Hot Jobs in E-Business

Discover the hot IT careers in the New E-conomy.

E business, dot.coms--what's it all about? If you're not planning on a career as a software analyst or computer programmer, what's in it for you?

Broadly defined, E-business involves using technology instead of traditional methods to get business done. Estimates vary, but total global E-commerce is expected to be $2.7 to $7.3 trillion by 2004. The Center for Research in Electronic Commerce at the University of Texas in Austin reports that 2.4 million jobs with U.S.-based companies are currently in the "Internet Economy." Since the U.S. Department of Commerce estimates that by 2006 close to 50 percent of the workforce will work in industries that produce or use information technology (IT), your opportunities in E-business are worth looking into.

Technology Makes a Difference

It used to be that marketers focused primarily on consumers. Now marketing is all about the product--coming up with products, getting the word out to potential customers, then getting the product to consumers faster and cheaper.

The Internet makes it cost-effective to connect smaller businesses and geographically dispersed customers.

Business to business (B2B) marketing (over the Internet) is so hot that small business B2B marketing is worth $45 billion this year.

Businesses now search on-line for the lowest-cost suppliers and vendors with better service or products. In 1999, companies saved $200 million by shifting to on-line procurement.

Another area for marketing is advertising on-line. This field grew 69 percent between 1999 and 2000 and is expected to reach $21 billion by 2004. Every company is expected to have a Web site these days. However with 12 million Web sites already out there and a new domain name being registered every 5 seconds, cutting through the clutter is more important than ever.

And then there's market research. The ability to track where people go on the Web lets marketers track data about possible clients. Plus, the computer gives researchers the ability to create, maintain, and manipulate huge databases--services they used to pay outside companies for.

Accounting and financial analyst jobs rank among the top 10 best jobs for 2000 graduates, according to the National Association of Colleges and Employers (NACE). Traditionally, accountants and analysts played a major role in business by keeping track of money--where it's coming from, where it's going, and whether it's time to ask the bank for more. They took the Certified Public Accountant's exam and then landed a job with one of the Big 8 (the eight largest public accounting firms, now the Big 5). These days they look for jobs at venture capital firms.

The strong economy has increased investment overall. Half the total growth is investment in Internet-related companies. Financial analysts run the numbers to help decide whether the new business that's seeking funding is a good risk.

Staff accountants assist in the preparation of key financial reports. Economic growth has increased demand for accounting support; a 9 percent increase in hiring is expected this year. For accountants who work for dot.coms, the Internet hasn't changed accounting standards any. What has changed is the nature of how business gets done--funds can be transferred electronically and signing checks is all but obsolete. One software company completely reviews its revenues, expenses, and financial forecasts every Monday morning--an impossible task without up-to-the-minute financial systems and computer power.

Broadly speaking, an Human Resources (HR) manager's job is about how best to encourage the productivity of a company's workforce. One human resources director says, "HR is no longer just hiring and firing; everything HR touches must somehow benefit the company."

In a tight labor market, companies look for nontraditional ways to recruit new hires. One company invites job candidates to a "First Event," a casual lunch and chat event. The company assesses how candidates meet and present themselves to strangers. Successful lunchers are invited back for the "Final Hurdle," three hours of games and role-playing in which the company assesses the candidates' personalities and problem-solving skills. Incidentally, the title of the head of HR for this company is "vice president of human beings and corporate culture," symbolic of the broader scope HR is taking.

Consultants--hired experts who provide advice on a specific issue to companies--have been part of the business world for ages. The growth has been in consultants who can help clients get into E-business. These consultants provide advice on everything from what the Web page should look like to how their servers should be configured to where to find tech employees. Consulting is also listed on NACE's top 10. While anyone with an entrepreneurial spirit can become a consultant, it helps to have developed an area of expertise for which clients are willing to pay.

What It Takes

E-commerce recruiting firms talk about whether a potential new hire has "Web DNA." While it's still important to have the right set of technical skills for the jobs, companies look for other attributes. Creative problem solving, quick decision making (sometimes without complete information), teamwork, flexibility, and priority setting are all valued in the fast-paced work world. So is energy and stamina--60 hour workweeks and 12- to 15-hour days are normal.

In an interview, expect to be given a scenario and asked how you'd react in that situation and why. The company will want to know how you work under deadlines, how you react to stress, how you've improved your skills, how you've made a risky decision, and dealt with failure.

E-Training

The one sure thing that E-business has created is a demand for training. The E-world is learning intensive, and the person who thinks receiving a diploma means he's finished with school is fooling himself.

That said, what types of schooling are required for an E-career? A bachelor's degree in business administration offers several areas of competencies: Students get broad training in economics and statistics; introductions to information systems, management, marketing, accounting, and finance; and a concentration in their major areas of interest.

Generally an MBA is not required for an entry-level position, but is required to advance into upper management positions and higher salaries. Many students find they get more from specialized training if they've worked for several years. For students who can't afford to return to school full-time, there are part-time programs as well as programs condensed into weekends.

Business schools have watched the E-business trend and have responded by developing coursework and degree programs. New courses include electronic business, E-business strategy, interactive/Internet marketing, and electronic communications.

The placement director at Carnegie Mellon University reported that the average base salary has jumped from $62,000 in 1995 to $81,400 in 1999. In addition, more companies offer signing bonuses to attract students.

Improve Your Web DNA

There are two ways you can start improving your Web DNA right away. The first is to acquire the technical skills in both business and technology. Part-time work in a business setting--even as a retail clerk or hamburger flipper--presents the chance to see a business in action (if you treat it as a learning opportunity and not just a paycheck). Take opportunities in business classes or clubs to get E-business experience. Build your communication skills. Get and stay computer literate.

The second way is to build your vocabulary. Once you can walk the walk, you have to learn to talk the talk. Learn terminology by reading and watching what's going on.

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