August 21, 2003
By Lori Pizzani, Mutual Fund Careers editor and columnist
American Century Investments of Kansas City, MO. is about to give birth to a whopper of a baby -- actually several. The firm is expecting 21 new wholesaling positions to open up and be filled over the next 18 to 24 months; five of which the firm hopes to fill by year-end 2003. In addition, the firm expects to float several open requisitions for internal sales support staff to back up the new external wholesalers, reported Brian Jeter, Senior Vice President of Third-Party Distribution at American Century.
The positions will be spread across all geographic regions, although hiring wholesalers for the northeast region is a top priority, Jeter said.
These positions are brand new positions that the company is seeking to fill as it hones its focus on the investment management business and turns its full attention to the various intermediary-sold distribution channels that it has been diligently building for the past two to three years. This past February, American Century jumped with two both feet squarely into the financial advisor channel when it added multiple pricing, loaded share classes to 10 of its formerly no-load funds.
So what’s American Century’s ideal candidate? Jeter said he’s looking for folks with five years of experience in sales and relationship building, and those with an established territory. He’s also seeking candidates who will fit the American Century culture -- namely, those who are ethical, customer-focused, concerned about doing the right things and see the value in offering quality products, Jeter summed up.
Mutual fund companies have spent the last two years slashing costs by chopping head counts. They’ve eviscerated their back office operations by performing their own style of bypass surgery. They’ve lopped off their eyes and ears to the broader marketplace by slashing wholesaling staffs. They’ve even rearranged all-important organs by consolidating their investment managers, research analysts and, in some cases, executives.
But now, fund groups are silencing their mouthpieces -- and firing their front line public and media relations staff.
At least three firms, including John Hancock Funds of Boston, Delaware Funds of Philadelphia, and INVESCO Funds of Denver have recently laid off their PR staffs in an effort to be even leaner and meaner.
John Hancock and Delaware are said to be banishing redundant services, and pushing up their proprietary mutual funds’ PR function for the corporate parent to now handle. For John Hancock Funds, parent John Hancock Financial Services will step in to fill the void. For Delaware Funds, parent Lincoln National Corporation will take over the duties. On August 4th, Lincoln announced the firm will make mega layoffs of between 800 and 1,000 employees. That number is inclusive of some 200 employees that the firm has already pink slipped.
Perhaps foretelling of the cost-cutting initiatives, neither parent firm’s spokespeople returned a call seeking comment.
For INVESCO Funds, slicing the PR staff is part and parcel of the transfer of all of the funds’ distribution functions to its sibling firm AIM Investments of Houston. According to AIM spokesman Ivy McLemore, only one PR employee remains in the mile high city. But the PR department at INVESCO is expected to be vacated and padlocked soon. To accommodate the additional workload the INVESCO Funds transfer poses, AIM has already hired one additional PR professional for its department.
So how’s employee morale if many AIM employees are expected to do double duty? “Anytime you have change it is going to have an effect,” McLemore confided. But the team effort is strong across the company, he said. “No doubt it’s long hard hours and tedious, and complicated work. But AIM employees see the benefit over the long run,” he summed up.
Consolidation isn’t a foreign concept to AIM employees, many of who have already gone through the integration process when AIM acquired the G.T. Global family of funds in 1998.
You’ve come a long way, baby! But women still have a long way to go before achieving parity with their male counterparts in the workplace. So says a May 2003 report from The Conference Board in New York.
Women executives suffer from inequities in a variety of areas, ranging from wages to representation on boards and corporate officer ranks, to attitudes about networking and job opportunities,” said Deborah Anderson, author of the report. Those trying to bridge the gender chasm point to several hurdles including work-life balance challenges, a lack of awareness among senior executives, inadequate networking and mentoring opportunities, and lack of visibility, said Anderson.
An Office Team survey of 613 workers found that when it comes to increased job satisfaction, workers point to a yen for increased flexibility in their jobs as their number one desire. Behind flexibility, workers most prized autonomy in making decisions, variety in work projects, and more collaboration with others.
For managers considering adding flex time to employee work schedules, Office Team suggested that they consider:
-- Focusing on results, not face time, as your most productive employees may not be the ones logging the most hours.
-- Take an interest, and find out what outside interests employees have and why they seek flex time.
-- Develop flexible schedules to meet the needs of both early birds and night owls.
-- If flex time is not an option, offer flexibility in daily schedules to allow workers to run errands, keep doctors’ appointments, attend children’s functions, etc.
A survey of 250 advertising and marketing executives, conducted by The Creative Group of Menlo Park, Calif., turned up some hysterical, but true, answers job candidates have used when responding to the familiar question, “Why should I hire you?” Among the answers (which are excerpted here):
-- I was bored watching TV at home.
-- I would be asset to the company’s softball team.
-- I have a great smile.
-- There are no redheads in your company and you should hire one.
-- I just won big in Las Vegas and I’m on a roll.
-- I’m tied of living with my parents.
-- I am the sole source of support for my puppy.
-- I won’t stop calling you until I am hired.
-- Your company can’t survive without me.
-- I always wanted to work in your building.
--I live close by.
While most of us wouldn’t dream of answering any of these ways, the point is to prepare ahead for a response to this common question, notes The Creative Group. They suggest candidates: avoid cliches and instead focus on highlighting unique qualifications, be specific about special attributes, focus on achievements and quantify past accomplishments, and fully research the prospective company so that you can discuss how your attributes can benefit their needs.
