Staying Afloat in Today's Crowded Talent Pool

MARCH 19, 2009, 4:21 P.M. ET

By BOB DAMON

In February, President Obama signed into law the much debated and anticipated $787 billion economic stimulus bill, a plan designed with a primary focus on countering recent, unprecedented job losses. This legislation cannot come quickly enough for the 4.4 million Americans who've lost their jobs since Dec. 2007. The past two months were particularly brutal, with layoffs announced seemingly daily by such industry stalwarts as Microsoft, Starbucks, Pfizer, Caterpillar, Home Depot, Macy's and Nissan. Even CEOs have felt the blow, with more than 60 terminated in 2008 and up to 150 expected to lose the top spot by the end of 2009. While the stimulus package is said to save or create three to four million jobs, this will depend on how efficiently the money is distributed over the next 12 to24 months.

Let's face reality. Executives who need jobs today cannot wait for a government stimulus to right the economy. In a "buyer's market" for employers such as this one, it is truly up to you to engineer your own career advancement. Jobs, while scarce, are out there, but differentiating yourself from others on the market will be more challenging than ever.

Even if you have reached the top rungs of the corporate ladder, you might discover in this turbulent job market that potential employers will be looking beyond your core qualifications to your creativity, flexibility and fit into the company culture. Establishing yourself as a best-in-class executive, capable of easily adapting to and thriving during fluctuating economic cycles, will set you apart and enable you to more quickly land a career-enhancing opportunity. Some nontraditional strategies we recommend include:

1. Be open to interim positions or consulting projects. These will allow you to draw an income, keep your skills fresh and position yourself for prime roles once regular hiring levels return. So-called independent workers now comprise more than 30% of the American work force, according to the U.S. Government Accountability Office, demonstrating an increased willingness on the part of employers and professionals to consider unconventional working arrangements. With many companies unable to hire full-time employees, highly seasoned project or temporary professional workers are an appealing alternative.

2. Consider posts that are a pay grade or title below your most recent position. You'll be positioned to exceed expectations and possibly turn the "downgrade" into a dream job later on. This is a particularly relevant strategy at organizations with reputations for promoting from within. By consistently over-performing and demonstrating your value to the company, you will ensure that you are at the top of its shortlist when more prestigious opportunities become available.

3. Be willing to relocate – domestically or even internationally. Look for opportunities that might ultimately keep you on the cutting edge of your field. While demand for talent will certainly rebound world-wide over time, job creation for top executives may be more robust in emerging economies such as Brazil, Russia, India and China in the near term.

David Perry and Kevin Donlin, author and co-author of "Guerrilla Marketing for Job Hunters," talk with WSJ's Sarah Needleman about how to stand out from the overcrowded pool of job hunters and offer new tactics to get a foot in the door.

Career success in any type of job market is often as much about perseverance, preparation and timing as it is about talent and passion. Keeping an open mind about the path you take to reach your long-term career objectives is one of the best ways to ensure that you are seen as highly marketable. It will stimulate organizations – even those challenged by today's economic conditions – to see the advantage of hiring you.

This is an excerpt from "Conducting a Successful Job Hunt," the first in a series of articles addressing executive job seekers' most frequent and pressing questions, entitled "Korn/Ferry's Career Playbook: Winning Strategies in Today's Job Market." Future articles will examine such topics as working with an executive recruiter, preparing for a job interview, and taking behavioral assessments and other types of pre-employment tests.

-- Mr. Damon is president of North America for Korn/Ferry International, an executive-search firm based in Los Angeles.