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WPT Industrial REIT Announces Third Quarter 2020 Results

TORONTO, Nov. 11, 2020 (GLOBE NEWSWIRE) — WPT Industrial Real Estate Investment Trust (the “REIT”) (TSX: WIR.U; WIR.UN; OTCQX: WPTIF) announced today its results for the three and nine months ended September 30, 2020. All dollar amounts are stated in U.S. funds.Highlights for the three months ended September 30, 2020: * Collected 99.6% of billed rent for the quarter, continuing the REIT’s record of strong rent collections * Investment properties revenue and net operating income (“NOI”)(1) increased 55.5% and 52.2%, respectively, over the same period last year * Funds from operations (“FFO”)(1) and adjusted funds from operations (“AFFO”)(1) increased 48.7% and 43.5%, respectively, over the same period last year * Occupancy increased to 98.3% from 97.4% in the second quarter * Weighted average cash and straight-line rent re-leasing spreads of 15.9% and 21.3%, respectively, for lease renewals signed in the quarter “The REIT continued its strong operating performance with Q3 representing another quarter of nearly 100% rent collection and positive momentum on the leasing front, including increased occupancy and favorable re-leasing spreads on renewals. We also expanded our proprietary development pipeline and third-party assets under management during the quarter and look forward to building on that momentum and growth in the quarters to come,” commented Scott Frederiksen, Chief Executive Officer. FINANCIAL AND OPERATIONAL HIGHLIGHTS(all figures in thousands of US dollars, except per Unit amounts, ratios, percentages, number of investment properties, amounts related to remaining lease term and GLA)  Three months ended September 30,Nine months ended September 30,   2020  2019  2020  2019  Operating Results:      Investment properties revenue$45,621 $29,335 $122,938 $83,247   Management fee revenue$916 $2,237 $1,285 $3,086   NOI (1)$33,151 $21,788 $88,575 $61,093   Net income and comprehensive income$78,419 $21,342 $175,871 $71,619   Net income and comprehensive income per Unit (basic) (2)(3)$0.922 $0.362 $2.069 $1.257   Net income and comprehensive income per Unit (diluted) (2)(4)$0.900 $0.351 $2.019 $1.218   FFO (1)$22,020 $14,807 $53,162 $37,382   FFO per Unit (diluted) (1)(2)(4) $0.253 $0.243 $0.636 $0.636   AFFO (1) (5)$17,192 $11,980 $40,803 $28,437   AFFO per Unit (diluted) (1)(2)(4) $0.197 $0.197 $0.491 $0.484   Cash flows from operations$33,227 $20,246 $83,625 $53,278   Adjusted Cash Flows from Operations (“ACFO”) (1) $20,148 $12,577 $49,564 $33,534   Book value per Unit (1)$13.72 $13.09 $13.72 $13.09  Distributions:      Distributions per Unit (2)(5)$0.190 $0.190 $0.570 $0.570   Distributions declared (3)(5)$16,304 $11,353 $47,696 $33,385   ACFO payout ratio (1)(5) 80.9% 90.3% 96.2% 99.6%  Weighted average number of Units (basic) (2)(3) 84,980  59,014  81,048  56,954   Weighted average number of Units (diluted) (2)(4) 87,076  60,875  83,051  58,789  As at September 30, 2020 December 31, 2019 Operational Information:      Number of investment properties  99   74   Number of investment properties under development (PUD)  1   –   GLA  31,653,999   22,870,482   Occupancy  98.3%  99.0%  Average remaining lease term (years)  4.5   4.9   Fair value of investment properties $2,359,318  $1,573,077  Debt Metrics:      Weighted average effective interest rate (6)  3.0%  3.8%  Variable interest rate debt as percentage of total debt (7)  12.4%  24.7%  Debt-to-assets (1)  47.4%  41.2%  Interest coverage ratio (1) 3.0x 3.1x  Fixed charge coverage ratio (1) 2.8x 2.7x  Debt to Adjusted EBITDA (1) 9.0x 8.2x (1) NOI, same properties NOI, FFO, FFO per Unit (diluted), AFFO, AFFO per Unit (diluted), ACFO, Book value per Unit, ACFO payout ratio, cash re-leasing spread, straight-line rent re-leasing spread, debt-to-assets, interest coverage ratio, fixed charge coverage ratio, capitalization rate and debt to Adjusted EBITDA (“Adjusted EBITDA” is defined as earnings before fair value adjustments to investment properties, interest (inclusive of finance costs), taxes, depreciation and amortization) are key measures of operating results and financial performance used by real estate operating companies, however, they are not defined by International Financial Reporting Standards (“IFRS”), do not have standard meanings and may not be comparable with other industries or issuers. This data should be read in conjunction with the “Non-IFRS Measures” section of the REIT’s MD&A. (2) Includes trust units of the REIT (“REIT Units”) and class B partnership units of WPT Industrial, LP (the “Partnership”) (“Class B Units”) (collectively, the “Units”). (3) Excludes all options, deferred trust units (“DTUs”), and deferred limited partnership units (“DPUs”) outstanding under the REIT’s deferred compensation plans. (4) Includes all options, DTUs, and DPUs outstanding under the REIT’s deferred compensation plans. (5) Includes distributions on the Units and Subscription Receipts (defined herein). (6) Includes mortgages payable, the Credit Facility, mark-to-market adjustments and financing costs. (7) Includes amounts outstanding under the Credit Facility. OPERATING PERFORMANCE For the three and nine months ended September 30, 2020, investment properties revenue increased $16.3 million or 55.5% and $39.7 million or 47.7%, respectively, compared to the same period last year. The increase was primarily due to the contribution from 2019 and 2020 acquisitions and an increase in base rent in existing properties. Net income and comprehensive income for the nine months ended September 30, 2020 was $175.9 million compared to $71.6 million in the same period last year. Net income and comprehensive income for the three months ended September 30, 2020 was $78.4 million compared to $21.3 million in the same period last year. The increase in net income is mainly due to fair value adjustments to investment properties of $53.6 million and $55.5 million for the three and nine months ended September 30, 2020, respectively, in addition to a non-cash fair value adjustment of $103.3 million in the first quarter related to the exchange of Subscription Receipts for REIT Units.NOI for the three and nine months ended September 30, 2020 was up 52.2% and 45.0%, respectively, compared to the same period last year. Same properties NOI increased 1.7% and 1.8% for the three and nine months ended September 30, 2020, respectively, primarily due to increases in contractual base rent partially offset by reductions in occupancy in properties held in both periods.FFO for the three and nine months ended September 30, 2020 was up 48.7% and 42.2%, respectively, compared to the same period last year. AFFO for the three and nine months ended September 30, 2020 was up 43.5% and 43.5%, respectively, compared to the same period last year. Both FFO and AFFO were mainly impacted by increased properties revenue due to acquisitions, increases in base rent, and a reduction in general and administrative expenses compared to the prior period. FFO per Unit for the three months ended September 30, 2020 was up $0.010 per Unit or 4.1% compared to the same period last year. FFO per Unit for the nine months ended September 30, 2020 was flat compared to the same period last year. AFFO per Unit for the three months ended September 30, 2020 was flat compared to the same period last year. AFFO per Unit for the nine months ended September 30, 2020 was up $0.007 per Unit or 1.4%, compared to the same period last year. FFO per Unit and AFFO per Unit were also impacted by a 43.0% and 41.3% increase in the weighted average number of Units outstanding compared to the same three and nine month period last year.Cash flows from operations and ACFO were up 64.1% and 60.2%, respectively, for the quarter and 56.9% and 47.8%, respectively, year-to-date compared to the same periods last year. The REIT’s ACFO payout ratio for the three and nine months ended September 30, 2020 was 80.9% and 96.2%. The ACFO payout ratio for the nine months was directly affected by the timing of equity financings in October 2019 and February 2020 relative to the timing of deployment of such proceeds and early repayment of secured indebtedness. Cash flows from operations and ACFO were higher compared to the same period last year, primarily due to increased NOI from 2019 and 2020 acquisition activity and a decrease in free rent.LEASING ACTIVITY The REIT had 260,500 square feet of new leases and 1,427,500 square feet of lease renewals commence in the third quarter. Lease renewals commencing in the quarter had a weighted average cash re-leasing spread and straight-line rent re-leasing spread of 12.2% and 20.1%, respectively. Lease renewals signed in the third quarter had a weighted average cash re-leasing spread and straight-line rent re-leasing spread of 15.9% and 21.3%, respectively.As at September 30, 2020, the REIT’s occupancy increased to 98.3%.FINANCIAL & LIQUIDITY POSITION As at September 30, 2020, the REIT’s debt-to-asset ratio was 47.4% with interest and fixed charge coverage ratios of 3.0 and 2.8 times, respectively, and a debt-to-Adjusted EBITDA ratio of 9.0 times. The weighted average effective interest rate on outstanding debt was 3.0% at September 30, 2020 with a weighted average term to maturity on the REIT’s mortgages payable and total debt of 3.6 years and 3.6 years, respectively. Weighted average remaining lease term was 4.5 years.As at September 30, 2020, the REIT had approximately $156.5 million available to be drawn on the Credit Facility and cash on hand of $19.5 million, for total liquidity of approximately $176.0 million. The REIT has no mortgages maturing in 2020 and only one mortgage loan, with a balance of $6.3 million, maturing in 2021.The REIT will continue to focus on capital recycling initiatives in the remainder of 2020 and early 2021 in an effort to further strengthen the REIT’s balance sheet and create additional flexibility to allocate capital to the REIT’s growing development pipeline.PRIVATE CAPITAL AND DEVELOPMENT ACTIVITY The REIT generated $0.9 and $1.3 million of management fee revenue during the three and nine months ended September 30, 2020, consisting of recurring management fees.The REIT has eleven projects representing a total of approximately 4.6 million square feet of modern distribution and logistics real estate in its private capital development pipeline, including new projects in the Phoenix, New York and Los Angeles markets. The REIT expects these eleven projects to include approximately $228 million of total contributed equity, with $195 million funded by third-party partners.RECENT EVENTS On July 31, 2020, the REIT acquired a land parcel located in Mansfield, New Jersey through a development joint venture for a purchase price of $39.0 million (exclusive of closing and transaction costs). The REIT is developing approximately 772,000 square feet of modern distribution and logistics space on the site and funding 10% of the required equity for the project, with the remaining 90% of required project equity funded by third-party partners.On August 28, 2020, the REIT sold the investment property located at 1370 Discovery Industrial Court, Mableton, Georgia to a third-party purchaser for net cash proceeds of approximately $10.0 million. The proceeds from the sale were used to repay indebtedness.On August 28, 2020, the REIT contributed a land parcel in Eagan, Minnesota into a private capital joint venture for a combination of cash and equity interests in the joint venture. The REIT is developing a distribution building on the property on behalf of the joint venture totaling approximately 206,000 square feet of GLA.On September 3, 2020, the REIT contributed a land parcel in Houston, Texas into a private capital joint venture for a combination of cash and equity interests in the joint venture. The REIT is developing one or more industrial buildings on the property on behalf of the joint venture totaling approximately 500,000 square feet.RENT COLLECTION UPDATE As of November 11, 2020, the REIT has received over 99% of contractual rents for August, September, October and November 2020.INVESTOR CONFERENCE CALL A conference call will be hosted by the REIT’s management team on Thursday, November 12, 2020 at 10:00 am Eastern Time. The telephone numbers to participate in the conference call are Canada Toll Free: (855) 669-9657, U.S. Toll Free (888) 249-8268 and International: (412) 902-4153. The live audio conference call will also be available as a webcast. To access the live audio webcast please access the link on the “Investors” page on our web site at www.wptreit.com. The telephone numbers to listen to the call after it is completed (Instant Replay) are Canada Toll Free (855) 669-9658, U.S. Toll Free (877) 344-7529 and International (412) 317-0088. The Passcode for the Instant Replay is 10148510. A recording of the call will also be archived on the REIT’s web site at www.wptreit.com.About WPT Industrial Real Estate Investment Trust WPT Industrial Real Estate Investment Trust is an unincorporated, open-ended real estate investment trust established pursuant to a declaration of trust under the laws of the Province of Ontario. The REIT acquires, develops, manages and owns distribution and logistics properties located in the United States. WPT Industrial, LP (the REIT’s operating subsidiary) indirectly owns or manages a portfolio of properties across 20 U.S. states consisting of approximately 35.6 million square feet of GLA and 108 properties. The REIT pays monthly cash distributions, currently at $0.0633 per Unit, or approximately $0.76 per Unit on an annualized basis, in US funds.For more information, please contact:Scott Frederiksen, Chief Executive Officer  WPT Industrial Real Estate Investment Trust Tel: (612) 800-8501Forward-Looking Statements This press release contains “forward-looking information” as defined under applicable Canadian securities law (“forward-looking statements”) which reflect management’s expectations regarding objectives, plans, goals, strategies, future growth, results of operations, performance, business prospects and opportunities of the REIT, including statements concerning (i) expected growth opportunities and the availability of acquisition opportunities from its private capital pipeline, (ii) expectations regarding debt refinancing, capital recycling and associated impacts on the REIT’s liquidity position and (iii) the impact on the REIT of the occurrence of and response to the coronavirus disease 2019 (COVID-2019) pandemic. The words “plans”, “expects”, “scheduled”, “estimates”, “intends”, “anticipates”, “projects”, “believes” or variations of such words and phrases (including negative variations) or statements to the effect that certain actions, events or results “may”, “will”, “could”, “would”, “might”, “occur”, “be achieved” or “continue” and similar expressions identify forward-looking statements. Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable by management of the REIT as of the date of this press release, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Such estimates, beliefs and assumptions include, but are not limited to, the REIT’s ability to complete due diligence and entitlements on private capital development pipeline opportunities, the REIT’s ability to complete development and investment transactions, the REIT’s ability to undertake capital recycling through asset sales, results of operations, future prospects and opportunities, the demographic and industry trends remaining unchanged, no change in legislative or regulatory matters, future levels of indebtedness, the tax laws as currently in effect remaining unchanged, the continual availability of capital, the current economic conditions remaining unchanged, continued positive net absorption and declining vacancy rates in the markets in which the REIT’s properties are located, and anticipated and potential adverse impacts resulting from the COVID-19 pandemic.When relying on forward-looking statements to make decisions, the REIT cautions readers not to place undue reliance on these statements, as forward-looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not the times at or by which such performance or results will be achieved, if achieved at all. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including, but not limited to, the factors discussed or referenced under “Risk Factors” in the REIT’s most recently filed annual information form and management’s discussion and analysis, each of which are available under the REIT’s profile on SEDAR at www.sedar.com. These forward-looking statements have been approved by management to be made as of the date of this press release and, except as expressly required by applicable law, the REIT assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.The COVID-19 pandemic has cast additional uncertainty on the REIT’s prior expectations, future outlook, anticipated events and projections. There can be no assurance that they will continue to be valid. Given the rapid pace of change with respect to the impact of the COVID-19 pandemic, it is premature to make further assumptions about these matters. The duration, extent and severity of the impact the COVID-19 pandemic, including measures to prevent its spread, will have on the REIT’s business is highly uncertain and impossible to accurately predict at this time.

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Natural gas producers await LNG Canada’s start, but will it be the fix for prices?

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CALGARY – Natural gas producers in Western Canada have white-knuckled it through months of depressed prices, with the expectation that their fortunes will improve when LNG Canada comes online in the middle of next year.

But the supply glut plaguing the industry this fall is so large that not everyone is convinced the massive facility’s impact on pricing will be as dramatic or sustained as once hoped.

As the colder temperatures set in and Canadians turn on their furnaces, natural gas producers in Alberta and B.C. are finally starting to see some improvement after months of low prices that prompted some companies to delay their growth plans or shut in production altogether.

“We’ve pretty much been as low as you can go on natural gas prices. There were days when (the Alberta natural gas benchmark AECO price) was essentially pennies,” said Jason Feit, an advisor at Enverus Intelligence Research, in an interview.

“As a producer, it would not be economic to have produced that gas . . . It’s been pretty worthless.”

In the past week, AECO spot prices have hovered between $1.20 and $1.60 per gigajoule, a significant improvement over last month’s bottom-barrel prices but still well below the 2023 average price of $2.74 per gigajoule, according to Alberta Energy Regulator figures.

The bearish prices have come due to a combination of increased production levels — up about six per cent year-over-year so far in 2024 —as well as last year’s mild winter, which resulted in less natural gas consumption for heating purposes. There is now an oversupply of natural gas in Western Canada, so much so that natural gas storage capacity in Alberta is essentially full.

Mike Belenkie, CEO of Calgary-headquartered natural gas producer Advantage Energy Ltd., said companies have been ramping up production in spite of the poor prices in order to get ahead of the opening of LNG Canada. The massive Shell-led project nearing completion near Kitimat, B.C. will be Canada’s first large-scale liquefied natural gas export facility.

It is expected to start operations in mid-2025, giving Western Canada’s natural gas drillers a new market for their product.

“In practical terms everyone’s aware that demand will increase dramatically in the coming year, thanks to LNG Canada . . . and as a result of that line of sight to increased demand, a lot of producers have been growing,” Belenkie said in an interview.

“And so we have this temporary period of time where there’s more gas than there is places to put it.”

In light of the current depressed prices, Advantage has started strategically curtailing its gas production by up to 130 million cubic feet per day, depending on what the spot market is doing.

Other companies, including giants like Canadian Natural Resources Ltd. and Tourmaline Oil Corp., have indicated they will delay gas production growth plans until conditions improve.

“We cut all our gas growth out of 2024, once we’d had that mild winter. We did that back in Q2, because this is not the right year to bring incremental molecules to AECO,” said Mike Rose, CEO of Tourmaline, which is Canada’s largest natural gas producer, in an interview this week.

“We moved all our gas growth out into ’25 and ’26.”

LNG Canada is expected to process up to 2 billion cubic feet (Bcf) of natural gas per day once it reaches full operations. That represents what will be a significant drawdown of the existing oversupply, Rose said, adding that is why he thinks the future for western Canadian natural gas producers is bright.

“That sink of 2 Bcf a day will logically take three-plus years to fill. And then if LNG Canada Phase 2 happens, then obviously that’s even more positive,” Rose said.

While Belenkie said he agrees LNG Canada will lift prices, he’s not as convinced as Rose that the benefits will be sustained for a long period of time.

“Our thinking is that markets will be healthy for six months, a year, 18 months — whatever it is — and then after that 18 months, because prices will be healthy, supply will grow and probably overshoot demand again,” he said, adding he’s frustrated that more companies haven’t done what Advantage has done and curtailed production in an effort to limit the oversupply in the market.

“Frankly, we’ve been very disappointed to see how few other producers have chosen to shut in with gas prices this low. . . you’re basically dumping gas at a loss,” Belenkie said.

Feit, the analyst for Enverus, said there’s no doubt LNG Canada’s opening will be a major milestone that will help to support natural gas pricing in Western Canada. He added there are other Canadian LNG projects in the works that would also provide a boost in the longer-term, such as LNG Canada’s proposed Phase 2, as well as potential increased demand from the proliferation of AI-related data centres and other power-hungry infrastructure.

But Feit added that producers need to be disciplined and allow the market to balance in the near-term, otherwise supply levels could overshoot LNG Canada’s capacity and periods of depressed pricing could reoccur.

“Obviously selling gas at pennies on the dollar is not a sustainable business model,” Feit said.

“But there’s an old industry saying that the cure for low gas prices is low gas prices. You know, eventually companies will have to curtail production, they will have to make adjustments.”

This report by The Canadian Press was first published Oct. 25, 2024.

Companies in this story: (TSX:TOU; TSX:AAV, TSX:CNQ)

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Corus Entertainment reports Q4 loss, signs amended debt deal with banks

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TORONTO – Corus Entertainment Inc. reported a fourth-quarter loss compared with a profit a year ago as its revenue fell 21 per cent.

The broadcaster says its net loss attributable to shareholders amounted to $25.7 million or 13 cents per diluted share for the quarter ended Aug. 31. The result compared with a profit attributable to shareholders of $50.4 million or 25 cents per diluted share in the same quarter last year.

Revenue for the quarter totalled $269.4 million, down from $338.8 million a year ago.

On an adjusted basis, Corus says it lost two cents per share for its latest quarter compared with an adjusted loss of four cents per share a year earlier.

The company also announced that it has signed an deal to amend and restate its existing syndicated, senior secured credit facilities with its bank group.

The restated credit facility was changed to reduce the total limit on the revolving facility to $150 million from $300 million and increase the maximum total debt to cash flow ratio required under the financial covenants.

This report by The Canadian Press was first published Oct. 25, 2024.

Companies in this story: (TSX:CJR.B)

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Hiring Is a Process of Elimination

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Job seekers owe it to themselves to understand and accept; fundamentally, hiring is a process of elimination. Regardless of how many applications an employer receives, the ratio revolves around several applicants versus one job opening, necessitating elimination.

Essentially, job gatekeepers—recruiters, HR and hiring managers—are paid to find reasons and faults to reject candidates (read: not move forward) to find the candidate most suitable for the job and the company.

Nowadays, employers are inundated with applications, which forces them to double down on reasons to eliminate. It’s no surprise that many job seekers believe that “isms” contribute to their failure to get interviews, let alone get hired. Employers have a large pool of highly qualified candidates to select from. Job seekers attempt to absolve themselves of the consequences of actions and inactions by blaming employers, the government or the economy rather than trying to increase their chances of getting hired by not giving employers reasons to eliminate them because of:

 

  • Typos, grammatical errors, poor writing skills.

 

“Communication, the human connection, is the key to personal and career success.” ― Paul J. Meyer.

The most vital skill you can offer an employer is above-average communication skills. Your resume, LinkedIn profile, cover letters, and social media posts should be well-written and error-free.

 

  • Failure to communicate the results you achieved for your previous employers.

 

If you can’t quantify (e.g. $2.5 million in sales, $300,000 in savings, lowered average delivery time by 6 hours, answered 45-75 calls daily with an average handle time of 3 and a half minutes), then it’s your opinion. Employers care more about your results than your opinion.

 

  • An incomplete LinkedIn profile.

 

Before scheduling an interview, the employer will review your LinkedIn profile to determine if you’re interview-worthy. I eliminate any candidate who doesn’t have a complete LinkedIn profile, including a profile picture, banner, start and end dates, or just a surname initial; anything that suggests the candidate is hiding something.  

 

  • Having a digital footprint that’s a turnoff.

 

If an employer is considering your candidacy, you’ll be Google. If you’re not getting interviews before you assert the unfounded, overused excuse, “The hiring system is broken!” look at your digital footprint. Employers are reading your comments, viewing your pictures, etc. Ask yourself, is your digital behaviour acceptable to employers, or can it be a distraction from their brand image and reputation? On the other hand, not having a robust digital footprint is also a red flag, particularly among Gen Y and Gen Z hiring managers. Not participating on LinkedIn, social media platforms, or having a blog or website can hurt your job search.

 

  • Not appearing confident when interviewing.

 

Confidence = fewer annoying questions and a can-do attitude.

It’s important for employers to feel that their new hire is confident in their abilities. Managing an employee who lacks initiative, is unwilling to try new things, or needs constant reassurance is frustrating.

Job searching is a competition; you’re always up against someone younger, hungrier and more skilled than you.

Besides being a process of elimination, hiring is also about mitigating risk. Therefore, being seen as “a risk” is the most common reason candidates are eliminated, with the list of “too risky” being lengthy, from age (will be hard to manage, won’t be around long) to lengthy employment gaps (raises concerns about your abilities and ambition) to inappropriate social media postings (lack of judgement).

Envision you’re a hiring manager hiring for an inside sales manager role. In the absence of “all things being equal,” who’s the least risky candidate, the one who:

  • offers empirical evidence of their sales results for previous employers, or the candidate who “talks a good talk”?
  • is energetic, or the candidate who’s subdued?
  • asks pointed questions indicating they’re concerned about what they can offer the employer or the candidate who seems only concerned about what the employer can offer them.
  • posts on social media platforms, political opinions, or the candidate who doesn’t share their political views?
  • on LinkedIn and other platforms in criticizes how employers hire or the candidate who offers constructive suggestions?
  • has lengthy employment gaps, short job tenure, or a steadily employed candidate?
  • lives 10 minutes from the office or 45 minutes away?
  • has a resume/LinkedIn profile that shows a relevant linear career or the candidate with a non-linear career?
  • dressed professionally for the interview, or the candidate who dressed “casually”?

An experienced hiring manager (read: has made hiring mistakes) will lean towards candidates they feel pose the least risk. Hence, presenting yourself as a low-risk candidate is crucial to job search success. Worth noting, the employer determines their level of risk tolerance, not the job seeker, who doesn’t own the business—no skin in the game—and has no insight into the challenges they’ve experienced due to bad hires and are trying to avoid similar mistakes.

“Taking a chance” on a candidate isn’t in an employer’s best interest. What’s in an employer’s best interest is to hire candidates who can hit the ground running, fit in culturally, and are easy to manage. You can reduce the odds (no guarantee) of being eliminated by demonstrating you’re such a candidate.

_____________________________________________________________________

 

Nick Kossovan, a well-seasoned veteran of the corporate landscape, offers “unsweetened” job search advice. You can send Nick your questions to artoffindingwork@gmail.com.

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