Many hedge fund jobs are never publicly announced or advertised, often because it is either too time-consuming or costly to go through hundreds of resumes for a posting. Or because employers are looking to cherry-pick a top performer from another firm.
This kind of hiring is called “passive” recruiting, reports The Globe and Mail. Employers quietly send out feelers among their networks to uncover someone who, while happily employed at their current position, may still be tempted to make a move.
“If I can get to know them, or get their names, or learn about their reputations through leads and referrals or even tools like (the networking website) LinkedIn, it’s great for me because these are usually the top producers and help move the needle for your company,” said Scott French, manager of talent acquisition at Coast Capital Savings.
Passive recruiting may be more common than you think. A 2009 LinkedIn survey of 262 directors and vice-presidents of human resources in Canada and the U.S. found that more than half of the best hires are passive candidates. A 2010 Towers Watson study found that, not surprisingly, even happily employed professionals would consider jumping ship for greater job security, improved work/life balance, career advancement, and better compensation, pension and health benefits.
Recruiters scour social networking sites such as LinkedIn and ZoomInfo to find suitable candidates who are employed at similar firms. So it pays to keep your online profile as up-to-date as possible. Recruiters also ask candidates about who their best managers or mentors are, and then search for these peoples’ profiles online.
The key is to make yourself easy to find on ZoomInfo or LinkedIn, and to have a compelling, meaningful profile that’s loaded with accomplishments, according to David Perry, managing partner at search firm, Perry-Martel Inc. That way when someone is conducting a passive search and reads it, they feel compelled to contact you. Other tips include engaging in discussions, and making regular posts online to remind your network that you’re out there.
“I use my profile on LinkedIn – and have for a long time – not because I’m looking for a job but because I’m branding myself as a professional,” said Jonathan Lister, who moved from being Google Canada’s country manager to a similar post at LinkedIn. “I’m listing my recent accomplishments, my speaking engagements, pushing out or commenting on things that I think are important. All of those things round out my profile … and make it attractive to recruiters and people who want to know what you do for a living and get information on you as a professional.”
What about you? What tips would you offer to stay “on the radar” for hidden hedge fund jobs? Add your comments below.