Recently, the US Labour Department reported the loss of 225,000 jobs during June, however this was explained by the end of the temporary contracted US census staff. However, the latest figures delivered by the US labour department for July confirm a further 131,000 Job losses in July, with only 71,000 being created.

The BBC reported that many analysts are concerned that unemployment is undermining the US economic recovery. Related to the recent news that many organisations are reporting positive 2nd quarter figures yet continuing to stall hiring; the economy is recovering but job creation is not matching the pace of growth.

There are many articles published about the 'cost of a bad hire'. Whether they discuss interviewing and recruitment costs or the subsequent loss of productivity, it is clear there is a lot at stake for the company when hiring for an executive position. In fact, a study by Right Management reveled the cost of a single bad hire could be up to 5 times the salary.

Preventing a bad hire

Many companies are still not hiring despite many significant gains in the economic outlook for US markets. To use an example quoted by CNN, Intel announced a ‘better than ever’ quarter for Q2 2010. In fact, positive financial reports can even been found across the world, including the hardest hit global banks.

During the BlueSteps Connect event last year, a distinguished panel of leading search consultants provided an overview of how best to approach and build relationships with executive search firms, what these firms can offer you and how the search process works.

Panel members were:
  • Peter Felix, President of the AESC
  • Patrick Delhougne, Senior Client Partner, Korn/Ferry
Bloomberg recently highlighted the increased number of social media courses featured in business school programs, including top schools such as Harvard and Columbia. Curriculum includes marketing to consumers through mediums such as twitter and facebook and the impact of social media upon global business.

BBC recently outlined worldwide immigration systems whereby wealthy foreigners are able to invest in national economies to gain a resident visa. Focusing on the Chinese market, the article outlined many executives who are able to invest between $800,000 Cdn (for Canada) or £1,000,000 (for the UK) to be granted residency abroad.

Recently it was announced BP’s Tony Hayward has resigned following mounting public pressure on the organization – there has even been increasing momentum for boycotting BP gas stations in the US. It is clear Hayward’s handling of the disaster was far from ideal, reinforcing the idea that CEO’s should be masters of Public Relations as well as general management and leadership. However, rather than dissecting his public fall from grace, let’s take a look at the executive chosen to turn-around the troubled organization.

An American CEO - Robert Dudley

A recent survey by insurance company MetLife found that 45% of Americans surveyed believed they could not pay their bills for more than one month if they faced redundancy, while 65% said they could not last three months. These results come as no surprise as many of us have become comfortable with living in debt and planning to save tomorrow. Complete job security has always been a myth - only now job insecurity seems to be dominating public mentality.

Executive job search – Prepare for the long-term

During an executive job search, succeeding during executive interviews is the final step in landing that ideal executive position. Not only is it a requisite for demonstrating your skills to others, the process of refining your interview technique will help provide focus to your executive job search and remind you of your key strengths.

1. Importance of Research

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