Vault's Careers Blog

Career advice and job search strategies for the modern careerist

Archive for the ‘Career Management’ Category

Vault’ s Careers Blog is Moving

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An announcement: after almost a year on WordPress, we’re discontinuing Vault’s Careers Blog on WordPress. But don’t worry: you’ll still be able to get your fill of career information and advice on Vault.com–where our blogs are going from strength to strength.

Our full blog lineup on Vault.com is as follows:

Vault’s Careers Blog
Vault’s Law Blog
Consult THIS: Consulting Careers, News and Views
In Good Company: Vault’s CSR blog
In the Black: Vault’s Finance Careers Blog
Admit One: Vault’s MBA, Law School and College Blog
Insider Career Advice from SixFigureStart
Innovate with Influence: Global High Tech

Thanks for reading us on WordPress.

We hope to see you over on Vault.com soon!

–The Vault Editorial Team

Career Moves to Make Before Year-End

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We have two months to go before 2011. You might be tempted to ease into the holidays and push into the New Year your work on landing a new job, starting a business, making a career change, or getting a promotion. But there are certain things you should do now to take advantage of the remaining days of 2010.

Prepare for end of year discussions. If your company pays bonuses or determines promotions at year end, this might be the time that decisions are made. Make sure people are aware of your contributions. If you have any emails from colleagues thanking you for a job well done, forward these to your manager. (If you have none of these, you should, so start collecting them for 2011!) If there is no formal review process, schedule a meeting proactively, so you can discuss in detail your contributions and your expectations going forward.

Use the holiday festivities to step up your networking. Many professional associations have holiday mixers, so if you haven’t kept up with your industry colleagues, now is a good time to play catch-up. If you have extra bandwidth, volunteer to assist at the mixer. You will make deeper connections with the group, and it’s a great way to ensure you meet with most of the attendees. Sending holiday cards is an easy but thoughtful way to build in a hello each year.

Plan and organize for next year. Clear out your office files. Mark your 2011 calendar for key meetings and appointments. Look at your company’s training calendar, and sign up now so you prioritize your professional development before your schedule gets too crazy. Think of your big career goals for 2011, and schedule your calendar now for reminders throughout the year. For example, if expanding your network is a goal, then schedule a weekly reminder to reach out to several contacts.

Finally, if there is a career goal you know you want now (e.g., land a new job, start a business, make a career change, or get a promotion), then start now. It’s a myth that hiring stops near the holidays. It’s also dangerous to wait for that perfect time to start. The above checklist of items are still good ideas, but should not displace efforts you make towards bigger career goals.
— Caroline Ceniza-Levine

3-Box Time Management: The Fourth Habit of Effective Intrapreneurs

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This is the fifth in a series of articles that describe the unique traits of a corporate intrapreneur.

The first three habits (productivity, initiative, and collaboration) are closely tied to idea generation.

The next three habits, when practiced properly at a corporation, can often lead to the successful delivery of ideas. Idea delivery is characterized by the creation of a product or service that provides value to a customer.

These first stages of delivery occur as part of a technique known as 3-box time management, which is depicted below.

Vijay Govindarajan (VG) is a Professor of International Business at Dartmouth College. He is the author and evangelist of the 3-box strategic approach to corporate innovation. Three-box innovation strategy dictates that the majority of corporate resources should be invested in the Box 1 diagram listed below: Manage the Present. This box represents the continued development of existing products to yield most of a corporation’s revenue. Employees supporting this box focus on existing customers and processes, and they continue to leverage their existing competencies. In essence, this box “funds” the development of innovation within a corporation. Some companies fall into the trap of spending close to 100 percent of their resources in this box.

Vijay advises corporations to allocate portions of their resources to Box 2 and Box 3 as well as tried-and-true Box 1. Box 2 selectively abandons the past by “forgetting” most of what is known about the products built in Box 1, including why they were built and whom they were built to satisfy. This break from tradition enables an innovator to take existing products into completely different markets.

Box 3 is a more radical approach to innovation. It completely ignores current processes and products and prominently targets the future.

The figure below applies this 3-box corporate framework to an intrapreneur’s use of his or her own time (note that the box titles change when applied to an individual).

Intrapreneurs can be most effective when they are delivering products as part of a business unit (as opposed to being a member of a research team in an ivory tower). Why? They often prefer to be in the trenches, where they can be highly productive, visiting customers, and collaborating with others. They are respected within their organizations for doing those very things.

Perhaps their most significant contribution to their business unit’s product line is funding their employment and that of their collaborators. They are squarely positioned in Box 1.

Spending all of their time in one area of expertise does not enable intrapreneurs to achieve success. Their natural curiosity and passion will not allow them to stay in only one place. They practice the discipline of limiting the amount of time they spend in Box 1.

By limiting the amount of time they spend in Box 1, intrapreneurs make time for Box 2 and/or Box 3 activities. They set aside the time to learn about customer issues. They set aside the time to explore adjacent technologies. They regularly meet with experts in adjacent fields and collaborate to dream up ideas of what might be possible. Most importantly, they begin to build out their ideas.

It is worth pointing out the difference between Box 2 and Box 3 intrapreneurial behavior. Box 2 behavior is characterized by Venn diagram innovation. The intrapreneur collaborates in the context of a well-defined customer problem.

Box 3 behavior is characterized by blue sky innovation: taking the initiative to learn new technologies and collaborate without necessarily starting with the context of a defined customer problem. Blue sky innovators may ask themselves and others, “What might this capability be used to do?” Answers to this question can result in breakthrough innovation. It is often the case that breakthrough innovation can be applied to customer problems they don’t yet know they have!

It is a difficult balancing act to regularly spend time outside of Box 1. It takes passion and persistence. But it is the very first step that a new intrapreneur must take to prove his or her worth!

Subsequent steps build on the important ability to manage one’s time well. Please consider subscribing to this blog for a discussion of the next phase of idea delivery: managing one’s visibility.

Steve
http://stevetodd.typepad.com
Twitter: @SteveTodd
EMC Intrapreneur

The Omega Careerist: Surviving a Post-Layoff Wasteland

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It started quietly. Rumors of ominous portent spread through the office, spoken in solemn whispers. But you paid no heed. You just kept on working.

The first to go was one of the IT staff. Then another went missing. An executive left with nary a word. One accountant bolted for the door, desperately muttering something about “Grad School.” All that was left were a few dusty outlines on their desks, and some stale, half-eaten cake.

Suddenly, scores of people disappeared. All around you, one after another, coworkers were summoned away from their desks and were gone. A few emerged only for moments, visibly despondent as they tearfully clung to one another, and then never to be seen again.

Now you’re alone. Much of your department has vanished. And, worst of all, you’re saddled with their workload…

The years since 2008’s economic meltdown have been taxing and, at times, bleak for professionals. For those who kept their jobs, the realities of the “Great Recession” meant watching others lose their jobs, taking up overwhelming responsibilities, and facing a discouraging possibility that there may be no end in sight. It can seem like you’ve survived an atomic blast.

But, if you’ve studied thoroughly in preparation for these apocalyptic times, then you know there are ways to survive, even get by comfortably. Here are a few “End of the World” strategies you can apply at work.

Where the living envy the dead

The greatest blow has been to morale. After all, we lost our friends, our neighbors, our collaborators, our happy hour companions. And while the value of your work may have spared you from layoffs, you were perhaps left questioning if your career was still worth it.

Experts call it “Layoff Survivor’s Guilt.” For companies that suffered heavy cuts, human resources departments reported declining company loyalty and esteem. Job stress has since been on the rise, and so too has a sense of inability and remorse.

It’s up to employers to preserve unity amongst remaining staff. Following layoff rounds, employees should demand open communication from leadership about the state of the company and the road ahead. Group activities are also vital to rebuilding camaraderie; for instance, managers can organize outings to roam the desolate streets and scavenge for dry Post-Its and trophies in the abandoned offices of felled competitors. (Remember to wear your radiation suits!)

And for those who regret having survived while others got the ax: Fallen friends are still friends. Stay in touch via Facebook and LinkedIn, maintain contact, and remember them when news of an opening crosses your desk. You can benefit as well—the unemployed are always the first to know about free cupcakes and discounted manicures.

(As a point of etiquette, avoid griping to them about work—you risk prompting bitter retorts of “At least you have a job …” Or perhaps they’ll have gone cannibal, and hunt you for your delicious, employable flesh.)

“I had so much time…”

On the other hand, some less sociable professionals might welcome the solitude and peace of mind. Like an idyllic beginning of a Twilight Zone episode, just before the ironic twist. Now that all the chit-chat is over, you can go about your work undisturbed.

But not so fast. Without the others, management expects to “do more with less.” The “less” being you, laboring a whole lot more.

Should the increased workload prove too much, take a stand. Make it known that doing the work of two—even three or four!—people should mean being compensated accordingly. Were this truly a post-apocalyptic hellscape, it might entail increased food and gas rations; in reality, it’s worth perhaps a 6 to 8 percent salary hike.

If that can’t be done, or if the promise of greater pay won’t ease the burden, then remember that companies are still hiring. Even with a ratio of 4.6 workers competing for every one job, you have an advantage (albeit an unfair one): You’re a survivor. Employers give greater value to applicants who kept their heads above water throughout the last years’ tumult; some outright shun unemployed candidates like infected mutant hordes.

Of course, these are just a couple of the scenarios to be explored. In the spirit of Halloween, we encourage Vault readers to join in. In the comments below, tell us some of the “apocalyptic” circumstances you’ve encountered since the recession. We’ll mention the best ones on our Facebook page!
— Alex Tuttle, Vault.com

Admit Nothing: Debunking the Infallible Leader

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There is a phenomenon in leadership, known as the “Reality Distortion Field.” The term describes a level of charismatic self-assurance so overwhelming and nigh delusional that no criticism can penetrate it, and those in its path are powerless to withstand the hype.

In this sphere, any ambition is attainable, every idea a masterpiece and any setback a negligible distraction. Such overconfidence might seem absurd on paper, but in practice it is embraced as an exceptional quality. But not everyone can get ahead simply by putting perception in a chokehold.

The term’s origin should come as no surprise: Apple drones coined it in the early 1980s to illustrate the belligerent influence of Steve Jobs. “In his presence,” as one minion put it, “reality is malleable. He can convince anyone of practically anything.” If complex tasks were scheduled in an unrealistic time frame, Jobs deemed it eminently doable; should evidence show Steve was wrong, he bent the facts to prove himself right.

Over time, claims of “Reality Distortion” have been applied to other Silicon Valley honchos. Apple’s chief rival, Microsoft CEO Steve Ballmer, is most notable for displays of boundless, sweaty confidence that somehow captivate industry audiences. So too is Larry Ellison, who has recently taken to harshly doling out unsolicited criticism of peers in the press (who willingly take his word as gospel).

Given their collective achievements, one might think that there’s something to the obstinate approach. In truth, they serve as outliers. Without true knowledge and ability, a cocksure leader is a liability.

Recall LifeLock CEO Todd Davis: So sure was he of his company’s identity theft protection system, Davis freely listed his social security number in television and print ads. Certainly some employees must have expressed misgivings about such a bold claim, yet Davis laid down the gauntlet. As a result, his identity was stolen thirteen times, embarrassing the company and leaving a shameful trail of fraudulent debt in his wake.

Davis assumed his confidence would carry the product. But while leaders should inspire faith, the “Reality Distortion” mindset goes a step further—even an inkling of doubt signifies weakness. This is seen in the political arena, where candidates attract slurs like “flip-flopper” over slight shifts in policy. Some contenders will stick to a line in the hope they can alter voter perceptions, no matter the risk of being caught, or the cost to their credibility.

New York gubernatorial candidate Carl Paladino is one such stubborn figure, campaigning on a “kitchen sink strategy” of persistent accusations against his opponent, Andrew Cuomo. When Paladino claimed to know of marital infidelities by Cuomo, the press asked for proof. He belligerently demurred, until eventually admitting that his allegation was hypothetical and had no substance—only to resume the lie in subsequent television appearances. For his arrogant zeal, Paladino’s prospects are on the decline. Recent polls show him trailing Cuomo, with the gap ever widening as Election Day approaches.

Leading through sheer force of overbearing will also carries a particularly undesirable side-effect: Volatility. Intimidation and abuse rank high as motivation for staff to fall in step with one’s ineffable vision, and screaming tantrums are not unheard of in these environments. Steve Jobs is himself given to rages that drive some to the verge of tears, and drive down the happiness index in Cupertino.

In his 2007 book The No Asshole Rule, author Robert Sutton deems Jobs’ effectiveness as an exception to the eponymous rule, yet acknowledges the Apple leader’s reputation for humiliating staff. Sutton otherwise promotes a prevailing wisdom that puts employee satisfaction first: Happy workers are productive and creative workers, while abuse drives up employee turnover (and potential lawsuits).

As much as budding leaders may wish to become a Jobs or Ellison, it’s not their hubris that should be emulated. Whether you attribute it to a unique confluence of factors or simply uncanny mutant powers, success didn’t come from their willfulness alone. Ultimately, they possessed intelligence and skill. Blustering may get you through the door, but ability is what builds great computers, great products and great companies.
— Alex Tuttle, Vault.com

Written by A.A. Somebody

October 20, 2010 at 8:13 am

What Job Seekers Can Do To Impress Recruiters

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A lot of job seekers lament that reading the feedback from HR is like staring into a black box. It is tough to know what recruiters are thinking because, as a former recruiter myself, I know that recruiters don’t like to share very detailed feedback.

But it’s helpful to know what the successful candidates do, so you can learn from them and use these tactics for yourself. Here are some strategies from current active recruiters when I asked them, “What is an example of something a strong candidate did very well or that impressed you?”

Emphasize what’s best for the long run, even it may not benefit you immediately

Jean Allen is a veteran recruiter in the financial services industry. She is currently at Exchange Place Partners:

Someone who was in the running for a job they really wanted once told me that her boss would actually be a better fit and that she thought he might be interested if I approached him. I did approach him and he was hired. (Good news: He then hired her.)

Follow up over time and let genuine relationships grow

Toni Thompson is the Diversity and Inclusion Manager for McCann Erickson NY:

A candidate I interviewed over a year ago continues to send me bi-monthly emails with interesting articles about technology and diversity, two interests I mentioned in our initial meeting, and updates me on his current job responsibilities. There are very few people who know how to build a meaningful relationship with recruiters. This guy did it well.

Be confident, but not too much

Lindsay Browning is a Recruiting Specialist based in Dublin, Ireland, who specializes in recruiting language-based clients for online sales and marketing roles:

Confidence without being arrogant but belief that they are the right person for the role and the company. You cannot beat a candidate with a positive attitude!

You don’t have to close at the interview – what you do after sometimes matters more

Henry Lescaille is a Vice President of Human Resources at Time Inc:

I interviewed a woman several months ago, who, in my opinion lacked one critical piece of experience. She listened to my feedback, thanked me for my candor and said she wanted to “reflect” on our discussion. Her follow-up included concrete examples of how she did have that experience base and how she would be an asset to the organization. She was respectful, thoughtful and strategic – and now happily employed at Time Inc.

–Caroline Ceniza-Levine, SixFigureStart

Written by A.A. Somebody

October 19, 2010 at 10:26 am

Where the Women Aren’t: The Banking C-Suite

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October is Carl Paladino National Diversity Month, so we decided to go back to the data we collected in our most recent Banking Survey and see if we couldn’t find a few fitting pieces to offer up in honor of these holy 31 days.

First, what we found, unsurprisingly, is a marked lack of women in the banking workplace. Somewhat surprising, though, was that this lack of women increases as you go up the banking org chart. That is, as you’ll see in the graphic below, of those bankers surveyed, 26 percent identified themselves as women. But of those surveyed who hold executive positions, only 11 percent identified themselves as women. The takeaway here is that females are still underrepresented at the top financial firms, and are severely underrepresented in the higher ranks at the top financial firms.

Vault.com 2010 banking diversity gender

Second we found (again unsurprisingly) that the ethnic group that accounts for most (almost three quarters) of the entire banking industry is none other than the white male. However, interestingly, we found that the white male is far better represented in the banking industry than it is in the general population—almost 10 percent greater as you can see in the graphic below. In addition, Asians, the second largest ethnic group in banking, are also far better represented in the industry than they are in the wider U.S. population—about three times greater, in fact. On the other side of this diversity story, Hispanic individuals and African-Americans are severely underrepresented in the banking industry versus their representation in the wider population.

 

Vault.com ethnic diversity of finance industry 2010

Third, we found a large lack of openly gay, lesbian, bisexual or transgender individuals in banking. Given that banking is perhaps one of, if not the most politically conservative industries in the United States, this might not come as that much of a surprise, but still, you would think that the lack might not be as significant as the pie chart below indicates: just 1 percent of the more than 2,200 bankers surveyed had identified themselves as an openly GLBT individual. Which begs the question: are GLBT individuals not welcome into the banking industry, not interested in the industry, or both?

Vault.com 2010 banking diversity GLBT

–Posted by Derek Loosvelt, In The Black