With rising healthcare costs, uncertainty around Social Security, and continued job market volatility, Clarke says that benefits that leverage or protect income often prove more valuable than the salary itself. She advises executives to seriously consider the following:

Stock options: This benefit authorizes the purchase of stock in the employer company over a set period of time for a designated price. Research the details of the stock option grant and specific stock option plan. Request options under the most favorable exercise terms available. Vesting is the speed with which you are entitled to a larger percentage of those benefits when you leave the company. Ask for an accelerated vesting schedule (for example, vest over five years, or 20% per year).

Pensions or Retirement Plans: The 401(k) and 403(b) are standard company-offered retirement plans, and generally offer broad investment options and flexible conversion terms. Push for greater employer contributions or accelerated vesting adjustments to qualify for pension. Older professionals should give thought to early retirement options in case of a company reorganization, downsizing, merger, or acquisition.

Noncompete clauses: These can restrict an employee’s ability to work for a competitor or company in a certain industry. In lieu of a noncompete clause, ask if a less extensive nondisclosure or nonsolicitation clause can suffice. Nondisclosures prohibit an employee from divulging proprietary information to an unauthorized third party. Nonsolicitation clauses forbid an employee from soliciting customers or employees from the former employer.

“Focus on narrowing the scope of whatever you sign,” says Clarke. Seek to limit the terms of the agreement in length, geographic size, definition of industry, work role, and prohibited work responsibilities. Consider consulting an attorney to make sure you know what you are signing.

Severance packages: While most packages are issued when an employee is let go (unless terminated for cause), negotiate receiving this compensation if you resign after a certain tenure of service or after a change in management due to an acquisition, merger, or divestiture. Weigh the importance of negotiating the severance amount; extended health benefits; the payout of commissions, bonuses, and vacation time; post-employment exercise period extensions for stock; or pension-vesting modifications.

Marriott International Inc.’s Scholar Program helped Eldridge Betts pursue his dreams.

In 2008, Eldridge Betts realized he didn’t have enough money to continue studying for his associates degree in culinary arts. So he applied for Marriott International Inc.’s Scholar Program, which the hospitality chain launched in 2007 to increase and diversify its talent pipeline. Through the program, scholarship recipients can receive as much as $9,000 annually toward tuition assistance for up to four years, as well as internship and mentorship opportunities.

Having been accepted into the Scholar Program, Betts is now a student at The Culinary Institute of America in Hyde Park, New York, and aspires to own his own restaurant one day. During summer and winter breaks, Betts, 21, works as a line cook at JW Marriott and Ritz-Carlton hotels in Orlando, Florida. His responsibilities include cooking and prepping food for as many as 5,000 people per event.

Betts is one of 75 million people born after 1980 known as Millennials. And though his career appears to be advancing well, statistics suggest that many of his professional peers, ages 18 to 29, may not be as fortunate. Full-time employment for this group has dropped from 50% in 2006 to 41% in 2010, but the economic outlook for this group is encouraging. Described as a generation that is resilient and optimistic about their futures, Millennials–according to a recent Pew Research Center survey that surveyed 2,020 older adults and Millennials in January on their political and social values, lifestyle, digital technology, and social media habits–are on track to become one of the most educated generations in America’s history.

The professional attitudes and work style of Millennials has been the subject of a variety of studies, including one recently conducted by Mr. Youth, L.L.C., a marketing agency based in New York City, and Intrepid, a research and consulting company. Mr. Youth and Intrepid drew several conclusions about how this group functions in the workplace. They are more inclined to leverage diversity and teamwork, value ideas over experience, and reward performance over seniority.

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Buzz Marketing Group CEO Tina Wells

According to the study, in marketing strategies, Millennials tend to focus on connecting with consumers and communities in authentic and meaningful ways, such as inviting consumers to participate in a product’s creation.

Aside from work style, use of technology may be the biggest differentiating factor between Millenials and older workers. “Technology, for Millennials, is a way to innovate,” says Tina Wells, the 30-year-old CEO of Buzz Marketing Group, a youth marketing agency. This generation grew up with technology and can easily adapt to the pace at which new operations are introduced. “It creates a different dynamic, for instance, when your boss can’t work an iPad and the Millennial can.”

This group, however, has its share of challenges. Wells, who started her company at age 16, says the sense of entitlement that Millennials exhibit can be performance prohibitive. “Their idea of paying dues is different from their parents,” she explains. “They have grown up in a very instant world, so how do you tell them that a job they want in six or seven months is a job they have to wait usually six or seven years to get?”

At work they seem only committed to what drives and interests them. According to the Pew survey, they are far more likely than older workers to say they will switch careers or change employers. In the survey, 66% said it is “likely” they will switch careers at some point in their work life, compared with 55% of Generation Xers (ages 30-45 in this survey) and 31% of Baby Boomers (ages 46-64). Additionally, nearly 60% of employed Millennials say they have already switched careers at least once.

“Younger adults see their job path as one that is likely to involve change,”says Paul Taylor, executive vice president of the Pew Research Center. “This seems more natural to them and they are just reflecting the world around them.”

Owens

Out of Work: Anthony Owens, a 44-year-old father of two, was laid off from a local government job as the Treasury Director for the Texas Water Development Board in 2008.

New Position: Executive director of procurement at Austin Community College, where he oversees all the colleges’ contractual obligations including contract negotiations and purchasing activities, assuring adherence to all state purchasing rules and regulations. In addition, he manages warehouse operations including central receiving and shipping, campus mail services, and fixed asset management.

His  Challenge: With a background in finance and accounting, Owens pigeonholed himself to jobs in just those areas, but at the time, “those jobs simply were not there,” Owens recalls. His résumé presented a challenge because it showcased limited abilities. “The revamping of my résumé was out of necessity in order to compete.”

His Strategy: Owens chose career coach Catherine Jewell, author of New Résumé New Career, (Penguin Group (USA) Inc.; $16.95) to restructure his résumé. “That was the first time I had ever gone through any kind of layoff,” says Owens. “Having Catherine as a sounding board really helped.”

The Result: After a line-by-line revamping of his résumé with Jewell, Owens realized he had a wide breadth of experience from past jobs that included a few years as a business development manager at a local private college, where he honed his administrative and managerial skills. “Catherine was able to play up on experiences so there was less emphasis on the finance and more on the administrative side of things.”

Three months later, a friend called about a temporary position in the contracts division at the local community college. During his six-month stint, Owens developed a relationship with the executive vice president and learned of the executive director opening. When asked for his résumé, Owens felt comfortable that it communicated his qualifications for the job.

What You Need to Know
At a time when many job seekers are asking if résumés are still relevant, Jewell asserts that résumés are still the calling card for any job seeker. “The way to maximize your résumé is to see it as a marketing document,” says Jewell. “Remember the résumé’s purpose: to get an interview. A great résumé gets an interview; a great interview gets a job.” Jewell advises her clients to be strategic when choosing a résumé format: chronological, functional, or combination. Chronological résumés detail work history, beginning with the most recent position. Jewell explains chronological résumés work best for those who can show steady growth with a continuity of either functional or industry success. Functional résumés focus on the professional skill sets related to the job you seek, grouping your skills in three to five broad categories and highlight what you can do rather than former job duties. This format is often used when a job seeker has large gaps in their work history. The combination résumé blends both styles, allowing you to list important skills along with your achievements in each area.

Jewell advises to always begin your résumé with “ a billboard,” a quick sales message. Also, tailor your résumé to a specific job. Jewell says the most common mistake that people make on their résumés is not connecting to the job description. Another big mistake is detailing all experience. “It becomes a distraction to include too much detail about jobs that aren’t relevant,” she says.

Jewel also suggests hunting for key words to include on your résumé on sites such as Career Builder, Monster, and Indeed—the three big boards—and collect position descriptions. Highlight the terms that keep repeating: “90% of companies today screen résumés by machine. If you have the right words on your résumé, you’re a match for the job,” Jewell says. You need to rewrite your résumé so that those skills appear.”

For social media sites, Jewell says to abbreviate your résumé to just 100 to 150 words. This means giving yourself a descriptive title such as “Marketing Professional,” adding five to seven major career achievements, and a short list of key job competencies.
- Annya Lott

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Your Network
A focus on building and maintaining relationships can produce great leads

Washington

Out of Work: Leonard J. Washington II, 46, senior vice president for digital media at Oprah Winfrey Network (OWN), was downsized in October 2009.

New Position: Global director of media development for Healthymagination, a GE healthcare initiative to reduce costs, increase access, and improve healthcare quality, globally through an initial $6 billion investment.

His Challenge: Abruptly finding himself out of work, just six months into his position at OWN.

His Strategy: Washington sent e-mails notifying friends and colleagues that he was searching for employment and scheduled an average of four face-to-face meetings a week to maintain relationships and seek information. “I asked questions like, ‘Do you know of any opportunities?’ or ‘If you don’t know any, can you point me in the direction of individuals who do?’” he explains. “I even met with people just to keep abreast of what was going on in the industry. The network was very responsive.”

The Result: Debra Langford, vice president of inclusion and business diversity for NBC Universal, whom Washington has known since the late 1990s thanks to an introduction made by a mutual friend, sent a message, presenting an opportunity with GE to four people in her network including Washington. All interviewed, but it was Washington who was hired. He started his new role in March 2010.

More than 80% of job leads are developed through a personal connection. The key to having a strong network is relationship building. And the foundation of developing a strong relationship is finding mutual connections as well as offering help before you ask for it, says Langford.

Basic networking starts with attending events and connecting with people. Focus on individual interests. Does your contact have an interest in wine, travel, sports, community service? “Where you work is temporary; you want to engage someone with regards to who they are as a person,” she says.

Of course, maintaining relationships is the true value of networking. Start by sending a follow-up e-mail after the initial contact. Continue to e-mail periodically to keep people abreast of your status and inquire about theirs. When possible, schedule a lunch or dinner meeting. If you are looking to reconnect with someone, state that in your correspondence. Ultimately, an ideal network should be robust and one that is a good but manageable size. The problem with networking is that people are looking to make more requests than they are willing to fulfill one. Langford says, “The people who are going to help you the most are people you’ve had a great relationship with where you give as much as they gave.”

So How Do You Get Started?
Have a 30- to 60-second elevator speech. This should include your name, why you are at the particular event, and something interesting about yourself. When connecting with someone internally, include something relevant about the business or company.

Listen. Figuring out what makes people happy isn’t hard if you pay attention. If the person you connected with mentioned they like jazz music, in your follow-up, suggest some new jazz music for them to check out.

Diversify. There should be people in your network who are not like you. It should include people whom you respect or admire and those with whom you have a common interest or experience.

Check your brand. Networking is like marketing. You should portray what you want to be described as when you are out of the room.
—Brittany Hutson

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Your Skill Set
A re-evaluation of your strengths and some additional training can help you land your dream job

Loney

Unfulfilled: Dawn Loney, 33, supervisor, was managing a team that performed quality assurance at one of Canada’s five major banks, but she lost the motivation for what she called the monotony of her daily responsibilities. “My job became very repetitive,” she says, “it just wasn’t the right job fit for me.”

New Position: Corporate trainer, where she takes new employees through orientation, and trains them on corporate systems and company policies.

Her Challenge: At the behest of an internal mentor, Loney assessed her interests inside and outside of the office to help find her passion and took advantage of a company program which allows employees to temporarily try out various positions within the company. Loney temporarily worked as a corporate trainer, where she found her passion teaching others. In her dream job as a corporate trainer, Loney would spend six weeks with new employees showing them the ropes by instructing them on organizational policies. But Loney lacked specific skills and her company decided instead to hire a specialized expert in the field, who would require less training.

Her Strategy: Loney took adult education courses in classroom management and learning to work with adults with disabilities. She also participated in Toastmasters International, an oratory organization which helps members develop public speaking and leadership skills. She dug into her network, finding friends in the particular field of her choice and spent more than two weeks of her own time shadowing them in the position.

The Result: The on-the-job experience she gained as an informal apprentice gave her in-depth insight into what exactly the job required. After learning new tactics, she’d go home and do more research and practice explaining the information. “At the second interview I was very well prepared,” she says, having landed the position. “The recruiters said I was well versed and asked me about my action plan. They were impressed at the fact that I took it upon myself to learn that much about the position.”

What You Need to Know
It’s important to determine where you stand in terms of the skills you posses—or lack. “You can start with the job description of your current position,” says Sharon Hall, partner at executive search firm SpencerStuart. “In that description it will say you must have the following skills. That will give you a checklist against which you can assess your skills,” she adds.

Hall recommends reading StrengthsFinder 2.0 by Tom Rath (Gallup Press; $24.95), and taking online assessments as well at StrengthsFinder.com. She also urges you to use the human capital around you: “Ask them, ‘What would you say I’m good at? What skills of mine are more pronounced in your judgment?’” Finally, talk to your human resources director and your boss to find out what skills you need to develop for promotion.

There are some clues to know when it may be time for additional training. “Your frustration level at work increases, the number of times you’re rated average as opposed to excellent increases, you’re not growing.” That’s when you know it’s time to assess. “If you’re in meetings and the conversation is just a little over your head, you didn’t pick up the last reference, or you have to say ‘I don’t know’ eight times a week, these are clear indicators of when you need more training,” says Hall.

Evaluating your skill set is not a one-time-only occurrence. An assessment needs to be done at least three times a year, adds Kenneth Arroyo Roldan, CEO of WBMB and author of Minority Rules (HarperCollins Publishers; $22.95), “You need to ask yourself: What skill sets or attributes am I lacking? Where do I stand apart from the others? This self-introspection will give you a clear understanding of your competitive edge.”
—Renita Burns

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Your Profile
Your professional image is key to opportunities and upward mobility

Marcus

Passed Over: Gisele Marcus, 42, customer business director for the automotive solutions company, Johnson Controls (North America), managed a portfolio of more than $15 million. She also led a team of 115 facility and workplace management staff in Global Workplace Solutions for the U.S. and Canada. But she was overlooked for a promotion to a global general management leader position.

New Position: Change management director for ABSA (Amalgamated Bank of South Africa) in Johannesburg, where she oversees the bank’s operation and maintenance systems, as well as finance, IT, human resources, and communications systems.

Her Challenge: Although Marcus had several key talents and strengths such as strong planning and project management, stellar organizational skills, and is an inquisitive and confident learner, she needed to work on her visibility to senior leadership and making her contributions and professional goals known. “You can’t lead from your desk,” says Marcus’s leadership coach, Patricia E. Perkins. “You can do exceptionally well in the work you do, but who will know of it?”

Her Strategy: Marcus developed a three-point agenda. She scheduled meetings with high level executives at the company. She also spoke to external leaders that had been on global assignments and asked how to be selected for international work. “I learned that I needed to make it known to the people who could make a difference,” says Marcus.

Next, Marcus retrieved a copy of her career development and placement report and started improving on her weaknesses. The report advised her to work on being open to new input, emerging data, and other views. Therefore she spearheaded dialogues with her colleague around the globe to discuss best practices. She also hosted a peer from Latin America for one week. One of the biggest moves Marcus made was developing a “hand over” document, which the company later implemented as its global standard. “This enabled me to portray my ability to define and implement cross-cultural and cross-geographic processes,” she says.

The Result: Within six months Marcus was offered positions in the United Kingdom, Egypt, and South Africa. “Gisele needed to find her voice, look back at how she had been projecting herself, and ask for what she wanted,” says Perkins, “but it starts with that personal assessment and professional inventory.”

“Get from behind the desk and start to have some visible meetings with senior level leaders,” says Perkins. Marcus took control of her career trajectory by creating a networking strategy to transform her visibility and fiercely promote her contributions more consistently—and you should too.

Once you’ve established a higher profile, you should take aggressive action to protect it. The ability to control your profile in the office, industry, and online can cost you job opportunities, business promotions, or customer loyalty.

Although handling your online reputation can be difficult, it is a first impression of your executive presence, says Perkins. Use privacy settings to limit access to your profile. For example, Facebook has included settings that can restrict others from posting on your wall securing private information. You have the right to ignore or “unfriend” someone. Use this strategically and sparingly. Do know it’s better to ignore a friend request, then to “unfriend” someone later. Now that Marcus has heightened her profile within her company, she is working with Perkins to raise her external profile through social media to leverage future career opportunities. Her plan is clear: Update status once a week, share photos of interest to show personal side, create important posts that highlight skills and talents, join relevant groups, and participate in discussions.

“Building a visible social media profile is important to Gisele’s future career growth because it creates depth to her image personally and professionally,” says Perkins. “We’ve always known it’s not just what you know, but who you know. Now, we’ve added it’s who knows you and can they find you online.”
—LaToya M. Smith

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Your Flexibility
To get—or keep—the career opportunities you want, you have to be a lot less rigid

Caulfield

Unfulfilled: Although 35-year-old scientist R. Erich Caulfield had contributed to significant research, particularly on the development of a noninvasive prototype device to treat tumors and cysts, life in the lab wasn’t making him happy.

New Position: Chief policy advisor to Newark, New Jersey, Mayor Cory Booker and business administrator, a role in which Caulfield directs Newark’s response to the federal economic stimulus package by reviewing, implementing, and/or tracking projects totaling nearly $360 million.

His Challenge: With initial career aspirations of becoming a medical research engineer, Caulfield had obtained a B.S. in physics and mathematics from Morehouse College and a M.A., and Ph.D. in electrical engineering and computer science. But while doing advocacy work as the president of graduate student government at MIT, he’d realized that public policy was really what he wanted to do.

His Strategy: Right after graduation, he became a management consultant, at McKinsey & Co., providing strategic advice to senior leadership across several industries, including the private sector. Then, to make the leap to policymaker, he took a 40% pay cut.

The Result: As chief policy advisor, his projects include Newark’s Census outreach project, assisting Mayor Booker on First Lady Michelle Obama’s childhood obesity initiative, and helping develop the policy recommendations that Booker presented to the Obama administration on behalf of a coalition of nearly 30 New Jersey mayors. “For me it has always been about trying to help people in a way that is systematic and sustainable,” says Caulfield. “The compensation that you get from making a city a better place to live for its residents is way more valuable then any pay check.”

Caulfield represents a growing number of professionals who have embraced a more flexible approach to finding opportunities in the current environment. For some, it may mean relocating thousands of miles away to a job opportunity in another city or country. For others, like Caulfield, it may mean taking a sizable pay cut. Pursuing a career passion—or even finding a job or staying gainfully employed—will likely rely heavily on your flexibility quotient, your ability or willingness to adapt and change.

In this economy, flexibility is the operative word, says Dee Marshall, career and business coach for Raise The Bar L.L.C., a career and life coaching firm. “If you are too rigid, not able to bend, or not able to compromise, then you won’t succeed.” When it comes to making a major change for your career, such as switching industries, relocating, or accepting a new role, Marshall says consider the following:

Will I grow professionally and does it fulfill me? Being flexible in your career can be a two-sided coin, she says. You might be flexible for the wrong reasons. For example, it’s OK to take a demotion and extra responsibilities during the recession so that you can learn and grow in a position that has promise for your future. On the other hand if you’re staying at a job that is unfulfilling for title, recognition, and money, then you might be sacrificing more than you think.

How will it impact my family? If a career transition doesn’t benefit your family then it won’t benefit you either. Switching jobs might disrupt your children’s educational development, or conflict with your spouse’s career goals. Weigh the options and determine whom it will affect and whether the conflict will cause a short-term inconvenience or a long-term dilemma.

Can you have the best of both worlds? Ask yourself if the job and your life goals are mutually exclusive or if you can find a way to make them work together. For instance, if you are required by your company to switch cities, change departments, or take a demotion, try to identify ways to leverage the change. Your employer may be willing to offer more pay, better hours, or a favorable project in return for your cooperation.
—Marcia Wade Talbert

In this issue, Editorial Director Sonia Alleyne and Careers Editor Annya M. Lott have developed a comprehensive editorial package that demonstrates that success, not luck, is when preparation meets opportunity. And they provide you with the tools to tackle today’s tough job market.

In our fifth annual 40 Best Companies for Diversity list, we unveil companies that embrace inclusion at all corporate levels and, at the same time, reveal hundreds of job opportunities and the regions in which you can find them. There’s much evidence that confirms that hiring diverse talent creates significant opportunities for prospective employers. In fact, the companies found on this year’s list have profited from their commitment to diversity in innovation, leadership, and solid financial performance. Here are few examples of how and why inclusion works at some of the nation’s largest corporations: Chairman and CEO Ron Williams’ turnaround of Aetna placed it on the path to higher levels of profitability; McDonald’s president and chief operating officer Don Thompson continues to boost revenues at the Golden Arches through diversification of products and services; and Xerox CEO Ursula Burns’ inventive strategies and managerial prowess has saved (and now serve to remake) the document management/technology services company.

None of these top-flight executives—all of whom can be found on Black Enterprise’s list of 100 Most Powerful Executives in Corporate America—were randomly selected for their positions. Each success story was born out of crisis. But they leveraged opportunities because they were always prepared, they had strong networks, and they explored a broad range of related experiences. Ascending to the CEO’s position, however, hasn’t made any of them complacent; they continued to upgrade their skill sets and managed strong profiles in their organizations. They were also flexible in the acceptance of assignments.

Our companion feature, “The Job Seeker’s Readiness Guide,” will help you apply similar tactics: focus on the right areas, target the best companies, make powerful connections, and present your talents and strengths in the best possible light. The advice has become even more vital since the unexpected downturn that led to the Great Recession has totally reconfigured the workforce, challenged our ideas about job security, and introduced brand new ways to engage prospective employers. The truth is every era in business has ushered in new rules for identifying the best and brightest. Your chances at winning, however, are greatly enhanced when you are properly suited and equipped for the game. Our focus this month on jobs and opportunities is to get you ready to bat so you can hit your career grand slam.

Dee Marshall, founder of Raise The Bar, says a vision must come with a plan of action to achieve goals.

“In order to make the vision a reality you have to begin with organizing your thoughts,” Marshall says. She recommends utilizing a vision board—images, pictures and affirmations of your dreams and desires compiled in a central location such as on a poster board or in a book—to help organize your thoughts into a visual concept. With pictures, words, and even actual objects, goals such as those you may have you’re your business can be literally brought to life. But what do you do after you’ve created the vision board and are ready to put action towards those aspirations?

Here, Marshall offers six ways to get your business off the ground:

Put it on paper. Create a one page outline that includes a mission statement, vision statement and objectives. “If you can’t come up with a one-pager, then it could be an indication you are not ready for entrepreneurship,” warns Marshall. But even that shouldn’t deter you, because it is common to have difficulty writing down objectives and goals initially. It can also be a driving force when obtaining goals becomes challenging.

Apply SMART guidelines.

Specific: Vagueness leaves room for error. Being as precise as possible limits the chances of confusion in implementing your goals and objectives.

Measurable: Pursue goals that will offer you the ability to, at any point in the process, evaluate your effectiveness in actualizing them successfully.

Action-oriented: Shape your objectives around actions that will bring you closer to fulfilling your vision.

Results driven: Goals and objectives you focus on should provide concrete tangible outcomes.

Time bound: Attach and stick to a realistic deadline.

Build an interpersonal team. Identify a small group committed to your success. This team should be comprised of trustworthy individuals whose opinion you value. The team will serve as an unofficial advisory board to give you honest feedback about your business concept.

Get exposure. Taking on a project pro-bono or for a small fee that allows you to get a feel for what you want to do, is a great way to gain experience if you are not already working in the space. “People are either going to come out saying ‘I really enjoyed that and I cant wait to launch my business’ or they’re going to get a real perspective and decide that its not something they  want to do as a business,” Marshall says. “Either way it is an excellent learning opportunity.”

Plan. Plan. Plan. A business plan is critical for any entrepreneur. “Once you have determined what you want to do and are serious about it, you have to develop a concrete business plan before moving forward,” says Marshall. After writing your business plan, develop a tactical/action plan that outlines every step that needs to take place to reach your goals. Once the business is off the ground continue to do annual plans, with quarterly objectives and strategies to obtain those objectives. By doing annual plans an entrepreneur is able to compare progress with the initial vision.

Consult a professional. Contact the Small Business Administration office in your region. The SBA can provide assistance with developing and implementing your business plan, marketing strategies, securing capital for your business and direct you to organizations that offer mentor services for beginning entrepreneurs.

For more information on how vision boards can help you, check out Peak Performance: The Power and Purpose Behind Developing a Vision Board in the August 2009 issue of Black Enterprise Magazine.