How to Apply the 80/20 Rule for Job Search Success
As a Career Coach, I often see people focusing on activities that they think are important, but I know are likely not to provide the best return on investment. One of those activities is applying to jobs posted on job boards. They will spend hours looking through the postings and then applying. Yet, many people hear *crickets*. What are they doing wrong?
If you took economics, you have probably heard of the Pareto Principle. For many, it is better known as the 80/20 rule. Mr. Vilfredo Pareto was an Italian economist living in the late 19th and early 20th centuries. He observed that 80% of Italy's wealth was held in the hands of 20% of the population.
This idea of an uneven distribution was found in other areas of society as well. Black Friday is supposed to have gotten its name from the high level of sales that day because it is the start of the holiday shopping season. Retailers would have operated in the red or at a deficit all year. On this day, due to the revenue, they would then switch to making a profit or being in the "black." Another application of this idea is in technology. Your smartphone may have many features, but the manufacturers know that the vast majority of consumers will only use a small subset of them.
What this means is that all efforts are not created equal. The application of this to the job seeker is that not all activities are created equal. To be the most effective, you have to identify the activities that are likely to give you the best return on investment, that 20%, and put 80% of your effort behind them.
A Common Job Seeker Mistake
Those looking for work often concentrate on three things: 1) Putting together their resume, 2) Writing a cover letter, and 3) Applying online. They put the vast majority of their time focused on these three tasks. I am here to argue that this is misspent time and energy and not where you will find the best investment return. Let me talk about each.
Resumes
I am not here to say that resumes are unimportant. It is a part of your marketing and a must-have for applying to most jobs. A resume needs to tell your story and highlight your accomplishments, so the reader can understand the value you bring to the organization. Yet, many people overly fixate on the resume. They think that the perfect resume will open doors for them. That usually is not the case.
There is no perfect resume font. There is no ideal resume style. Spending time tweaking a resume to make it perfect is a waste of your time and effort. You need a resume that does the job, which is telling your unique story. Once you have that, then move on to other high-value tasks.
Cover Letters
I am not against cover letters. They serve a purpose, and they can help provide additional information to a potential employer. The truth about resumes, though, is that many organizations do not read them. If you do not meet the job requirements, as evidenced by your resume, recruiters will not make an effort to read your cover letter. Sorry, but it is true. Ask Recruiters. They will tell you this.
So should you skip a cover letter? Not necessarily. If your situation warrants it, such as any career gaps that need to be explained or a career pivot, then the cover letter is an avenue to explain it in a way that a resume does not allow. Also, if you are uniquely qualified for a job, the cover letter can help you explain why.
My point here is that many people obsess about cover letters, but it will have minimal impact on whether you will move forward and be interviewed. Therefore, my advice is to develop a template that will work for most potential employers and tells a compelling story. Then tweak it as necessary.
Applying Online
This is the go-to for that vast majority of job seekers. Yet, it is one of the least effective ways to get a job, especially when you are mid-level or higher in your career. When I was a Recruiter, our most successful candidate sources were not through job boards. That result seems to be consistent across all employers. I have seen surveys that show it is between 25-30%. That means 70% of company hires are found through other methods. So if you only apply through job boards, you miss out on other opportunities to be found by an employer. Remember the 80/20 rule does not say eliminate all activities. Applying through job boards should be one of many strategies. Let's look at those that actually might provide more impact and, thus, a better return on investment.
Where to Invest Your Time
In my opinion, the activities below will provide a higher return on investment. This is especially important if you are currently working, as your time to look for another position is limited. But even if you are not currently working, you always want to use your time efficiently. Doing this can reduce weeks, if not months, from your job search.
Knowing Your Value Proposition
The value proposition you offer is simply how a future employer will get a return on investment by hiring you. That is what an employer cares about. Yet, many job seekers have no idea what their value proposition is or just a vague idea. It would be best if you spent time thinking through your value proposition and how to articulate it to others. A value proposition has three areas: 1) How is it applicable to an employer, 2) How is it quantified, and 3) How does it differ from others. To be able to put this down on paper and have others understand it takes time and effort. Yet, doing this is powerful. Knowing this helps you in writing a powerful resume or LinkedIn profile. It also helps when you network with others to convey why someone might be interested in speaking with you. It also allows you to craft interview answers that show how you can help an employer succeed. Spending time on this step has multiple payoffs throughout your job search.
For more about value propositions and how to develop one, read So How Do You Come Up With Your Value Proposition?
LinkedIn and Other Social Networks
When you just use job boards to find open opportunities, the only ones who know you are looking are those businesses' HR departments. All your efforts are going to convince a Recruiter to pick up the phone and call you. Instead, you can invest time in letting many others know that you are looking for your next opportunity. One of the best ways to do this is to be active on social media. It doesn't usually cost money, just your time. Social networks have a tremendous reach. Recruiters go on social networks all the time to find people that meet the requirements of a position. If you have no presence, you cannot be found.
Additionally, when you go from a lurker to someone that engages with others on these platforms, you start building relationships. As you spend more time on these platforms, these connections can become quite a large number. Weaker relationships can change to much stronger ones as they go from online to one-on-ones, either virtual or in-person—the bigger your network, the greater the chance that opportunities will come your way.
Networking
Many people poo-poo networking. Either they do not want to do it, or they do not see the value in it. Yet, people often find jobs through people they know. I know of a senior-level executive who was laid off. He called to catch up with a former peer, and in the conversation, he learned that the former peer's new company was hiring for someone with his experience and skills. He ended up being offered the position. Had he not reached out to a former colleague, he may never have heard of this opportunity.
With the internet, networking has become much easier. You can find people that you have lost contact with. You can network with influencers in your industry. You can find people that are doing what you want to do and ask them questions. LinkedIn or a simple internet search can help you find email addresses, biographies, and other information to help you network with people in your neighborhood, your city, your country, or around the world.
The great thing about networking is that building your network helps you not only with your current job search. If maintained, those contacts can help you solve problems at work, be a sounding board for your career, and help you learn more about your industry.
Read more about networking in a previous blog post, Yes You Can Network: How to Find People and Companies.
Interview Preparation
Interview preparation is an important but overlooked part of the job search process. Interview preparation can make you shine in an interview. But it would help if you were practicing how you are answering (and asking) questions all through your job search. This will especially come in handy as you are networking. When you are talking with influencers and decision-makers, how do you want to come across? When they ask you questions, what is the story you want to tell? This is all part of a broad category that I am calling Interview Preparation. You want to practice talking about your accomplishments in a way that makes sense and is not overly wordy. You want to be able to read another person and understand what they need to hear from you. You want to be able to project confidence in what you do and your abilities. All this takes practice. Spend time working on this, and this will increase your chances of networking and interview success.
Conclusion
I worry when people tell me that all they are doing for their job search is updating their resume and applying online. In my experience, that is putting your efforts into activities that may not provide the best bang for the buck. Using the Pareto Principle, 80% of your effort should go into 20% of activities, those that offer a high level of return. Knowing your value proposition, social media, networking, and interview prep is where I see your best return on investment.
Shelley Piedmont is a job search coach. She wants to help job seekers put their best foot forward by providing the tools for a successful job search. If you need career coaching, resume preparation, interview skills assessment, or LinkedIn profile assistance, she can help. Schedule a 15-minute no-obligation consultation.
