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Showing posts with label bailout. Show all posts
Showing posts with label bailout. Show all posts

Monday, March 25, 2013

The 3 Biggest Resume Mistakes

The 3 Biggest Resume Mistakes


In a typical week I spend on average 10% of my time screening resumes, interviewing or reviewing interview notes and offers for candidates we want to join the team. Talent management is a core pillar of our company strategy and one of my most important responsibilities. I have reviewed thousands of resumes over my career and built a system to categorize them into yes, no and the dreaded maybe buckets. The resumes that go into either the yes or the no piles are usually very easy to identify. But I often think about the maybes. These resumes get saved as a backup but in reality, never get a chance to be in the field of play.


With over 200M resumes on LinkedIn, it will be harder and harder for a maybe to become a yes which is the first step in landing a new job. Great candidates with fantastic backgrounds can get condemned to the maybe pile because the resume didn’t represent them well and didn’t make an impression in the 30 seconds an average hiring manager spends on filtering a resume.


I find there are three big mistakes that usually cause an otherwise great resume to be filtered out in a screening process:


1) Focusing on the wrong thing: I often see candidates explain their responsibilities and list them in great detail, but forget to highlight their results. The unique things they did that their predecessors had not. What were their specific accomplishments and what sets them apart? The more quantitative, the easier for a screener or hiring manager to understand and select them for the next discussion. Numbers and metrics speak louder than words. Vague generalities are the kryptonite of a resume.

2) Writing a thesis when a synopsis is needed: Mark Twain once said, “if only I had more time, I would write thee a shorter letter”. When writing a resume, it is important to heed these words and take the time to really write succinctly and precisely. The longer and more dense a resume, the harder it is for a recruiter to get to the heart of your achievements and contributions. Precise, clear, factual, numbers driven resumes will always get more traction.

3) Leaving unanswered red flags: Candidates will often wait for the interview process to explain any red flags or gaps that may be on their resume, but by that time it may be too late. In most cases, they won’t make it that far if the issues are not explained on the resume, cover letter or LinkedIn profile itself. Candidates should put on the hiring manager’s hat and look at their own resumes with this filter and then proactively address any of these issues in a clear and unambiguous way. A couple of examples of what I mean:
  • Let’s say someone has moved around a lot in their career. A screener may see this as inability finish things they start or an indication that they aren’t a committed candidate. It behooves you to explain the reasons for the movement where possible. Was it a corporate change, like an acquisition, that caused the moves? Or is it an indication that you were looking for more of a challenge?
  • Let’s say someone is applying for an engineering role but doesn’t have an engineering degree. This should be addressed in the objectives and the resume should reflect any and all skills that do relate to the job you are looking for. Do you have any relevant certifications? Are you self-taught? Can you link to any code you have written?

It is worth the extra effort to make your online profile rock solid. That’s the only way to convert the page views into clicks on your resume.


Oh and one other thing, in this day and age, there is no excuse for typos and grammar mistakes in a resume. Those types of errors demonstrate a lack of detail orientation and commitment, and may result in your resume going into the no bucket.


I’d love to hear if you agree with these, and which other resume mistakes you’d add to the list.

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Monday, March 18, 2013

What You Should Know about the Cyprus Controversy



What You Should Know about the Cyprus Controversy

Yesterday, European officials stunned Cypriots (and many others) by announcing a rescue package for their country that involves a levy on ALL bank deposits. The news is spreading far and wide, causing quite a bit of controversy in the process. There are also questions about what will happen next…in Cyprus and beyond.


Having posted an FT column on this earlier today, here is a summary:

The Context: With massively overextended banks and a stumbling economy, Cyprus is in desperate need of external funding. Like other struggling euro zone members, it turned to its European partners and the International Monetary Fund for help.

After months of negotiation, a 10 billion euros ($13 billion) bailout package was announced. It spreads the burden sharing in an unprecedented manner by including a de facto haircut on all bank deposits (de jure, depositors receive an equity claim).
The Controversy: "PSI" (private sector involvement) has been featured in other European rescue packages, but none have imposed losses on deposit holders. This one does, and it covers all deposits—through a tax that ranges from 6.75 percent to 9.99 percent, depending on the size of deposits. In addition to its highly regressive design, this element sets aside decades of convention and laws that protect bank deposits below a certain threshold (100,000 euros, in the case of the European Union).
(Read More: Facing Bailout Tax, Cypriots Try to Get Cash Out of Banks)

The Rationale: European and Cypriot officials argue that, in light of an extremely challenging situation, this was the best among the unpleasant options available to them; and seemingly they could not ignore bank depositors all together since it is their funds that inadvertently enabled the careless over-expansion of the Cypriot banking system.

There is also a feeling among European officials that Cyprus could be a lax offshore jurisdiction that intermediates funds of dubious origins. The levy counters that. It also conveys a message to peripheral countries that have been getting more complacent on the back of ECB support, a signal that hardliners within Europe have been keen to send.

The Risks for Cyprus: Citizens are furious—towards their government, European partners and the IMF—with a bank levy that covers everyone, big and small. The specification of such a small differential (6.75 percent vs 9.99 percent) adds fuel to a fire of discontent. All this serves to increase political tension and the risk of social unrest.

Other Issues: There will be lots of talk about the potential for spillovers. Among the immediate ones: Will this weekend's noise disrupt the financial tranquility that has prevailed in Europe after the ECB announced its "whatever it takes" approach to stabilizing matters; and how will the ECB and other central banks react?
Will the negative contagion be contained (after all, Cyprus is a small country) or could it spread to global equity markets that have embarked on record runs?

How will this impact the phenomenon of growing distrust between citizens and established political orders and parties? And to what extent will this influence broader investment flows?
(Read More: Cyprus Rescue Not a Fit for Other Countries)

Next Steps: The parliament in Cyprus is scheduled to meet tomorrow to discuss the bailout package. We should expect quite a bit of controversy, and quite a close outcome. The terms could be revised. There are also indications of some divisions within Europe. And the possibility of legal challenges cannot be excluded.
Mohamed El-Erian is the CEO and Co-CIO of Pimco, which oversees nearly $1.8 trillion in assets and runs the Pimco Total Return Fund, the largest bond fund in the world. His book, "When Markets Collide, " was a New York Times and Wall Street Journal bestseller, won the Financial Times/Goldman Sachs 2008 Business Book of the Year, and was named a book of the year by The Economist and one of the best business books of all time by the Independent (U.K.).

Authored By: Mohamed El-Erian (Original Article Link: http://www.cnbc.com/id/100561037)
CEO of PIMCO, Author of "When Markets Collide"