants $400,000, I’m not going to waste everyone’s time. I knew a CIO that flew across the country twice, then received a job offer $50,000 lower than his current salary. He never asked them how much it paid. Oops. Never change your compensation requirements at offer time. That is a bait and switch that fails 100% of the time. Goes to character.
• Factors That Do NOT Affect Compensation – Your mortgage has no bearing on your compensation package.  A candidate once told me she needed to make $150,000 (her market value was $100,000) so she could afford her mortgage payments.  Another candidate stated, “It’s expensive putting two kids through school.”  Not my issue; not the hiring company’s issue.  Your lifestyle, your car payments, your mortgage?  That’s a “you” problem.
• Fighting Over Nickels – Two years ago you had your choice of five jobs.  Now you are competing with one or two hundred candidates for a job.  This is the price you pay for all those government benefits you thought were free. And given historic government and consumer debt, this lousy economy and the layoffs are not going away anytime soon. If you get a solid job offer, don’t fight about nickels.  Do you like the company and the opportunity? Take the offer!  It may be the only job offer you see this year. Don’t lose the job offer negotiating for free dry cleaning.

Bonus for Hiring Companies: It’s Not an Honor and Privilege to Work Here – OMG! I’m so over this. Companies that think it’s such an honor and privilege to work for them. Nope.

Bonus for Hiring Companies: Salary Compendiums Must Stay in Line with Mark Conditions – If your salary ranges fall below market rate, you won’t be hiring anyone good. Hiring is a competition.

Only 4% of retirees say they are “living the dream”, and 89% have financial issues due to inflation and not saving enough money. If you are retiring, God bless you! Your timing is impeccable. America has changed, and it only gets worse from here. Hey, at least you get Social Security! Our children and grandchildren…not so much. From a career perspective, here is why you should never say, “I’m retired” unless you are 100% RETIRED.

• The Godfather Semi-Retires…or Did He? – Last year I made the mistake of saying, “I’m semi-retired.” What I meant to say was, “Due to the economy, I scaled back my executive recruiting operations.” After working 40 to 50 concurrent executive searches for three years Post-Pandemic, my intent is to stay focused on ten to twelve searches at a time. Traveling more, working less.
• The “R” Word is Career Suicide – This year there has been a parade of retirements. Mostly senior level executives with lengthy careers at big outfits. And each time, the company issues the standard, “Thank you for your service!” press release. Here is problem: Once you use the “R” word, there is a stigma. Why would you want to go back to work? Will you only stay a year or two? If your plan is to relax for six to twelve months, call it a sabbatical. If you decided to change course, that is perfectly acceptable. But stay away from “retired” unless you are 100% retired.
• I’m a Consultant – Everyone is a Consultant when they get laid off, however a real Consultant is someone being paid real money by a real company …to consult. Otherwise, Consultant is code for unemployed. If you can make consulting work, you are a rock star! No one ever got rich working for somebody else. Here is a career secret: When you get laid off, you find out who your five best friends are. They are the five people that return your phone call. Since you can no longer hand out free hotel rooms and show tickets, mostly no one returns your calls. One Casino President told me years ago, “Mark, they forgot my name the day I walked out the door.”
• Real Life Example, Part 1– One high level casino executive was retired for a month before sending me his resume. “I’m bored.” I get you! You can only play so much golf. Fantastic executive, good personal friend, and a great fit for one of my roles. Was excited to submit his resume to my client. The response, “Thought he retired?” He is perfect for the job, however now I find myself having to persuade the company he is NOT retired. Do you see the challenge for me as an Executive Recruiter? It creates a perception.
• Real Life Example, Part 2 – Have a friend in his mid-70s that “retired” five years ago and moved to California. Yet…he just won’t go away. Keeps showing up at the office here in Las Vegas. The other night at an event I overheard him say, “I’m never going to retire.” Grace Slick may have said it best, “Eventually you are too old to rock and roll.” Knowing when to leave is a gift.

Cold calling is a is a 2% game. I was actually a “pilot” user of LinkedIn back in 2002. Networking seemed like a great idea, and my contact list had grown to 1,000 friends, clients and business partners.

The Problem – Initially I accepted every invitation request, even the cold calls and people I had never met. They call these people LIONs (LinkedIn Open Networker). That turned out be be a huge mistake. Right after connecting, most people would start soliciting for business and ask for an introduction to my friend Tony Hsieh (CEO, Zappos). Quickly changed my model to “by referral only.” Only connecting to executives I know personally, or those referred to me by my professional network.

Recession 2024 – With the economy spiraling down, cold calling has gone into overdrive. I’m receiving 20 to 50 unsolicited resumes (cold calls) per day. My profile clearly states I don’t take cold calls. All my posts clearly state I don’t take cold calls. In addition to a thundering herd of unsolicited resumes, I get 10 to 20 cold calls from Realtors wanting to sell my house (not for sale!). No longer take a phone call unless a name from my contact list pops up on the screen.

Probably 95% of executive simply delete cold call messages. My approach was always a quick, “No thank you”, because my parents taught me that is the right way to treat people. Unfortunately, because I’m the one person out of 200 they soliciting today that responds, many cold callers won’t take no for an answer.

Time is Our Most Valuable Asset – We can get more of everything in life…except time. Father Time is undefeated. A CEO put it this way, “If I accepted or responded to all the cold calls, I would literally get nothing done.” Cold calls are disruptive. Even slowing down long enough to say, “not thank you” reduces my productivity. And every minute I’m dealing with someone I don’t know and have never met…is a minute I’m not helping a friend find a new job.

The Solution – Let me tell you a sales secret: Cold calling is a 2% game. You have a better chance of hitting the lottery. Busy executives don’t respond to cold calls. I don’t care what anyone or any sales book tells you. And, without a doubt, some knucklehead will comment, “I’m hugely successful cold calling!” Which makes you 1 out of 1,000 – congratulations.

I am NOT a sales guy, however after 20 highly successful years owning an executive recruiting business, I’ll tell you the best approach: Referrals. Warm introductions. If I have a new CFO position to fill, I email 200 of my CFO friends and ask for referrals, “Who do we know that might be interested?”

By God’s grace I don’t have to do business development, however here is a great example of working “by referral.” An executive approached me with an interest in a new hospitality project in the Middle East. Pinged a “C” level executive on the ground (actually placed him in a job previously). He pointed me to the CFO (wait – I got him a job previously as well!). Six degrees of separation is real.

Stop cold calling! You are better off buying lottery tickets.

Whether you are a candidate or sales executive, the key to success is your UVP: Unique Value Proposition. As a candidate, can you articulate why you are the best choice from a thundering herd of candidates? As a sales executive, can you communicate why your product or service is uniquely qualified to help your customers?

Let me give you an example. Some say I’m the biggest gaming Recruiter on the planet. Not sure about that, however I probably worked longer and harder than most. Here is my unique value proposition.

Best Access – Most folks would tell you I have the best access in the gaming industry. Over 7,000 executives – no cold calls, candidate databases or online job postings. After 20 years, I can quote scripture and verse on most of them. This is why the big national recruiters struggle in gaming: They don’t have the rolodex.

I Know Where All the Skeletons are Buried – Candidates don’t put their alcohol, drug, and gambling problems on their resumes. Or their sexual harassment complaints, DUIs, foreclosures, bankruptcies, terminations for cause or employer lawsuits. After 30 years in Las Vegas and 20+ owning an Executive Recruiting firm, I know where all the skeletons are buried. This is why “post and pray” (online job postings) don’t work. Even if the resume looks great, you need to know the candidates’ back story and character.

Client Bonus #1- Clients are invited to my quarterly client mixers. The guest list is 100+ movers and shakers, the best executives on the planet. All the people you read about in the newspaper. Casinos are like Mayberry RFD. You have 200,000 executives and 200 people making all the decisions. Relationships trump talent.

Client Bonus #2 – Clients get first shot at the BIG career opportunities. If nothing else, I’m the most loyal person you have ever met. The executives that supported me over the years never remain on the bench for long.

Client Bonus #3 – On occasion, I’ll help a client even if I’m not engaged on the search. They run names by me and I give them a thumbs up or, “Not a candidate I would present to you.”

Client Bonus #4 – Clients get my semi-famous newsletter. Who got hired, who got fired and all the latest industry news.

The Godfather on “Moral Compass” – Let’s face it, not everybody plays fair. I have to compete against Executive Recruiters that send their clients on Caribbean cruises and to the PGA Masters. They buy clients $1,000 dinners and $500 rounds of golf. They take clients to alcohol infused all-nighters at nightclubs and strip clubs. The most you are getting from The Godfather is a book, a cigar or an invite to my next client mixer  I don’t believe in bribes or quid pro quo. To every sales executive that had to compete on an uneven playing field…take the road less traveled. Without integrity, nothing else matters.

The party is over…here comes the hangover! Hiring fell off a cliff in April 2023, was anemic during the holidays and never regained a foothold in 2024. Companies are firing, not hiring. If you are in the job market, or considering a career change, join The Godfather’s ride along for the cold, hard truth about finding a job during a Recession.

Recession 2024 – That’s right…it’s a Recession! Don’t let the government and media pump sunshine up your ass with the “Great economy and 3% unemployment!” nonsense. As an Executive Recruiter the last 20 years I saw something amazing during the Pandemic. Millions of people decided to ride the government dole. They will literally do anything to avoid hard work. If you look on CNBC the top five articles typically involve how to make money…without working. We have 3% unemployment because no one wants to work.

The Pendulum Has Swung – When I started my executive recruiting business 20 years ago, a successful Executive Recruiter told me, “It’s 2004 and unemployment is 4%. Nobody cares about you! They all have jobs. People will treat you poorly. People will kick dirt on you and not return your calls. But one day, my friend…that pendulum swings, and your phone lights up like a Christmas tree.” Truth! In 2008 and 2020, all the people that treated me poorly or opted out of my monthly newsletter suddenly found my cell number. And here we go again in 2024! I’m getting up to 20 unsolicited resumes (cold calls) daily. Executives I have not talked to in 10 years are dropping out of the clouds. Godfather Career Tip: Relationships trump transactions. Stay in touch with your professional network.

The Party is Over…Here Comes the Hangover – Hiring fell off a cliff in April 2023, was anemic during the holidays, and has not picked up in 2024. Most US hospitality companies are laying off, not hiring. People blew through $7T in free government money. When that ran out, they drained their savings, drew down their 401Ks and maxed out their credit cards. Revenge tourism…followed by “doomsday spending.” Everyone woke up from the party in January 2024 with massive credit card debt…and a major hangover.  So glad I don’t drink!

Unreasonable Compensation Demands – Anybody that tells you money doesn’t matter…doesn’t have any. That stated, the number one reason candidates are dropped from consideration is asking for ridiculous compensation packages. Pandemic days of 40% salary increases and working from home are over. If the market rate for a particular job is $150,000, and a candidate is asking for $200,000+, that won’t be a productive use of my time. I only get paid if I get people placed. Even if I think you are worth the $200,000, the hiring company won’t pay a 25% premium during a Recession. They have a wide variety of candidate options. Godfather Career Tip: Know the market compensation rate for your job. Check with your peers. Check online job postings with salary ranges. Ask your favorite Executive Recruiter for their opinion. Be reasonable about compensation.

Compliance Issues – I work in a regulated industry (gaming/casinos). If a candidate has a criminal record, DUIs, tax liens or bankruptcies, it’s going to be a challenge. If the DUI is 10 or 20 years old, not an issue. If you have two in 12 months, not going to happen. Godfather Career Tip: Stay out of trouble.

Spamming Your Resume – This is pretty common. At salaries under $100,000, responding to post and pray (online job postings) is an option. Won’t talk you off it. At more senior levels, any company that is posting online…is not a company you want to work for. As an Executive Recruiter, I can only submit candidates to companies they have not had contact with in the last 12 months. It’s the rules of the game. Godfather Career Tip: Don’t spam your resume. Leverage your professional network and Executive Recruiters for career opportunities.

Job Stability – I’m sure you have great reasons for bouncing around like a pinball, however hiring companies want to see professional stability with at least two or three years at each job. Godfather Career Tip: Be careful about moving around.

Unemployed vs. Gainfully Employed – Companies want to interview gainfully employed candidates. If you got laid off, it’s not a crisis, however you need to be more flexible on compensation. Godfather Career Tip: Never, ever leave a job until you have a new one lined up.

Relocation – Remote work is mostly over at the senior levels. If you want to work from home, it’s going to be increasingly challenging to find career opportunities. Godfather Career Tip: If you can’t relocate, find a local Recruiter to assist you. If you are targeting Texas or Florida, find a Recruiter in those areas – they will have the local career opportunities.

Anti-Vaxers and Politics – During the Pandemic, some companies required vaccination. That is over. When you start ranting to a Recruiter about vaccination and/or politics, you come off as unhinged. Godfather Career Tip: Keep your anti-vax and political opinions to yourself.

Termination: If you were terminated or laid off, you need to articulate that to Executive Recruiters and hiring companies. What they care about is whether you were fired for cause. If not, be honest and succinct on why you left. Restructure. Got sideways with the wrong guy. No one cares about the politics of the situation, just whether it was for cause. Godfather Career Tip: Always be honest, that way you don’t have to remember what you said.

Overall, hiring has dropped 75% in 2023. Companies are firing, not hiring. If you are looking for the RDAV (Reader’s Digest Abbreviated Version), there you have it. For those that like the details…here we go:

• Job Growth – The headline shouts, “Payrolls Rise 311,000; Job Growth Stays Hot!” What? Open jobs actually declined by 400,000 from 11.2MM to 10.8MM in February. Those 311,000 are people forced back in from the sidelines by two years of historic inflation. Inflation was 6% in February. Is it better than 9%? Of course. But consider this, inflation was 1.6% two years ago and has exceeded 5% for 22 straight months. Put another way, if you get a 5% raise this year you are actually losing money. 
• Silicon Valley Bank: The Two Big Lies – Does SVB stand for “Silicon Valley Bank” or “Seems Very Bad?” The headlines scream “No Bank Bailout!” and “Government Won’t Use Taxpayer Money!” Both of those are a lie. First, a “backstop” IS a bailout. The government buying up bad debt IS a bailout. Second, the government does not have any money. They are $31T in debt. All of their money, every dime, IS taxpayer money. “Everyone stay calm – there is no systemic risk.” That…is also a lie. This is far from over. 
• The Budget Crisis – As I said months ago, this is your next calamity in the “perma crisis” (defined as moving from one crisis to the next). For the last two years the government has debt financed an absolutely historic spending spree. There are now 20 hard line conservatives in Congress that will insist on spending cuts tied to the budget. At some point you must spend less than you take in. But the U.S. Government has a better solution: Increase taxes on successful people that already pay 37% a year, and triple the capital gains tax. That is not going to fly in this Congress. Get ready to rumble! 
• Recession 2023 vs. Depression 2.0 (2008) – There is a huge difference in the employment market this time around. Depression 2.0 in 2008 literally crushed the hiring market and millions lost their jobs. In August 2008 I had 20 open searches. Two weeks later I had zero searches and didn’t place a single executive for three months. This year, despite the downturn, layoffs, raising my rates and requiring Retainers, I have 25 active executive searches. New searches come in every day. 
• The Layoffs – Companies have shifted from hiring to firing, and a number of major gaming companies are quietly laying off. How do I know? Because I get the resumes of those in the RIF. Ladies and gentlemen, we have not hit the bad part of the road yet. America has suffered through two years of historic inflation that has crushed the middle class and working poor. I see people in their 70s re-entering the workforce because they can’t get by on Social Security. We have not crossed the wide part of the Recession River yet. Get ready to pay for those government benefits you thought were free.
• Quietly Quitting Turns into Quietly Firing – How quickly and dramatically things change! Last year candidates wanted to double their salary and work remote. This year employers are trimming the herd and forcing workers back to the office.

The best recruiting advice I ever received was back in 2004 when I first formed my executive recruiting business. It came from the Founder of a highly successful retained search firm, “Mark, unemployment is 4%. Everyone is working. No one cares about you or returns your phone call. People will dismiss you. People will treat you poorly. But one day, my friend, the pendulum with swing, and your cell phone will light up like a Christmas tree.”

That day was August 2008 when Depression 2.0 hit. And again this year as hiring fell an astounding 75% over the last three months. Unfortunately, we are nowhere near the bottom. Historic government debt, consumer debt and inflation have created the perfect storm. Fed will raise interest rates several more times this year. Here are five important tips for job seekers during a Recession.

Understand the Market Conditions: Companies are not hiring, they are laying off. If you are in the job market understand this: Things have changed dramatically in 2023. This is now a buyer’s market (hiring companies). If you got laid off and expect to receive three job offers in a week…you are going to be very disappointed. Expect the Recession to last another 12 to 18 months. In a down market you have to be flexible on compensation and relocation, which are the next two subjects.

Compensation: This is the number one issue I see with candidates: Unreasonable compensation demands. THE GOLD RUSH IS OVER and we are nowhere near the bottom. This is going to get very, very ugly. I get it: Anyone that tells you money doesn’t matter…doesn’t have any. That stated, be reasonable about compensation. If you are unemployed, be flexible. Executive Recruiters shy away from unemployed people asking for huge salary bumps.

Relocation: Most of the remote and hybrid opportunities are gone. It was awesome while it lasted, right? If you insist on working remotely you may be on the beach (unemployed) for a long time. To find the best long-term career opportunity, there is a pretty good chance you will have to relocate. If you can’t relocate, work with an Executive Recruiter LOCAL to your city – they will have the local jobs.

Cost of Living: COL matters! Had a candidate making $175,000 in Los Angeles apply for a $175,000 role in Las Vegas. That $175,000 LA compensation is $125,000 LV dollars. California has a 13.2% state income tax; Nevada is zero. You will not be getting your Los Angeles salary to live in Las Vegas. Cost of living matters.

Spamming Your Resume: Be careful about casting a wide net. Submitting your resume to five Executive Recruiters does not get you five times the career opportunities. In my case, I won’t work with executives that are spamming their resume to a thundering herd of recruiters and applying to online jobs. Approximately 85% of career opportunities come from your peers and 10% from Executive Recruiters, so applying online is akin to playing the lottery.