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| Fortune 500 Job Search |
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Millions of people are employed by companies on the Fortune 500 list, so they are often on a job seeker's "target employers" list. In this section of Job-Hunt we'll help you understand more about them and how they recruit new employees.
Background
Every April, FORTUNE magazine publishes a list of the 500 largest U.S. companies, ranked by total annual gross revenue. Companies included were limited at one time to manufacturing, mining, and energy exploration, but now include banking, insurance, retail, and other industries.
Most of the companies are "publicly-held" which means shares of stock in the individual companies are bought and sold on a public stock market (NYSE, often), but "privately-held" companies (stock is not sold on a public stock market) are also included if they share their revenue numbers publicly.
Why Are the Fortune 500 Important?
The companies on the Fortune 500 list are important to job seekers for three primary reasons:
- They employ very large numbers of people.
In 2011, Wal-Mart, # 1 on the list, employs over 2,100,000 people (up 5% from the count in 2007).
On the other hand, many do seem to be very quick to lay off people in times of economic stress, perhaps size diminishing the human connection between management and employees. Many have a long-term track record of outsourcing manufacturing (and other) jobs to other countries.
- They are often "local" in hundreds or thousands of locations across the country.
In smaller areas, even one branch of a Fortune 500 company, representing a very small part of the larger company, can end up being the largest employer in the area. Think of Wal-Mart. If you live in the USA, you probably have a large Wal-Mart store a very short drive away. Same with McDonalds, another member of the Fortune 500.
- Having one of these names on your resume is often perceived as an advantage, an
indication that you have "played successfully in the big leagues."
Many positions in these very large companies are highly specialized and, often, more sophisticated in their practices than other companies. Because of the level of financial support usually (!) available, employees may be using advanced technology and other tools and techniques not yet used by - or, perhaps, known by - smaller companies.
- Having one of these names on your resume can count against you.
The brand name may have a negative connotation that poisons opportunities for you, e.g. Lehman Brothers and Enron.
Some smaller employers view big-company experience as a negative - indicating that you have become a specialist in some field, inexperienced in important related matters that were handled by other specialists at the giant company. Both views are true, to a certain extent.
As with employers of any size, "your mileage may vary."
Help Finding Employment with a Fortune 500
In this Fortune 500 Job Search column, we will profile recruiters, HR leaders, and others in a position to hire from Fortune 1000 companies around the world. We will “get into their heads” to help you understand their perspective on the recruiter process.
NOTE: There is no relationship between Job-Hunt.org and FORTUNE magazine.
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