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Market Research should not be allowed???
- By Chris Bauman
- Published 16/07/2008
Could you imagine saying something like this to a company when its competitors are knocking on the door and trying to steal market share? Yet this is exectly what employers are telling employees every day.
Talking about your salary with other staff is unethical, and you shouldnt do it. Only the other day I had a manager tell me that it was unethical to talk to fellow employees about salary levels. However, this is your employer talking. An employer who is looking out for their own best interests, and those interests may not necessarily be the same as your interests. They expect loyalty, dedication and hard work from you....and you give it. Very often you give more than what is required.....however what are you getting in return? Is this a balanced equasion?
The only reason that a company doesnt want you to open your eyes is that they want to pay you the bare minimum in order to keep you.
As an employee you should know that the market is willing to pay for your skills. You should know what a company is paying fellow employees. You should also be prepared to move if a better opportunity comes along. This is called market research. The last thing you want is to be short paid $10 or 20 thousand dollars because you believed that the company had your best interests in mind.
You’d think that companies benefit from secret salaries and that’s why they keep them secret, but really, if salaries were 100% accurate—perfectly pegged at the employee’s worth to the company—then the company would have no problem revealing all salaries. Brazen Careerist
Think of yourself as a company, if you didnt do market research you would soon be out of business. Dont sell yourself short.
Resources for the discerning employee that wants to do his/her market research - (Brazen Careerist)
Payscale.com is a favorite.
Salary.com is a good one if you are trying to get a raise. Salary.com is not as thorough as Payscale with its data collection. So employers generally favor Payscale. But Salary.com skews higher than Payscale, so if you have to bring a first number to the negotiating process, use Salary.com. Bonus: These are the people who bring you the statistics on how much a housewife is worth.
But really, if companies are smart, the conversation about salary will go quickly. You tell the company how much you’re worth. You bring very good data to back that up, and the company pays it. Then other factors like company culture become much more important.
That’s where Glassdoor comes in. It’s US magazine for the company you are considering—a little gossipy, with first-hand information about companies from the people who suffer in them. Bonus: Glassdoor is a new company and there are not a lot of competing perspectives on the site yet. So if you drop a bomb about the place you work, it’ll hit hard
If you have any comments please feel free to click on the title of this article and insert them at the bottom of the article.
Jobjett
Lessons learnt from Taiwan Scooter Drivers
- By Chris Bauman
- Published 30/06/2008
Many of the scooter drivers in Taiwan either drive without mirrors or simply neglect to use them when they are driving...concerned only with what is in front of them.If someone cuts you off or if you cut off someone else, you simply let it go.There is no road rage, no anger and no frustration.It is all about good energy flow.
If we could apply this to our lives and our work environment do you think it would make a difference to the amount of stress that we sometimes carry around with us"
In a hypothetical situation a receptionist has made a mistake and sent the wrong letter to a client…..how do you react?
Try to acknowledge the problem and solve it together with the help of the receptionist in a calm manner understanding that what is done is done – The receptionist learns to be more careful, the problem gets solved, you don't lose sleep, and you have happy staff dealing with your clients.
Where to start?
Start in traffic on the way home from work. Now I know this may be an unusual place to start but keep reading there is a point....Someone will very likely cut you off - try to control your reaction. Tell yourself that because you were cut off you were delayed by 5 seconds and thereby missing an unavoidable accident that would have happened to you 200 meters down the road. Thank the other driver...if you are the only person in the car, try saying it out loud.You will still get to your end destination – sure you may not take the most direct path, however you now arrive in a more peaceful state of mind.
Those people that live their lives by looking in the rear view mirror and holding onto a pain suffered in the past when someone wronged them or a mistake has been made only hurt themselves. Their energy is low despite outward appearances and they become draining on those around them, people that they call friends.
Looking forward can be a far better philosophy to have in life. Try getting on a scooter, and not using your mirrors occasionally….take an eastern philosophy and create good energy flow in your life.
Also take the time to also read Karen Schmidts Blog article on "How to Move Forward". It offers a step by step method of clearing the past and creating opportunities.
Jobjett
How to Move Forward
- By Karen Schmidt
- Published 26/06/2008
Imagine trying to driving a car while constantly looking in the rear view mirror. It wouldn't take long for you to run into trouble . . . literally. Sure, we need to take a quick look back occasionally. Driving experts will tell you it’s a good idea to know what’s going on all around you as it reduces your reaction time in the event of an emergency. However, we all know you don’t keep looking back (unless, of course, you are reversing!). Most of the action is going on ahead of you so that’s where you should concentrate.
So why is it that people lead their lives doing the equivalent" They spend their time focussing on the past rather than looking ahead to the future and then wonder why they get hit by an oncoming truck that causes their life to come to a screaming halt.
Moving forward can be easy . . . when you know how. Here is my simple 4 step formula for becoming a forward thinker.
1. Clear out the past
Is your focus on the past preventing you from moving forward with your career and your life" It’s fairly easy to tell if someone is living in the past because they have difficulty letting go. Some obvious signs are:
- How you look (old hair styles and fashion styles)
- What you do (stuck in the same habits)
- What you say (I remember when . . . )
- What you think (feeling your best days are behind you)
One way to symbolically let go of the past is to get rid of unnecessary possessions that remind you of the past. Whether it is clothes, papers or equipment the act of clearing out the past will create room for you to move ahead.
2. Picture your future
Get really clear on what sort of future you want. Here are a couple of ways to do it:
Write a story or a newspaper article about what you would like your life to be in 5 or 10 years from now. What would you have achieved" What would you be most proud of" What would you have stopped or started doing"
Using images can be a very powerful way of capturing what is important to you. So why not draw a picture of what your life would be like in the future or clip out photos from magazines that show what you want.
3. Create opportunities
To create more opportunities you have to be in the right place at the right time. Get involved at work and in your community, volunteer for anything that looks like it might help.
Start to hang out with people who are doing what you want to do and it will rub off. I have seen this work first hand . . .
I was working in Human Resources and wanted to get into corporate training and eventually professional speaking so I enrolled in an Adult Education degree. At first I felt a bit of an outsider because I wasn’t working in the field but within 3 months I had the ideal job that was a springboard to my eventual success in the area.
One of the lecturers had told a group of us who were all in the same situation that the quickest way to get what you wanted was to hang out with people who were already doing it. Some of my university colleagues actually got jobs this way, which leads me onto step 4.
4. Tell others about your opportunities
Don’t keep your plans to yourself . . . tell people about the opportunities you are looking for because you never know who they know or how they might be able to help you. There is nothing more disappointing than finding out about an opportunity after the event because someone didn’t know you were interested in that sort of thing! Start a list today of the people who might be able to help you with the opportunities you are seeking.
But a word of warning . . . make sure you pick the right people to tell! There are lots of well meaning friends and family out there who will try to talk you out of your future dreams. Avoid the negative people and focus on the positive ones who understand your motivation!
Not only does telling others help you to get clear on exactly what it is you want, it also acts as a great way to reduce procrastination and prevent lack of follow through. If you have told a bunch of people you want to do something, then they are going to check and see if you have done it and if you haven’t then why not!
Karen Schmidt from Let's Grow! is the re-engagement expert.
Her mission is to help you refresh, reignite and re-engage your team for success.
Contact her on 0411 745 430 or visit www.letsgrow.com.au
The Social Contract at Work
- By Karen Schmidt
- Published 3/06/2008
We have been moving into a new form of workplace contract for the last 10 years. The nature of this new contract has changed the way that we see work. On one level, gone is the "loyalty in return for security" contract of the past, whereby employers guaranteed their employees a secure, if not exciting, job in return for unwavering loyalty. This old contract has been replaced by a new, more flexible arrangement with "just in time" staffing using agencies, contractors and fixed term assignments. This change has created stress for some people and great opportunities for others, depending on their circumstances.
However, at the same time there is another "contract" in the workplace that is now emerging. Author Dan Ariely in his book "Predictably Irrational" describes it as a move from a "market contract" to a "social contract". It started with companies changing the way they interacted with their customers and has now also started to impact the relationships employers have with their employees. Here is the basic principle. We live simultaneously in two different worlds . . . one where social norms prevail and the other where market norms make the rules. Social norms include the friendly requests that people make of one another and appeal to our need to be part of a community. They usually give us a warm and fuzzy feeling. For example, helping a neighbour move furniture or opening the door for a stranger. We receive immediate pleasure from being helpful but don't generally expect anything in return, at least not immediately. Of course in a well functioning society, over time people do reciprocate in some form. Market norms are very different and there is nothing warm and fuzzy about them. These exchanges are all about costs and benefits, prices, interest and money. These market relationships imply comparable benefits and prompt payments. We need to see a direct and immediate correlation between effort and result.
There is a delicate balance between social norms and market norms. Try to use the wrong norms in the wrong situation and you can find yourself in trouble. For example, offering to pay a family member to cook you a meal may turn a social situation into a market transaction . . . and leave them feeling undervalued if the dollar amount you offer to pay seems too low. However, they would be happy to cook for you for nothing if it was a social interaction. This is where Ariely believes that organisations need to watch out. At times, employers want employees to operate under a social contract by asking them to be available 24/7 or to forgo family events to work on important projects. However, if the employee doesn't feel this flexibility is being reciprocated (for example, when they need time off for personal reasons when they don't qualify for leave) then the social contract is broken. Equally, if only some aspects of the workplace operate from a social model but the rest are highly regulated, market based transactions, the two systems cannot operate together long term. So, tying all bonus payments to purely financial outcomes rather than considering the important relationship building the employee may have done in that accounting period which may lead to increased business in the future, would be a mistake.
The message here is that organisations that truly operate in social norms may have an advantage over those who rely on market norms or a confusing combination of both. If a social contract exists with an employee they are less likely to be pulled away by other job offers, particularly those involving more money due to the warm and fuzzy feeling they get from working for that employer. The opposite is also true. If an employee only has a market contract then market forces such as salary will be their one and only determining factor in staying or leaving. Whilst market contracts are easier to define and satisfy the numbers oriented people in senior management, being able to measure the value of the social contract may well be what separates great employers of the future from the rest."This article was written by Karen Schmidt of Let's Grow, the Re-engagement expert who is on a mission to refresh, reignite and re-engage your team for success. Contact Karen on
Winning Salary Negotiations
- By Chris Bauman
- Published 31/05/2008
Surfing around online I found an excellent article on Skynews.com to assist you when negotiating your salary. Dont simply accept a job offer, make sure you negotiate by using, resources, research, good timing, going second, company history,recruitment agents, and anyone else that you can think of.
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The nail-biting doesn’t stop once you’ve been offered the job. Professional positions usually offer some opportunity to negotiate your salary package. Here’s a power guide to help you negotiate from a position of strength.
It's important to recognise at the outset that not all jobs provide any opportunity to negotiate terms and conditions, including salary. If you've ever applied for a job at a supermarket on the check-out, then it's unlikely there was any negotiation over your hourly wage!
So what sort of jobs do provide an opportunity to bargain" "We see far more negotiation of salary than we have in the past," says Ray Hince, Western Australia's Managing Director of Management Recruiters Australia. "It now extends to junior levels, from sales reps and account managers upwards. For example, an account manager on $35,000 with a car will have some element of salary negotiation opportunity".
Research the company
Andrew is a good example. He is a commercial manager at a major oil and gas company, and began at the company as a senior business analyst two years ago — the type of high-level executive position where salary negotiation skills are required. "I did a lot of research on the company," he recalls. "The key efforts were contacting recruitment agents, one of whom put me in touch with someone at the company. That enabled me to find out solid information on what people were earning in the sort of position I had applied for."
Andrew was wise in schmoozing a recruitment consultant — it cost him a lunch but it was money well spent. Consultants are extremely good sources of up-to-date information and as sources for other contacts. He also spoke to industry colleagues and peers, and fired up his web browser to find out information about the economic performance of the company and its recent staff movements. This information helped him establish what his salary might be worth. Talking to specialist journalists is another useful strategy. A good business or financial reporter will know industry trends and people in their area, and can frequently suggest useful contacts and avenues of investigation.
"Trust me, salary research pays off handsomely," says author Richard Nelson Bolles, in his best selling job search guide, "What Colour is Your Parachute"" There is a financial penalty exacted from those who are too lazy, or in too much of a hurry, to go gather this information."
As an example, he says you might spend three days on research. If you are in the interview and your salary is being negotiated and you ask for — and get — $4000 a year more than you expected thanks to what you have learnt through your research, that means an extra $12,000 over the next three years. "Not bad pay, for three days' work!" he notes. Put plainly, if you don't do this research, it's going to cost you.
It also doesnt hurt to know what other companies are paying for similar positions.
Timing
"This is a power few people realise they have when they receive a job offer," says Nick Corcodilos in his book, Ask The Headhunter. "If you have used information effectively, and you proved you can do the job, the ultimate outcome of your job search will depend on how you exercise the power of the job offer." Don't feel excited or relieved that you've been offered the job, he cautions: instead, use the power you have in areas like salary negotiation.
Andrew used this timing to his best advantage. After his interviews, his prospective employers faxed him a job offer worth $90,000. The offer went back and forth six times before Andrew accepted a package worth nearly $105,000.
"Towards the end they said they couldn't pay any more, but I asked them to try again and they managed to add a little extra," he remembers. "I understood the leverage I had, but kept in mind the degree of freedom they had, and kept my expectations realistic — there was no way they could offer $120,000, for example. It can be a risky process, but you must see how far you can push it — no way would I accept a first offer from an employer."
Indeed, it can be a risky process. Not everyone will turn down the "final offer", as Andrew did, in the hope of a comparatively small amount of extra salary. You don't want a dream job to slip through your fingers over an extra $40 per week — especially if your negotiating skills have led to an offer above your expectations.
Going First
Andrew was lucky — his employer made the first move when it came to talking turkey. This brings us to another important rule in salary negotiation: don't be the one who first raises a figure. "You want the employer to be the first one to mention a figure, if you can manage that," says Richard Nelson Bolles. "Never mind the reason why, what has been observed over the years is that in this contest whoever mentions a salary figure first, generally loses."
"Lead with your requirements," recommends Nick Corcodilos. "What does your past salary matter if you won't accept an offer below $X" (Understand that this cuts both ways: you've got to be willing to figure out what your abilities are worth.) If you decide to divulge what you've earned in the past, do so by firmly stating that your current salary is one thing; your required salary range is another. This is how you level the playing field: by getting them to divulge the range they're willing to spend."
A cunning interviewer/employer knows that it's not to your advantage to mention a figure first, and an interview can be like verbal arm-wrestling. They will float leading questions, like "What kind of salary are you looking for"", or "What do you think this job is worth""
SEEK's resident expert Philip Garside, in his book The Secrets to Getting a Job, also recommends not negotiating salary conditions until you have been offered the job. "It is not always possible to avoid this negotiation," he says, "but if you negotiate without having been offered the job the pressure to go low is enormous. If the interviewer asks, 'What salary do you envisage if you were successful"', you could reply, 'I'm happy to start on the industry standard, perhaps with a review built in for when I have demonstrated that I am worth more than that.'" Of course, the interviewer is likely to immediately reply, "and what do you believe is the industry standard""
Philip Garside counsels putting forward a range of salary levels, and not tying yourself to a specific figure. And, as you've done your research on what the position will be worth, you can confidently aim at the high end of the scale. "If you believe a fair salary for the position is $42,000 but you are prepared to accept $39,000, the range to put forward would be $39,000-$45,000," he says. "If offered the position, you are much better placed to negotiate the deal you want. It is your task to get the starting salary as close as you can get to $45,000, and theirs to get you as close as possible to $39,000."
This is where the role of a recruiter changes the situation. A recruiter is given a lot of responsibility from their client, the employer; the recruiter can negotiate with the employee on the employer's behalf. "Our role can be quite strong in that area," Ray Hince confirms. "We represent our client, but we also help the candidate put their best foot forward. We know the salary range on offer, so an employee should identify their minimum salary level but aim higher, giving themselves space for negotiation."
A recruiter will also know the past earnings of a candidate, so both parties have a pretty good idea on what to expect from each other. A recruiter wants to deliver a value-for-money quality employee to their client, but usually their fee is a percentage of the employee's salary.
There is still room for negotiation when a recruiter is in the picture, even when the latter has indicated the employer's expectations — usually, there is still a salary range to explore. "Provided the lines of communication are kept open between the candidate and the employer, then there are no surprises when it comes to salary negotiation," says Ray Hince. "When an employee is making a direct approach, then it's a different environment. Through research they should identify the likely range, determine their minimum salary level — and negotiate from there."
Andrew was lucky — his employer made the first move when it came to talking turkey. This brings us to another important rule in salary negotiation: don't be the one who first raises a figure. "You want the employer to be the first one to mention a figure, if you can manage that," says Richard Nelson Bolles. "Never mind the reason why, what has been observed over the years is that in this contest whoever mentions a salary figure first, generally loses."
"Lead with your requirements," recommends Nick Corcodilos. "What does your past salary matter if you won't accept an offer below $X" (Understand that this cuts both ways: you've got to be willing to figure out what your abilities are worth.) If you decide to divulge what you've earned in the past, do so by firmly stating that your current salary is one thing; your required salary range is another. This is how you level the playing field: by getting them to divulge the range they're willing to spend."
A cunning interviewer/employer knows that it's not to your advantage to mention a figure first, and an interview can be like verbal arm-wrestling. They will float leading questions, like "What kind of salary are you looking for"", or "What do you think this job is worth""
SEEK's resident expert Philip Garside, in his book The Secrets to Getting a Job, also recommends not negotiating salary conditions until you have been offered the job. "It is not always possible to avoid this negotiation," he says, "but if you negotiate without having been offered the job the pressure to go low is enormous. If the interviewer asks, 'What salary do you envisage if you were successful"', you could reply, 'I'm happy to start on the industry standard, perhaps with a review built in for when I have demonstrated that I am worth more than that.'" Of course, the interviewer is likely to immediately reply, "and what do you believe is the industry standard""
Philip Garside counsels putting forward a range of salary levels, and not tying yourself to a specific figure. And, as you've done your research on what the position will be worth, you can confidently aim at the high end of the scale. "If you believe a fair salary for the position is $42,000 but you are prepared to accept $39,000, the range to put forward would be $39,000-$45,000," he says. "If offered the position, you are much better placed to negotiate the deal you want. It is your task to get the starting salary as close as you can get to $45,000, and theirs to get you as close as possible to $39,000."
This is where the role of a recruiter changes the situation. A recruiter is given a lot of responsibility from their client, the employer; the recruiter can negotiate with the employee on the employer's behalf. "Our role can be quite strong in that area," Ray Hince confirms. "We represent our client, but we also help the candidate put their best foot forward. We know the salary range on offer, so an employee should identify their minimum salary level but aim higher, giving themselves space for negotiation."
A recruiter will also know the past earnings of a candidate, so both parties have a pretty good idea on what to expect from each other. A recruiter wants to deliver a value-for-money quality employee to their client, but usually their fee is a percentage of the employee's salary.
There is still room for negotiation when a recruiter is in the picture, even when the latter has indicated the employer's expectations — usually, there is still a salary range to explore. "Provided the lines of communication are kept open between the candidate and the employer, then there are no surprises when it comes to salary negotiation," says Ray Hince. "When an employee is making a direct approach, then it's a different environment. Through research they should identify the likely range, determine their minimum salary level — and negotiate from there."
Salary history
When it comes to establishing a salary range or starting with a figure for negotiation, a prospective employer might bring up that hoary old chestnut: previous salary history. The theory is that what you were most recently earning will have a strong bearing what your new salary will be.
Nick Corcodilos doesn't buy that theory. "Employers have no business asking for your salary history. It's confidential. It has nothing to do with hiring you. Imagine what they'd say if you asked to see the history of salaries they've paid for this job over the past ten years. Or, if you were to ask the manager what his current salary is. In fact, your new salary is a judgement of your present (and future) value. It's the employer's task to work out what your job is worth, and it is completely unrelated to your past earnings."
Andrew agrees, and takes a positive view of the past-salary question. "I told them what I thought I was worth, which was a different figure to what I was earning in my previous job. But if you can't avoid it, the past-salary figure enables you to put the first stake in the sand and argue, 'If I'm earning that currently, why would I move to a new job with you"'"
When you divulge your salary history, you put yourself in a corner that's very difficult to negotiate your way out of, Nick Corcodilos says. "I agree philosophically with that argument, but in practice your recent salary is going to be an indicator of what you're worth," counters Ray Hince. "These days there are strongly established market ranges within professions — food sales reps, for example, earn a certain salary with standard conditions. Talking about past salary isn't a big bogey, and by and large, your past salary history will be clear to a prospective employer."
Are you wondering why you have to learn all this stuff about salary negotiating" If you like the employer, and the employer likes (and wants) you, aren't they going to try and make you a happy and productive employee with a wonderful salary" "The employer will rarely tell you the most they are willing to pay," Richard Nelson Bolles says. "The employer's goal is to save money, if possible. Your goal is to bring home the best salary that you can. Nothing's wrong with the goals of either of you. But it does mean that salary negotiation is proper, and expected."
It was expected in Andrew's case. "If I had rolled over and laid down with the first figure they offered me, then my employer wouldn't have had confidence in the work I was doing for them. Obviously, if you're a hard but fair negotiator for yourself then you'll also bring those qualities to the job."
"Employers respect a person who can negotiate well," confirms Ray Hince. "But they also like people who will pursue realistic goals in negotiation."
Some names have been changed to protect privacy.
by David Cohen
I have been giulty of not following these simply rules and just accepting a job offer. Tweleve months after I had been in the position a senior manager saw my salary and said that I was $10000 off the mark. He increased it there and then without even blinking.....Imagine what I could have done had I negotiated the package and done my research. You know what they say, hindsight is a wonderful thing. Jobjett
How to Find and Engage a Mentor
- By Chris Bauman
- Published 20/05/2008
I have often heard people say that they need a mentor….as havign the right mentor can sometimes have a big bearing on your career and success.
"But what is a mentor?" Looking online I came up with the following origin and definition –
- A wise and trusted counselor or teacher.
- Mentor Greek Mythology. Odysseus's trusted counselor, in whose guise Athena became the guardian and teacher of Telemachus
Now finding a mentor is one thing, but engaging a mentor/teacher to actively look out for your best interests can be a little harder to do.After all, most of the time they are off forging their own path, and time, as we mentioned in the last blog, 'Compound Time - Like compound Interest', time is a valuable commodity.
The Search
Looking outside your usual circles (search where you like to play) is a great place to start as very often someone that you work with can have conflicting interests when it comes to giving you advice. Start by asking yourself – what are my interests, hobbies, goals, and where do I want to be in 5 years? Yes, you want your chosen mentor to be able to guide and teach you, however you also want them to be on the same wave length as yourself.
I have learnt from experience that choosing the wrong mentor can sometimes stall rather than progress your life's journey.Unfortunately it wasn't my best decision. The up side is that you always learn from mistakes that have been made in the past.
I now have another prospective mentor that may be willing to assist me (7 years later mind you). I say prospective in that I am yet to engage this person....He may not want the job. He has a similar mindset to myself, we have some of the same common background in business, we are of a similar age, however he is at least 5-10 years further down the career path than I am myself.
Engagment
According to Penelope Trunk from the Brazen Careerist, there are 4 key steps that you need to undertake...steps that I am going to try and implement myself –
1. Invest time – Don't ask a mentor to invest time if you aren't willing to invest double that amount yourself. Work in with their schedule and always make sure you are available should they want to chat to you. Be prepared to sometimes clear your schedule.
2. Do favours again and again – Find out what is on their plate and offer them your assistance.
3. Stay in touch continually – don't go to all this effort if you are going to drop the ball.Make the time to stay in touch regularly, however be careful to not over do it, and as stated above, choose times wisely.
4. Ask for a formal relationship –Your mentor agrees to act as you guide and counselor on a formal capacity.You schedule regular meetings or times to catch up online, and you prepare before hand so that you make the most appropriate use of time.
On a final note - Don't limit yourself to just one mentor or even one country. Very often the most successful people are those that surround themselves with their peers. So subscribe to a few blogs that you love to read, engage in the comments area, join a club or society, and search where you like to play.
PS - Organisations like toastmasters very often give you a mentor....great place to start.
Jobjett – Jobs in Australia
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Lifestyle Investing: "Compound Time" Like Compound Interest?
- By Chris Bauman
- Published 15/05/2008
I was recently reading a blog by Dan Smith, a pioneer in innovative thought....passion and purpose rather than earning an arbitary sum, when that directed me to a very interesting article that asks the question whether or not time can be compounded.The Blog was written by Tim Ferriss, who also explores the 4 hour work week in a book that is definately worth a read.
How might better use of your time compound? David explores:
Bear with me, this is somewhat rough at the moment — my initial quandary was whether time, like currency, could be invested to produce a compounding effect. After a bit of thought, my conclusion is that the value of ones time could experience a significant gain, and perhaps a compounding effect over time, given an investment of [that present-state] time in knowledge, skill or other capacity, and a reinvestment of future gains (just like currency).
Money and currency — accumulated excess money — represent one part of your capacity to transact in the marketplace, and can be exchanged for help from others in the form of products or services, including “things” like consumables, depreciable and appreciable assets. Similarly every action you take, whether it be transaction-related or not, requires the expenditure of some amount of time, which is roughly fixed for all of us (say 10,000 working days between the ages of 22 and 62).
Much like currency can be exchanged for appreciable assets that can grow with a compounding effect over time if the gains are re-invested, my theory is that time can be thought about in a similar way, which may lead to more effective action.
To put this in terms of your thinking from your book, lets say you work 40 hours per week simply performing tasks requested by your employer, none of which produce any additional future potential for generating income for yourself.
This is the equivalent of spending your money on consumables or living expenses. It’s single use, and gives you no real future gain, aside from whatever currency you might earn in the moment. Now, you decide to outsource 50% of your tasks to India, producing the same outcomes with 50% of your time. You just doubled the value of your time compared to before (less the additional expense for the help). Now, with that free time, you get more rigorous about working out, studying, and building your networks. You increase your energy, skill, and capacity working with others and manage to produce yet the same results that were taking 50% of your time with only 30%. If you keep reinvesting some of your time in additional gains in your capacity to act, you can theoretically have a compounding effect with the value of your time (rather than time itself). Just like investing currency, the earlier you start this process, and continue to invest in your capacity, the more time your capacity has to compound, and the greater outcomes you can produce during your lifetime.
Adding Tim's divergent ideas into choosing your next position selectively on the basis of time leverage rather that purely seeking monetary reward certainly changes my point of view. I am now working about 4 hours per day, admitably, my pay is a little reduced, however I have a lot more time to focus on other interests.
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Jobjett - No by line this time
The Rules of Follow Up
- By Chris Bauman
- Published 9/05/2008
The rules of follow up are the same for a social setting, for sales professionals and for any interview that you may attend. I can still remember those interviewees that took the time to follow up after the interview, regardless of whether they succeeded in that particular position or not. I still forward a few of these resumes to colleagues when they are wanting to headhunt good staff.
After school like most people I went my separate way, in an effort to establish a career and lost contact with many of the friends that I had made there. However, one friend who was a strong believer in following up and taking the time to touch base throughout the ensuing years really saw the benefits of this when I introduced him to his now long time girlfriend.
Reluctantly he came along to an afternoon of drinks with a few good friends of mine in order to wind down a weekend and get ready for the working week. The afternoon was enjoyed by all. One afternoon of drinks led to a few more social gatherings, a few dinners out and now my two friends are inseparable. So, rule number one in any social setting, make sure you follow up with those you meet….you never know.
For any salesmen out there, the art of following up a prospect and building a relationship is vitally important if you are to increase your sales conversion rates. It is also exceedingly important in order to generate repeat business.I even rose to the top of a National company by following this simple rule…. The fact that 95% of the other employees in the company didn’t bother may have had something to do with it. If you can add sincerity to your follow up calls, you will only add to the impression that you make with a client. Rule two – Be sincere, follow up in a timely fashion and define clear follow up times that are agreeable to both parties.
For the interview we can use both of the preceding rules to great effect. Remember you are probably competing with another 200+ applications. The statistics are that only 1-2 in about 200 applications will actually carry out this step. If you have made it as far as the interview, it would be shame to lose an opportunity for this simple oversight.You now have the name of the interviewer, and have defined in the interview (As an Employee – Asking the right interview questions can be hard) a suitable time to call and you have nothing to lose.
Jobs in Australia can be hard to find so don’t treat this phone call emotionally, think of it as simply trying to improve your closure rate and it will reduce your nerves. The interviewer may even headhunt you for future positions as I did above. Most of all remember that you are a minority and most of the other people that attended the interview wont bother with a follow up call.
The Jobjett Team - Get Headhunted !
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Success through an Employee's Eyes
- By Chris Bauman
- Published 5/05/2008
It is true that what one person identifies as success is completely different for another.I remember several years ago working with a lady who took a very real pride in her job.She often went above and beyond, not to look good for her boss, but for her own sense of accomplishment.For this she gained my admiration, the admiration of her fellow workers and the admiration of the clients.
Yes she worked behind the scenes into the night, as a cleaner. However, what makes this Blog truly remarkable is that she cleaned for about 200 companies and over 50% of the clients and staff knew her on a personable level.When I say 50% I may even be understating.
She would often come into work early and clean the kitchens while tenants were readying themselves to leave and returning their coffee cups to the kitchens.Helpful and friendly, to everyone that crossed her path, she even managed to somehow train the tenants of the various companies to take responsibility for putting away their own crockery.
She has since been promoted into other varying positions within the company as others around her started to recognise the dedication that she had in any role that she undertook.
There are many levels of success hidden with the folds of this story – the admiration of her fellow workers, admiration of management, admiration of clients and her own sense of self worth as a result of a job well done.(I may even publish her name in future blogs, however for now I would just like to share her story).
Ok now how can you achieve this same type of success within your own position?Always work to the best of your ability, go above and beyond, and be conscious of those that you influence around you.
You may be an accountant, doctor, lawyer, contractor, day care worker, marketing manager or even hold a graduate position.No matter what your job title, or designation, remember that it is you that measures your success first, and your company second. Even if your chosen company (now I say your chosen company very deliberately) doesn’t deserve this type of dedication, do it anyway, and you can be sure that others will notice.It may not even be one of your managers. I have personally experienced situations where my own clients have headhunted me as a result of the attitude that I took to work with me every day.
Chris Bauman – Get Headhunted !
The Jobjett Team
To leave a comment about jobs in Australia please click on the title and enter your comment at the bottom of the article.
Expand your Circle...
- By Chris Bauman
- Published 3/05/2008
So you have a great job and you go to work every day happy. You talk to the same people, create the same reports, eat at the same half dozen coffee shops and then go home and do it all again the next day. So many of the staff that I have employed are more than happy to simply socialise with the same group of people every day, however this doesn't necessarily help your job prospects, give you extra skills or look good on your resume.
Why not have a serious look at expanding your circles of influence by joining a club or association. The list can be as varied as Chambers of Commerce, Accounting Associations, Institute of Management, Networxevents (highly recommended), BJCC, Marketing Associations etc.
Things to do and look for look for -
* Don't join the first club that you visit;
* Seek recommendations from people in your current circles of influence;
* Get to know a few people in the group - do you want to spend time with them?
* What skills can I learn here;
* Do I still have a healthy banalce in my life
One group that I was a member of for almost 8 years was Toastmasters (Sunnybank Toastmasters). This association can teach you the are of public speaking, evaluation, help with your confidence, provide mentors that you can go to for assistance, teach you how to chair a meeting, impromptu speaking, and of course being able to speak in front of people exuding an air of confidence that your colegues may not otherwise have. It will even assist you with your interview skills. I have provided one link, however if you do a search of taostmasters clubs you will be able to find one in your area as the organisation is recognised internationally.
I was also a member of various gyms, however they really didnt assist me to increase my skills profile, or give me exposure to my piers.....I guess you sometimes you have to look a little harder. If you have any clubs or associations that you feel assist with you employment prospects, feel free to add a comment and we will include the links on this site.
Chris Bauman - Get headhunted !
The Jobjett Team
To leave a comment about jobs in Australia please click on the title and enter your comment at the bottom of the article. Free listing to approved companies.
