How much? 150% – 250% of someone annual salary.
That means the ROI in providing workshops, training & coaching completely outweighs firing someone.
Sounds good, but you don’t have the time, energy (or desire) to deal with it?
Category: young professionals
The University of Networking
When I look back on my college career it was a waste of time and money.
This doesn’t mean college isn’t valuable (although that’s debatable), but it comes down to personal expectations.
Will college prepare me for my first job?
Will it provide me with the real world skills I need to succeed?
Does it give me an advantage over the competition?
Answer: none of the above.
College is what you make of it. Looking back I should have cared less about passing my classes and more about who I was talking to in them. I’m not saying a classmate could get me a job, but they may be able to connect me to someone who could.
It wasn’t until several years later I learned the value of networking. Success always comes back to who you know. The smartest people aren’t always the most successful, but the most connected ones are.
Don’t confuse networking with manipulation. True networking is building a relationship. First impressions matter, but trust and rapport happen over time.
All my business mentors and professionals I respect have tremendous support systems around them. The right connections open doors you can’t.
You and I crave connections, we just don’t think of it in business terms. For example, if you have a better idea than an existing one instead of studying the competition, connect with them. If your solution is that great, customers will come to you.
I make it a goal of mine to reach out to new and re-connect with existing contacts weekly. Not because it’s something to check off my to-do list, but because I value knowing more people.
Focus on quality over quantity and networking becomes more about fostering relationships than increasing your connection count. Technology has allowed us to connect with people we would never have access to before. Take advantage of that and follow up.
The Case of the Disappearing Perks
Poof. Free food, gym memberships and laundry service are disappearing from the startup culture. Why?
The bottom line: profitability rules. Pair that with a halt in venture funding and something has to give (or go in this case).
For a while, particularly in the Silicon Valley, VC’s and Angel Investors were investing left and right, but now the frequency has slowed down. It’s hard to speculate why because the reasons differ for each investor, but it’s the trend moving forward.
What effect will it have on the job market?
Retention. Expect an exodus of younger employees to larger companies, not so much because of the disappearing perks, but what “rewards” represent. In life, you don’t miss something until it’s gone. If you never had work perks, you don’t miss them. But if you have perks taken away from you, it leaves a bad taste in your mouth.
Couple this with the average job tenure of Millennials being 3 years (in my opinion it’s much less than that) and the startup bubble begins to burst.
Yet the grass isn’t always greener on the other side (ever turn grass over?). With a decline in entrepreneurship for young professionals it signals a smarter worker. Millennials want to have their cake and eat it too (who doesn’t?). Corporate jobs aren’t so bad as long as they don’t completely eliminate your personal life.
In an earlier post, I mentioned lifestyle is the new passion, which means work is a means to an end. Perks help, but ultimately things like: purpose, career advancement and a pay raise matter more.
This isn’t to say perks don’t help retain workers, they do. But on the bright side, companies with a strong mission/vision don’t need them as badly to keep talent around. Admit it, luxury items such as perks come and go through cycles, but stripped down to the core: meaningful work matters most.
How To Effectively Manage Millennials: A 6 Week Workshop
Starting Mid-June I’ll be hosting a 6-week workshop on: How to Effectively Manage Millennials.
Prior to that I plan to host a couple of free webinars with more information on the topics I’ll be covering, so stay tuned.
The workshops will be held in Santa Monica and geared towards anyone who manages Millennials.
The beauty of the in-person workshops will include the rich local network and collaboration of other professionals in the area. When it comes to leading effectively, there’s strength in numbers.
Millennials: The Ask
“Save 150% – 250% of an annual salary with Maximizing the Millennial while enjoying increased productivity and retention rates.”
Contact Scott: scott@growingforward.net
What are your thoughts?
3 Reasons Why You Shouldn’t Be An Entrepreneur
Follow your dreams. Live your passions. Be your own boss.
You’ve heard it all, but for every entrepreneurial success story you hear, there’s at least 99 that failed. Hate to be the bearer of bad news, but choosing to own a business means working more hours for less money at the start.
Just like learned leadership skills don’t make you a good leader, entrepreneurship is open to all, but few thrive. The influx of new businesses is a result of a couple of things: more options to choose from, a failing education system and an emphasis on lifestyle over work.
Consider these 3 areas of concern before making the jump to entrepreneurship:
Lack of a steady paycheck – Freedom is great, but flexibility without knowing when the next time you get paid is downright scary. If you get to call the shots, it means you also have to figure out how to become the company’s best salesperson. It doesn’t matter how good your ideas are if no one is paying you for them. Spend time making a business plan, building a solid culture and researching your target market, but most of all…sell. There’s no shortage of business opportunities to get involved with, but the question you should be asking yourself is: “How can I monetize this?”
Lack of organizational structure – Escaping an 8-5 job sounds exhilarating, but without someone telling you when to come in and go home can be a challenge to balance. If you set your schedule, there’s no one holding you accountable to hold to it. If you work from home, distractions are multiplied compared to working in an office. Being organized becomes a necessity, not a skill set. The biggest challenge is creating boundaries throughout the day, so you can quantify your time spent. My observation is creatives have the hardest transition with this because artists want to focus on doing their work, not setting it up.
Lack of face-to-face interaction – Entrepreneurship is lonely. It’s like being isolated on an island equipped with wi-fi and a mobile phone. The conversations you took for granted at your last corporate job are now treasured. One of the reasons why entrepreneurs flock to networking events isn’t because they’re extreme extroverts, it’s because they’re looking for warm bodies to be around. Technology has given us the ability to connect globally, but it can’t replicate grabbing coffee at a meeting. If you consider yourself collaborative or a team player, think twice about this one. Tom Hanks in Cast Away may be a bit extreme, but too much alone time can drive you crazy.
The difference between a business and a hobby is money made. Owning a business is similar to the concept of branding. Your opinion doesn’t validate a successful business, your customers do.
This post isn’t meant to discourage you from taking your idea to reality. It’s just a reminder that the grass isn’t always greener on the other side. If you don’t believe me, go outside and turn a patch of grass over.
Don’t Hate the Process, Hate the Game
Looking for a new job sucks.
There are no shortcuts, but instead of running the rat race, embrace the game…but play by new rules.
Just like a healthy lifestyle requires exercise and nutrition, there’s no magic potion to improving your career.
The way job boards are created, it’s as if your odds winning the lottery might actually be better. Unfortunately applying online is part of the process, but one of the most passive tactics you can participate in.
Most digital applications have built-in filters that sift out specific keywords, lack of experience or required skill sets. It’s kind of like talking to a robot on customer support instead of an actual human. Very frustrating.
But since applying for jobs isn’t something that’s going away soon, what can you do to combat it? Here’s 3 proactive ways to increase your chances of getting hired:
1) Network. Use the internet and social media to find contacts, but once you do reach out to schedule a phone call or better yet, a meeting over coffee. Technology has widened the playing field, so you need to stand out by leaving an impression. The #1 reason people get hired is because of relationship. Know someone and now all of a sudden you’re on their radar.
2) Contact Recruiters via LinkedIn. One of the worst parts of applying to jobs is not knowing if your resume ever makes it to the destination. On LinkedIn, not only do companies have to pay to post a job, but they also have to list whom posted it. My advice is: apply to the job, then connect with the recruiter. Chances are they will accept your invitation to connect, then send them a note you applied and why you’re unique.
3) Be Creative. Record a video. Reach out on Twitter. Ask for an informational interview. This may sound too general, but since this is a “game” who says you have to play by the rules? Everyone applies for jobs online. Everyone attaches their resume. Everyone sends a cover letter. Don’t be like everyone else (unless you like where you are now). You may not be after a sales position, but landing a new job is all about selling yourself. A good question to ask is: “Would you hire yourself?”
Most companies are built like a fortress. If you try to enter through the front gate you’ll be denied. Instead the “back door” strategies mentioned above are much more effective.
So create a new process…while you still hate the game.
Why Culture Is King & Position Is Queen
When’s the last time you thought about applying for a new job?
Truth is, much like the cliche “the grass isn’t always greener on the other side,” it may not be your job that’s actually frustrating you.
The reason culture is king and position is queen is because the former rules over the latter.
Let’s say you land your dream job, but the culture is so toxic you end up quitting?
On the other hand, step into a company culture where you feel valued and working your way up doesn’t seem so bad anymore.
As a career coach, here are the implications: don’t just apply for positions, apply to companies you want to work for. If you get into the right cultural fit, it’s fairly easy to move up as an internal candidate.
That means as a job seeker (passive or active) you should be targeting companies you want to work for as much as positions you qualify for. The corporate world is evolving and what forward-thinking companies realize is: if you take care of your employees, they will in-turn take care of your customers.
In this day and age you and I have a plethora of choices.
A.D.D. isn’t a disorder, it’s the norm.
That means as workers, you have options.
Purpose and passion have been replaced by lifestyle as the driver…and culture supports that.
The Evolution Of Your Dream Job
Everybody has dreams…but dreams change.
What you consider today as your dream job will most likely change in the next few years. It will happen for a number of reasons: experiences, life stages, interests, etc. I’ll discuss the real reason later.
Clients ask me, “What if the perfect job is out there, but I don’t know it exists?”
Good question. My response: you don’t know, that’s why you need to keep looking and applying.
Maybe not the answer you want to hear, but if your dream job doesn’t exist yet, create it.
Think about it. Interviewing for a job is essentially selling yourself. Creating a job is selling your idea (basically entrepreneurship).
Easier said than done, but the average tenure at your current job is less than 2 years. That’s not too far off from the average tenure of your dream career either.
We change jobs like we flip through the channels on TV. I tell my clients, “I can help you find the one career that best suits you, but expect this process to start over a few years from now.”
My job as a career coach isn’t really to help you figure out what to do next, it’s to help you figure out yourself (so you can do the process over in the future).
To loyalists this might sound depressing, but it’s just a sign of the times. Just like you and I will have to maintain a side hustle just to survive, your lifestyle will dictate your decisions, not your dreams.
For example, when you’re in your early 20’s you’re willing to be a slave to your career. Fast forward to your mid 30’s with a family and kids and you start saying “no” more than “yes” when it comes to work. During that time span what you considered as your dream job changes at least twice!
When it comes to your dream job the better question to ask is: why?
Why do I want this dream job? What does it represent? What can it provide?
I used to think I wanted to be an entrepreneur (and I still do), but what I really wanted: flexibility and control.
That can be found as a business owner, but it can also be found working for a company. My priorities shifted when I got married, then again when I had kids. That’s why your dream job will evolve too.
It is said that we are afraid of change, yet we do it all the time. We change our clothes, we change our interests and we change our jobs.
Your dream job will change over time…because you will change first.
When Career Coaching Became The Norm
Career development is no longer seen as a “perk” by Millennial employees anymore…in fact, now it’s expected.
Listen up employers, the average tenure of a worker is less than 2 years and company loyalty is fleety as the next trend.
It may seem counterintuitive to offer career advice to employees, then have them leave for greener pastures, but if they’re going to quit wouldn’t you rather know?
Inspired by J.T. O’Donnell’s Post, career coaching is necessary. Millennials dominate the workforce and that number is only going to grow over the next 20 years. Similar to NBA Rookies making their debut, workers come into the corporate world even less prepared now than they once were. Assuming traits like professionalism, communication skills and initiative are taught/modeled to college graduates will leave you stymied. Formal education not only fails to teach transferable real world skills, but young workers are coming into the workplace more raw than ever. So how to you combat this dilemma?
Coaching. Today’s leader is part-guidance counselor, part-accountability partner. As a manager if you’re not ready or equipped to “show” your employees how to do the job, you’re in for a rude awakening. Career development is just part of the solution, but since most Millennials don’t know what they want to do career-wise, it’s needed.
Imagine if each company had a “staff coach” to motivate, challenge and guide workers to their natural career path. The right “fits” would stay and the “misfits” would leave. All the money that’s spent on recruiting and interviewing should be divvied up between HR and coaching. Offering career coaching as part of your company culture may be the most proactive thing a company can do for retention.
The companies that rank as the best places to work all invest in their employee’s wellbeing. That’s what separates them from the rest. Since money isn’t as big of a motivator to younger employees, a coach can help them figure out a career path while pushing them to utilize their strengths on a daily basis (a.k.a. money well spent).
Knowing the problem and doing something about it are two different things. As a company, be a part of the future, not the the past by offering career coaching to your employees as part of the culture. The ROI will speak for itself.
Growing Forward 