Strategies For Executives Seeking an Industry

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Changing businesses can start up a wider array of opportunities for executives who want to reinvigorate a stalled career, seek to unite their skills and interests in a new stadium, are stuck at a dying/declining industry, have limited options in their desired geographical location, or are impacted by the increased outsourcing of operations overseas. Even though product and business knowledge are important to some businesses in certain industries, it’s likely to generate a successful industry transition via a concentrated, systematic process-without needing to reduce your settlement level. Unless a position requires industry-specific technical knowledge or connections, you can construct a clear case that will illustrate your ability to succeed in a new industry. In fact, some companies relax their search criteria as hiring picks up, opening up the door to business transitions.The trick is to move to a related area. The closer you stick into your business, the larger the probability of getting a comparable salary because there’s a shorter ramp-up period for learning the new business. Such factors as the complexity of the business, variety of product lines and client groups, culture and size of a company, and similarity in marketing or manufacturing methods also play a part in how easily it is possible to transfer your skill set to some other atmosphere.If the idea of marketing yourself into an industry where you do not have expertise appears to be daunting, here’s how to gain the confidence you desire and avoid critical mistakes in your search.The following six steps can guide you to earn an industry change occur more efficiently and with fewer roadblocks. 1. Choose a business that’s aligned to your current business. Your transition will probably be easier if you choose an industry with a similar attention to your present industry. For example: if you are in the transport industry, moving from the railroads business to trucking and cargo, airlines, shipping or air courier services, are a more closely coordinated transition. If you’re in finance, related sectors include commercial banks, insurance companies, savings and loans, or government insurance. If you’re in health care, closely coordinated areas include pharmaceuticals and drugs, biotechnology, outpatient care companies, packaging and container businesses providing the healthcare industry, and producers of digital instruments for healthcare equipment.Therefore, recruiters or hiring government will think about your abilities more closely coordinated and lots of the company issues you’ve solved will be similar to those experienced in the new sector. As you’ll get a shorter learning curve compared to candidates from completely different industries, you’ll have more of an edge in salary negotiations, as well.2. Select a high-growth industry. Industries that are flailing aren’t going to be as workable as a business that is experiencing growth. In downward turning businesses, there is an abundance of unemployed executives with business expertise to choose from, so your odds of getting the attention of a hiring executive are slim. However, high-growth industries are generally more open to change and fresh ideas, and are in greater demand of applicants than big corporations.3. Conduct extensive research on potential new industries and specific employers. Do not attempt a search to put in a new industry without performing due diligence first. Use the extensive resources available to you around the Internet, in your public library’s reference section, by studying trade/industry publications and by speaking with professionals to learn about their business and future trends. Attend professional conferences and seminars. The more you know about the new business, the more confident you will be and the more capable you’ll be of accomplishing the next crucial step on this list (identifying your transferable skills).4. Once you realize the inner workings and tendencies within the new industry you’ve chosen, you’ll have a better comprehension of the challenges and needs faced by that industry. Determine the particular skills that are required-again through your research and by talking to business professionals. Ask probing questions to learn what the critical things are that you will have to do nicely. Are those the abilities that you know how to do? If not, what’s missing and is it something that you can easily develop?As an executive, you possess a number of core competencies that may cross over to new businesses and organizations-strategic preparation, operations management, business development, marketing, marketing, fiscal planning and analysis, profit and loss management, people management and so forth. Review your career with a focused eye to recognize relevant skills and achievements you’ve made that you may also possibly achieve in your new business.5. Write a focused resume and cover letter led toward your new target industry. When writing your resume, downplay your present jargon and industry associated with your specialty. Select relevant duties and success reports and present them in a manner that exemplifies the link to the target industry. This will demonstrate that you could create the results they need. At the interview be ready to convince the hiring authority how your skills and accomplishments can be applied in that organization to address their business challenges.6. Consider applying for positions in smaller businesses in your target sector where the opportunities may be more abundant. Smaller companies are more likely to consider hiring people without industry expertise. The criteria might also be more relaxed in smaller businesses.On a final note, as with any job search, doing your homework is paramount. Although changing industries can pose a significant challenge, comprehensive preparation, a written strategy, solid implementation and persistence may yield the results you desire-a more professionally and personally rewarding career.As the strategic partner in designing targeted job search campaigns, Louise Garver, President of Career Directions, LLC, provides the tools and services to place you over the competition and win the career you deserve.

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