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The Art of Interviewing Part 1: Company and Industry Research
Gus Downing, CEO Downing & Downing, Inc.
Loss Prevention Magazine - October, 2003
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Interviewing for a new position, whether it’s with your current employer or a new company, is not as easy as you’d like to think. Most people approach this process unprepared, uneducated, rushed for time and, in many cases, with the wrong attitude.
Over the years we have seen so many talented individuals fail miserably in the interviewing process simply due to their not taking the time to personally, emotionally, and physically invest themselves.
If LP professionals expect to reach their ultimate goals and maximize their lifetime earnings potential, they must become students of the process and work on refining their skills so they can be the best they can be while they’re involved in the process. Or, at the end of the day, they may find themselves stuck in a rut, being relegated to following executives they’ve worked with in the past, or staying at one level way too long. This results in missing great career opportunities and in some cases. . . although I’m reluctant to say this. . .staying with the same company for far too long.
Although I’m not professing that tenure is a bad thing. What I am saying is that investigating your options is a wise move if you truly expect to maximize your lifetime earnings and reach your dreams. And while happiness and personal satisfaction ranks higher than money in most academic career studies, when one goes to retire, financial rewards are what impacts the rest of your and your family’s life.
When we look at the interviewing process we basically see three distinct parts: company and industry research, personal preparation, and the actual interview. Each step requires a personal, emotional, and physical investment. Therefore, before entering it, you must decide if the position warrants your investment.
Company Research
The first part of the interviewing process is conducting company research in order to get as comprehensive picture of the company as possible. An obvious place to start is with the company’s web site and most recent annual report. Pay particular attention to the senior management team, company mission, sales and earnings performance, debt, store growth and market share.
Competitors
In addition to looking at the prospective employer company, we suggest that you research their competitor’s web sites and annual reports as well. By understanding who the competition is, you gain a feel for that entire industry segment and where the company fits within it.
Financial Analyst
Try to gain access to a financial analyst or broker who can do some research for you or one who already specializes in retail and can give you their opinion on the company. However, keep in mind that a financial analyst is interested in one thing and that is growth. Their cursory review and often times knee-jerk response, frequently given free of charge, should only be used to educate you with what to be sensitive to and ask about later in the process. It should not be the sole information that causes you to continue or withdraw from the process. Particularly in the current economy, there are a number of retailers who in an analyst’s opinion would be considered not doing well and could be recommended as “sell” stock and not “buy.” With all due respect, their opinions are going to be swayed by the fickle and depressing stock market fluctuations. With the performance of the stock market over the last couple of years, I personally wouldn’t make a career decision based on the input from an individual who never played the game of retail. A financial analyst should be viewed as a referee on the field making sure you know the rules, but never calling the plays.
Mentors
After you’ve studied the specific retailer, its industry, and heard the opinion of a financial analyst, now it’s time to seek out a mentor’s advice and counsel. Seek out a mentor who has been in retail, but not with your current employer, and understands what the position and company can mean for your career. Take the time to share all the information you’ve learned with your mentor and make sure they clearly understand as much as you know about the new position. Remember it’s the position that can take you places, and the company is merely the tool to get there.
Family Members
While family members are the most important people in your life and those that have helped you the most, be careful that their own prejudices, limitations, and. . .I hesitate to say. . .their insecurities, don’t negatively impact you. Yes, a parental figure or your spouse should the most influential people in your life. But this is a career decision. If they lack the education and experience, they may not be in a position to be the best adviser. Take this only as a word of caution.
The next step is to try to locate an individual who has worked for the company. This may be as simple as visiting a store and talking with sales people or, better yet, a manager. Try to get to know the company through the eyes of its current or even former employees. Bear in mind that one man’s nightmare is another man’s dream and that there are disgruntled employees everywhere. But still try to get a feel for what the employee population feels about its company. This is the true test.
If properly approached, any store manager worth their salt will take the time to speak with you. And with your loss prevention ability to get to the truth, you should be able to learn everything you need to know in a friendly, non-offensive way. Make sure you think about what you want to learn before going in.
Store Visits
Visit as many of the company’s stores and their competitors’ stores as possible. Continue to educate yourself about their industry segment by walking their boxes and interacting with their employees. Look at their register systems, their refund policies, void policies, merchandise control techniques, sales floor coverage, and all the other systems and procedures that impact on your prospective new position.
The ultimate objective of this research is in effect to allow you to become one with their industry. It is, after all, where you are considering investing a portion of your career. If you are truly interested in the position, then this research will not only educate you and help you with your decision, but it will also prepare you more for the actual interview, sending a positive message to the prospective employer that you are very thorough and serious. At the very least, it will teach you more about retail in general. After all, isn’t a career all about learning and growing?
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