Motivating staff is an important function of any team leader or manager. This can sometimes be hard work and with the constant focus on others, we can sometimes forget to motivate ourselves.
This in turn leads to a problem: if you aren’t motivated, then it is likely that others around you will lose motivation and will not strive to take action.
Before that happens, follow these seven simple steps to motivate yourself to improve your own performance.
1 Mix with positive people Spend your time associating with positive people who are winners or successful in their chosen fields. People with a negative mindset love to see others fail or falter when faced with a challenge.
You will learn negative thoughts and behaviours from negative people and positive thoughts and behaviours from positive people. Positive people exude positive energy and a can-do attitude.
2 Erase a negative mindset A negative mindset will guarantee you a negative result every time. Focus on the positive and erase negative thoughts and behaviours from your personality. It is highly unlikely that you will complete any project or challenge if you have a negative mindset.
Be wary of people who say, “We can’t do that here, this is the way we have always done it here”. Be positive, focus on a plan of action and implement the plan.
3 Develop clear goals If you set clear goals, you will become more motivated. Goals challenge and test your ability to achieve and create success by that achievement. Make sure your goals are challenging enough and still realistically achievable.
4 Write your goals down There is an old saying that 3 per cent of the population control the wealth and 3 per cent of the population write their goals down! Committing your goals to paper is a very powerful motivator because it helps you to focus on what you are striving to achieve.
Read your goals at least three times a day, carry them around with you on a card in your pocket and refer to them often to remind yourself what you are working towards.
5 Make a goal plan If you have taken the trouble to commit your goals to paper, the next step is to develop a plan to make the goals happen. Work out what steps you will need to take and when you will need to take them. Write this plan down also so that you can measure your progress along the way.
6 Network your goals Share your goals with those you trust - perhaps your peers, supervisors or subordinates - or better still, hire a business coach.
Make sure you involve staff who may be directly affected by the outcome of the goal or who will contribute to its success. Making a commitment to a business coach will make your resolve to complete the goals even firmer.
7 Celebrate your success It is important to record your progress. As you reach milestones or the final goal, celebrate your efforts.
Celebrations and rewards for effort make the work seem worthwhile and energise you to achieve more. Achieving your goals will guarantee your ongoing motivation!
Now that you have read the seven simple steps, the rest is up to you. Remember though that you may not be able to do this alone.
Hiring the services of an experienced business coach can make the difference between intention and execution.
A good coach will hold you to account and keep you on track to achieve success.
Article by Lindsay Adams, an international speaker with Training Edge International and the president of Global Speakers Federation.
Saturday, April 16, 2011
SERVE WITH CONFIDENCE
When frontline employees believe in their ability to deliver, they provide excellent service to customers
Despite efforts to boost service levels, surveys invariably point to gaps in customer satisfaction.
What is the missing link to delivering service excellence to raise customer satisfaction? What influences a service employee to turn around a challenging service situation and delight an unhappy customer?
Are the challenging situations just isolated examples that have no meaning beyond their unique circumstances, or are there some common elements, which, if identified, could provide important information to service employees?
Let’s examine the important concept of self-efficacy, which may offer some clues to the gaps.
SELF-EFFICACY
Self-efficacy is defined as an employee’s belief in his ability to perform job-related tasks. It is this conviction that affects his decision to even try to cope with situations that would otherwise be intimidating.
The importance of self-efficacy lies in its ability to affect motivation and increase service employee performance. Self-efficacy has a strong and positive relationship with employee performance measures such as achievement, learning and adaptability.
As their self-efficacy increases, employees exert more effort, take the initiative, learn more about their job, the organisation, and themselves when faced with task-related obstacles.
Low self-efficacy leads to avoidance behaviour of all except routine and basic tasks, thus resulting in low levels of performance.
Self-efficacy in organisational terms is defined as the extent to which employees feel confident about their job skills and abilities to organise and execute courses of action within a given context to achieve a designated level of performance.
Before employees select their choices and put in the effort, they will evaluate and integrate information about their perceived capabilities.
In an organisation, situational factors such as information from other people, the availability of specific resources and constraints, distractions and the work environment contribute to the employees’ assessment of their capability.
Any managerial technique that strengthens service employees’ belief in their self-efficacy will make them feel in control.Conversely, any managerial strategy that weakens their self-efficacy will lead to a feeling of powerlessness.
Organisations that encourage a high level of social interaction between colleagues produce customer service employees with a strong sense of self-efficacy.
AUTHORITARIAN
Bureaucratic service firms characterised by an authoritarian management style, a lack of administrative support and low levels of interaction between colleagues, enforce employee behaviour through established rules and a rigid working environment.
This leads to a diminished sense of self-efficacy in service employees.
In addition, some situational factors determine self-efficacy levels:
·Watching others (modelling), the amount of available resources, for example, staff, time, support, teamwork, supervision;
·Interdependence of the task with other functions in the organisation, sequential performance requirements, feedback information; and
·Task environment, physical distractions, for example, noise, the service-scape, physical settings, potential danger present in the environment.
Self-efficacy plays an important role in shaping customers’ perceptions of their encounter with service employees.
When customers are served by employees who believe strongly in their own abilities to deliver, they are likely to receive higher quality service. — Source: ST/ANN
ARTICLE by Seow Bee Leng, the principal trainer of Continuum Learning and an adjunct lecturer with Nanyang Technological University.
Despite efforts to boost service levels, surveys invariably point to gaps in customer satisfaction.
What is the missing link to delivering service excellence to raise customer satisfaction? What influences a service employee to turn around a challenging service situation and delight an unhappy customer?
Are the challenging situations just isolated examples that have no meaning beyond their unique circumstances, or are there some common elements, which, if identified, could provide important information to service employees?
Let’s examine the important concept of self-efficacy, which may offer some clues to the gaps.
SELF-EFFICACY
Self-efficacy is defined as an employee’s belief in his ability to perform job-related tasks. It is this conviction that affects his decision to even try to cope with situations that would otherwise be intimidating.
The importance of self-efficacy lies in its ability to affect motivation and increase service employee performance. Self-efficacy has a strong and positive relationship with employee performance measures such as achievement, learning and adaptability.
As their self-efficacy increases, employees exert more effort, take the initiative, learn more about their job, the organisation, and themselves when faced with task-related obstacles.
Low self-efficacy leads to avoidance behaviour of all except routine and basic tasks, thus resulting in low levels of performance.
Self-efficacy in organisational terms is defined as the extent to which employees feel confident about their job skills and abilities to organise and execute courses of action within a given context to achieve a designated level of performance.
Before employees select their choices and put in the effort, they will evaluate and integrate information about their perceived capabilities.
In an organisation, situational factors such as information from other people, the availability of specific resources and constraints, distractions and the work environment contribute to the employees’ assessment of their capability.
Any managerial technique that strengthens service employees’ belief in their self-efficacy will make them feel in control.Conversely, any managerial strategy that weakens their self-efficacy will lead to a feeling of powerlessness.
Organisations that encourage a high level of social interaction between colleagues produce customer service employees with a strong sense of self-efficacy.
AUTHORITARIAN
Bureaucratic service firms characterised by an authoritarian management style, a lack of administrative support and low levels of interaction between colleagues, enforce employee behaviour through established rules and a rigid working environment.
This leads to a diminished sense of self-efficacy in service employees.
In addition, some situational factors determine self-efficacy levels:
·Watching others (modelling), the amount of available resources, for example, staff, time, support, teamwork, supervision;
·Interdependence of the task with other functions in the organisation, sequential performance requirements, feedback information; and
·Task environment, physical distractions, for example, noise, the service-scape, physical settings, potential danger present in the environment.
Self-efficacy plays an important role in shaping customers’ perceptions of their encounter with service employees.
When customers are served by employees who believe strongly in their own abilities to deliver, they are likely to receive higher quality service. — Source: ST/ANN
ARTICLE by Seow Bee Leng, the principal trainer of Continuum Learning and an adjunct lecturer with Nanyang Technological University.
Dealing with feelings
Almost everyone wants to have better communication skills to handle difficult discussions, such as those relating to performance, bad news or actions beyond the call of duty.
A marketing director of a multinational corporation told me of a time when she asked regional distributors to increase their inventory and business forecasts. Her request did not go well, despite all her preparations and head office support, and she was not sure what the difficulty was.
As she reflected on her experience, she felt confused and helpless as to how to proceed further.
People often forget that whenever they get into a difficult discussion, feelings are inevitably involved. These include frustration, arrogance, indifference, anger, helplessness, anxiety and so on.
In the marketing director’s case, it is likely that the distributors were uncertain if they could meet increased forecasts in a volatile economic climate and felt fear.
Such frustrating and time-consuming outcomes occur not just at professional or business levels but also in people’s personal lives.
Bosses often issue orders and directives in a vacuum, without making any attempt to understand how the recipients will feel about those orders and directives.
Family “discussions” often play out the same arguments over and over again, with no progress being made towards any solution — because feelings are ignored.
When feelings get in the way of discussions, participants “solve” the problem through fright, flight or freeze. None of them is a good solution.
Our most common way of listening is not listening. People fail to comprehend what the other person is telling them.
But even when you do listen to others, if you focus exclusively on listening to content, you tend not to detect the feelings of the speaker.
Listening to and for feelings can sometimes make or break a difficult discussion because feelings are often at the heart of the problem.
A good listener can help the other person “verbalise” the issue that he is facing. This helps him clarify the issue and become better able to move ahead with different options. A good listener will hold back on offering advice until he is clear about the other person’s feelings.
Here is an example of a conversation illustrating this:
Listener: How is work?
Speaker: Stressful and I’m overworked.
Listener: When you are stressed, what happens?
Speaker: I am not able to concentrate and I face persistent conflicts with others. This has affected my ability to perform my sales functions effectively.
At this point, the listener must be careful not to translate this response as an announcement of “persistent conflict with others” and “lower ability to perform sales functions”. Rather, it is a confession of anxiety and fear.
The listener now has three options: ignore, confront or acknowledge, and understand.
Ignoring the response will leave the other person in the dark as to what to do next. Confrontation typically fails to influence the other person to change his action. No progress is made towards solving the problem.
The best option is to acknowledge and understand. Say: “I understand that you feel stressed by the situation. How do you think I can help you perform better?”Remember to use the pronoun “I” often. The “I” messages show that you recognise and are affected by the other person’s feelings. It helps bring the other person on board.
American poet and writer Maya Angelou aptly sums it up: “I’ve learned that people will forget what you said, people will forget what you did, but people will never forget how you made them feel.”
Author of Getting Past No and director of the negotiation network at Harvard University William Ury said: “Everyone has a strong need for his or her feelings to be recognised. While factual points are important, knowing the other person’s feelings in a difficult discussion can help to create an atmosphere of understanding and cooperation.”
There is virtually no profession or business in which you are not likely to encounter episodes of difficult communication. When you make the simple and practical shift to listen for feelings, you change a difficult discussion into a more open and participative way of addressing the challenges you face.
Source: ST/ANN
A marketing director of a multinational corporation told me of a time when she asked regional distributors to increase their inventory and business forecasts. Her request did not go well, despite all her preparations and head office support, and she was not sure what the difficulty was.
As she reflected on her experience, she felt confused and helpless as to how to proceed further.
People often forget that whenever they get into a difficult discussion, feelings are inevitably involved. These include frustration, arrogance, indifference, anger, helplessness, anxiety and so on.
In the marketing director’s case, it is likely that the distributors were uncertain if they could meet increased forecasts in a volatile economic climate and felt fear.
Such frustrating and time-consuming outcomes occur not just at professional or business levels but also in people’s personal lives.
Bosses often issue orders and directives in a vacuum, without making any attempt to understand how the recipients will feel about those orders and directives.
Family “discussions” often play out the same arguments over and over again, with no progress being made towards any solution — because feelings are ignored.
When feelings get in the way of discussions, participants “solve” the problem through fright, flight or freeze. None of them is a good solution.
Our most common way of listening is not listening. People fail to comprehend what the other person is telling them.
But even when you do listen to others, if you focus exclusively on listening to content, you tend not to detect the feelings of the speaker.
Listening to and for feelings can sometimes make or break a difficult discussion because feelings are often at the heart of the problem.
A good listener can help the other person “verbalise” the issue that he is facing. This helps him clarify the issue and become better able to move ahead with different options. A good listener will hold back on offering advice until he is clear about the other person’s feelings.
Here is an example of a conversation illustrating this:
Listener: How is work?
Speaker: Stressful and I’m overworked.
Listener: When you are stressed, what happens?
Speaker: I am not able to concentrate and I face persistent conflicts with others. This has affected my ability to perform my sales functions effectively.
At this point, the listener must be careful not to translate this response as an announcement of “persistent conflict with others” and “lower ability to perform sales functions”. Rather, it is a confession of anxiety and fear.
The listener now has three options: ignore, confront or acknowledge, and understand.
Ignoring the response will leave the other person in the dark as to what to do next. Confrontation typically fails to influence the other person to change his action. No progress is made towards solving the problem.
The best option is to acknowledge and understand. Say: “I understand that you feel stressed by the situation. How do you think I can help you perform better?”Remember to use the pronoun “I” often. The “I” messages show that you recognise and are affected by the other person’s feelings. It helps bring the other person on board.
American poet and writer Maya Angelou aptly sums it up: “I’ve learned that people will forget what you said, people will forget what you did, but people will never forget how you made them feel.”
Author of Getting Past No and director of the negotiation network at Harvard University William Ury said: “Everyone has a strong need for his or her feelings to be recognised. While factual points are important, knowing the other person’s feelings in a difficult discussion can help to create an atmosphere of understanding and cooperation.”
There is virtually no profession or business in which you are not likely to encounter episodes of difficult communication. When you make the simple and practical shift to listen for feelings, you change a difficult discussion into a more open and participative way of addressing the challenges you face.
Source: ST/ANN
The Rising Price of Retirement
Mention the word "retirement," and most people shudder. The term seems synonymous these days with the phrase, "you can't afford it." More than half of workers in the 2011 Retirement Confidence Survey by the Employee Benefits Research Institute say the total value of their household's savings and investments, excluding the value of their home and any defined benefit plans, is less than $25,000. Housing wealth has vaporized for many households. More than 27 percent of all residential properties with a mortgage — 13.4 million homeowners — had negative-equity or near-negative-equity mortgages at the end of 2010, according to CoreLogic, an information and analytics firm.
More from BusinessWeek.com:
• Stocks for an Aging World
• The Puzzle — and Promise — of 'Absolute Return' Mutual Funds
• America's Best Affordable Places to Retire
Times remain tough even though the stock market is up 97 percent from its March 2009 low and the economy is gathering steam. The government's broadest measure of unemployment, and underemployment, is at 15.7 percent, and household budgets are being squeezed by rising food and oil prices — not to mention miniscule yields on savings. It all reinforces the fact that one must confront huge areas of uncertainty when planning for the last stage of life. The answer to the question "how much will you need?" depends on a series of imponderables, from the timing of your death to your health in old age.
Nevertheless, the pervasive gloom about retirement is overdone. Fact is, people are quite creative at coming up with solutions. Case in point: An aging generation isn't really retiring, at least not in the traditional sense of the word. (Think golf.) They may say goodbye to their employer and colleagues for the last time, but they're continuing to work, usually part-time. (Think consulting.) Call it the partial retirement or the job-tirement. It allows savings to compound longer. Delaying taking Social Security benefits locks in a more generous payout. "People aren't slowing down in their 60s and 70s," says Ross Levin, a certified financial planner (CFP) and president of Accredited Investors in Edina, Minn. Adds Joel Larsen, a CFP with Navion Financial Advisors in Davis, Calif.: "If you really like what you're doing, why retire?"
When Income Replaces Savings
Just ask Don Lambert, age 67. The engineering manager retired from Fisher Controls (now Emerson Process Management, a division of Emerson) in 2002. He spent 32 years with the company, half of it abroad, mostly working on projects in the Middle East and Africa. He lives in Ames, Iowa, and when he retired he set up a consulting firm with Fisher as a client. He spent two years on contract with Fisher in Saudi Arabia, where the only thing he had to pay for out of pocket was his "newspaper and haircuts." He still works about two days a week and spends the rest of his time doing community volunteer work with the Rotary International, Meals on Wheels, and the Iowa Council for International Understanding. Lambert has a defined benefit pension plan, Social Security, savings, and no debt. He takes out roughly 3 percent of his savings a year. "I don't need to draw on a lot of my savings yet," he says.
The twin benefit from a higher Social Security benefit and returns that have compounded longer is striking. The Social Security payout rises 8 percent a year for every year of delay after age 62 and before age 70. Laurence Kotlikoff, finance professor at Boston University and head of ESPlanner, an online financial planning website, ran a simulation. Among the key assumptions: A couple is 60 years old, each earns $100,000, and they have a total retirement portfolio worth $2 million. If they elect to take Social Security at age 62 in 2013, they draw on enough of their savings for a total income averaging around $140,000 for the next 38 years. That means they can maintain their standard of living at 70 percent of preretirement income.
Yet if the same couple shifts to part-time work in 2013, making $30,000 each for four years, draws on their 401(k)s, and waits until age 70 to file for Social Security, their discretionary spending jumps by 14 percent, to nearly $160,000 over the next four decades. "To get the same living-standard-hike, the couple would need to find $455,000 lying on the street," says Kotlikoff.
Undermining Old Rules of Thumb
But (you knew the "but" was coming, didn't you?) working longer complicates everyday money management by upending a few critical and common assumptions. A traditional benchmark is that in order for households to maintain their standard of living in retirement, they need approximately 70 percent of preretirement income. The lower figure comes from the assumption that a retiree will drop into a lower tax bracket, have more time to shop for deals, and won't incur many expenses associated with work. For instance, economists Mark Aguir of the Federal Reserve Bank of Boston and Erik Hurst of the University of Chicago delved into household data on food gathered by the U.S. Agriculture Dept. from the late '80s and early-to-mid '90s. They found spending on food fell 17 percent among retired households while the time spent making meals rose by 53 percent. There was no real difference between eating out at table-service restaurants for those aged 60 to 62 (pre-peak retirement) and those 66 to 68 (post-peak retirement), except that the retired household spent 31 percent less on fast food and diners.
The old rule is obsolete for the partially retired. The retiree's tax bracket may not drop. The dry cleaning bill will probably stay the same. They're busy and just as likely to grab a burger before a meeting or stop for a takeout meal on the way home as they did before retirement. "I don't think the 70 percent rule applies," says Moshe Milesky, finance professor at York University in Canada and a wealth management and retirement expert. "It may be higher than that."
The other big change is that an aging, income-earning household needs to save from every paycheck, just like their younger co-workers. After all, the cost of goods and services used by the elderly is going up. True, over the past 12 months the consumer price index is up a mere 2.1 percent. Yet that average masks some critical differences. Fuel oil is up 27.1 percent and medical services 3 percent over the same period — a big blow to the budgets of the elderly — while the price of personal computers is down by 7.4 percent, which may be a boon to younger folks. Mutual fund giant Fidelity estimates a 65-year-old couple retiring in 2011 will need $230,000 to pay for medical expenses throughout retirement (and that does not include nursing-home care). "Every single one of our friends has had some serious financial surprise during retirement that was completely unseen," says Henry "Bud" Hebeler, the former president of Boeing Aerospace. His own "retirement" turned into a career offering retirement and financial-planning advice at his website, Analyzenow.com.
Hebeler has devised his own formula for how much to save in retirement while working. He recommends taking your monthly take-home pay, after all deductions and taxes; multiply it by the number of years you will still work, and divide that figure by the number of years it's possible you have to live. For example, say a 65-year-old plans on working another 10 years, expects to live to 95, and makes $2,100 a month after deductions for Social Security, Medicare, union dues, and the like. The monthly amount she can spend from that paycheck would be $700 (2,100 x 10/30 = $700). The remaining $1,400 should go right into savings. Clearly, this isn't our parent's retirement
By Bloomberg Businessweek
More from BusinessWeek.com:
• Stocks for an Aging World
• The Puzzle — and Promise — of 'Absolute Return' Mutual Funds
• America's Best Affordable Places to Retire
Times remain tough even though the stock market is up 97 percent from its March 2009 low and the economy is gathering steam. The government's broadest measure of unemployment, and underemployment, is at 15.7 percent, and household budgets are being squeezed by rising food and oil prices — not to mention miniscule yields on savings. It all reinforces the fact that one must confront huge areas of uncertainty when planning for the last stage of life. The answer to the question "how much will you need?" depends on a series of imponderables, from the timing of your death to your health in old age.
Nevertheless, the pervasive gloom about retirement is overdone. Fact is, people are quite creative at coming up with solutions. Case in point: An aging generation isn't really retiring, at least not in the traditional sense of the word. (Think golf.) They may say goodbye to their employer and colleagues for the last time, but they're continuing to work, usually part-time. (Think consulting.) Call it the partial retirement or the job-tirement. It allows savings to compound longer. Delaying taking Social Security benefits locks in a more generous payout. "People aren't slowing down in their 60s and 70s," says Ross Levin, a certified financial planner (CFP) and president of Accredited Investors in Edina, Minn. Adds Joel Larsen, a CFP with Navion Financial Advisors in Davis, Calif.: "If you really like what you're doing, why retire?"
When Income Replaces Savings
Just ask Don Lambert, age 67. The engineering manager retired from Fisher Controls (now Emerson Process Management, a division of Emerson) in 2002. He spent 32 years with the company, half of it abroad, mostly working on projects in the Middle East and Africa. He lives in Ames, Iowa, and when he retired he set up a consulting firm with Fisher as a client. He spent two years on contract with Fisher in Saudi Arabia, where the only thing he had to pay for out of pocket was his "newspaper and haircuts." He still works about two days a week and spends the rest of his time doing community volunteer work with the Rotary International, Meals on Wheels, and the Iowa Council for International Understanding. Lambert has a defined benefit pension plan, Social Security, savings, and no debt. He takes out roughly 3 percent of his savings a year. "I don't need to draw on a lot of my savings yet," he says.
The twin benefit from a higher Social Security benefit and returns that have compounded longer is striking. The Social Security payout rises 8 percent a year for every year of delay after age 62 and before age 70. Laurence Kotlikoff, finance professor at Boston University and head of ESPlanner, an online financial planning website, ran a simulation. Among the key assumptions: A couple is 60 years old, each earns $100,000, and they have a total retirement portfolio worth $2 million. If they elect to take Social Security at age 62 in 2013, they draw on enough of their savings for a total income averaging around $140,000 for the next 38 years. That means they can maintain their standard of living at 70 percent of preretirement income.
Yet if the same couple shifts to part-time work in 2013, making $30,000 each for four years, draws on their 401(k)s, and waits until age 70 to file for Social Security, their discretionary spending jumps by 14 percent, to nearly $160,000 over the next four decades. "To get the same living-standard-hike, the couple would need to find $455,000 lying on the street," says Kotlikoff.
Undermining Old Rules of Thumb
But (you knew the "but" was coming, didn't you?) working longer complicates everyday money management by upending a few critical and common assumptions. A traditional benchmark is that in order for households to maintain their standard of living in retirement, they need approximately 70 percent of preretirement income. The lower figure comes from the assumption that a retiree will drop into a lower tax bracket, have more time to shop for deals, and won't incur many expenses associated with work. For instance, economists Mark Aguir of the Federal Reserve Bank of Boston and Erik Hurst of the University of Chicago delved into household data on food gathered by the U.S. Agriculture Dept. from the late '80s and early-to-mid '90s. They found spending on food fell 17 percent among retired households while the time spent making meals rose by 53 percent. There was no real difference between eating out at table-service restaurants for those aged 60 to 62 (pre-peak retirement) and those 66 to 68 (post-peak retirement), except that the retired household spent 31 percent less on fast food and diners.
The old rule is obsolete for the partially retired. The retiree's tax bracket may not drop. The dry cleaning bill will probably stay the same. They're busy and just as likely to grab a burger before a meeting or stop for a takeout meal on the way home as they did before retirement. "I don't think the 70 percent rule applies," says Moshe Milesky, finance professor at York University in Canada and a wealth management and retirement expert. "It may be higher than that."
The other big change is that an aging, income-earning household needs to save from every paycheck, just like their younger co-workers. After all, the cost of goods and services used by the elderly is going up. True, over the past 12 months the consumer price index is up a mere 2.1 percent. Yet that average masks some critical differences. Fuel oil is up 27.1 percent and medical services 3 percent over the same period — a big blow to the budgets of the elderly — while the price of personal computers is down by 7.4 percent, which may be a boon to younger folks. Mutual fund giant Fidelity estimates a 65-year-old couple retiring in 2011 will need $230,000 to pay for medical expenses throughout retirement (and that does not include nursing-home care). "Every single one of our friends has had some serious financial surprise during retirement that was completely unseen," says Henry "Bud" Hebeler, the former president of Boeing Aerospace. His own "retirement" turned into a career offering retirement and financial-planning advice at his website, Analyzenow.com.
Hebeler has devised his own formula for how much to save in retirement while working. He recommends taking your monthly take-home pay, after all deductions and taxes; multiply it by the number of years you will still work, and divide that figure by the number of years it's possible you have to live. For example, say a 65-year-old plans on working another 10 years, expects to live to 95, and makes $2,100 a month after deductions for Social Security, Medicare, union dues, and the like. The monthly amount she can spend from that paycheck would be $700 (2,100 x 10/30 = $700). The remaining $1,400 should go right into savings. Clearly, this isn't our parent's retirement
By Bloomberg Businessweek
Wealth Is What You Save, Not What You Spend
Want to be a millionaire? Don't overspend and use debt wisely.
We all may not be millionaires but there are plenty of financial and life-planning secrets we can learn from the well-heeled.
Most people know that wealth in the U.S. is in the hands of a small percentage of the total population. And, today, most of those folks with a net worth of $1 million or more have earned it themselves.
They're mostly entrepreneurs who create everything from high-speed networks to garbage haulers. They dig ditches and build houses and grow corn and make jewelry. They deal stamps or coins or artwork and control pests and cut lawns. They also cure people and give them new teeth. Others will defend their neighbors or even feed them.
And they're not big spenders. In fact, most of those with big bucks live well under their means -- think about Warren Buffett still living in that modest Omaha home -- and they put their money instead toward investments that help them stockpile more wealth.
"Wealth is what you accumulate, not what you spend," according to Thomas Stanley and William Danko, the authors of the seminal tome on America's wealthy "The Millionaire Next Door," first published in 1996.
"It is seldom luck or inheritance or advanced degrees or even intelligence that enables people to amass fortunes," the authors wrote. "Wealth is more often the result of a lifestyle of hard work, perseverance, planning, and, most of all, self discipline."
Wealth is defined in many ways, though it's generally determined as the value of everything you own minus debts. But there's a difference between marketable assets -- things you own that could be liquidated rather quickly, like stocks, bonds, real estate -- and possessions like cars, clothing and household items that you use regularly and aren't likely to sell.
Income alone does not make one rich. It helps, of course, to build wealth, but the financially independent look to their salaries as a means to an end, which is that pile of cash.
"The wealthy don't spend their wealth on discretionary purchases," said Pam Danziger, founder of Unity Marketing, a consumer market-research firm specializing in luxury goods and experiences. "They get rich by maximizing the value of their investments."
That doesn't mean they don't pay big bucks for pretty shoes or outfits, but that most choose those items carefully and shop for value and quality. "They truly evaluate the purchase as an investment, not an expense," Danziger said.
What they do though is diversify those investments, which gives them more flexibility to ride out difficult times. "The wealthiest clients have very, very diversified portfolios that go way beyond just stocks and bonds into hedge funds, currencies, commodities and emerging markets," said Leslie Lassiter, managing director of the JPMorgan Private Wealth Management.
"There are many, many mutual funds out there that will allow you to get exposure to those types of asset classes," Lassiter said.
Among the biggest differences between those flush with cash and those wishing they were is in how they pay for things. Millionaires tend to use cash for most of their purchases, including cars, homes and boats.
For the average wage earner, of course, that's not always an option but it still holds this lesson: Don't look to debt to fund your lifestyle.
Most wealthy people use debt for investment purposes and are careful not to over-leverage themselves. "A prudent use of debt is an appropriate thing for anyone," Lassiter said.
They also plan very well and spend a lot of time at it. Many are compulsive savers and investors who often say the journey to riches was far more fun than the reaching the goal.
And they're patient, willing to invest in the long term and wait it out. "They stick with their investments and are more likely to have a financial plan," said Sanjiv Mirchandani, president of National Financial, a subsidiary of Fidelity Investments.
Many take the long-term approach to investing because they're working at being financial independent. When they retire, for example, many will know exactly how much they need to live on, to give away and to leave as a legacy.
"The best ones really understand how much liquidity they need to cover their expenses and make sure they have that much cash on hand," Lassiter said. "That's something the average person should do as well."
At the same time, she said most are very careful about leveraging debt. "The wealthy tend to balance between the two," she said.
Recommendations for accumulating wealth:
Live below your means: People with high incomes who spend all that money are not rich; they're just not wise..
Plan: That means plan for today, tomorrow and 30 years after retirement. Take time doing it too and spend time monitoring it every day. Use budgets and stick to them.
Diversify: As Lassiter said, look for mutual funds that allow you exposure to asset classes that aren't related to each other.
Reduce use of credit and turn to cash: It's easier, of course, for a prosperous person to pay for a house in cash than it might be for most folks, but credit-card debt for luxury purchases or extravagant vacations will never pave a road to riches.
Have access to cash: While the rich keep much of their wealth invested, they can get cash when they need it. "Have some kind of line of credit available, like a HELOC (home-equity line of credit) that you never use," Lassiter said. "It's a safety valve." She suggests a year's worth of cash to cover expenses; Danziger thinks three years worth is a better bet.
Spread cash around: When the wealthy pulled money out of the equities markets two and three years ago, they opened a bevy of bank accounts, all guaranteed up to $250,000 of deposits by the Federal Deposit Insurance Corp.
Bring your children into the mix, and remember the importance of estate planning: The affluent can go to great lengths to teach their children about money and how to manage it -- something every family should do. Though talking about money with children consistently ranks as one of the most dreaded conversations, it's important that your heirs know where all the bank accounts and safe-deposit boxes are -- even that their names are on them, too -- who the attorney is, where the will and trusts are filed.
We all may not be millionaires but there are plenty of financial and life-planning secrets we can learn from the well-heeled.
Most people know that wealth in the U.S. is in the hands of a small percentage of the total population. And, today, most of those folks with a net worth of $1 million or more have earned it themselves.
They're mostly entrepreneurs who create everything from high-speed networks to garbage haulers. They dig ditches and build houses and grow corn and make jewelry. They deal stamps or coins or artwork and control pests and cut lawns. They also cure people and give them new teeth. Others will defend their neighbors or even feed them.
And they're not big spenders. In fact, most of those with big bucks live well under their means -- think about Warren Buffett still living in that modest Omaha home -- and they put their money instead toward investments that help them stockpile more wealth.
"Wealth is what you accumulate, not what you spend," according to Thomas Stanley and William Danko, the authors of the seminal tome on America's wealthy "The Millionaire Next Door," first published in 1996.
"It is seldom luck or inheritance or advanced degrees or even intelligence that enables people to amass fortunes," the authors wrote. "Wealth is more often the result of a lifestyle of hard work, perseverance, planning, and, most of all, self discipline."
Wealth is defined in many ways, though it's generally determined as the value of everything you own minus debts. But there's a difference between marketable assets -- things you own that could be liquidated rather quickly, like stocks, bonds, real estate -- and possessions like cars, clothing and household items that you use regularly and aren't likely to sell.
Income alone does not make one rich. It helps, of course, to build wealth, but the financially independent look to their salaries as a means to an end, which is that pile of cash.
"The wealthy don't spend their wealth on discretionary purchases," said Pam Danziger, founder of Unity Marketing, a consumer market-research firm specializing in luxury goods and experiences. "They get rich by maximizing the value of their investments."
That doesn't mean they don't pay big bucks for pretty shoes or outfits, but that most choose those items carefully and shop for value and quality. "They truly evaluate the purchase as an investment, not an expense," Danziger said.
What they do though is diversify those investments, which gives them more flexibility to ride out difficult times. "The wealthiest clients have very, very diversified portfolios that go way beyond just stocks and bonds into hedge funds, currencies, commodities and emerging markets," said Leslie Lassiter, managing director of the JPMorgan Private Wealth Management.
"There are many, many mutual funds out there that will allow you to get exposure to those types of asset classes," Lassiter said.
Among the biggest differences between those flush with cash and those wishing they were is in how they pay for things. Millionaires tend to use cash for most of their purchases, including cars, homes and boats.
For the average wage earner, of course, that's not always an option but it still holds this lesson: Don't look to debt to fund your lifestyle.
Most wealthy people use debt for investment purposes and are careful not to over-leverage themselves. "A prudent use of debt is an appropriate thing for anyone," Lassiter said.
They also plan very well and spend a lot of time at it. Many are compulsive savers and investors who often say the journey to riches was far more fun than the reaching the goal.
And they're patient, willing to invest in the long term and wait it out. "They stick with their investments and are more likely to have a financial plan," said Sanjiv Mirchandani, president of National Financial, a subsidiary of Fidelity Investments.
Many take the long-term approach to investing because they're working at being financial independent. When they retire, for example, many will know exactly how much they need to live on, to give away and to leave as a legacy.
"The best ones really understand how much liquidity they need to cover their expenses and make sure they have that much cash on hand," Lassiter said. "That's something the average person should do as well."
At the same time, she said most are very careful about leveraging debt. "The wealthy tend to balance between the two," she said.
Recommendations for accumulating wealth:
Live below your means: People with high incomes who spend all that money are not rich; they're just not wise..
Plan: That means plan for today, tomorrow and 30 years after retirement. Take time doing it too and spend time monitoring it every day. Use budgets and stick to them.
Diversify: As Lassiter said, look for mutual funds that allow you exposure to asset classes that aren't related to each other.
Reduce use of credit and turn to cash: It's easier, of course, for a prosperous person to pay for a house in cash than it might be for most folks, but credit-card debt for luxury purchases or extravagant vacations will never pave a road to riches.
Have access to cash: While the rich keep much of their wealth invested, they can get cash when they need it. "Have some kind of line of credit available, like a HELOC (home-equity line of credit) that you never use," Lassiter said. "It's a safety valve." She suggests a year's worth of cash to cover expenses; Danziger thinks three years worth is a better bet.
Spread cash around: When the wealthy pulled money out of the equities markets two and three years ago, they opened a bevy of bank accounts, all guaranteed up to $250,000 of deposits by the Federal Deposit Insurance Corp.
Bring your children into the mix, and remember the importance of estate planning: The affluent can go to great lengths to teach their children about money and how to manage it -- something every family should do. Though talking about money with children consistently ranks as one of the most dreaded conversations, it's important that your heirs know where all the bank accounts and safe-deposit boxes are -- even that their names are on them, too -- who the attorney is, where the will and trusts are filed.
16 Ways to Make Yourself Unfireable
We all know people who have recently lost their jobs. Maybe you're lucky enough to still have a paycheck, but for how long? Fortunately there are several simple things you can do to make yourself unfireable.
Be the First to Arrive and the Last to Leave
Showing up to work first and leaving last shows your boss that you are dedicated to your job. Make sure to leave your office door open so your boss can see you putting in the long hours.
Cut the Company's Costs
Take a look at where your company is spending its money. Then see if there are ways to reduce those costs. Your boss won't fire someone who is improving the company's bottom line.
Make the Company More Money
Even better, figure out ways to increase revenue. Find a new client or develop new products and services for your company to sell.
Just Say No to Drama
Be sure to avoid drama whenever possible. If someone starts gossiping to you, simply excuse yourself by saying "I'm so sorry, I really have to finish this project. Maybe we can catch up later after work?" This way you can avoid the drama without being too rude to the gossiper.
Be Aware
Even though you should avoid drama, try to stay informed about what other people are saying about you. If you know what is being said about you, you can figure out how to improve your relationships with coworkers or know if you need to step it up. By being aware of how you are perceived, you can always be on top of your game.
Learn New Skills
Take advantage of any training, certification, or back-to-school programs offered by your employer. The more skills you develop the more valuable you become to your employer. If your company doesn't offer any programs, buy some new books and start training yourself.
Give Progress Reports
Make sure your boss knows how hard you are working and what you are working on by giving him or her progress reports on a weekly basis. If your boss has evidence that you are pulling your weight, he or she will be less likely to fire you.
Make Everybody Love You
Be friendly with everyone. Never say anything negative, mean, or condescending. No matter how much you hate your job, always show up with a smile on your face.
Show You Are a Leader
If you are on a new project and no one seems to be taking charge, step up and be a leader. They can't fire you if you're the point person of an important ongoing project.
Show You Are a Team Player
You have to be able to work well with your coworkers. Listen to their suggestions. Adapt to each person's idiosyncrasies. Treat each coworker with respect and courtesy. If you can't be a member of a team, chances are you won't survive the next layoff.
Get Personal
Make sure your boss knows about your family by keeping pictures of them on your desk or bringing them to company parties when appropriate. Also, show an interest in your boss's family in return. Employers are less likely to fire someone they have a personal relationship with. Just be wary of over sharing. Keep personal conversations light and upbeat.
Don't Take Unfair Advantage of Sick Days
Only take a sick or personal day when you absolutely need to do so. Be honest with yourself--are you really sick or just sick of going into work? Whenever you're feeling lazy, just remember the countless unemployed people who would love to have your job.
Take on Responsibilities that No One Else Wants to Do
Chances are there are responsibilities at your company that no one wants to do because, well, they are tedious and boring. Bite the bullet and offer to take on the task that no one wants to do. Your boss (and coworkers) will love you for it.
Positivity Goes a Long Way
By remaining positive during tough times, you can help create a more optimistic work environment. Positive people are always the last ones to get fired.
Don't Abuse Internet Privileges
It is very easy for companies to track what you do on your computer while in the office, especially online activities. Stay off of Facebook, don't check your personal emails, don't surf the web, and don't use your company email address to send personal emails.
Be the Social Chair
Who would want to fire the life of the party? Probably no one, so make yourself the social chair at your company. Come up with fun events that your coworkers actually want to participate in. You will boost company morale by making sure everyone is having a good time and make your boss think twice about handing you a pink slip.
by Ashley Jacobs is the college correspondent for personal finance blog Wise Bread
Be the First to Arrive and the Last to Leave
Showing up to work first and leaving last shows your boss that you are dedicated to your job. Make sure to leave your office door open so your boss can see you putting in the long hours.
Cut the Company's Costs
Take a look at where your company is spending its money. Then see if there are ways to reduce those costs. Your boss won't fire someone who is improving the company's bottom line.
Make the Company More Money
Even better, figure out ways to increase revenue. Find a new client or develop new products and services for your company to sell.
Just Say No to Drama
Be sure to avoid drama whenever possible. If someone starts gossiping to you, simply excuse yourself by saying "I'm so sorry, I really have to finish this project. Maybe we can catch up later after work?" This way you can avoid the drama without being too rude to the gossiper.
Be Aware
Even though you should avoid drama, try to stay informed about what other people are saying about you. If you know what is being said about you, you can figure out how to improve your relationships with coworkers or know if you need to step it up. By being aware of how you are perceived, you can always be on top of your game.
Learn New Skills
Take advantage of any training, certification, or back-to-school programs offered by your employer. The more skills you develop the more valuable you become to your employer. If your company doesn't offer any programs, buy some new books and start training yourself.
Give Progress Reports
Make sure your boss knows how hard you are working and what you are working on by giving him or her progress reports on a weekly basis. If your boss has evidence that you are pulling your weight, he or she will be less likely to fire you.
Make Everybody Love You
Be friendly with everyone. Never say anything negative, mean, or condescending. No matter how much you hate your job, always show up with a smile on your face.
Show You Are a Leader
If you are on a new project and no one seems to be taking charge, step up and be a leader. They can't fire you if you're the point person of an important ongoing project.
Show You Are a Team Player
You have to be able to work well with your coworkers. Listen to their suggestions. Adapt to each person's idiosyncrasies. Treat each coworker with respect and courtesy. If you can't be a member of a team, chances are you won't survive the next layoff.
Get Personal
Make sure your boss knows about your family by keeping pictures of them on your desk or bringing them to company parties when appropriate. Also, show an interest in your boss's family in return. Employers are less likely to fire someone they have a personal relationship with. Just be wary of over sharing. Keep personal conversations light and upbeat.
Don't Take Unfair Advantage of Sick Days
Only take a sick or personal day when you absolutely need to do so. Be honest with yourself--are you really sick or just sick of going into work? Whenever you're feeling lazy, just remember the countless unemployed people who would love to have your job.
Take on Responsibilities that No One Else Wants to Do
Chances are there are responsibilities at your company that no one wants to do because, well, they are tedious and boring. Bite the bullet and offer to take on the task that no one wants to do. Your boss (and coworkers) will love you for it.
Positivity Goes a Long Way
By remaining positive during tough times, you can help create a more optimistic work environment. Positive people are always the last ones to get fired.
Don't Abuse Internet Privileges
It is very easy for companies to track what you do on your computer while in the office, especially online activities. Stay off of Facebook, don't check your personal emails, don't surf the web, and don't use your company email address to send personal emails.
Be the Social Chair
Who would want to fire the life of the party? Probably no one, so make yourself the social chair at your company. Come up with fun events that your coworkers actually want to participate in. You will boost company morale by making sure everyone is having a good time and make your boss think twice about handing you a pink slip.
by Ashley Jacobs is the college correspondent for personal finance blog Wise Bread
Saturday, April 09, 2011
You’ve been promoted … what next?
You’ve slaved at work for a long time and now you have finally been recognised for your efforts.
You get promoted to that position that you have been dreaming of.
Your first few steps are very crucial, almost the same as first impressions. So, here is a guide to moving to the next level:
With great power comes greater responsibility
Sit down with your immediate boss and discuss with him (or her) the work that you will be doing i.e. what are the expectations, rules and regulations, KPIs (Key Performance Index) and KRAs (Key Result Areas) and so on.
Try to understand the vision, mission and objectives of the company. Ask for areas of concern, if any. If it’s a new job altogether, clarify the functions and responsibilities of your position.
Say “Hello, how do you do?”
Why? It’s about being courteous. Introduce yourself to your team members, speak clearly and smile, especially if they have never met you before. If you already know them, introduce yourself anyway; they might need a reminder, or two.
Keep the rapport up with short chats during work or invite them out for lunch or tea, or simply organise informal meetings. Just remember to keep it short and sweet so as not to be intrusive or take up too much of their time.
Find out and understand team members' functions and responsibilities
Before you lay out those ground rules that you thought of on your way to work, take time to learn each and every colleague’s roles and functions, not to mention their names. A good way to do it is to enquire without judging the outcome.
Establish a good relationship with your teammates; advise if and when necessary. Be careful while doing this as forced changes without good reason might jeopardise your relationship with them and ultimately the working environment in the office.
Beware of the green-eyed monsters
You know you weren’t the only one who worked hard to get to where you are right now. There were others who might also have wanted that promotion. Instead of ignoring them, treat them the same way you would treat any other colleague. It’s not your fault that they didn’t get the promotion, so don’t be apologetic; be professional and move on.
Learn from the experienced
Getting promoted does not mean that you no longer need to learn. It doesn’t make you superior to others, either. There are more challenges ahead and more things for you to learn. Learn from your seniors and those who are more experienced
You get promoted to that position that you have been dreaming of.
Your first few steps are very crucial, almost the same as first impressions. So, here is a guide to moving to the next level:
With great power comes greater responsibility
Sit down with your immediate boss and discuss with him (or her) the work that you will be doing i.e. what are the expectations, rules and regulations, KPIs (Key Performance Index) and KRAs (Key Result Areas) and so on.
Try to understand the vision, mission and objectives of the company. Ask for areas of concern, if any. If it’s a new job altogether, clarify the functions and responsibilities of your position.
Say “Hello, how do you do?”
Why? It’s about being courteous. Introduce yourself to your team members, speak clearly and smile, especially if they have never met you before. If you already know them, introduce yourself anyway; they might need a reminder, or two.
Keep the rapport up with short chats during work or invite them out for lunch or tea, or simply organise informal meetings. Just remember to keep it short and sweet so as not to be intrusive or take up too much of their time.
Find out and understand team members' functions and responsibilities
Before you lay out those ground rules that you thought of on your way to work, take time to learn each and every colleague’s roles and functions, not to mention their names. A good way to do it is to enquire without judging the outcome.
Establish a good relationship with your teammates; advise if and when necessary. Be careful while doing this as forced changes without good reason might jeopardise your relationship with them and ultimately the working environment in the office.
Beware of the green-eyed monsters
You know you weren’t the only one who worked hard to get to where you are right now. There were others who might also have wanted that promotion. Instead of ignoring them, treat them the same way you would treat any other colleague. It’s not your fault that they didn’t get the promotion, so don’t be apologetic; be professional and move on.
Learn from the experienced
Getting promoted does not mean that you no longer need to learn. It doesn’t make you superior to others, either. There are more challenges ahead and more things for you to learn. Learn from your seniors and those who are more experienced
Turn your hobby into a career
Work is often thought of as a burden, mundane and unbearable ... well, at least for those who are unsatisfied with their jobs.
Hobbies, on the other hand, are something enjoyable, intriguing and exciting. Have you ever thought of what it would be like if you could spend more time investing in your hobby than work? Perhaps you can do both at the same time.
What is a hobby?
According to the Oxford Dictionary, it is defined as “something done for pleasure in your spare time.”
It could be collecting stamps and bottles or something more detailed and intricate like needlework and scrapbooking.
Do you think that your hobby is marketable?
Let’s say, you love scrapbooking but you don’t have time to do it. Would you hire someone to do it? Would you trust that person to create a scrapbook for you? How about starting a scrapbook business?
Starting small
It may be best to start small and test the waters, as well as your patience to do this for money, before making it a full-fledged career. For example, if you have a knack for photography, why not take some photos and upload them online? You could build your own website or subscribe to websites such as Flikr, or you could use social networking tools such as Facebook and Twitter.
Practice, practice and practice. If you want to be a better photographer, take up classes and courses or join forums. Then slowly take in a few customers and build up your contacts.
Read up and find out
Once you get the momentum going and have a steady number of clients, you might want to consider going full time.
Before you go forward though, stop and think about whether being an entrepreneur is your cup of tea. List all the pros and cons, including the things that you need to know.
Be sure to do thorough research as there may be some aspects that just aren’t you – such as balancing the books and collecting payment. You will need to have ample savings for overhead costs for at least a year, or so, because you might not be making a profit in the first year. You also need to give your business time to grow. Don't expect to have an instant hit and clients lining up from Day One.
Yes, I'm ready!
Once you have made up your mind, don’t forget to do your homework. Get proper help from those who have already been in the business. First-hand experience is always the best. What may work for someone may not work for you. If you don’t know anyone who has a business, try to seek advice from government bodies near you. Websites can help you, too.
Get proper training and be mentally and emotionally prepared.
Just because you love animals and manage to get them to sit and stand doesn’t mean you’re cut out to be an animal trainer. So, be honest and realistic.
Good luck!
Hobbies, on the other hand, are something enjoyable, intriguing and exciting. Have you ever thought of what it would be like if you could spend more time investing in your hobby than work? Perhaps you can do both at the same time.
What is a hobby?
According to the Oxford Dictionary, it is defined as “something done for pleasure in your spare time.”
It could be collecting stamps and bottles or something more detailed and intricate like needlework and scrapbooking.
Do you think that your hobby is marketable?
Let’s say, you love scrapbooking but you don’t have time to do it. Would you hire someone to do it? Would you trust that person to create a scrapbook for you? How about starting a scrapbook business?
Starting small
It may be best to start small and test the waters, as well as your patience to do this for money, before making it a full-fledged career. For example, if you have a knack for photography, why not take some photos and upload them online? You could build your own website or subscribe to websites such as Flikr, or you could use social networking tools such as Facebook and Twitter.
Practice, practice and practice. If you want to be a better photographer, take up classes and courses or join forums. Then slowly take in a few customers and build up your contacts.
Read up and find out
Once you get the momentum going and have a steady number of clients, you might want to consider going full time.
Before you go forward though, stop and think about whether being an entrepreneur is your cup of tea. List all the pros and cons, including the things that you need to know.
Be sure to do thorough research as there may be some aspects that just aren’t you – such as balancing the books and collecting payment. You will need to have ample savings for overhead costs for at least a year, or so, because you might not be making a profit in the first year. You also need to give your business time to grow. Don't expect to have an instant hit and clients lining up from Day One.
Yes, I'm ready!
Once you have made up your mind, don’t forget to do your homework. Get proper help from those who have already been in the business. First-hand experience is always the best. What may work for someone may not work for you. If you don’t know anyone who has a business, try to seek advice from government bodies near you. Websites can help you, too.
Get proper training and be mentally and emotionally prepared.
Just because you love animals and manage to get them to sit and stand doesn’t mean you’re cut out to be an animal trainer. So, be honest and realistic.
Good luck!
How to market yourself
Marketing yourself is almost like selling a product - you need to know the best way to attract your potential employer. You want them to notice you and compel them to employ you. Imagine ways to make you more employable. Here are few things you can do:
•Customise your greeting on your mobile phone's voicemail. Try to make it sound more courteous and professional. Don't subscribe to weird and loud noises that would irritate incoming callers. This applies for caller ringtones as well.
•Email is the way to go for business transactions. Avoid being casual and remember to maintain professionalism in your style of writing. Use correct spelling and grammar.
•Speaking of email, use a professional email address instead of hotpartyguy@iamawesome.com. You may just lose your chance of getting hired.
•Address people you meet professionally – you might use them as future career contacts or even a potential employer!
•Dress well while attending career fairs and open day interviews. It's your first contact with a potential employer and first impressions count the most.
•Amidst current issues, be particular of what you post online. Your potential employers may be able to access your Facebook or Twitter account and use it against your favour. They may even Google your name to find out more information about you.
•Check, check and double check all documents before sending them in to your potential employer.
Just imagine what else you can do to make yourself employable, and relate it to professionalism. If it's deemed right to the public, then it is right for you to practice
•Customise your greeting on your mobile phone's voicemail. Try to make it sound more courteous and professional. Don't subscribe to weird and loud noises that would irritate incoming callers. This applies for caller ringtones as well.
•Email is the way to go for business transactions. Avoid being casual and remember to maintain professionalism in your style of writing. Use correct spelling and grammar.
•Speaking of email, use a professional email address instead of hotpartyguy@iamawesome.com. You may just lose your chance of getting hired.
•Address people you meet professionally – you might use them as future career contacts or even a potential employer!
•Dress well while attending career fairs and open day interviews. It's your first contact with a potential employer and first impressions count the most.
•Amidst current issues, be particular of what you post online. Your potential employers may be able to access your Facebook or Twitter account and use it against your favour. They may even Google your name to find out more information about you.
•Check, check and double check all documents before sending them in to your potential employer.
Just imagine what else you can do to make yourself employable, and relate it to professionalism. If it's deemed right to the public, then it is right for you to practice
Self assessment
In order to improve your job prospects, you need to first know what you are capable of doing. Don't get stuck in a career maze. Try this exercise and discover what your skills, goals, knowledge, attributes and motivations are.
Visualising
View your life in different aspects:
•Work;
•Primary/secondary school;
•University/tertiary studies;
•Sports/outdoor activities; and
•Personal (self and family).
Remembering
Refresh your memory. What did you do and what were you responsible for all those years? Debate class, chess competitions, badminton, voluntary work, eldest in the family – these are among the responsibilities and activities you participated in or were naturally given.
Take note of your strengths, responsibilities, time and peer management, communication skills, networking and teamwork in all of the aspects you discovered. How can these capabilities be developed and fully utilised?
Applying
Imagine the industry you want to work in. What are the positions you can apply for? Apply your newfound capabilities to the industry. How can you transfer the skills to your workplace?
Realising
Once you can pinpoint your traits and skills, you can use them in your resume or when attending interviews. At least when the interviewer asks you, “What can you contribute to the company” or “How do you see yourself in this situation”, you should be able to answer extensively and comprehesively.
Visualising
View your life in different aspects:
•Work;
•Primary/secondary school;
•University/tertiary studies;
•Sports/outdoor activities; and
•Personal (self and family).
Remembering
Refresh your memory. What did you do and what were you responsible for all those years? Debate class, chess competitions, badminton, voluntary work, eldest in the family – these are among the responsibilities and activities you participated in or were naturally given.
Take note of your strengths, responsibilities, time and peer management, communication skills, networking and teamwork in all of the aspects you discovered. How can these capabilities be developed and fully utilised?
Applying
Imagine the industry you want to work in. What are the positions you can apply for? Apply your newfound capabilities to the industry. How can you transfer the skills to your workplace?
Realising
Once you can pinpoint your traits and skills, you can use them in your resume or when attending interviews. At least when the interviewer asks you, “What can you contribute to the company” or “How do you see yourself in this situation”, you should be able to answer extensively and comprehesively.
Putting the zing back into your work
There are times when we don’t feel like going to work and then there are times when we can’t seem to leave our desks. Whatever it is, you need your job just as much as the next person needs his.
Remember what it was like when you first started at this job – how enthusiastic and passionate you were? Regain that eagerness and attitude.
Here are some tips to get back into the groove:
o Find and do something that makes you happy.
List down things that you know you are capable of and have an interest in. Identify whether it’s an individual or a group activity. If it’s a sport like badminton, get a group of people to play with you. If you are not entirely comfortable with group activities, do something simple like reading or watching a movie.
o Be the captain of your own ship – steer your own path.
Stop letting people tell you what to do. Be your own master and decide what you want to do. If you are not happy with yourself, seek help or make a change. You might not be able to control your surroundings or the people around you but you can change how you react to them.
o Communications, interactions!
If you are bored or lonely, get to know more people! There are a lot of people in the office whom are worthy of your time. Learn from one another. Work doesn’t mean that you’re bound to your desk from nine to five. It’s not healthy. Start by getting off your chair during lunch time and mingle around. Don’t know where to start? Get yourself involved in company events or the sports club. You're bound to make friends that way!
o De-clutter!
Are you bored with your workspace? Is it too plain and uninspiring? Try coming in early or stay a bit later after work to de-clutter or decorate your workspace. Trash the stuff that you no longer need and keep those that you need in an organised manner. You might just find your workspace a comfort when you’re done.
o Take a brisk walk
The simplest thing of all – take 10 to 15 minutes off to get some fresh air. Leave your phone, your cigarettes and your workload – you will be amazed how better you will feel after.
Remember what it was like when you first started at this job – how enthusiastic and passionate you were? Regain that eagerness and attitude.
Here are some tips to get back into the groove:
o Find and do something that makes you happy.
List down things that you know you are capable of and have an interest in. Identify whether it’s an individual or a group activity. If it’s a sport like badminton, get a group of people to play with you. If you are not entirely comfortable with group activities, do something simple like reading or watching a movie.
o Be the captain of your own ship – steer your own path.
Stop letting people tell you what to do. Be your own master and decide what you want to do. If you are not happy with yourself, seek help or make a change. You might not be able to control your surroundings or the people around you but you can change how you react to them.
o Communications, interactions!
If you are bored or lonely, get to know more people! There are a lot of people in the office whom are worthy of your time. Learn from one another. Work doesn’t mean that you’re bound to your desk from nine to five. It’s not healthy. Start by getting off your chair during lunch time and mingle around. Don’t know where to start? Get yourself involved in company events or the sports club. You're bound to make friends that way!
o De-clutter!
Are you bored with your workspace? Is it too plain and uninspiring? Try coming in early or stay a bit later after work to de-clutter or decorate your workspace. Trash the stuff that you no longer need and keep those that you need in an organised manner. You might just find your workspace a comfort when you’re done.
o Take a brisk walk
The simplest thing of all – take 10 to 15 minutes off to get some fresh air. Leave your phone, your cigarettes and your workload – you will be amazed how better you will feel after.
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