No one likes to be strung along, but it happens to everyone.
Some employers do it on purpose. Others do it by pure absentmindedness. Regardless of the reason, the outcome is the same every time: the employer walks away happy with a new employee, while you (the job seeker) must continue looking for work.
This is one of the many reasons why people hate job hunting. The resume writing, lengthy applications, and multiple interviews are bad enough. Toss a little false hope into the mix, and it’s easy to see why so many individuals wish they could just give up.
In a perfect world, you could respond to these employers with complete honesty.
Catalyst Funds, an alternative-focused mutual fund company, recently announced that it has surpassed $1 billion in assets under management (AUM).
This growth (100 percent year-to-date) has allowed the company to continue expanding, all the while hiring additional talent.
“We’ve been building our sales force significantly,” Jerry Szilagyi, founder and CEO of Catalyst Funds, told StreetID. “We currently have about 15 wholesalers around the country and four internal wholesalers, mostly based in New York. We’ve added six wholesalers this year, plus three internals. We just hired two additional internal wholesalers that will be starting this month. We’re looking to add a few more external wholesalers, as well as another four or five internals.”
Szilagyi said that Catalyst Funds has several wholesaling territories available, including the Ohio Valley, the Western New York area, and the Pacific Northwest.
“In terms of our internal wholesaling, we’re looking for people to work out of our New York City office on Broadway,” said Szilagyi. “These are what are called ‘internal wholesalers,’ which help the external wholesalers manage their territory, marketing to financial advisors. And, as I said, we’re looking for at least four new people that we’d like to add over the next two or three months in that area.”
Sometimes a job seeker is perfect for a particular job.
He or she may submit a resume, impress the hiring manager and score an interview.
But after the interview, the trail goes silent. The hiring manager never calls back. Before you know it, the job is filled by someone else.
How — and why — does this happen?
Elinor Stutz, author of Hired!: How to Use Sales Techniques to Sell Yourself On Interviews, said that perception is a big part of the problem. She told StreetID that job seekers need to realize that the interview is not about them.
Finom (a new matchmaking site for consumers and investment advisors) is getting ready to expand.
In order to do so, the company will need to fill out its team with a bunch of new hires.
“Right now we’ve got just advisors featured in Chicago,” David Gomel, co-founder and co-CEO of Finom, told StreetID. “Over the next few months we will be putting a strong push to get this out of the city and into all the wealth centers in the country. To facilitate that, we’re going to need to build up the team pretty significantly. Sales, tech and marketing are kind of the big parts of the business we’ll want to hire for.”
In terms of timing, Gomel said that Finom will “really start pushing on that” within the next month or two.
Most finance majors expect their job hunt to start (and possibly end) with Wall Street.
They start by going to college, then they search for a job or an internship, and then they fight to climb the corporate latter as quickly as possible.
This path doesn’t work for everyone, but most seem to take it anyway.
There are some alternative options, however. One of them is Tower Hill Trading, which offers a training program to teach newcomers how to trade. The company then brings new graduates into the fold.
Career advancement often plays second fiddle to less important tasks. Is it time for job seekers (and anyone else dreaming of career advancement) to shift their time to more essential matters?
Dr. Tasha Eurich, a career coach and New York Times best-selling author of Bankable Leadership: Happy People, Bottom-Line Results, and the Power to Deliver Both, said that the answer is yes.
“One of the things that I constantly point out to people is that we usually spend more time planning our weddings than we spend planning our success and development in our careers,” Dr. Eurich told StreetID. “There’s a study that I cite all the time that says the average bride spends between 120 and 900 hours planning her wedding. It’s crazy, right? A wedding, if I’m being really generous, lasts maybe a day — eight hours. The average person spends 100,000 hours of their lives at work.”
New York-based T3 Trading Group is experiencing another growth spurt.
The company is hosting an Open House on Tuesday, May 13 at 5:00 p.m. ET at the company’s New York office. The catered event is designed to introduce new traders to T3.
“It’s one more way we can reach out to the masses out there to let them know that it’s happening,” Michael J. Milani, Director of Business Development at T3 Companies, told StreetID.
Milani said that T3 is “always aggressively recruiting talent,” ranging from kids right out of college to seasoned Wall Street pros.
“We’ve used StreetID in the past,” Milani said of T3′s recruiting initiative. “StreetID was good. It gave us a really good insight as to putting the talent into T3.”
MarginXL Capital Partners is one of the newest financial institutions that opened down south. Like so many other companies in startup mode, MarginXL wants to acquire the best talent available.
“We’re building a private equity firm that is highly cross-functional, so [we want] folks that have strong backgrounds in investing and in doing private equity transactions, but also folks that have had some line experience,” George Stelling, co-founder and Managing Partner of MarginXL Capital Partners, told StreetID.
“Folks that, perhaps, have done management consulting or consulting in their careers. Folks that have had exposure to analytics and statistics and folks that have also worked as executives and perhaps even board members in businesses.”
Some Wall Street executives could be in for a nice pay increase — and that’s on top of the hefty bonuses handed out in 2013.
A recent report revealed that New York’s financial sector paid $26.7 billion in bonuses last year. This proved to be the biggest bonus year since 2008, and amounted to roughly $165,000 extra compensation per employee. That’s 15 percent higher than the average bonus paid in 2012.
In addition to last year’s bonuses, major banks are looking at ways to increase how much their executives are paid now that the government may limit future bonuses.
Before unhappy employees pack up and leave their current employer, they might want to reconsider the reasons why they are tempted to leave.
Dr. Tim Baker, an executive coach, organizational psychologist and author of The End of the Performance Review: A New Approach to Appraising Employee Performance, told StreetID that it is not wise to rush out the door before examining the situation.
“My first tip would be to sit down with their manager and discuss the [problem] areas,” said Dr. Baker. “My experience tells me that 9 times out of 10 it’s often a professional relationship issue with their manager. There’s a lack of communication or a lack of trust or something along those lines.”