The Executive Edge (Professional Development and Continuous Learning)

ThinkstockPhotos-493711399

Published by CPA Canada in CareerVision

One of the interesting things about a career in business is that the more you learn, the more there is to know.  With the many functional aspects of the corporate world, such as accounting, finance, marketing, and human resources; coupled with industry trends, competition, technology, and practical experience gained on the job, a business person could spend every waking hour learning more.  What’s troubling is when people seem to stop learning, something particularly prevalent among the mid-level ranks, when formal studies have been left behind for what seems like more freedom and spare time.

Those who have successfully reached the executive level know how important continuous learning and professional development are.  Quite simply, they are a given.  Thinking that once you reach the “top job” means that you have sufficient knowledge and can take a pass on learning more is a myth, and even worse, a recipe for trouble.  Skilled executives know that in order to become and stay successful, it’s important to learn as much as you can, given the rapid pace of change and many economic factors.  Starting good professional development habits early not only brings the necessary knowledge base to generate success on the job now, it also instills the important continuous learning routine to practice throughout your career.

Experienced executives know that there are a number of skills that are crucial for achieving success in their role.  Taking the initiative to understand and adopt these important skills can give you the Executive Edge; one that differentiates you from others in your peer group and generates better results today, while helping to prepare you for advancement tomorrow.  In this series, we have already considered the importance of comprehensive reading, clear communication, and consistent reliability.  Here’s more about why professional development and continuous learning are so important.

 Where it Goes Wrong

Early career days tend to be characterized by lots of excitement around a new role, new workplace, and what seems like endless opportunity.  Fast forward a few years to what can become days of routine, expectations that haven’t been realized, and enthusiasm can start to fade.  What’s more, your work environment can actually influence how you see the world, including your role, impact, and future prospects, and this can be a problem, particularly in a workplace that isn’t as positive as it should be.  Before you know it, your attitude is on the decline, which (you guessed it!) can start to impact your career advancement prospects.

This might sound a bit dramatic, but it unfortunately happens far too often.  With the many ways to absorb professional development these days- webinars, podcasts, online learning, and convenient breakfast/lunch seminars; being in the know is easier than ever.

Get the Executive Edge

Turn a bad situation around (or avoid it altogether) by getting on the professional development path; learn new skills, seek out opportunities, and spend some time with the crowd that wants to (and probably will) go places; here’s how to get started:

  • Set goals and priorities. Step back and think about your career objectives over the next year, as well as three, five, and even ten years from now. Where do you want to go?  What roles are of interest to you?  Once you have established an overall plan, it’s easier to identify the professional development programs that would be most beneficial to you.
  • Benefit from the experience of others. Get advice from others as to courses or PD resources that they have tapped into; find out what was of value and what worked well for them.  Ask your supervisor about professional development activities that would help you to advance in the workplace, perhaps to positions you have already discussed.  This approach can help to ensure that you spend your time wisely and might also identify some options you had not considered.
  • Seek out workplace PD programs. Many employers have professional development programs that offer courses and seminars and/or provide financial support to employees who successfully complete studies in areas that are relevant to their job.  These programs can provide tremendous benefit to employees, such as the chance to complete a designation program fully financed by the company, as opposed to the staff member.
  • Work within your time constraints. Have what seems to be no time at all for continuous learning?  These days, that’s not a problem, as there are so many ways to learn.  Despite a busy lifestyle, most people can find the time to tap into online learning resources or podcasts at their leisure.

Successful executives know that they can learn something from almost any situation, good or bad, and they never stop seeking out the chance to do so.  We all know that knowledge is power, so the only way you lose is by not getting started.

The Executive Edge (Reliability)

ThinkstockPhotos-462251959

Published by CPA Canada in CareerVision

Many of us grew up with parents who always challenged us to be our best.  “Take pride in everything you do”  “Do the very best you can before turning in your assignment” “Check your work!” Given the many times these lessons were repeated during our childhoods, it’s a reasonable assumption that the outcome just might be an attitude of high achievement that comes from within and lasts a lifetime.  If this is the case, why is it that the impact of so many of these lessons seem to be absent from the workplace?

Most careers begin by starting out in an entry level position and progressing forward, as skills and competencies develop and opportunities for advancement emerge.  One of the important factors that employers consider in this regard is the degree of self managed initiative and “ownership” that a staff member exhibits in performing their job.  In other words, are staff members challenging themselves to generate the best possible work, or are they simply putting in a marginal effort and passing their output to the next level without any real accountability for the results?

Experienced executives know that there are a number of skills that are crucial for achieving success in their role; consistently demonstrating high quality results is certainly on the list.  Taking the initiative to understand and adopt these important skills can give you the Executive Edge; one that differentiates you from others in your peer group and generates better results today, while helping to prepare you for advancement tomorrow.  In this series, we have already considered the importance of comprehensive reading and clear communication.  Here’s more about why taking ownership of your role to generate great results is so important.

Where it Goes Wrong

Here’s some information that might be a bit of a news flash to those who fail to advance in the workplace: it is not your supervisor’s role to find the mistakes in your work- it is your responsibility to do so.

Yes, it’s true that supervisors and managers do find errors in the work of others, but quite frankly, this often occurs in the course of performing their actual role (i.e., being responsible for a particular area of a business), and also, unfortunately, because too many staff members don’t take enough care in completing their work.  As a result of this situation, staff members who live by the rules of always putting their best effort forward are easily differentiated from their peers and often have the best opportunity to advance to more senior roles.

Get the Executive Edge

Put yourself on the executive path by remembering the good advice that many of us received years ago- take pride in your work!  Gain the reputation of bringing quality and reliability to everything you do; here’s how to get started:

  • Understand the requirements first. When approaching any task, take the time to fully understand what is required. Read instructions fully and make the effort to ask for clarification where required (flashback to our first article in this series: it’s amazing how many people don’t take the time to read thoroughly!).  Time to prepare well is time well spent.
  • Take notes. Experienced executives recognize that the corporate world is complex and the number of tasks at hand can be extensive.  Thinking that you will remember it all doesn’t make you look smart; it makes you look inexperienced!  Taking notes on how to complete tasks and workplace assignments is an important support to generating a quality result.  It also allows you to build your own reference manual.
  • Check your work.   Once you have completed a task, step back and review it from a fresh perspective.  Make yourself accountable for finding any mistakes or areas of improvement before passing your work to the next person.
  • Learn how supervisors and managers approach their review role. Take the opportunity to speak with your supervisor to learn more about what they look for when reviewing the work of others. Ask them what success “looks like” for the particular task in order to visualize and better understand what you need to do to generate a successful outcome.
  • Document and learn from your mistakes. Treat every experience where feedback is received as an opportunity to learn and improve.  Remember that supervisors expect staff members to learn from these experiences and not make the same mistakes in the future.  Challenge yourself to never make the same mistake twice.

It’s often been said that work that is done quickly, but not correctly, is of no value.  This is true.  Add up your time to complete the task initially; your supervisor’s time to review your (substandard) work; and the time to revise and review the work again and this lesson becomes crystal clear.  The real risk, however, is situations where poorly completed work somehow makes it through the review process into a larger realm, potentially damaging the company and, perhaps, others.  This risk alone is reason enough to check your work!

The Executive Edge (Communication)

ThinkstockPhotos-122413525

Published by CPA Canada in CareerVision

Communication is one of those things that we all have to do in life, every single day.  What can differentiate successful executives from those who don’t make it to the top is the manner in which they approach the issue of communication.  Simply put, communication is a serious thing; it’s the difference between being understood and not being understood.  Skilled executives take it one step further, viewing communication as a tool to be completely understood.  That’s powerful stuff.

It’s no secret that failing to communicate well could result in everything from poor decisions to catastrophic misunderstandings, regardless of any good intentions along the way.  Despite this reality, too many people in the business world fail to communicate well (or even at all, in some cases), especially in a world of text messages and other informal interactions.  What’s more, many people just don’t realize how much poor communication not only increases risk, but also limits their potential to advance to more senior roles.

Experienced executives know that there are a number of skills that are crucial to achieve success in their role; everything from comprehensive reading to being consistently reliable, and having a great ability to communicate is no different.  Taking the initiative to understand and adopt these important skills can give you the Executive Edge; one that differentiates you from others in your peer group and generates better results today, while helping to prepare you for climbing the ladder tomorrow.  In this series, we have already considered the importance of comprehensive reading.  Here’s more about why good communication skills are so critical to success.

Where it Goes Wrong

Have you ever tried to advance an initiative or workplace project with a group of co-workers that just doesn’t seem to be moving forward?  Staff members seem confused about what their responsibilities are.  Duplication of effort occurs, due to a lack of clarity over who is supposed to do what (and, after a while, no one seems to care).  Numerous meetings are held, but at the end of an hour or two, no one is quite sure what the next steps are.  Nothing seems to get done, and enthusiasm starts to fade.  Why does this happen?

Although this type of situation can arise due to a number of factors, one of the main problems is always communication.  This includes everything from having clear meeting agendas and discussion topics, to how the discussion process is managed, to meaningful documentation of decisions and next steps.  No wonder success can be so difficult to achieve.

But, consider this: every day, thousands of hours of staff and management time are wasted by working on initiatives that lack the clarity and communication to move forward.  As disturbing as this is, it’s also an opportunity for you to take a leadership role and cast some much needed light on the situation.

Get the Executive Edge

Put yourself on the executive path by taking a vow to always strive to be understood and invest in the necessary professional development, attention to detail, and practice to do so.  Once you do, not only will you develop important executive skills, you will also make a meaningful contribution to improve how your work environment functions (and, yes, results do matter).  Here’s how to get started:

  • Keep it simple. Anyone can make something sound complicated; the real talent is in taking something that is complicated and making it understandable to others.  Any situation can be crystallized to a simple concept that others can easily absorb; you just have to find it.
  • Strive to be “crystal clear”. If you consciously focus on delivering your message in a manner that is as clear and understandable as possible, chances are, it will be sufficiently clear to others.  Sounds simple, but it works.
  • More isn’t always better. Rambling on and burying the point in volumes of peripheral information doesn’t enhance communication.  Use words carefully and weed out any unnecessary language that clutters the message.
  • Clean up writing skills. Be honest with yourself: many people would benefit from taking a business writing, grammar, or presentation course to improve their communication ability. Another option is to spend more time working with people who write well and volunteering to complete tasks that have a significant communication component (practice works!).
  • Document discussions, decisions, and next steps. Nobody enjoys taking meeting minutes, developing agendas, or updating project workplans; however, these are important components of the executive world and you need to be able to do these things well in order to move forward. So, raise your hand next time these types of tasks are up for grabs.
  • Keep it moving. Executives are always thinking about the next steps or “so what?” aspect of everything they do. Keep communication meaningful by making it practical and action oriented.

Keep it up and something strange might start to happen; some of your peer group may actually start to improve their communication skills as well.  Don’t believe it?  Well, you might just be surprised by what good communication can do.

The Executive Edge (Comprehensive Reading)

ThinkstockPhotos-103802289

Published by CPA Canada in CareerVision

Ever wonder what it really takes to join the ranks of senior management?  Hard work, a strong level of technical or specialized knowledge, and the broad perspective to manage others all come to mind.  It’s not surprising that successful candidates often spend years completing professional designations and gaining particular on the job experience to help prepare them for roles at the senior or executive levels.

What might be surprising, however, are the fundamental skills that successful, top level people typically exhibit and consistently practice.  These skills are not characterized by complicated research, formulas, or complex business practices and are, in fact, much more simplistic than that.  These characteristics are more about the approach that the individual takes to fulfil their role on a personal level and are essential to generating a positive result.  Things like comprehensive reading, active listening, concise communication, and consistent reliability are all important skills that are typically exhibited by strong senior level managers.

Executives know that failing to do any of these things could result in poor decisions, at a minimum, as well as the real potential for crisis situations and more in the worst case.  Despite this reality, too many people in the business world fail to utilize these vital skills, especially those in the mid-ranks with expectations to progress further.  What these people don’t realize is how much a lack of attention to detail limits their progress in terms of advancement, and might even result in being labeled as not having the potential for more senior roles.  Don’t let this happen to you!

Instead, take the initiative to understand how executives approach their role and start to adopt these behaviors.  Practicing these skills consistently will not only differentiate you from others in your peer group and generate better results today, they will also help to prepare you for climbing the ladder tomorrow.  In this series, we will consider several skills that will help give you the Executive Edge.  Let’s get started with the first skill: comprehensive reading.

Where it Goes Wrong

Have you ever sent someone an email with what you thought were fairly straightforward instructions, only to receive a response that seemed completely out of left field?  “Did she even read my email?” you wonder.  “I went out of my way to make this so simple for him; how frustrating!” you complain.  Why does this happen?

Assuming that you did communicate your instructions in a clear and concise manner (we will get to that in a future article!), the bottom line is that too many people just don’t read!  Although they might have read carefully at the beginning, a common shortfall is to skim the rest, not paying attention to critical information or what was being asked in terms of response or “to do” items on their part.  Experienced executives know that this approach can actually be fatal.

Get the Executive Edge

Put yourself on the executive path by doing something really simple; just read (yes, all of it!).  The challenge of comprehensive reading often comes with doing it consistently and completely, but practicing this skill and using it without exception are critical for managing the risk levels of executive roles.

  • Don’t skim. Skilled executives read thoroughly, from the beginning of a document or email right to the end.  The challenge is to maintain focus in order to concentrate on what is being said, without any incorrect interpretations.
  • Don’t let your mind wander. If you feel this happening, stop reading, go back to the top of the last paragraph, and begin again.  If you pay conscious attention to not letting your mind wander, you will be surprised how quickly your attention level starts to decline.  This will happen less frequently if you practice.
  • Learn to absorb information quickly. Practice allows you to effectively open your mind and absorb new information quickly, but also thoroughly and completely. Skilled executives might look like they are skimming, due to the pace of their reading; but instead, they have practiced well to absorb information quickly.
  • Think about next steps. Executives are always thinking about the next steps or “so what?” aspect in relation to what they read. This approach makes written material more action oriented and keeps the “what is being asked of me?” question top of mind.
  • Appreciate the value of executive summary type documents. Given that executives do, in fact, read thoroughly, this increases of importance of concise documents, such as the executive summary.  Communications that focus on the core issues of a situation, decision points, and next steps are critical, as opposed to long winded documents that include unnecessary information or never get to the point.  Keeping this in mind when communicating with others actually helps to practice comprehensive reading skills.

Think it sounds easy?  Too easy to bother?  Now, that’s a mistake.  The reality is this: executive level issues and decisions are often based on complex information and situations.  In order to grasp the material, it takes practice to absorb it.  This is just another reason to start practicing now, while the stakes are certainly important, but are not quite so high.

Put Yourself to Work (Pay it Forward)

As published by CPA Canada in CareerVision

One of the things that can happen as you progress in your career is the feeling of a sense of distance from where it all started.  A few years in the corporate world can seem much longer, and as roles and responsibilities change and careers advance, it can be easy to forget what it was like back in the day, when you were sitting in that trench (oops; cubicle).  Wow; putting yourself to work, through things like professional development, volunteer opportunities, and workplace assignments, has really helped to move you forward from where you were just a few years ago.

Remember how frustrated you were when the “people at the top” didn’t seem to have any appreciation for the front line working folk?  “They don’t know how difficult it is down here!”  “It was so much easier to get ahead in their day.”  “I work like mad and no one seems to notice, much less appreciate, my efforts.”  Many people starting their careers and trying to get ahead have felt this way, and probably swore they would do things differently if given the chance.

Now that you are one of the “people at the top”, you have that chance; to take the put yourself to work attitude and pay it forward by creating the business environment that you always wanted to be a part of back when you were just starting out.  Remember that employer that you left behind because they didn’t create an environment that fostered achievement and career development?  Take a good look around and make sure that you are not contributing to creating a similar environment.  You can take steps to create a workplace that motivates staff members to perform at their best, stay engaged, and move forward.  How?  By putting yourself to work; this time, on the employer and leadership side of the equation.

Put Yourself to Work:  Pay it Forward

  • Be a learning organization: companies that encourage continuous learning through events such as workplace seminars and training not only keep their staff members up to speed, they also attract high performers who value this type of environment. Staying on top of industry, product and service, and regulatory developments not only makes good business sense, it also creates a shared responsibility to be in the know (just think, no more of that “it’s not my job to know about that” attitude).
  • Promote achievement through professional development programs: encouraging staff members to complete relevant designation programs and other types of courses and rewarding those who are successful is a great way to enhance your corporate knowledge base and motivate at the same time. Companies that fail to recognize the importance of professional development put their business at risk in terms of losing high potential staff members, as well as being less competitive in the marketplace.
  • Encourage meaningful workplace assignments: it’s often been said that education is only half of the mix, when it comes to becoming truly skilled in a particular area.  The other half of the equation is practical experience.  Workplace assignments can take the form of temporary responsibilities, special projects, cross training, and job rotation.  Whatever the approach, both the company and the staff member win: through enhanced skill, depth, and interest level.
  • Be a mentor: remember how it felt when a more senior person took an interest in you and your career development? You probably learned lessons through their experiences that you couldn’t have otherwise accessed at your current level of development.  Benefit from taking the time to be a mentor; you might just be surprised what you learn from your mentorship partner.
  • Encourage volunteerism, both internally and externally: it might be hard to believe, but there are actually people out there who don’t volunteer or even stop to think about the benefit of doing so. Translate this attitude into an organization and you can end up with a pretty uninspiring place.  Encouraging volunteerism, either through in-office campaigns or external postings not only motivates staff members, it also provides the opportunity to develop new skills, particularly in the area of leadership.  And one of the really great outcomes is that the company, the employee, and “the cause” all benefit

Congratulations, you made it!  You put yourself to work and made a number of promotions your own.  Now, you have the great privilege of creating an environment to put the next generation to work.  So, do it.

Does your CEO Successor have the Right Stuff? Avoid these 5 candidate types when selecting a potential successor

Published by Divestopedia

For many reasons, business leaders can find themselves at a loss when trying to identify a potential successor.  Part of this could be due to the founder having started the business many years ago and building the leadership role around himself.  Similarly, a particular business can be so synonymous with its founder, that it’s difficult to imagine anyone else actually taking the company forward.  Sounds typical, right?

What does this mean in practical terms, when a business leader is in the process of seeking a potential successor to assume their role?  Financial and transactional issues aside, ensuring that potential leadership candidates are truly CEO material is a key issue; one that often gets clouded by other matters, leaving the business leader in a state of confusion.  Combine this with probably not allowing sufficient time to undertake the succession planning process and watch the desperation begin to appear.  Suddenly, potential successors start to look a lot more ideal than they actually are.

Here’s the reality of the leadership role: CEO’s require the ability to oversee a company across all functional areas, including administration, sales and marketing, finance, products and services, as well as liaising with various external parties, such as financial partners, customers, and regulators.  As a result, a CEO is not typically on the “front line” of delivering services; rather, they reside a level or two above the action so that they have the right sightline to oversee all key areas and resources.

So, if you’re not sure who your successor should be, start off by understanding who the next CEO shouldn’t be.  The following types of candidates typically don’t represent a good choice:

Can’t let go of the detail—some people work at their best on the front line, analyzing information, understanding detailed problems, and perhaps working directly with customers. Their focus is narrow (i.e., departmental, as opposed to organizational), and they might even regard tasks that fall outside of their direct area of focus as an interruption or annoyance.

Although they often excel in their current role, these people, by their very definition, typically don’t make good CEO’s.  The reality is they lack the skills or interest to oversee a company across various functional areas and are at their best when working in a specialized area, such as product development, sales, or technology.  Lots of businesses make the mistake of promoting this type of person to a broader, more senior role than they can handle, when they probably should have been left in their current position.

Winner by popularity alone—taking the approach that being a CEO is all about being popular and liked might be more common than expected. The reality is, CEO’s often have to make tough decisions that won’t be popular, but are in the best interest of the company.  Selecting a successor because “he’s a great guy” or “people will like her” isn’t a good approach.  What a potential successor can bring to the role is what really matters, so don’t get caught up in polls and popularity contests.

Winner by family alone—family businesses bring an added layer of complexity to the succession planning process, and if the goal is to have the company survive for the long term, being a family member isn’t reason enough to be its next leader. Again, skills, experience, and what is in the best interest of the business should prevail, unless you want to be one of those companies that doesn’t last for generations.

Thinks the product is the business—although products and services are an important component of any company, they do not represent the whole company. In the absence of cash in the bank, the ability to invoice and receive payments from customers, a qualified sales force, reliable distribution, and sound operating systems, the product or service alone, in relative terms, isn’t worth much.  Good successor candidates understand how a company as a whole operates and all of the pieces that are needed to operate a business, as opposed to just focusing on products and services.

Doesn’t have a long term focus—leading a company requires the ability to see not only where you are, but also where you are going. Real growth typically doesn’t happen in the short term, and with business cycles fluctuating over time, a good CEO needs to have the patience and ability to ride it out and take the company forward.  Potential successors that are not able to do this typically lack the long term commitment and stability that are required in the CEO role.

Surprised by this list?  The reality is that many business leaders don’t think about succession from this perspective; it’s more about “who do I know?” or “who is the best fit from what we currently have?”.  Instead, it’s best to take a more strategic approach and seek out candidates who really have the right stuff to thrive in the CEO role, now and well into the future.

Put Yourself to Work (What to do when it “isn’t working”)

As published by CPA Canada in CareerVision

So, you’ve been busy, busy, busy; volunteering your time with non-profit organizations, taking on extra work assignments, and helping out with the office social committee.  You have enrolled in a professional designation program (completed the first two courses with flying colors!) and thanks to your persistence, have been able to convince your CEO neighbour to meet for mentoring sessions once a month.  You are Putting Yourself to Work like a house on fire!

Compare this to your workplace cubicle mate, who doesn’t seem to do much more than the job at hand (who, me, volunteer?) and manages to spend weekends out with friends without a care in the world.  The assignments you get are no better than his (and might even be a bit worse at times), despite all of your efforts and the talent you are developing.  What’s more, annual performance reviews were last week and your appraisal was nothing out of the ordinary: an awkward meeting with your boss, the clichéd “keep this up and you will be promoted soon”, a handshake, and you’re adjourned.  Not exactly what you had in mind, given all the extra work you’ve been doing.

“Isn’t anyone paying attention around here?” you wonder, passing your co-workers on their way out the door for afternoon coffee.  You’ve been doing everything you can to expand your skills, show initiative, and position yourself for a more senior position, with no real progress (except for your own).  What’s happening here?  Times like this are ideal for having a good look at the situation and taking stock.  Here’s how.

Put Yourself to Work:  What to do when it “isn’t working”

Despite all of your efforts, your lack of progress could be due to a few things:

  • Not enough time has passed—although you’ve put your nose to the grindstone for what seems like forever, how long has it been really? The busier you are, sometimes the longer it seems you have been working (in fact, you are accomplishing more, which is a good thing).  Step back and determine how long you have been “in development”, and if it’s only been a few months, a bit more patience is required. Putting yourself to work is an investment and is actually a progression to developing a new mindset, so recognize that it might take a year or two to see the progress you desire (remember that it did take you longer than this to complete your university education or professional designation.  Although the tactics might be different here, but it still takes time to make tangible progress).
  • You might be off-course—sometimes we can get so busy that we don’t take the time to step back and determine if we are focusing on the right things (think of how some tasks just seem to lead to other, more obscure tasks). Ask yourself if you need to make some adjustments to focus on activities that are directly related to where you want to go and, if so, get back on track.  If you are having difficulty identifying the key issues, your mentor could be a great resource to provide a more objective viewpoint
  • You might not making the impact you think you are—now, this is the time to take a good, hard look in the mirror (which can sometimes be difficult to do). Although you might be working hard, are you really getting the necessary results to demonstrate that you are mastering the task at hand?  Sometimes, we take on so many tasks that we don’t have the necessary time and energy to truly excel.  Remember, “quality” is more important than “quantity”, and you’re better to establish the reputation of excelling at whatever you do, as opposed to taking on many things with less than stellar results.
  • You might not be in the right environment— the previous three areas have given you the opportunity to have a good look at yourself and your progress. This area requires you to look around at your workplace and ask the question if it is one that is receptive to achievements such as volunteerism and professional development.  Although it might be difficult to believe, some workplaces don’t fully appreciate the benefits of these enrichments.  Look at the achievements of the leaders in your workplace to determine if they are actively involved in these areas and to get a sense of their attitudes in this regard; it just might be that you’ve progressed to a point where you should consider your options.  Should you decide to do so, be sure to evaluate any potential employers in terms of the value they assign to areas like professional development, volunteerism, and mentorship.

Whatever your analysis reveals, recognize this: you have made achievements that are an investment in yourself and this store of value will follow you wherever you go.  That’s the whole point of putting yourself to work.

Put Yourself to Work (Validate your Value)

Published by CPA Canada in CareerVision

One of the biggest questions that people in the workplace have is whether or not their level of compensation is fair.  Am I being paid enough?  Why is she being paid more than I am?  He got another raise (at least, I think he did); what about me?  Anyone who has been employed for a while will be very familiar with these nagging questions, on both a personal and workplace level.

The reality is that, left unresolved, these questions can actually impact how you view your job and your level of performance, and simply put, that’s not good.  Couple this with all of the effort you have made to invest in yourself, perhaps through taking on workplace assignments, professional development, or volunteer opportunities, and you really have a need to better understand what your value in the marketplace actually is.

Although some might protest that this is “too much work” or “not worth the trouble”, if you really want to resolve any compensation related uncertainties and obtain the information you need to move yourself forward, this type of research is a must.  End the ambiguity by taking practical steps to understand and validate your value.  Here’s how.

Validating your Value

Compensation should be considered both in internal (i.e., within the particular company) and external (i.e., in the marketplace, including similar positions) terms.  What a specific position is “worth” can also be impacted by other factors, such as geographic location, industry type, and size/complexity of the organization.

Put yourself to work

  • If you are not already familiar with the various positions in your department, take the time to understand what the various jobs are, the order of their seniority, and where the typical career progression paths are.
  • Ask your manager what the salary range is for your current position, as well as any variable compensation components, such as bonuses or commissions. Organizations should have a salary range for each position, which will give you an indication of the earning potential for your current job.
  • Ask your manager to provide you with an indication of the skills and experience that are required to progress to the next level. It is also helpful to know whether or not there will be a promotion opportunity available in the foreseeable future and the length of time that is typically required for a staff member to achieve promotion status, based on typical circumstances.
  • External (or market) compensation levels should also be investigated, to help understand how your current earnings and the salary range for your position compare to that of similar positions at other companies. Some of the sources to seek out include:
    • Salary surveys, which are typically conducted by professional associations or human resource companies;
    • Current job postings for other companies, which can be accessed through employers, recruitment firms, and online job boards;
    • Research sources, such as governmental agencies and companies that follow particular industries or types of jobs; and
    • Networking, with people that work in similar types of jobs or organizations
  • Compile the external information you have gathered and try to get a sense of how your current compensation and salary range compares. You might find that your compensation is lower than market (or be surprised to find out that it is higher than market levels; so much for complaining!), but should resist the temptation to react emotionally to this information.
  • Prior to taking any further steps, it’s a good idea to get a second opinion on your findings from someone who is more experienced in this area; perhaps a mentor or person that has human resources or senior business experience. Compensation is a complex area with many factors, so it’s important to take the time to understand the information before taking any further steps.
  • If, after conducting this process, you are comfortable with your level of compensation, rest in the knowledge that you have gained information that has validated your current value and have identified the process to do so in the future. Knowledge is power and is a must in taking control of your professional future.
  • If you still have concerns or questions about your compensation, request a meeting with your manager to discuss the matter. You must, however, plan for the meeting, including laying out the information you have gathered to logically demonstrate your concerns (this includes highlighting achievements you have made to increase your personal value, including all of the areas discussed in this series).  Do not take the approach of complaining without substance.
  • Going forward, stay current with internal and external compensation developments and use the information to evaluate both your earnings progression and career development priorities.

Knowledge provides choices: to stay, to go elsewhere, or to rise to the next level.  This approach is so much better than being caught in the cycle of uncertainty and ambiguous information.  So, break that cycle!

Put Yourself to Work (Volunteer Positions)

Published by CPA Canada in CareerVision

One of the biggest challenges you might face when building your career is a plain old lack of experience.  Although you probably have taken lots of courses and have a great deal of education, in the business world, experience matters (in a huge way).  As seasoned business people will tell you, it takes years to gain the experience and professional judgement to successfully ascend the ranks, and perhaps more importantly, to know what to do when you get there.  As a result, junior level staff members are limited in terms of how far they can progress, as experience is required to effectively undertake the decision making and problem solving that is so critical in more senior roles.

When you’re in an entry or even mid-level position, it can be a challenge to have the opportunity to practice skills that are of a more managerial, decision making, or strategic nature.  Guess what?  You’re in luck!  There are many organizations that depend on volunteers to support their efforts, including board and committee members.  The benefit to you is that these types of opportunities can give you the chance to do things that you are not able to do in your current job, such as helping to plan and run events, serving on committees that analyze information and make recommendations on particular issues, or learning how a Board of Directors operates.

Volunteer positions represent a real opportunity to get involved and start increasing your knowledge, experience, and personal value.  Thus far in this series, we have considered the benefits of in-house seminars, training, & networking, professional development, work experience & assignments, and mentorship opportunities.  Here’s how to make the most of volunteer positions.

Volunteer positions

Although volunteer positions are a great way to make a contribution to your community, choose well and they can be the gift that keeps on giving.  But, in order to benefit, you have to get started.

Put yourself to work

  • Boards and committees provide the opportunity for gaining an excellent level of experience, but also involve a considerable amount of responsibility. This is not a bad thing, as long as you focus on getting involved with a strong organization that provides the real potential for getting a good level of experience (so, choose carefully!).
  • Start paying attention to the non-profit organizations in your community, as many make it known when they are seeking volunteers. Professional associations also represent a good volunteer opportunity.
  • Let others know that you have an interest in volunteering and approach organizations that are of interest to you.
  • It pays to do your due diligence before agreeing to serve; meet the principals of the organization, understand its state of affairs (including financial position), and the current issues and challenges. Inquire about Directors’ and Officers’ insurance, indemnities, and financial obligations.  Ask around to ensure that you would not be entering a “troubled organization”; if board member turnover is high, for example, there may be reason for concern.
  • Find out who else is on the particular board or committee, as it’s a good idea to surround yourself with experienced people who can transfer knowledge to others.
  • Be realistic about the amount of available time that you have and work within it. Over committing too often results in not being able to fulfill the role, and it’s better to make no impression than to make a bad impression.
  • Expect to start at an entry level (if you don’t have any previous experience), but hard work gets noticed and can create opportunities to move up to more senior roles.
  • Those with a business background (accounting, in particular) are valued for the ability to serve on Finance and Audit Committees. Given that this is typically an area of short supply, it’s a good way to get involved (and one of the easiest ways to learn about an organization is to start by understanding how and where the money flows).
  • Once you get involved, ensure that you fulfill your role well, through thorough preparation and thoughtful contribution to meetings. When you are getting started, it’s a good idea to listen carefully to become acquainted with the organization, instead of spending too much time talking.  Seek to impress, and offer to take on additional roles or tasks only once your initial responsibilities are fulfilled (and only if you have the time).
  • If things are not working out, trust your instincts and consider moving on. If you find yourself in this type of situation, it’s advisable to seek advice from someone with a good level of board experience who can assist you in making a professional exit.

Remember that the benefit to you is the opportunity to get the experience you need to move forward in your career.  It doesn’t matter that it wasn’t gained in your “day job”; what matters is that it’s on your resume and you did it!

Put Yourself to Work (Mentorship Opportunities)

Published by CPA Canada in CareerVision

At times, getting ahead in the business world can be far more difficult than most would imagine.  Building this type of career requires one-part education, one-part determination, and three-parts experience (at a minimum; no wonder you feel so tired!).  But the age old “how do you get experience if you don’t have experience?” question often represents a problematic conundrum that can threaten to stop many a young business upstart in their tracks.  If only there was someone to ask; someone who could help to find doors to walk through when all you see are brick walls.  The good news is that help is available, and perhaps, only a coffee date, phone call, or text message away.  Welcome to the world of mentorship.

Mentorship is just one of the many ways to take action in building your own personal value in the business marketplace.  Thus far in this series, we have considered the benefits of in-house seminars, training, and networking, professional development opportunities, as well as work experience and assignments.  Here’s how to take an active role in making mentorship work for you.

Mentorship opportunities

Given the high experience component that is integral to building a successful business career, it’s no wonder that the concept of mentorship has fared so well in the corporate world.  Staff members who are just starting their careers or are looking to move into a new area can benefit from finding a mentor who has “been there” and “done that”.

Mentors can provide a better understanding of the requirements to move forward in a particular job or functional area and make suggestions as to how the development process could occur.  They can also be a good support when the going gets tough (and it will), as well as someone who can provide assistance to help you get back on track when needed.  Since they have been in business for a while, they can also have a great network of contacts to share, where appropriate.

Put Yourself to Work

  • The best mentorship relationships are those that are not forced or imposed upon the parties, but rather, develop naturally.
  • Places to find mentors could include people who already know you (think relatives, your parents’ friends, and neighbours who have known you for a long time and have experience in an area that is of interest to you), business or professional associations, or a more senior person in your department.
  • Take the time to get specific about where a mentor could help you the most; career planning, dealing with problematic situations, and networking assistance are all options. A bit of pre-planning can help you to get the most out a mentoring relationship.
  • Identify a convenient approach for accessing your mentor. Meeting up for a meal, coffee, or Sunday jog are all options; find what works for you so that you can develop a relationship.  Although emails and text messages can provide helpful information in a pinch, it’s a good idea to go beyond the media and spend some time face-to-face.
  • Go into the relationship with an open mind. Although you don’t have to agree with everything your mentor tells you, do take the time to give the message some thought.  Feedback should always be professional and respectful, but remember that a mentor might tell you things that others won’t (and this constructive criticism is intended to be given in the spirit of helping).  Step back and consider the source before deciding whether or not the feedback is of use.
  • Unless otherwise agreed, mentorship relationships should always respect confidentiality, in terms of the information shared and the arrangement, in general. When seeking guidance, no one wants to feel like their privacy has been violated.
  • If you are unsure or uncomfortable with the advice you are getting or if you just don’t feel that relationship “click”, consider finding another mentor. It’s not uncommon for a mentor to provide guidance in a particular area, and once the issue passes, you may need to tap into a different kind of expertise.
  • A more “passive” approach to mentorship can be achieved by working hard and getting noticed by senior staff members, both in your current department and in those you might work in temporarily. Learn from their example and knowledge and use it to build your own skills.
  • Plan to give back. Learn from the relationship so that you can take on the role of mentor to a more junior person (perhaps, a student that is just starting out) or at some point in the future.

One of the exciting things about mentorship is that it’s a two way street; mentors can also learn from those they mentor.  Tapping into the expertise of someone whose experience is beyond that of your own can help you to gain skills and insights that you don’t have (or wouldn’t have) at your current level of development.  This benefit can, in fact, create the opportunity to make real progress, at a rate much quicker than that of your peer group.  That’s worth the time and effort.

Page 6 of 7« First...34567