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Job Seekers Update: Companies are Firing…not Hiring

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.

Job Seekers: Advice for the 2023 Recession

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.

The Godfather on Compensation: Anyone that Tells You Money Doesn’t Matter…Doesn’t Have Any

My name is Mark Wayman, and for the last 20 years I have owned an executive recruiting company focused on gaming and high tech. Occasionally I author career articles on LinkedIn. Today’s topic is compensation. What is the market rate for your job? What is the best strategy for negotiating salary at a new job? Recently dealt with several wonderful people that totally screwed the pooch. They were so obsessed with money that they lost out on fantastic career opportunities. So I’m offering you $25,000 of career counsel…pro bono. But first, three disclaimers and the three golden rules of executive recruiting. 

Disclaimer #1: Only Represent Candidates I Know Personally or by Referral – My clients expect me to personally vouch for each and every candidate, and I can’t do that with people I don’t know and have never met. No disrespect intended! 

Disclaimer #2: I’m Not Here to Judge, That’s God’s Job – My only purpose is to provide career guidance based on my many years of experience. Hopefully it helps a few people. 

Disclaimer #3: Why I Love America – We can agree to disagree and still be friends! I welcome all opinions and viewpoints provided they are professional and respectful. Trolls will be deleted and blocked. This is not Twitter. 

Executive Recruiting Rule #1: Executive Recruiters get people for jobs…NOT jobs for people. As the Owner of an executive recruiting firm, I don’t get a salary or vacation or PTO or paid health insurance. If I don’t get people placed…I don’t eat. I’m not a career coach or resume writer, and I can’t represent executives I don’t know, have never met. No disrespect intended.  

Executive Recruiting Rule #2: The wrong time to meet an Executive Recruiter is when you are unemployed. The best time to find a new job is when you are gainfully employed. If you don’t have one or two solid relationships with a top Recruiter, ping your professional network for referrals…while you are gainfully employed. 

Executive Recruiting Rule #3: Executive Recruiters work with people they know personally. The best Executive Recruiters work exclusively with executives they know personally, or that were referred through their professional network. 

The $66,000 Question: Why? – If you are considering a career change, this is THE question. What is your WHY? Money? Title? Career advancement? Need to relocate for family reasons? If your “why” is money, I hear you. Anyone that tells you money doesn’t matter…doesn’t have any! That stated, the best strategy is to lay out a five to ten year career plan. Always start with the end in mind. Each job change should move you closer to your end goal. Slow and steady wins the race. 

Determining Your Market Value – Candidates constantly ask me if they are being compensated fairly. The market rate is determined by your education and experience, along with supply and demand. The Pandemic was not only unprecedented, it created a huge demand in the job market as people retired, quit, or decided to live off the government dole. Salaries escalated 10% to 25% as desperate companies offered well above market value to fill positions. As an example, the “market rate” for a Director (F&B, Technology, Finance) is $125,000. Now a Director goes for $125,000 on the low end and up to $200,000 on the high end. For me, I don’t believe in salary surveys. I believe what the market tells me, and with 20 to 50 searches at any one time I know the going market rate. There are two ways to get this information, your professional network or an Executive Recruiter. If you are a CFO, ping your CFO friends and ask their opinion on compensation rates. Hopefully you know one or two solid Executive Recruiters. They will be happy to share that information with you. 

The Down Side to Being Overpaid – One of the challenges with executive recruiting is candidates that are vastly overpaid. And in most cases these folks believe they are undercompensated. Wynn Resorts and Venetian are prime examples. A VP role at these properties may pay $250,000+ when the going market rate is $200,000. Wynn and Venetian pay REALLY well, and God bless them for that. But when you leave, your compensation is going backward. So I get VPs making $250,000 and asking for $350,000. Again, market rate is $200,000, so you see my issue? That is not going to be a good use of my time. Here is another down side to being overpaid – when the bottom falls out of the economy you have a big target on your back. All those hires that were overpaid due to the Pandemic will be the first executives laid off. 

Ask for the Salary Compendium (Salary Range) UP FRONT – I knew a CIO making $200,000 that spent two months interviewing for a new role. He flew across the country twice, and then the company offered him $150,000. Lesson learned: ALWAYS ask for the salary compendium up front. And if the company won’t tell you the target base salary, don’t interview. We can get more of everything…except time. Don’t waste your valuable time interviewing for a job that does not meet your compensation requirements. I always have the money straight before investing the time of a candidate and client (hiring company). 

Your Bonus and Stock Options Are NOT Relevant (Don’t Do This!) – This is a Pandemic thing as well. Had several candidates totally blow up their chances at great jobs because they are disconnected from the economic realities of 2022. First they told me about their 2021 bonus. But this is not 2021, and the US is heading into a brutal recession. Bonuses this year don’t look like last year. And in 2023 you will get no bonus at all. Then they bring up their stock options. Most of the gaming stock are down 60%. You can paper your laundry room with your stock options. Pigs get fat; hogs get slaughtered. 

Never Change the Goal Line (Don’t Do This!) – If you are first and goal from the five, you can’t change the goal line. Translation: If you agreed to a $100,000 base salary prior to interviewing, asking for $150,000 at offer time is a terrible strategy. Yes I have seen it work two or three times over the last 20 years, but I have seen it fail 50 times. Why? Because it goes to integrity. You agreed up front that the compensation was acceptable, so changing the number at offer time goes to character. Most companies will dump you like a hot rock. In several instances I have seen candidate do this, not get the job, then be terminated shortly thereafter and spend six to twelve months in the unemployment line. Karma is a ruthless gangster. 

Never Fight Over Nickels  – You interviewed well; you love them, they love you. Time to close the deal. Ask yourself this important question, “Do I really want this job?” If the answer is yes, don’t fight over nickels. When the Pandemic his in 2020 I have two big job offers out: CIO and VP, Sales. Both candidates started negotiating the compensation plan, line by line. Two weeks later the Pandemic hit and both job offers were rescinded. The longer this takes…only bad things will happen. A tremendous amount of time and effort was expended by you, the Executive Recruiter and the hiring company. Don’t get greedy. 

Dealing with the Lowball Offer (Negotiating) – Unfortunately, not all companies play fair. Let’s say I represent you for a CFO job at $300,000. You do great, but the hiring company offers your $250,000. What the hell? This happens, and more than I would like to see or admit. In most cases the offer is low because, after the interviews, the company does not feel your market value is $300,000. That is their right. So here is the best way to handle it. I will call the candidate with the verbal offer and give them three options: Accept, Decline, Counter. The first two options are pretty obvious, but let’s discuss “counter.” You can decline the original job offer and come back with a compromise. For example, $300,000 period. If they don’t come up, you are done. Or go back with $275,000 and a few enhanced perks in the overall compensation package. Usually additional stock options. Once placed a General Counsel years ago. They lowballed her, but I doubled her stock options. When the company was acquired two years later she made millions. But keep in mind, the counter is your line in the sand. Once you counter, if the company accepts, you are committed to the job. 

The Answer is YES! – If you accept the offer verbally, the hiring company will send you a written offer and start the onboarding process. There are several mistakes you can make at this point in the process. First, using the offer letter to solicit a counter-offer from their current employer. The biggest career error of all time. See the paragraph below. Second, using the offer to leverage an offer from a second company, playing one off against another. If you have multiple irons in the fire (multiple interviews concurrently), good for you, but be honest and tell the Executive Recruiter and/or hiring company. Pick the job that is right for you, however if you hold off for “something better” you are telling the employer they are not your first choice. If they were, you would have already accepted their offer. Third, if you say anything other than “YES”, you have declined the offer and it is no longer valid. Just like buying a house. Big tip – say YES. Praise Jesus! 

NEVER Accept a Counter Offer (Don’t Do This!) – As George Thorogood once said, “If you heard this story before, settle in, because you are going to hear it again.” As a candidate, COUNTER OFFERS ARE A TERRIBLE STRATEGY. My completely unscientific survey shows nearly 100% of those that accept a counter offer are terminated within twelve months. Why? First, because now your employer knows you are unhappy. They will keep you around just long enough to replace you. Second, do you really think your Boss likes you twisting his arm to get a few more nickels? Third, if you were happy, you would not be interviewing with another company. A small raise won’t change that. From a career standpoint, wasting everyone’s time so you can get a few more shekels goes to character. As Walt Disney so eloquently stated, “It’s a small, small world.” Especially in gaming/casinos. It will come back to haunt you – Karma is real.

5 Career Lessons for the Recession

Historic inflation, rising interest rates, a Pandemic and a War. The results is a disintegrating stock market (housing market will follow) and downward spiraling economy. From many respects, I have seen this movie before (2008). In the job market, the pendulum has swung and layoffs have commenced. Here are five important lessons we can learn from a Recession.

  1. The 25% to 50% Salary Increases are Over – Everybody out of the pool, the party is over! For the past two years people have been asking for massive raises and getting multiple offers. That is awesome…until it’s not. People that were overpaid now have a huge target on their back. They will be the first to be laid off as companies trim payroll by 10% to 20%. Overcompensated people go first.
  2. Counter-Offers – Such a terrible career strategy, yet one thousands utilized during the Pandemic. Candidates would interview, get a job offer, and then run back to their current employer, “If you can match this, I’ll stay.” Let me explain why that is a bad strategy. First, almost 100% of those taking counter-offers are terminated within 12 months. Do you think you employer really wants to be leveraged into give you a raise? They will keep you around just long enough to replace you. Second, now that the economy is spiraling down, who do you think get laid off first? Those viewed as disloyal. Third, you wasted the time of the hiring company and the Executive Recruiter. Burning bridges is a terrible idea, especially in the gaming industry where everyone knows everyone. Karma is a ruthless gangster.
  3. Your Network is Your Lifeline – It’s amazing how many people believe, “It won’t be me!” News flash: No one is indispensable. Today you are family; tomorrow you are terminated and they are enforcing your non-compete. Stay in touch with your peers. Did you know that 85% of job opportunities come through your professional network? Develop a strong relationship with one or two Executive Recruiters. They have 10% of the career opportunities, and typically the best 10%. These are your lifelines during a Recession. Relationships trump transactions.
  4. Don’t Stockpile Debt – With rapidly rising interest rates, those with variable rate mortgages and credit card debt are going get clobbered. Consumer and credit card debt are at record levels. Keep your overhead low so if you lose your job, you don’t lose your house. As my Dad used to say, “If you can’t pay cash…you can’t have one.”
  5. Always Have a Rainy Day Fund – Have a six to twelve month rainy day fund for when the storm hits. I was fired exactly one time in my life. Back in the 1990s when I tangled with my Boss. The most embarrassing part was that I carpooled, so I had to sit on the curb for an hour waiting for my ride. As I sat on that curb I made two commitments. First, I would always have a rainy day fund of 12 months free cash flow. Second, I would never work another day in my life at a job that made me unhappy.

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The Good Samaritan: Carefully Consider Your Legacy

Most of us are familiar with this parable from the Bible. A Jewish traveler is robbed, beaten, and left half dead alongside the road. A priest and a Levite come by. Both avoid the man and keep walking.

Finally, a Samaritan happens upon the traveler. Although Samaritans and Jews despised each other, the Samaritan helps the injured man. Jesus tells the parable in response to the question, “And who is my neighbor?” The conclusion: The neighbor is the one that shows mercy to his injured fellow man.

There are three types of people. The first is the robber who beat the man. Criminals that have no regard for life. We are experiencing a historic crime wave in America. There is no shortage of criminals.

The second are the self-focused and self-serving. Their question is, “If I stop and help this man…what will happen to ME? How will it affect ME?” The world is full of people that horde their money, cars and houses, while completely ignoring the hungry and downtrodden around them. They only think about themselves and never consider what is best for the community or society.

Finally, there is the third type: The Good Samaritan. They ask a different question, “If I don’t stop and help this man, what will happen to HIM?” Carefully consider your legacy and which of the three you want to be.

6 Important Career Lessons from the Financial Crash of 2008 and the Pandemic of 2020

My name is Mark Wayman, and for the last 16 years I have owned an Executive Recruiting company in Las Vegas, Nevada where I’m focused on the gaming/casino and high tech industries. The business funds my true passion: Charity and Community. A portion of each placement is donated to a dozen national and local charities. To whom much is given…much is required. 

Disclaimer #1: Only Represent Candidates I Know Personally or by Referral – My clients expect me to personally vouch for each and every candidate. Can’t do that with people I don’t know and have never met. No disrespect intended!

 Disclaimer #2: I’m Not Here to Judge – That’s God’s job. My purpose is to provide career counsel based on 16 years of executive recruiting and 1,000+ placements. Hopefully it adds value for a few people.

 Disclaimer #3: Why I Love America – We can agree to disagree and still be friends! I welcome all opinions and viewpoints provided they are professional and respectful. Trolls will be deleted and blocked.

The plague has made for unprecedented times, especially in the hospitality industry. Last year was amazing, and then everything came to a grinding halt in February 2020 and stayed that way for months. When the economy reopened, hiring was brisk for three months…then leveled off as round two of the Pandemic arrived in October. 

When the country was shut down, millions of executives were furloughed and humbled. The plague does not differentiate between the CEO and the $10 an hour employee. For a short time, it felt like people were kinder and wanted to help each other. Like we are all in this together. Many of my executive friends reconsidered their priorities. Maybe my job is not the most important thing in the world? Possibly I should spend more time with my family? Is that former life really worth rushing back to? Unfortunately, once business resumed, most folks went right back to their bad behavior. Interesting how differently people act once the crisis is over and they get called back from furlough.

We are entering a very dangerous phase of the Pandemic. Much worse than the last time around. A small number of people that refused to participate in safety protocols have ruined it for the rest of us. In Nevada, we are under our second “stay at home” order. There is a 50/50 chance the country will be shut down completely in 2021. So I put a few of thoughts on paper about career lessons to consider…when the pendulum swings.

The Pendulum Always Swings – The best advice I ever received about executive recruiting came from the Founder/CEO of a successful boutique recruiting company in 2004. He said, “Mark, the pendulum always swings. Right now (2004) we have 5% unemployment. Everyone has a job. No one returns your calls. People treat you poorly…because they can. They don’t need anything from you. But one day, my friend, that pendulum will swing! Those same people that kicked dirt on you will be the lighting up your cell phone.” In 2008 the pendulum swung (financial crash). In 2020 the pendulum swung (plague).  Lesson: It’s a small world. The same people you pass on the way up are the same people you will see on the way down. As my Dad used to say, “Treat the Janitor the saw as you treat the CEO. It’s the right thing to do.” Kindness is FREE.

Build the Bridge Before You Need to Cross the River – There are two rules in Executive Recruiting. First, Recruiters get people for jobs…not jobs for people. If we don’t fill our executive searches, we don’t eat. Second, the wrong time to meet a Recruiter is when you are unemployed. Make sure you have a professional relationship with one or two Executive Recruiters. If you don’t know any, ask your peers for referrals. Stay in touch with your peers and help when you can. If you see a career opportunity, forward it to someone that is on furlough. Not saying you have to be a Master Networker, but don’t be the person that only calls to ask for a favor. Lesson: Your professional network is your lifeline. Stay in touch with your peers.

Lose the Entitlement Attitude – Here is a comprehensive list of what you are entitled to in life: NOTHING! You are not entitled to a job. This is not Russia, China or North Korea. In 2019, unemployment was 4% and pretty much everyone that wanted to work…got a job. This is 2020 and the world has dramatically changed. My #1 issue with candidates is an expectation they will are entitled to 2019 compensation. Not happening. An expectation that, despite the fact they are unemployed, they are entitled to a 25% pay increase. Not happening. If you are gainfully employed, you are exceedingly blessed. There are millions of people that would love to be in your position. Lesson: Lose the attitude of privilege and entitlement.

Have an Attitude of Gratitude – You would be surprised how many people I place in high paying jobs that never offer a thank you or a cup of coffee. Yes, I am paid to get people jobs, however a little gratitude is always appreciated (and remembered!). In some cases I don’t hear from an executive that I placed for years…until the next time they are unemployed. Goes to character. The secret to happiness? Being grateful and happy right here, right now, regardless of your circumstances. Is your family healthy? Do you have a roof over your head and food on the table? Everything else is a bonus. Lesson: Be generous with your praise and gratitude in all aspects of life. An attitude of gratitude goes a long way in this world.

Relationships Trump Talent – How else do you explain the knuckleheads that keep getting jobs over and over?  Some have alcohol and drug abuse issues. Others have a history of #MeToo problems, yet they get CEO jobs at publicly traded companies. Names withheld to protect the guilty. Eventually their Karma Bus arrives. My point is this: They keep getting those jobs because they have a buddy that hired them. Typically someone from the Board of Directors. Regardless of how incompetent they are, relationships trump talent. Lesson: Always play well with others. There is no upside to burning bridges. There is no upside to leaving a job on bad terms. It may feed your ego, however it’s a poor long-term career strategy.

Help When You Can – When asked why Paul McCartney was his opening band, Ringo Starr once said, “He wasn’t working. You have to help when you can.” He was kidding; however the same goes for helping your friends and peers. Today I sent out four new executive jobs to 500 people with the message, “If you know of someone that would be a good fit, kindly point them my way. Maybe you know someone on furlough or someone that lost their job completely.” I’ll be lucky to get two referrals. But let me tell you what I will get: Two dozen, “I make more money than that” and “I’m not interested” messages. You didn’t even read the email! Life is not always about YOU. Let’s be clear – my million dollar jobs go to those that that provide referrals and help their friends. Why? Goes to character. Lesson: Help out a friend. One day that friend may be you.

Dealing with Those that Did You Wrong!

My name is Mark Wayman, and for the last 18 years I have owned an Executive Recruiting company in Las Vegas focused on the gaming/casino and high tech industries. Placed 1,000+ executives from $100,000 base salary to $1,000,000. The business funds my true passion: Charity and Community. A portion of each placement is donated to a dozen national and local charities. To whom much is given…much is required.

Disclaimer #1: Only Represent Candidates I Know Personally or by Referral – My clients expect me to personally vouch for each and every candidate, and I can’t do that with people I don’t know and have never met. No disrespect intended. 

Disclaimer #2: I’m Not Here to Judge, That’s God’s Job – My only purpose is to provide career guidance based on my many years of experience. Hopefully it helps a few people. 

Disclaimer #3: Why I Love America – We can agree to disagree and still be friends! I welcome all opinions and viewpoints provided they are professional and respectful. Trolls will be deleted and blocked. This is not Twitter. 

Executive Recruiting Rule Number One – “Executive Recruiters get people for jobs…NOT jobs for people.” As the Owner of an executive recruiting firm, I don’t get a salary or vacation or PTO or paid health insurance. If I don’t get people placed…I don’t eat. Executive Recruiters are laser focused on filling their open jobs. 

Executive Recruiting Rule Number Two – “The wrong time to meet an Executive Recruiter is when you are unemployed.” Again, Executive Recruiters focus on filling their open roles, and it’s much easier to get a job when you are gainfully employed. If you don’t have one or two solid relationships with a top Recruiter, ping your professional network for referrals. Do it now, not when you are unemployed.

Today’s topic is dealing with people that did you wrong. There is just no getting around it; occasionally someone is going to stick it to you. Fortunately, most people in this world have good hearts, morals and ethics, and follow the Golden Rule. But not everyone. Let’s start with three stories:

  • Where is Your Guy? – I placed a Vice President many years ago $250,000. On his start date I get a call from HR, “Where is your guy?” My response, “What? He is not with you? He was supposed to start today. So I call this knucklehead and he says, “I got a better offer from the Venetian, so took that job instead.” He never told the hiring company. He never told me. Unbelievable! I know what you are thinking, “Godfather, you are just mad because you lost the commission.” No, I’m mad because it was humiliating and makes me look incompetent to the client. I care far more about my reputation than any commission.
  • She Don’t Owe You a Favor! – I remember the first time I placed an executive that did not bother to say thank you. It was a CIO for $350,000. Best job of her life…by far. She got to her new employer and literally forgot my name. So I’m telling a friend this story one morning and he says, “Did you get paid?” Well, yes. “She, don’t owe you any favors.” Just had it happen again recently with a VP, Human Resources. Placed her in the best job of her life; now she does not respond to my messages. Maybe I was just born 20 years too late. Back in the 60s and 70s Las Vegas was run on loyalty. Your word meant something. People took care of each other.  These days it feels more transactional.
  • When it’s a Personal Friend…it Hurts – I won’t lie, when someone I consider a personal friend does me wrong, it knocks me off my game for a day or two. There are the REALLY tough ones. The acquaintances I don’t much care about, but when it’s someone I built a relationship with for 20 years, it’s very personal. Because that means they were only in it for the transaction. They are only in it for what I can do for them. Loyalty is a two way street. I can’t tell you how many times I have an executive interview for a President role (when they are unemployed!), but then when they find a job I never hear from them again. In a word: disappointing.

These are just three examples. As an Executive Recruiter, I get screwed over on a regular basis. Clients that give me an executive search, then waste weeks of my time and never hire anyone. Candidates that lack integrity and lie about everything from education to title to compensation. So how do I deal with these situations? Here are a few of my strategies.

  • Don’t Let People Steal Your Joy – Think the people that did you wrong are obsessing about you? Oh, hell no! As one terminated CEO told me, “Godfather, they forgot my name the day I walked out the door.” When you leave a company, let it go and move on. The world is full of bitter, angry people. Look at all the road rage. My wife was out walking one day and a guy tried to kick our dog! There are many people on a hard journey. They are unemployed. They have COVID. They have financial hardship. If you are healthy…you are blessed. If you are gainfully employed…you are blessed. God, family and friends – everything else in life is a bonus.
  • Focus on the People that WANT to Be on Your Bus – Not everyone is going to like you. There is a long line of Mark Wayman haters. The line starts at the door and goes around the block. Why? Because I would not get them a job or invest in their cooking show or send free Cirque tickets or introduce them to a CEO. So they run around town, “Mark Wayman is a jerk! Mark Wayman is not a Christian because he would not help me.” Here is a great story to emphasize the point. There was an entertainment executive that used to attend my parties, but he was a bit creepy and continually hitting on the women executives. So I 86ed him. Recently he wrote a book and dedicated an entire chapter to trashing me because I would no longer allow him at the parties. The best advice I can give actually came from an A.A meeting, “I was able to stop drinking the day I discovered I don’t give a fat rat’s ass what you have to say about me.” I’m five years sober, but I could start drinking again tomorrow if I worried about what people say. Always remember this: When someone speaks poorly of you, it says nothing about you…and everything about them.
  • Karma is the Most Ruthless Gangster – Remember the guy I told you about that did not show up for work on day one? Five years later he sent me his resume. Seems he was terminated at the Venetian. I responded, “You must have sent this resume to the wrong person, because you are not someone I would represent. We’ll be rooting for you!” That was in 2018 – he remains unemployed to this day. I could tell you a dozen stories about candidates that accepted counter-offers and were terminated six to twelve months later. They only gave you that counter-offer to allow time to find your replacement! Not everyone that treats you poorly will “get theirs”, but what goes around has a tendency to come around. As my Dad used to say, “They will get what’s coming to them; no need for you to help.”
  • If You Seek Revenge, Dig Two Holes – Sure, getting revenge makes your ego feel better, but all that obsessing and stress will age you. And make you drink or do drugs. Over the last 18 years I have only been stiffed twice by clients. In both cases I had an audit trail and could have litigated to receive payment. But I didn’t. I don’t want litigation to be my legacy, and to this day I can say, “I have never sued anyone and no one has ever sued me.” Now I won’t lie, I did recruit away a dozen of their best executives.
  • Not Everyone is an A**hole – Although some days it feels like it. Remember the guy I placed that was a no show on day one? Well, by God’s grace I had another candidate. She accepted the job offer and was highly successful. So successful that she is now the CEO of a large company. This executive never forgot that I helped her during a tough time, and has shown incredible loyalty to me over the years. More importantly, I consider her a personal friend. Not everyone is an a** hole.
  • Never Forget What Mother Teresa Said – I print this poem every month in my newsletter.  Here is a portion: “People are often unreasonable, illogical and self-centered; forgive them anyway. The good you do today, people will often forget tomorrow; do good anyway. You see, in the final analysis, it is between you and God; it was never between you and them anyway.” Truer words were never spoken. You can’t fix people – that is God’s job.
  • Let Go and Let God! – This…is my secret weapon. Prayer. When I start to get bitter or angry about a situation, I “let go and let God.” I literally lift it up to the Lord and pray for those individuals that have wronged me. If not for prayer…I would still be an alcoholic. It is a poor use of your time to obsess about people that don’t care about you. The Pandemic has drilled home the point that life is short. That family is everything. That before we rush back to things, we should consider what is worth rushing back to. That you are killing yourself for an employer that would replace you in a day if you died.

Compensation: Stop Fighting Over Nickels!

Recently I lost a VP level candidate. He was making $200,000 and I offered him $350,000. But rather than thank me for the incredible job offer, he chose to get bogged down in some of the details. He will never, ever see an offer like that again. 

And let’s be clear on two points. First, this has happened several times this year. Second, I’m not here to arm twist candidates. It is always 100% the candidate’s choice on a job offer. If asked, happy to offer counsel. But the Pandemic made people lose their minds. Counter-offers, competitive offers, asking for money AFTER the offer letter is signed, ghosting on start date.

Here is $50,000 of career advice…completely pro bono. First, stop fighting over nickels! Does the job move your long-term career forward? Is the overall W2 solid? Not just the salary. Evaluate the bonus, equity and benefits. Second, if you don’t remember anything else from this article, remember this: The storm is coming. January revenues were terrible. And it’s going to get worse from here. No more stimulus; no more enhanced unemployment, and rising interest rates are going to humble the stock market and real estate market. Third, the casino world is like Mayberry RFD. A million employees and 200 make all the decisions. Getting sideways with people is a career limiting move. I have seen executives burn a bridge and literally never work again. Karma is a ruthless gangster.  All God gives you is choices. Choose wisely.

6 Important Career Lessons from the Financial Crash of 2008 and the Pandemic of 2020

My name is Mark Wayman, and for the last 16 years I have owned an Executive Recruiting company in Las Vegas, Nevada where I’m focused on the gaming/casino and high tech industries. The business funds my true passion: Charity and Community. A portion of each placement is donated to a dozen national and local charities. To whom much is given…much is required. 

Disclaimer #1: Only Represent Candidates I Know Personally or by Referral – My clients expect me to personally vouch for each and every candidate. Can’t do that with people I don’t know and have never met. No disrespect intended!

 Disclaimer #2: I’m Not Here to Judge – That’s God’s job. My purpose is to provide career counsel based on 16 years of executive recruiting and 1,000+ placements. Hopefully it adds value for a few people.

 Disclaimer #3: Why I Love America – We can agree to disagree and still be friends! I welcome all opinions and viewpoints provided they are professional and respectful. Trolls will be deleted and blocked.

The plague has made for unprecedented times, especially in the hospitality industry. Last year was amazing, and then everything came to a grinding halt in February 2020 and stayed that way for months. When the economy reopened, hiring was brisk for three months…then leveled off as round two of the Pandemic arrived in October. 

When the country was shut down, millions of executives were furloughed and humbled. The plague does not differentiate between the CEO and the $10 an hour employee. For a short time, it felt like people were kinder and wanted to help each other. Like we are all in this together. Many of my executive friends reconsidered their priorities. Maybe my job is not the most important thing in the world? Possibly I should spend more time with my family? Is that former life really worth rushing back to? Unfortunately, once business resumed, most folks went right back to their bad behavior. Interesting how differently people act once the crisis is over and they get called back from furlough.

We are entering a very dangerous phase of the Pandemic. Much worse than the last time around. A small number of people that refused to participate in safety protocols have ruined it for the rest of us. In Nevada, we are under our second “stay at home” order. There is a 50/50 chance the country will be shut down completely in 2021. So I put a few of thoughts on paper about career lessons to consider…when the pendulum swings.

The Pendulum Always Swings – The best advice I ever received about executive recruiting came from the Founder/CEO of a successful boutique recruiting company in 2004. He said, “Mark, the pendulum always swings. Right now (2004) we have 5% unemployment. Everyone has a job. No one returns your calls. People treat you poorly…because they can. They don’t need anything from you. But one day, my friend, that pendulum will swing! Those same people that kicked dirt on you will be the lighting up your cell phone.” In 2008 the pendulum swung (financial crash). In 2020 the pendulum swung (plague).  Lesson: It’s a small world. The same people you pass on the way up are the same people you will see on the way down. As my Dad used to say, “Treat the Janitor the saw as you treat the CEO. It’s the right thing to do.” Kindness is FREE.

Build the Bridge Before You Need to Cross the River – There are two rules in Executive Recruiting. First, Recruiters get people for jobs…not jobs for people. If we don’t fill our executive searches, we don’t eat. Second, the wrong time to meet a Recruiter is when you are unemployed. Make sure you have a professional relationship with one or two Executive Recruiters. If you don’t know any, ask your peers for referrals. Stay in touch with your peers and help when you can. If you see a career opportunity, forward it to someone that is on furlough. Not saying you have to be a Master Networker, but don’t be the person that only calls to ask for a favor. Lesson: Your professional network is your lifeline. Stay in touch with your peers.

Lose the Entitlement Attitude – Here is a comprehensive list of what you are entitled to in life: NOTHING! You are not entitled to a job. This is not Russia, China or North Korea. In 2019, unemployment was 4% and pretty much everyone that wanted to work…got a job. This is 2020 and the world has dramatically changed. My #1 issue with candidates is an expectation they will are entitled to 2019 compensation. Not happening. An expectation that, despite the fact they are unemployed, they are entitled to a 25% pay increase. Not happening. If you are gainfully employed, you are exceedingly blessed. There are millions of people that would love to be in your position. Lesson: Lose the attitude of privilege and entitlement.

Have an Attitude of Gratitude – You would be surprised how many people I place in high paying jobs that never offer a thank you or a cup of coffee. Yes, I am paid to get people jobs, however a little gratitude is always appreciated (and remembered!). In some cases I don’t hear from an executive that I placed for years…until the next time they are unemployed. Goes to character. The secret to happiness? Being grateful and happy right here, right now, regardless of your circumstances. Is your family healthy? Do you have a roof over your head and food on the table? Everything else is a bonus. Lesson: Be generous with your praise and gratitude in all aspects of life. An attitude of gratitude goes a long way in this world.

Relationships Trump Talent – How else do you explain the knuckleheads that keep getting jobs over and over?  Some have alcohol and drug abuse issues. Others have a history of #MeToo problems, yet they get CEO jobs at publicly traded companies. Names withheld to protect the guilty. Eventually their Karma Bus arrives. My point is this: They keep getting those jobs because they have a buddy that hired them. Typically someone from the Board of Directors. Regardless of how incompetent they are, relationships trump talent. Lesson: Always play well with others. There is no upside to burning bridges. There is no upside to leaving a job on bad terms. It may feed your ego, however it’s a poor long-term career strategy.

Help When You Can – When asked why Paul McCartney was his opening band, Ringo Starr once said, “He wasn’t working. You have to help when you can.” He was kidding; however the same goes for helping your friends and peers. Today I sent out four new executive jobs to 500 people with the message, “If you know of someone that would be a good fit, kindly point them my way. Maybe you know someone on furlough or someone that lost their job completely.” I’ll be lucky to get two referrals. But let me tell you what I will get: Two dozen, “I make more money than that” and “I’m not interested” messages. You didn’t even read the email! Life is not always about YOU. Let’s be clear – my million dollar jobs go to those that that provide referrals and help their friends. Why? Goes to character. Lesson: Help out a friend. One day that friend may be you.

The Godfather’s Top Ten Career Secrets – Part 1

Here is an oldie but goody that seems especially relevant given the Pandemic. This is an excerpt from my book, “The Godfather’s Career Guide: What to Do if You Get Whacked!” Here are the first five of my top ten career secrets, in no particular order. The second half will appear next week. 

1.    Life is not Always Fair – There are many times when life does not seem fair. You get fired, someone else gets your promotion, you don’t get the job interview. There are only two alternatives to life; you believe that God has a master plan, or you believe there is no God and life is a string of random coincidences. I choose to believe in God and that everything happens for a reason. Your current situation is typically determined by your previous choices and decisions, however there will be times when life just does not seem fair. You can’t always control your circumstances, only how you react to them. Focus on what you have, and don’t obsess about things that can’t be changed. Life is not always fair, but it is always worth living!

2.    Don’t Waste People’s Time – The number one fear of executives in America today is having their time wasted. If you are going to email or call, have something important to communicate. Add value! If your calls are not getting returned it’s because your value proposition is not strong enough, whether you think so or not. When you call or email someone, get to the point; be concise and focused. Remember that landing a new career opportunity is a HIGH priority. Make yourself available to interview. Time is the great leveler. Don’t waste people’s time!

3.    Be Tigger, not Eeyore –  Are you a complainer? Whining is for kids, and it’s not attractive then either! Do you tell everyone it’s not your fault that you lost your job? My boss was a jerk, the company was screwed up, my wife was on my case, and I had an awful childhood. Your circumstances do not ruin you; your response to your circumstances ruins you. Step up and take personal responsibility for your career and your life decisions. It’s not your bosses fault or the company’s fault or your spouse’s fault. Quit complaining and move forward. As we say in Oklahoma – saddle up and ride! Be Tigger, not Eeyore!

4.    Don’t Be a Carpet Bagger – One of my least favorite phone calls goes something like this, “Yada, yada, yada, can you get me free tickets, discounted hotel rooms, introductions to important people and a new job?” Mostly from people I met once for 15 minutes at a mixer. When it comes to tickets and rooms, I don’t ask my clients for free stuff. Period. That is how they make their living, and I would not want them asking me for free Recruiting. When acquaintances ask for favors they are not entitled to, it is fairly offensive. Remember this; life is like a bank account. You have to make deposits before you can ask for withdrawals. Don’t go around asking people for things you are not entitled to, and that includes jobs. You need to foster long-term relationships so that when you need to call in a favor, it’s there for you. Don’t be a carpetbagger!

5.    It Only Takes One Phone Call – One phone call can change your life! Don’t get discouraged thinking you’ll never find a new job. You only need one job, so you only need to get one phone call. That call may come today or next week or next month. The timing is in God’s plan; not yours. The call typically comes when you are at the end of your rope and can’t take one more step. But remember this – that call WILL happen. You only need ONE phone call! 

Mark Wayman is The Godfather of Las Vegas. He owns an Executive Recruiting company focused on gaming and high tech. Over the last 15 years he has placed 1,000+ executives in $100,000 to multi-million dollar jobs.