One of the biggest obstacles to executives becoming employed is their attitude about money. It isn’t surprising that money is the center of existence for many executives. After all, they went into business, not social work. When I was growing up, our old Monsignor said to me “John, the most sensitive part of the human anatomy is the wallet. You can grab a man by the privates and he won’t scream as loud as if you grab him by the wallet.” Father Schmidt, may he rest in peace, was so right!
However, as with most things that we hold near and dear, money can also be the source of our derailment as executives. The problems here are numerous. It is time for some tough talk around money issues and where executives are on this most sensitive part of their anatomy.
1). Fear. There was a billionaire in Paris who, in this recent financial crisis, lost about 1/3rd of his billions. He committed suicide because he was financially ruined. Now, before you laugh and point too hard, I’ve seen executive after executive get to almost the same point when, really, very little of their income has been reduced.
As an example, our fee to help executives, with an incredible success rate, is less than a month’s salary. Considering that our folks average about $220K per annum, plus bonuses, it is substantially less than a month’s salary.
And, consider that a fee for an executive coach is an investment in one’s main channel of income…to increase it dramatically. Yet you’d think with some folks that I was asking them to empty their bank accounts, take off their Rolex, and hand me the keys to the Mercedes!
Many of our executives bitch and gripe about paying for parking at some of the events. Or paying $350.00 to join an association to meet other executives. Or buying a few new suits. Or even a very good haircut (we have someone to whom we send our executives to fix their hair).
Executives are cheap, cheap, cheap, in many instances. Yes, this probably means you! This attitude of paying the least possible for things to support and assist your career search, simply because you are temporarily without income, is very counterproductive.
But the executives are often nowhere near as cheap as their spouses, especially the wives (although I certainly know a few very cheap hubbies!). The thought of {{{gasp!}}} paying money to help to get a $250K a year job much more rapidly sends them into an anxiety attack. This is also incredibly counterproductive.
2). Misunderestimating. Sorry, folks, couldn’t resist. The fact is that when executives look at their bank accounts, they see a yawning chasm where there might be Mt. Everest. Until recently, Bill Gates could never see that he had enough. He was consistently panicked about making more and more and more and more money. This is a pathology. It is also a black hole. All the money in the world will not make someone internally insecure into someone secure. All this talk about “financial security” is so much hooey. What is often going on is a need to be in control of all situations. As this is impossible on this plane of existence, no amount of money is ever going to be enough.
What has to happen is to look at one’s “burn rate.” From the burn rate, calculate how many months you are able to exist. Then ask what you can do to reduce the burn rate. Do you really need that cruise? I’ve seen people balk at spending money on the things that will get them a new job, but spend money on a new car, a vacation, an expensive present, and so on. Reduce the burn rate as much as possible!
Then look at what to spend money and time on that will reduce the amount of time that you will be looking for a job. This might be a transition coach, group and association fees, clothing, travel to a city you want to move to, etc. Get your priorities straight! A new car is not as important as a fee to a major networking group that will put you into contact with other top executives and people in your community immediately. Yes, a new car might make you feel better about yourself, but is your three year old Mercedes really ready to be put out to pasture?
3). Stretch your money. Do some intelligent things with your money. You might consider moving into some safer investments for a time. You might consider putting the extra home up for sale. What about simply garaging the third car and taking it off of insurance for a while until you’re re-employed. How about a very temporary consulting assignment in November, December, and late June through mid-September when executive hiring is at a “low” anyway? Howsabout cutting back on some of the kids’ activities? (It is good for the kids to feel the cold hand of reality sometimes, too.) Does your spouse really need to go to the spa every week? And so on.
This blog is written to upper management and executives. If you’re not one of these folks and reading this anyway, you probably think I’m being pretty nasty and exaggerating. I’m not. This is the way these folks live. (I don’t, and even most of my clients don’t, but a large enough proportion of them do, that I know whereof I speak!) Those of you who do live this way…you look really silly to the rest of the nation who would love to have your problems right now. Which brings me to…
4). Get real about your situation in life. You wife is sobbing because you have to put the country club membership on hold for a few months. Well, brother, the wife of one of the people who you passed in the hall every day at Lehman Brothers is crying because she can’t pay the mortgage on their three bedroom, modest home, and the cable has been turned off, and there isn’t enough food in the fridge to feed the family. Grow up! Get real about your situation. Many of you are not in any real trouble. Yes, your lifestyle isn’t going to be the same. But you, too, were part of the problem that led to this. (For whom did you vote in previous elections? What belief systems do you have about the economy? What decisions did you make at your company that contributed to the current economic crisis? We’re all in this together, folks, including me.)
So, get real about money. Even your “broke” is not truly broke. You can still pay the mortgage, keep the heat on, put food in the fridge, etc., even if it means tapping your IRAs and investments. Some very hard working and good people don’t have IRAs and investments to tap, can’t pay for the simple necessities of life, and had almost nothing to do with the current crisis (whereas we all did at our levels). Frankly, I’m surprised these people are not rioting in the streets, pulling us out of our homes and taking them over. This is what would happen in these situations in most other countries. It speaks to the quality of Americans that they haven’t done so…yet.
5). Greed. Greed (and stupidity) is what brought us to the current economic crisis. Greed isn’t going to get us out of it. Be real about what salary and benefits you’re going to be making. Don’t try to hold up an employer for more than the market will bear. Don’t try to hang on to all your money. Dip into the IRAs if necessary, and liquidate the investments. Hey, given the volatility of the market, you might be glad you did!
Here’s the bottom line. Now is the time to stop collecting and hoarding and spend a bit to get going on your job search. Don’t be stingy or greedy. Don’t hold out for every penny you can make. And don’t hold on to every inch of your lifestyle. This might be your wake-up call from the Universe. Get real about your money!
Showing posts with label corporate jobs. Show all posts
Showing posts with label corporate jobs. Show all posts
Saturday, February 7, 2009
Tuesday, August 26, 2008
Ten Career Limiting Moves for Executives
As you move up the executive ranks, there are certain behaviors that will give you a boost, and others that are very career limiting moves. Here are some of the career limiting moves and how to avoid them.
1). Getting too close to your boss. This may seem counter-intuitive, but don’t let yourself get too close to the boss. It is especially important not to be friends with the boss. Be friendly. Invite the boss and his/her spouse to dinner (preferably at a nice restaurant). Accept any invitations given to you. But never, never think that the boss is your friend. S/He isn’t. If the choice comes between you and losing his/her job, which do you think will win? And letting the boss know your personal life challenges can only lead to disaster.
2). An office romance. There is an old saying that applies. “Don’t dip your quill into the office inkwell ‘cause someone will come along and cut your feathers off.” Crude, but true. As soon as you enter into an office romance, you are a target.
I tried to tell this to one young friend of ours who started to go out with a senior official of her company while she was consulting there. It didn’t last. Neither did she. If you absolutely must date someone you’ve met at work, one of you should quit and find other employment if it looks promising after 3 or 4 dates. Otherwise there is a very large hole in your armor.
3). Dishonesty anywhere. If someone is dishonest with me they’ve just been dishonest with someone who has a very large Rolodex and isn’t afraid to use it. A moving company did something dishonest to my widowed mom. They didn’t want to deal with it when I brought it to their attention. I let my network know what they’d done. The next day they received over two hundred phone calls from people. They wound up making a fairly large settlement.
Honest disagreements will happen. But cheating someone, stealing from them, or defrauding them will get around very rapidly and ruin your career chances. I know one gentleman who had to move out of town because of a bad reputation. Great guy, but had made a few judgment errors. Run your life and your business with integrity, or you’ll pay the price.
4). Letting your network lapse. I see too many of my clients let their networks lapse once they get employed. This is a very large mistake. In fact, the lack of a network is how most of the transition executives I deal with got in the position of needing to utilize my services in the first place. Keep up your network!
5). Losing focus. Everyone has life issues that arise. There are deaths and illnesses and other unforeseen cosmic noogies that surface from time to time. Take a few vacation days, deal with it as well as possible, but then focus on your work again. Don’t get sidetracked with volunteer work, family issues, and so on.
6). Identifying with the company. One of my clients was a true company man. He had a company shirt, a company ball cap, a company cup, and even a company crest ring. Yep. He was a good company man right up to the time he was laid off. A goodly portion of his identity was temporarily taken away. You work for a company, you don’t live for a company, unless it is yours. Even with the fact that my wife, Nicole, and I are in practice together and our name is on the letterhead, we don’t live for the company. We live for life and work at our company. But we’d still be us if we didn’t have the company. You should take the same attitude.
7). Taking the part of employees. Don’t get too close to your employees. I made this mistake early in my executive career. The employees had some legitimate gripes, and I went to bat for them. That was a very big mistake. Don’t make it.
Do what you can to look like you’re on the side of employees while making sure that your superiors know that you are pushing the corporate agenda. If you want to right injustices, join the Peace Corp or start your own company where you can put your ideals into effect. But don’t try to reform corporate America. It won’t work and it annoys the powers that be.
8). Thinking you know all the answers. One of the most rapidly growing careers is that of Executive Coach. Why? Because intelligent executives know that they need to have an independent sounding board to bounce things off of and some independent advice. If you don’t have one, get one. But watch yourself. Make sure that the individual you’re contracting is experienced and skilled. Often times your company will pay for this.
9). Isolating yourself. Keep up. Read. Watch CNN and other stations. Talk with others outside of your company. Join associations and groups where you can, not only network, but also meet like-minded people.
10). Mixing personal and professional life. Keep the office at the office and the home at home. Don’t let anyone see much of your personal life. I rarely invite clients to my home. My home is my home.
I used to have an office in my home (in Highlands Ranch at the time) where I’d see clients. This did have some advantages. But it also let them see too much of me and my family. It is usually a mistake to bring the office home or the home to the office.
These, of course, aren’t the only career-limiting moves that executives can do, but are a few of the big ones. Watch for my upcoming book Highly Cynical Career Management to be published around the December holidays. In the meantime, watch your back and watch yourself!
1). Getting too close to your boss. This may seem counter-intuitive, but don’t let yourself get too close to the boss. It is especially important not to be friends with the boss. Be friendly. Invite the boss and his/her spouse to dinner (preferably at a nice restaurant). Accept any invitations given to you. But never, never think that the boss is your friend. S/He isn’t. If the choice comes between you and losing his/her job, which do you think will win? And letting the boss know your personal life challenges can only lead to disaster.
2). An office romance. There is an old saying that applies. “Don’t dip your quill into the office inkwell ‘cause someone will come along and cut your feathers off.” Crude, but true. As soon as you enter into an office romance, you are a target.
I tried to tell this to one young friend of ours who started to go out with a senior official of her company while she was consulting there. It didn’t last. Neither did she. If you absolutely must date someone you’ve met at work, one of you should quit and find other employment if it looks promising after 3 or 4 dates. Otherwise there is a very large hole in your armor.
3). Dishonesty anywhere. If someone is dishonest with me they’ve just been dishonest with someone who has a very large Rolodex and isn’t afraid to use it. A moving company did something dishonest to my widowed mom. They didn’t want to deal with it when I brought it to their attention. I let my network know what they’d done. The next day they received over two hundred phone calls from people. They wound up making a fairly large settlement.
Honest disagreements will happen. But cheating someone, stealing from them, or defrauding them will get around very rapidly and ruin your career chances. I know one gentleman who had to move out of town because of a bad reputation. Great guy, but had made a few judgment errors. Run your life and your business with integrity, or you’ll pay the price.
4). Letting your network lapse. I see too many of my clients let their networks lapse once they get employed. This is a very large mistake. In fact, the lack of a network is how most of the transition executives I deal with got in the position of needing to utilize my services in the first place. Keep up your network!
5). Losing focus. Everyone has life issues that arise. There are deaths and illnesses and other unforeseen cosmic noogies that surface from time to time. Take a few vacation days, deal with it as well as possible, but then focus on your work again. Don’t get sidetracked with volunteer work, family issues, and so on.
6). Identifying with the company. One of my clients was a true company man. He had a company shirt, a company ball cap, a company cup, and even a company crest ring. Yep. He was a good company man right up to the time he was laid off. A goodly portion of his identity was temporarily taken away. You work for a company, you don’t live for a company, unless it is yours. Even with the fact that my wife, Nicole, and I are in practice together and our name is on the letterhead, we don’t live for the company. We live for life and work at our company. But we’d still be us if we didn’t have the company. You should take the same attitude.
7). Taking the part of employees. Don’t get too close to your employees. I made this mistake early in my executive career. The employees had some legitimate gripes, and I went to bat for them. That was a very big mistake. Don’t make it.
Do what you can to look like you’re on the side of employees while making sure that your superiors know that you are pushing the corporate agenda. If you want to right injustices, join the Peace Corp or start your own company where you can put your ideals into effect. But don’t try to reform corporate America. It won’t work and it annoys the powers that be.
8). Thinking you know all the answers. One of the most rapidly growing careers is that of Executive Coach. Why? Because intelligent executives know that they need to have an independent sounding board to bounce things off of and some independent advice. If you don’t have one, get one. But watch yourself. Make sure that the individual you’re contracting is experienced and skilled. Often times your company will pay for this.
9). Isolating yourself. Keep up. Read. Watch CNN and other stations. Talk with others outside of your company. Join associations and groups where you can, not only network, but also meet like-minded people.
10). Mixing personal and professional life. Keep the office at the office and the home at home. Don’t let anyone see much of your personal life. I rarely invite clients to my home. My home is my home.
I used to have an office in my home (in Highlands Ranch at the time) where I’d see clients. This did have some advantages. But it also let them see too much of me and my family. It is usually a mistake to bring the office home or the home to the office.
These, of course, aren’t the only career-limiting moves that executives can do, but are a few of the big ones. Watch for my upcoming book Highly Cynical Career Management to be published around the December holidays. In the meantime, watch your back and watch yourself!
Friday, July 11, 2008
Welcome!
Welcome to the Executive Skills Blog. This new blog will publish articles to assist executives in moving forward in their careers, play politics well, and stay out of trouble in their jobs.
This blog will receive new articles at least weekly on a variety of these topics.
Who am I and why should you spend the time reading my articles? For the first post, here is my bio.
John Heckers, MA, CPC, BCPC is President of Heckers Development Group, LTD, an executive coaching and consulting firm based in Cherry Creek, Colorado, specializing in high level Executive Coaching, Corporate Training, Executive Transition Consulting and Strategic Corporate Coaching. John has consulted to both Fortune 500 and smaller companies, and has trained and coached executives from AT&T, New Horizons Computer Learning Centers, Microsoft Corporation, IBM, Maxtor/Seagate, The Prudential, United Airlines, Children’s Hospital, Concentra Health Systems, Merck-Medco, Hewlett/Packard, Citibank of New York, Corporate Express, Stryker Corporation, Qwest, First Data Resources, FEMA, The United States Armed Forces, and many other organizations. John has over 28 years of experience in helping and counseling executives, professional counseling, executive transition (career) counseling and professional training.
John Heckers is published both nationally and internationally as a business columnist, is featured as an employment blogger for ColoradoBiz Magazine Today on-line, on the Jobing.com website (Jobing.com is a national job board and employment advisory website), has served as an employment expert on the Diversity Website Latpro and served as the monthly employment columnist for The Denver Business Journal and the online national bizjournals.com for over 6 years. His articles have been syndicated in business journals across the United States and Canada, and has also had his articles republished in business periodicals in Europe and Asia, translated into five languages. He has had frequent appearances on numerous television news programs and radio talk shows as an employment expert, including Denver’s KCNC, WB2, and KHOW radio, among others.
John Heckers graduated with his Baccalaureate degree in Psychology and Philosophy from the University of Colorado at Boulder in 1977, did graduate studies at the University of Toronto, Trinity College, in 1978 and 1979, and graduated from Denver’s Iliff School of Theology with distinction with his Master of Arts degree in 1989.
He is past president of the Colorado Association of Psychotherapists, served on the boards of directors of the Jefferson Center for Mental Health, the Rocky Mountain Information Management Association, and the International Attention and Behavioral Institute. In 1995, Heckers was appointed by Governor Roy Romer to the Colorado State Mental Health Grievance Board, where he served for three years. He also has served as a Senior Research Fellow for the Magellan Center, a non-partisan and not-for-profit think tank in Colorado devoted to employment issues.
So, there you have it. You may expect a new post on this blog in the next couple of days. If you’d like to know whenever we update, don’t forget to subscribe via the link on the sidebar.
Thanks, and I look forward to having you as a regular reader.
John H. Heckers, MA, CPC, BCPC
This blog will receive new articles at least weekly on a variety of these topics.
Who am I and why should you spend the time reading my articles? For the first post, here is my bio.
John Heckers, MA, CPC, BCPC is President of Heckers Development Group, LTD, an executive coaching and consulting firm based in Cherry Creek, Colorado, specializing in high level Executive Coaching, Corporate Training, Executive Transition Consulting and Strategic Corporate Coaching. John has consulted to both Fortune 500 and smaller companies, and has trained and coached executives from AT&T, New Horizons Computer Learning Centers, Microsoft Corporation, IBM, Maxtor/Seagate, The Prudential, United Airlines, Children’s Hospital, Concentra Health Systems, Merck-Medco, Hewlett/Packard, Citibank of New York, Corporate Express, Stryker Corporation, Qwest, First Data Resources, FEMA, The United States Armed Forces, and many other organizations. John has over 28 years of experience in helping and counseling executives, professional counseling, executive transition (career) counseling and professional training.
John Heckers is published both nationally and internationally as a business columnist, is featured as an employment blogger for ColoradoBiz Magazine Today on-line, on the Jobing.com website (Jobing.com is a national job board and employment advisory website), has served as an employment expert on the Diversity Website Latpro and served as the monthly employment columnist for The Denver Business Journal and the online national bizjournals.com for over 6 years. His articles have been syndicated in business journals across the United States and Canada, and has also had his articles republished in business periodicals in Europe and Asia, translated into five languages. He has had frequent appearances on numerous television news programs and radio talk shows as an employment expert, including Denver’s KCNC, WB2, and KHOW radio, among others.
John Heckers graduated with his Baccalaureate degree in Psychology and Philosophy from the University of Colorado at Boulder in 1977, did graduate studies at the University of Toronto, Trinity College, in 1978 and 1979, and graduated from Denver’s Iliff School of Theology with distinction with his Master of Arts degree in 1989.
He is past president of the Colorado Association of Psychotherapists, served on the boards of directors of the Jefferson Center for Mental Health, the Rocky Mountain Information Management Association, and the International Attention and Behavioral Institute. In 1995, Heckers was appointed by Governor Roy Romer to the Colorado State Mental Health Grievance Board, where he served for three years. He also has served as a Senior Research Fellow for the Magellan Center, a non-partisan and not-for-profit think tank in Colorado devoted to employment issues.
So, there you have it. You may expect a new post on this blog in the next couple of days. If you’d like to know whenever we update, don’t forget to subscribe via the link on the sidebar.
Thanks, and I look forward to having you as a regular reader.
John H. Heckers, MA, CPC, BCPC
Subscribe to:
Posts (Atom)
Posts
