What do buying a car & job interviews have in common? Lots…

 

Do you ever feel at a disadvantage when being interviewed for a new role? This is not just a feeling, it is a well known scientific principle known as asymmetrical information. I know it’s Monday morning, so I don’t want to get too technical or deep before you have even finished your first coffee. This principle is based upon research around the car buying experience.

 

Why do you have a disadvantage when buying a car? Very simply, the buyer knows far less about the car than the seller does. George Akerlof, Michael Spence & Joseph Stiglitz ended up winning a Nobel Prize in economics, based upon the paper they wrote about the insight they uncovered in their research.  

 

This principle also comes into play when you are applying for a new role. The hiring manager has an advantage over you – she knows everything about the company & position. We had a client land a great role with one of Canada’s leading companies by approaching this particular job search differently than all her previous ones, in her almost 20-year career.

 

She invested much more time getting prepared and engaged our coaching program as part of her preparation. So while she still didn’t have the total advange of the hiring manager perspective, she was much more in control of the process. She did her research, prepared a strong list of questions (as opposed to heading right to “what is the salary?). Her preparation empowered her. She focused her research on three key things:

 

  1. The company and its history.
  2. Its people, environment and politics.
  3. The real risks and opportunities within the role.

Her efforts resulted in her standing out and making it a lot less stressful for both her and her new employer. By reseaching and doing her homework, she reduced the risk & ended up with a successful outcome.

 

There is a well known saying “knowledge is power”.  I would like to tweak your thinking around this, and suggest that knowledge used properly in context is power. Next time you are heading into an interview, do the proper things to get prepared & give yourself the advantage.

CareerClass | Webinar – Get the Right Career, Right Now! Invest 1 hour of your time to help identify the right work situation. Join me Wed, May 2 12-1 P.M. ET. This complimentary 1-hour workshop is based on my book, The Canadian Job Search Kit. Take control of your career, all from the comfort & convenience of your own desk. Limited to 50 participants. Click to register.

 

Looking for help with your personal brand? Who’s your career coach? Need help with aprofessional resumejob search, and interview preparation? Invest in yourself & get the edge in this competitive job market. Take a small step and book an initial coaching session with me.

 

< div style="font-size: 11pt;">Ready to do the homework, along the road with you! 

Alan 

 P.S. Not sure where to start on your career strategy?  Book your initial consultation to get an assessment of where you are and your immediate best next steps.

 

P.P.S. Looking to gain the advantage with your job search. Join our 1-1 90 Day Career Search program. We can help you. Click here for details