My Job Interview Fail

Also, housing and auto affordability

I have a confession.

I screwed up an interview a week ago.

I didn’t do anything obvious like forget pants or something. Instead, I failed to properly position myself for the role.

It was the 6th interview for a fairly senior leadership position within an asset management company and I was interviewed by one of the executives. When asked to describe myself, I should have responded with a memorable elevator pitch that clearly explained my value proposition as a successful leader. Instead I walked her through my employment history, failing to position myself as someone they need to hire.

To get to the 6th interview for a job, it’s clear they know I have the right experience. There was no need for me to waste valuable time going through my work history. What they needed to hear was why they should hire ME, as opposed to the other candidates with similar experience. They needed to see if I was leadership material, and good leaders stay on message. I provided an oratory autobiography when they really wanted 3 simple reasons to believe in me.

I have interviewed dozens of people over the years and the mistake I made was one that I’d often coach others to avoid. Things are more clear when you’re on the outside looking in.

It’s frustrating because after successfully passing 5 preceding interviews I hamstrung myself by sounding like a rookie. The job was probably mine to lose (or at most between me and one other candidate).

Sometimes I ace interviews, sometimes I botch them. I did some prep work, but probably could have done more. Perhaps I’m just not hungry and didn’t put in the time. After all, I already have a good job and didn’t prepare like my life depended on it. Honestly though, sometimes a successful interview just comes down to what you (or the interviewer) had for breakfast.

Lesson: when an interviewer asks you to describe yourself, they’re really asking “why should we hire you”? Craft your personal positioning (e.g. analytical, experienced marketing leader - or whatever) ahead of the interview and ensure your answers deliver that message.

What are some of your interview tips or mistakes?

---

In other news…

In case you haven’t noticed, the bare necessities are becoming expensive. Housing affordability in the US has PLUMMETED over the past year or so, hitting levels not seen since the peak of the last housing bubble. The speed of decline is shocking and is likely to weigh heavily on consumers.

The cost of transportation has also risen significantly, and I’m not just talking about gas. A fast growing proportion of people are paying over $1000 monthly in car payments. This was equivalent to a mortgage payment not too long ago.

Consumers are getting hit from all angles. Homes and cars will only become less affordable as the Fed continues to hike rates. Given last Friday’s strong jobs report, there is little to stop the Fed from raising by at least 75bps this month.