When thinking about strategies to maximize your compensation package, one factor that most executives overlook is their willingness to relocate. Cindy Kraft recently wrote about the war for talent. And when I talk to recruiters at the AESC or from top recruiting firms, they often complain about the dearth of quality talent to fill jobs in their target markets. If you are willing to relocate, that makes you a highly desirable commodity, which is something you can leverage.
The willingness to relocate seems to be a trend that changes with the times. When we first started NETSHARE in the early 1990s, the job market was soft, which meant executives were hungry and more willing to relocate. After 9-11 the willingness to become mobile fell off, and more job seekers decided they would rather settle for something closer to home, even if it was less lucrative. Now, with the economy in a slump once again, I am encountering more executives who are willing to move in order to stay competitive.
It’s always surprised me when people are unwilling to relocate. Of course, I was raised in a family that moved every time my father was assigned to a new international office. I got used to relocation, and recall that many of my peers when I was a kid living in Japan were in the same boat. American corporations like IBM and Caterpillar would rotate their executives (and their families) in two-year posts at different global offices. (The standing joke was that IBM stood for I’ve Been Moved.)
The times have changed, and jobs are less secure than they used to be and corporations are less willing to move their executives from place to place, but that doesn’t mean they aren’t willing to consider the perfect candidate who is willing to relocate.
If you want to maximize your options, keep your options open. It’s easier to start with a broader search and offer to move to accommodate a position than start narrow, looking only in your local region, and then broadening your geographic search. If you can demonstrate to a prospective employer your true worth, they probably will work with you. I recall working with a talented executive from Los Angeles who was waffling on whether to take a job in New York, when the hiring company compromised by opening an L.A. office. That kind of compromise happens all the time, especially these when telecommuting has become the norm.
So consider your options to maximize your marketability. Target companies that can use your talents, regardless of their geography. Remember that much of job hunting is a numbers game, and if your current geographic market is saturated or in an economic slump, look for greener pastures. Even if you ultimately decide not to relocate, you might be willing to find someone who is willing to pay for your skills without relocation.
