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Apr 16 2011

J.O.B.

Redundancy Advice: Is a new job right for you?

Redundancy advice - is a job your next best step?There’s a frightening phrase you’ll hear all over the personal and wealth development field: “J.O.B. Stands for ‘Just Over Broke’”.  In some respects, it’s true – if all you’re doing is holding down a steady job and somehow hoping that it will look after you when you’re too old to swap time for money, then you are probably setting yourself up for a pretty lean retirement.  Nonetheless, I think the ‘Just Over Broke’ concept is one of the most dangerous out there, because it turns a job into a kind of dirty word. And leaping out of paid employment before you’re properly prepared is a very good way to end up completely broke!

With my clients, I prefer to describe the J.O.B. as a “Judicious Opportunity to Breathe” – to take time to identify and refine their offer, and build up some reserves for their start-up period.  When it’s being done to fund a dream, even the most annoying of jobs becomes tolerable in the short term.

In any case, for many people, a job is what suits their temperament best (but see F for ‘fractional working’ for a viable alternative). Many people love elements of their job, and certainly love the freedom from financial worry it provides. And the finance for training and investment it brings. There may be some elements of it that they’d change – the boss, some of their colleagues – but on the whole they’re happy with how they spend their workdays.

The right answer for them isn’t to throw in the job because of some self-help fallacy.  It’s to understand how they can become well-rewarded for what they love, within the context of an employment contract.  And then, how to invest the proceeds effectively.  While it’s true that very few people achieve financial freedom from a job alone, there are loads who use their salary to fund the investments that will give them that freedom in the fullness of time.  And that might be the freedom to enjoy their job!

All in all, the J.O.B. is a great way to bank some cash to fund an eventual – and planned – move into your dream life.

Feb 01 2011

Why does it matter that you love your work?

Redundancy Advice: do what you love

redundancy advice: enjoyment leads to better performanceThere’s a theory called Enjoyment-Performance Theory, derived from behavioural theory. What it says is that we perform better at tasks that we enjoy. And, we enjoy tasks we can perform well – that’s why we can perform them well, otherwise we would never have done them enough to become practised at them. And because we enjoy them, and we do them well, we practice more – and become even better at them. And the virtuous circle continues ….

That rather begs the question why we don’t all just stick to what we enjoy. The truth of it is, we generally do start off doing so – that’s why we become good at it. It may not be what makes our heart sing, but on the whole most people start out in life doing things they enjoy, to some extent. For me, that was developing relationships with clients and analysing their needs so I could help them. Of course, it was wrapped up a role called “furniture salesman” in a department store. No-one was going to offer me a job as an ‘analytical relationship-building helper’, so I had to find a position that would benefit from my particular talent.

Then people get ambitious, and get themselves promoted, so they take on other stuff, that maybe they don’t enjoy so much. I know I did; one of the worst years of my working life was the one I spent trying to be the manager of a department store. I learnt loads, mainly about myself, but I absolutely did not enjoy it, and I sure didn’t perform well. But, after all, I had to progress, didn’t I? – it’s not all about having fun, you know, it’s serious stuff, this business lark!  Hmmm …

Personally, my view is that there’s something far more serious than business … Life! And you’re doing yourself, and those who could benefit from your talents, a great disservice if you’re wasting 40-plus hours a week on something that you’re not enjoying, and therefore not performing to the very best of your abilities. So if you can’t find a way to love what you do, find a way to start doing what you love.

Anything else is a complete waste of your brilliance.

Jan 05 2011

Solutions to Redundancy: Fractional Work

One way to handle redundancy is to try fractional work

Fractional work as a solution to redundancyFor many, the work that we really love falls into a very narrow band.  So narrow that the only way to do that and nothing else is to work for a very very large business.  And many of us just aren’t suited to surviving in really large companies.  In fact, if the work that really lights you up is very specialised, it’s probably not even possible to make a full-time job doing just that in any company.

Traditional work’s answer to that is to give you some similar work to do as well.  If you’re lucky, this “filler” work is stuff that you can at least manage to do with good heart.  And more often than not, the makeweight work is stuff you really don’t enjoy at all.  It might even be stuff you hate – but you have to do it, don’t you, to fill up your time.

Increasingly, companies are turning to fractional working to get specialist work done.  I’d love to say they do that so that workers don’t have to do boring or undesirable (to them) filler tasks.  In reality, it’s more a case of companies realising that they’re better off paying a little bit higher hourly rate for a shorter time for a real specialist in a task.  They get a better result, and don’t need to pay a specialist rate for the mundane tasks that a junior could do.  The result of that, of course, is to leave our specialist with only a part-time job – hardly ideal for them!

This is where you can take advantage of the situation.  If any one employer only needs a part of your time (the part spent doing what you love), that means you have a part of your time available to do other stuff.  If you’re lucky enough not to need a full-time salary, you can take that time and improve your work-life balance.  In fact, if you <i>really</i> love the specialist work you do, your work-life balance is already fixed – it’s all enjoyable stuff.  If, like most, you could really use a full-time salary, you can go and do your specialist work for somebody else, to make up your full-time hours.

And remember I said earlier that companies may well be prepared to pay an enhanced hourly rate for specialist work?  It’s entirely possible that the rate you now get paid by each of your employers is higher than you were on before – so your full-time hours are paying more in total!

This article is an excerpt from TheBusyFool.com‘s upcoming new ebook “The A to Z of Loving Work”

Dec 18 2010

If only I’d known that before!

In redundancy profiling tools can really help

At an excellent “Inspired Entrepreneur” event recently, the lovely Gina Lazenby gave a presentation on Wealth Dynamics, a profiling system for helping you to understand your entrepreneurial ‘flow’ – what role you play in a team when you’re at your best. What came to me in a flash of inspiration during Gina’s presentation was somewhere I’d made a critical error in my corporate career, almost 20 years ago. It doesn’t really matter now, I got over it and was successful anyway – though I suspect I’d have been significantly happier during those last 15 years in corporate if I’d known about Wealth Dynamics back then.

Let me give you the background. My WD profile is “Accumulator”. I was working for a major international consumer goods company as a junior Key Account Manager – I was OK at it, but not great, and I made a couple of errors that ended up with me being moved sideways into a Category Management role. I had my heart set on being a full Key Account Manager, so I left.

career mistakeWhat Gina highlighted was that it’s “Dealmakers” who are the best at managing key relationships; “Traders” (my secondary) are good at ‘doing a deal’, but less so at handling the egos and relationships that are needed for a long-term customer – they’re better buyers than they are sellers. And “Accumulators” (my main profile) are great at analysis and seeing the opportunities hidden in data. Which is exactly what was required for my new Category Manager career. Doh!

I did OK as a Key Account Manager, rising to deal with some of the top names in the business, and to do some impressive work rescuing millions of pounds of business – twice on one famous occasion! I enjoyed it too – though it has to be said that I always had a reputation amongst my colleagues for my detailed spreadsheets (accumulator), not my spectacular sales achievements (trader) or my fantastic relationship-building (dealmaker). In effect, I was managing to be successful despite playing a game that I wasn’t best suited to, by adding my particular talent for insightful analysis to how I was doing it.

For someone with the opportunity to take redundancy, understanding how to make the biggest and best impact, and how you add the most value is critical to transforming your redundancy into your greatest opportunity.

Dec 15 2010

Success from redundancy – my case study

If you’ve seen the descriptions of the Transform Your Redundancy workshop, or read the “About Us” page on this site, you’ll know that I’m a veteran of no less than four redundancies.  Some were more planned than others, but generally I didn’t have the luxury of applying for a voluntary package or planning my exit.  Yet each time, I ended up in a better place than I started.  Here’s how I did that.

Redundancy One:

The business I was working for unexpectedly lost a major chunk of business, so someone had to go.  That was me.  The company treated me very well, and when I asked to keep the car (a nice new Audi) & phone for a bit, they made that possible.  As it was my first time through the redundancy loop, I also got an outplacement advisor.  Lesson one: ask your ex-employer for what you want to make your transition easier.  The worst they can say is ‘no’.

The outplacement advisor wasn’t bad – and certainly it was one of his suggestions that eventually got me my next job.  I have to say he didn’t cover all the angles that Peter does, and it was all about “get another job quick” and not checking whether staying in the same career was right for me, like Peter does.  Anyway, one of the suggestions was speculative approaches to other employers in the industry.  It wasn’t easy – I spent hours poring over industry directories, and even going through the products in local DIY stores, scribbling down the addresses on the back of products I thought I could sell with confidence.  Lesson 2: finding your next position is a full-time job, and it’s hard work.

Net result: a choice of two jobs, both paying more and offering more freedom that I’d had before.  30% increase in income, and I still got to drive an Audi.

Redundancy Two:

The company was trundling along reasonably happily when it’s credit line got cut off, almost overnight.  5 days to repay $1.8m USD, or it’s the receivers.  It was the receivers.  Fortunately, there was a big industry player in the wings, (conveniently?) ready to buy up the stock, and after a few weeks in administration, the stock was sold and the new company took up all the supply contracts.  And they needed people to run them – including me.

Now, here’s where I made a mistake – I took my eye off the ball during those couple of weeks, assuming I was going to need to find a new job myself, so I didn’t look after my old customers very well.  That made my life a lot harder later on in this saga, and probably cost me a bigger career advancement than I got. Nonetheless, I was well enough regarded in the major customer account that the new company was told they’d be stupid not to try to get me to join them.  Lesson 3: Don’t assume all’s lost. and Lesson 4: Stay focused on your industry relationships during any period of uncertainty.

Net result: new job with a much bigger company, more responsibility, bigger deals, better resources.  I did have to drive a Rover for a while though.

Redundancy Three:

The arrival of a new director who I didn’t get on with, some health issues, and a reorganisation meant that I became surplus to requirements.  This is probably the only redundancy that I felt was personal.  I negotiated to keep the car, transfer the mobile number, and get some outplacement (lesson 1 again – ask for what you need).  This time, the consultant took some time to understand where I wanted to go next, with the conclusion that a more involved role with a smaller company would suit my aspirations best.  With that in mind, all my job search was centred around more obscure adverts – this was before job boards really became popular – and industry contacts.  It was through those that I got an inside track on what a particularly obscure job ad was about (I think it said something like ‘great opportunity with small importer for the right person’).  So I was able to pitch my CV and my interview right to appeal to the owner, who became my new boss.  Lesson 5: use your network for industry knowledge

Net result, more money, more responsibility, General Manager role.  And a lovely silver Mercedes CLK to drive.

Redundancy Four:

Competitor activity, a shrinking market and a lack of cash meant we had to retrench hard.  The choice was lose a salesman, or lose me.  That would have meant me going on the road to replace him, and I’m no salesman!  So the owner stepped back into the GM role, and I was set free again.  This time I took the hint the universe was giving me, and set up on my own – starting as a Key Accounts strategist, that soon morphed into what I’m doing now, helping owner-managers work out which opportunities to focus their time, effort, money and resources on.

Net result: I don’t always earn as much as I did in my employed roles, and the income’s certainly not as regular.  I’ve worked in grotty little storerooms and in amazing offices overlooking the Thames.  I’ve slugged up to London in the commuter crush, and I’ve flown across the world to deliver workshops in Malaysia, Singapore & Hong Kong.  I get to drive a V6 Jaguar (do you sense cars are important to me? ;) ) And most importantly, I’m really engaged in my work, and I help real people make a real difference to their real lives.
Lesson 6 – another job isn’t always the best option!

Conclusion:
I’m happy with where I’ve got to – and there were some pretty rough moments on the journey.  I’m pretty sure I could have got here quicker, and be further forward with the right advice.  That’s why I’m so delighted to be teaming up with Peter for these workshops – I know if I’d had Peter as my career consultant when I was faced with redundancy, I’d have got it even more right.

And most importantly, we both share a passion for helping you do what you love for a living, and make a living doing what you love.

Dec 13 2010

Where’s your focus?

We’ve all heard it said so many times it’s almost corny, and it’s still true – you get what you focus on. Not magically – by a lot of effort. And that effort is directed by what you focus on.

So if you’re focussing on getting a new car, you’ll spot opportunities to get it that you otherwise would miss. That can be as simple as actually reading the cars section of your local paper. Or visiting the local car lot. Or maybe a little more subtle, noticing that car parked outside the supermarket with the “For Sale” sticker in the window. All stuff that you wouldn’t take notice of if you’re not in the market for a new car.

It’s not only direct attention that is focussed by the search for a new car. If you want a new car, yet can’t afford it, you’ll also be more likely to spot opportunities to earn the money for it. So long as you’re attention is on the car, rather than not affording it. If your focus is on not affording it, what you’ll most likely see is more confirmations that you can’t have it. You’ll look at the bank statement, or the pile of bills that represent your current reality, not at the part-time business opportunities or the new job advert.

And the same goes for redundancy – if you’re viewing it as the worst thing that could ever happen, there’s a good chance that’s what it will be. All you’ll notice is the disruption to your life, you uncertainty about money, and the challenges of finding another job. And if you treat it as a fantastic opportunity to make some changes – maybe to what you do, who you do it for, or where you do it – then you’re more likely to notice all the different things you can do to move towards your new, improved life.

And even if all you want is another job (nothing wrong with that, if you love your work), then what you focus on will make a difference to how your job-search goes. If your focus is what went wrong, how many others are out there looking for jobs, or how few jobs need your skills and experience, then you’ll find that there aren’t many jobs and competition for them is fierce. And if your focus is on all the ways you could apply your skills and experience to add value for a whole range of new employers, you might just be surprised with how many options there are out there.

The trick is to ask not “Why isn’t this happening?”, but “How can I make this happen?” or “What do I need to change for this to happen?”

Dec 11 2010

Why focus is essential to your success

Looking back over some old blog posts this evening, I can across the one I’ve repeated here.  It’s not specifically about handling redundancy, but it is very important if you’re going to turn this redundancy into your greatest opportunity since you left full-time education.  This was originally published in 2008, on ecademy.com:

We are repeatedly told that in business, focus is essential to success. Not many of us – especially the more creative and entrepreneurial types – do it particularly well. Or maybe I just attract the clients who don’t – I have two in particular who are constantly calling me to run the latest great opportunity by me. Don’t get me wrong – if they had 72 working hours in every day, then a good number of their ideas really would be great. But they don’t; like you and me, they have to make do with just sixteen hours or so. So I’m forever reminding them to stay focused.

I thought it might be useful to explain a bit of the science behind why focus is important. And don’t worry, I’m not going to tell you that it’s because you get what you focus on – well, not exactly anyway.

The first issue comes from US Professor of Psychology and Management Mihály Csíkszentmihályi, who concluded that we have available to us through our senses around 2 million ‘bits’ of information per second. The second, first posited by George Miller in 1956, is that we can only process 7 plus or minus two ‘chunks’ of information (= c. 134 ‘bits’) at any given time. If we were simultaneously conscious of all the data coming at us, we’d go insane trying to process it all.

So, according to NLP studies, the 2m ‘bits’ are filtered by our subconscious, through three main mechanisms:

  • Delete what’s not of immediate importance or relevance
  • Distort what doesn’t fit our paradigm, until it does
  • Generalise it into things that we can recognise

Why does that make focus important? Well, apart from keeping us sane (and stopping us trying to do too much at once, and not doing any of it as well as we could), focus is what determines which seven plus or minus two ‘chunks’ each second get into our awareness for conscious processing. What gets in is 7 ± 2 chunks that are relevant to what we’re focussing on – the rest simply passes us by.

So if you’re trying to make a go of half-a-dozen different business opportunities, on average the best you can hope for at any one time is that you’ll become aware of 1½ chunks of information that are relevant to each (assuming you’re operating at the ‘plus 2′ end of the scale; 7+2=9 / 6 opportunities = 1.5 each). Now let’s think about someone who’s working on just one opportunity – even if he can only handle 5 (7 minus 2) chunks – i.e. he’s operating at only just over half the level you are – he’s still getting over 3 times as much relevant information to make a success of that business as you are. And they do say, knowledge is power.

That’s without even starting to think about how your market perceives you if you’re coming to them with a different offer every time they see you, or how much time you’re wasting on sub-optimal opportunities. More on those later. For now, just focus on how much of the information that could be relevant to your best business opportunity is just passing you by, because you’re cluttering your mind with too many “opportunities”.

References:
Csíkszentmihályi, Mihály (1990). ‘Flow: The Psychology of Optimal Experience’. New York: Harper and Row.
Miller, G. A. (1956). ‘The magical number seven, plus or minus two: Some limits on our capacity for processing information.’ Psychological Review, 63, 81-97

Dec 08 2010

Transferable skills – what are they?

Looming redundancy gives you a real chance to take stock.  One of the first tasks is to look at what you have to offer the job market.  What is your edge?  This involves knowing what your transferable skills are – something crucial in today’s highly competitive job market - and then practively selling them.  Success here may be the significant difference between just treading water in your career or finding real fulfillment by unlocking other work and career opportunities that inspire or re-energise you – perhaps in another business, as a consultant, as part of a portfolio career or as the platform to starting your own business. 

How do you do this?  One of the biggest challenges you will face when considering a career change is giving your CV the punch and bite it needs to make an impact in a new industry or sector.  You may think that little of what you have done to date will count, but you’d be wrong.  We all gain and develop a wide range of skills that can be applied in many different roles.

What is a transferable skill? 
As the name suggests, a transferable skill is something that can be taken with you and applied to any new job.  These are core skills that all employers value, and include:

  • People skills – your ability to communicate, motivate and lead a team, or successfully coach or train people.
  • Technical skills – knowledge of popular computer programmes, or more practical things like an ability to construct or repair.
  • Data skills – good record keeping, detailed statistical analysis, or research skills.

Think of your current role and how much of it is solely concerned with the industry you’re in now.  Unless you’re a specialist working at a high level with complex information, much of what you do could easily be taken elsewhere.

For example, if you are a good trainer, that skill could be used in any role – every business could do with someone who can teach others how to work better.  Likewise, if you’re a good organiser, any position that requires project management is there to consider.  Client or customer service skills is another example.  Almost anything can be a transferable skill.  It’s all about how you sell it to your prospective employer.

How to identify your transferable skills
To staft with, look at job specs across a wide range of industries and see what skills they have in common. You can do this quickly and easily using one of the large job sites like Reed, Total Jobs or Monster’s job search.  Review your findings against what you are doing now.  Think about your working day or week and do a quick analysis of what your tasks actually involve.  How many are people related?   How many have to do with data or technical expertise?

This will help you focus on identifying skills you may not have even known you had.  Don’t ignore things that come as second nature to you and that you don’t necessarily see as key attributes – they might be invaluable and of priceless value to a potential employer.  As you go through this process, write each skill down and compare it to your findings from your job spec comparison.  There’s a high chance that you will already have provable experience called for by virtually any job.

The ‘provable’ factor here is very important.  It’s obviously not merely enough to say ‘I’m a great manager’ or ‘I’m really good with figures’.  Make sure you identify specific achievements in your career that clearly demonstrate each of your transferable skills.  By updating your CV regularly with each new success, you will improve your chances of landing the job you want when it’s time to move on.

Your CV must outline your relevant skills and that they must be upfront and clear to see.  They must have key selling points.  As you change your career the first task of your CV is to convince the reader why you are a better prospect than other candidates who have more relevant experience in the role or industry.  Your personal profile is the ideal place to sell yourself with come clear and eye-catching statements.

Our experienced career coaches can help you review your transferable skills.

Dec 08 2010

What about redundancy insurance?

There are a lot of brokers out there at the moment touting for business on “redundancy protection” policies.  From a practical standpoint, if you think there’s a chance of being made redundant, it’s probably a good idea to look into some kind of income protection cover or payment protection cover, the two main types.

However, beware – many policies have a qualification period, meaning that if your redundancy comes too soon, you’ll still not be covered.  Also be aware that some policies don’t start to pay out until quite a long period after you stop work.  In my case, on my first redundancy I thought I had my mortgage payments covered.  But it didn’t start to payout until twelve weeks after the period covered by the redundancy money, six weeks in that instance.  Making 18 weeks all together – I was back in work long before that!!

As an aside, I was reading about this earlier today on an article site, and spotted a very very good case indeed for not having your articles written off-shore:

redundancy insurance for the 'needless'??

Just in case you ever forget – it’s always the job, not you that’s being made “needless” :-)

Dec 07 2010

Career Review?

Having a career review can help everyone to achieve more both at work and in their broader careers. Of course, this may not mean you actually have to do one. When was the last time you completed a full career review – and we mean a little more than purely taking a rain check of where you are are at the moment and being frustrated at your what you see in your latest job!

Career Review Tips

Five tips to perform a career review based on what you have achieved:

  1. Look back to the start of your career. What did you want to accomplish then?
  2. Look at the things you have achieved so far and write down the things you still wish to achieve?
  3. Think forward to your retirement. Imagine you’ve retired at the end of your long successful career. What did you achieve? Make a note of these, in particular, the items you haven’t yet completed.
  4. Next, work out a rough timeline for the items you still want to achieve and make a plan.
  5. What do you need to do next? When will you do it? Have you the skills and motivation to move forward?
  6. Contact us and we can have an expert career consultant help you to take stock and conduct an objective and insightful career review