Welcome to the premier issue of The Market Intelligence Report for 2008.

As always the purpose of The Market Intelligence Report is to keep you aware of trends that are currently impacting the technology and operations executive talent market, whether your interest is as an active participant - either as employer or prospective candidate - or you just want to stay informed as you observe from the sidelines.

Now more than ever we all operate in a truly global market. In the global search for talent a dilemma facing companies today is dealing with the pros and cons of pursuing a prospective candidate who doesn't have a green card or a visa. The specialized skill sets and experience needed particularly in sectors of the financial services industry may be concentrated abroad, so firms not only have to deal with the expense and the frustration of attracting the talented executives they are looking for, but then the logistics of relocating them and being able to legally employ them here.

Since we are in a very volatile economy at present, some of you may be facing coming back onto the market and want to get a better sense of what to expect. We're going to be discussing keeping those expectations realistic, and what factors you should be taking into consideration before contemplating re-entering the job market.

We're also going to discuss the trend of CIOs shifting increasing levels of power to their Direct Reports - both the advantages and dangers of this course of action, and the factors that need to be considered to achieve an effective balance.

Enjoy this issue of The Market Intelligence Report as we begin what we hope will be an interesting and successful year for all.

As a retained executive search firm who actively recruits technology candidates on a global basis, JB Homer is very cognizant of the current H-1B visa situation; which can impact the candidacy and subsequent retention of foreign candidates who do not have United States Permanent Residence (green card) status. Currently the wait time to obtain a green card can exceed six years.

The H-1B visa is typically the first way non-green card holders can enter the U.S. workforce. These executives are employed temporarily in a specialty occupation (such as engineering, information services and computer systems design). An H-1B executive is required to have specialized knowledge of the position along with at least a bachelor's degree or its equivalent. The executive must be sponsored by a U.S. employer and in most cases the H-1B is valid for three years which can be extended up to a maximum period of six years and must work in a capacity for which they originally petitioned. After the six year time limit expires, the H-1B visa holder must remain outside the United States for one year before another H-1B petition can be approved.

However, the H-1B visa availability is currently limited to 85,000 each fiscal year, with 20,000 exemptions set aside for foreign workers who have earned a master's degree or higher from a U.S. university. As the entire quota of H-1B visas for fiscal year 2008 was exhausted last year and since U.S. employers cannot re-submit petitions until April 1, 2008, (for fiscal year 2009 with an associated start work date of October 1, 2008), these employers, executive search firms and foreign workers must look at alternative ways of bringing global talent onboard.

One alternative is the L-1 visa which is broken into two subcategories: L-1A for executive/managerial staff and L-1B for specialist knowledge (intellectual) staff. The L-1 visas are typically initially issued for one or three years and are used to transfer an executive to a U.S. parent, affiliate, subsidiary, or branch office from a related foreign company.

Another alternative is the B-1 in lieu of H-1B visa. These visas may be available for foreign nationals who have an overseas employer that requires a foreign national to provide professional services for the benefit of the overseas employer in the U.S - usually for a specific project. This visa is for highly specialized and professional employees only and the visa holder is generally required to return to his/her regular employment with the foreign company after the project in the U.S. has been completed. The visa holder must be paid directly by the overseas employer.

There are additional visa alternatives which directly impact citizens of Australia, Singapore and Chile, however, the H-1B, L-1, and B-1 visas are the most viable and common options to attracting global executives who do not have green card status. It is important for U.S. hiring companies, executive search firms and global candidates and executives to be aware of and consider available visa alternatives and strategies, especially between now and October 2008 when new H-1B visas will become available.

The H-1B, L-1, and B-1 visas are good options for employers as they virtually guarantee retention of the foreign executive because of the limits these visas place on movement to other companies and competitors. During the visa time period the executive essentially can't change jobs (he/she would have to begin the process again); however, they do gain valuable experience in working in very specialized roles for which they are most suited.

It is incumbent on employers to conduct early planning of visa options that are tailored to their needs, and to make sure that the shortage of H-1B visas in particular does not negatively impact their staffing strategy and their ability to augment their workforce with specialized foreign executives.

As we enter the New Year many people are exploring the possibilities of changing companies and actively looking at the opportunities that are available in the market. Headhunters may be in touch with you or opportunity may be available through the network of relationships you have. Timing is always critical and being in the right place at the right time always increases your possibility of securing your next position.

Before committing to a move, it is extremely important to have done your homework and to know what you may be leaving on the table. Many people have stock that they are entitled to that has not vested and could be leaving substantial amounts of equity that your new employer may or may not be willing to make up for in a sign-on bonus. Also careful consideration must be given if you are waiting for a bonus.

It is also critical that you evaluate the real reason you want to leave. Is it just that you are tired of doing the same thing, no possibility for advancement, downsizing, or uncertainty regarding real opportunity currently available to you. Just what are you really willing to give up for future rewards?

So that you enter the job search with your eyes wide open, these are a few factors that you should keep in mind:

There is no way to know how long your job search will take. Finding the correct opportunity is not always easy. Initially a new position may seem appealing but after further investigation you may decide the position may not be big enough for you, the compensation package is not sufficient, or certain aspects of the position do not present a challenge to you. After further investigation factors such as a longer commute should be considered as more time at home and a quality of life may be some of the things you and your family are working for.

If you are working with a search firm and have been interviewed for a specific opportunity you should always be told about the next steps in the search process. Don't hesitate to contact them for feedback, a good firm will always have follow up even if the opportunity is not right for you. If this position is not right stay in touch as the next one may be. Just as Human Resources departments are inundated with resumes search firms are too. Don't hesitate to follow up on the delivery of your resume, and if you have personal relationships that have dealt with search firms ask them to contact the firm and recommend you. This is one way of moving you to the top of the pile of resumes that firms review for current opportunities.

Never assume your resume is perfect and reflects the true you. It is important to constantly fine tune it with your most recent accomplishments, reporting structure and contributions. If you are being presented to a company, and you have a position paper or job description that gives an in-depth description refine your resume to best represent you as a qualified candidate based on your qualifications and their requirements.

Expectations are many times too high in the face of reality. Everyone wants to think they are the best and the most marketable. Take an honest look at yourself to see how in demand you really are and be prepared for many obstacles that might be out of your control. An example of this may be that you reside in an area that has little demand for someone with your qualifications so you may have to consider relocation as an option.

As you start your search for your next position remember it may take awhile but maintaining a positive attitude and realistic outlook will help you overcome hurdles. Perseverance and determination are absolutely essential as you move forward in your career.

The noticeably increasing level of power and influence of the Direct Reports to the Head of Technology (whether that individual is the CIO or the CTO) and the impact of that power shift is a trend that we have begun to track. When such a power shift takes place there are always pros and cons to be considered.

In the past when the CIO made decisions they were often much more unilateral. When the CIO asked for input from his Direct Reports it was primarily about the technology initiatives they would individually be required to deliver. The counsel that was given was tempered by the awareness that their boss and the executive management of the firm in most cases had already made the key decisions, and they were being asked more about the logistics of the delivery than the viability of the solution or to just endorse an already accepted plan of action.

Now the Direct Reports to the CIO are more empowered and much more vocal in their opinions. They are beginning to gain veto power and are not afraid to exercise it. A new hire into many organizations will have to be endorsed by the whole technology executive management team and not just be a favored pick of the CIO. Strategy and execution is now a team effort with a tremendous amount of input from the leaders occupying line roles.

We hear from both CIOs and their Direct Reports that empowering the next level of leadership in the technology organization can have an energizing effect on their entire organization. The Direct Reports feel a much stronger sense of ownership of the technology solutions that they are delivering, and share a stronger bond with their peers as well as their boss because they feel that their input is truly valued and they are allowed to hone their own leadership skills. The CIO benefits because s/he gets a sense in the early stages of crafting the firm's technology plan for the year what the level of commitment is going to be to making the technology viable and what possible obstacles will have to be overcome. If there are any doubts or concerns about proposed solutions they are either dealt with early on - or the initiative is modified or rejected rather than turning into a failed or late delivered solution. As the rank and file of the organization experience a much higher level of collaboration up the entire chain of command their morale and retention both improve.

The company as a whole can benefit because the business is partnered with a technology organization that presents a united front. With a forum for open and honest discussion within the technology organization, there is no need to involve the business in settling internal disputes.

While this all may sound ideal, there are definite dangers with shifting too much power away from the CIO. It is of paramount importance to strike a workable balance between empowering one's Direct Reports, and totally ceding all control. Nothing paralyzes an organization more than endless debate, filibustering, and a lack of commitment to arriving at a course of action. There is a vast difference between establishing a forum for a true exchange of ideas and a culture of collaboration, and descending into the chaos that results from no one asserting control over the decision making process. A totally non hierarchal environment has the potential danger of convincing your business partners that the technology organization is indecisive and ineffectual, and they should be more involved in your decision making - which can present a very real threat to a technology organization's autonomy. Keep in mind that no matter how ideal the situation, the reality check is that in any decision making process there is a need to identify who possesses the tie breaking vote - and that should always belong to the CIO. This person has been hired and is the acknowledged leader of the technology organization because ultimately in the eyes of the firm's management, it is that person's head and career that are on the line. That level of responsibility and exposure should be balanced by a similar level of authority.

That being said, empowering the Direct Reports is still an excellent way for any CIO to provide the highest level of technology support to their firm, and to advance their own careers by demonstrating to their management that they can build and lead a disciplined and well functioning technology organization. Striking an effective balance within that power shift is the key to making that course of action a success for everyone.