Maintaining Career Security In A Bear Market
Global financial markets are currently in turmoil and for some people this will be their first direct experience of any major market instability and associated job insecurity. The good news is that there are a number of common sense, affordable and practical steps that you can take to help bolster your career security while the bears prowl the financial services market place.
Networking
A well established network will help you to identify which industry areas and companies are more successfully riding out the current market turmoil should you need to start looking for a new role. You will find that we address the value of networking in many sections of Finsia’s Careers Portal as we truly believe that the sooner you start to develop and nurture a healthy professional network in financial services the sooner you will enjoy a range of benefits.
You really don’t want to start trying to track down old colleagues and previous managers on the day you hear that your role is being made redundant. Professional networks, like all interpersonal relationships, need time to grow and be nurtured. Being an active, supportive and positive participant in a variety of professional and personal networks will pay you dividends when you need to call on the help of others when times are hard.
More information regarding networking skills development
Your attitude can make a difference
How you decide to react to the ups and downs of the financial services industry really does make a difference and while you can’t control external forces you can determine how you respond to them. One of the most important attitudes (and coping mechanisms) to develop is that the concept of career security is driven by you and not by the organisation you work for. Building career security entails taking total ownership and responsibility for yourself and your career management. The old attitude and expectation of continuous employment has now been replaced by one of continued
employability and this new world requires a higher level of personal awareness, effort, enthusiasm and confidence.
In this environment of employee self-managed careers, maintaining a positive attitude can also make a big difference to how you ride out difficult times. When times are tough and organisations are looking to reduce head count they are more than likely going to cut the person that is moaning and complaining about their job/manager/company than a colleague who seems to genuinely enjoy what they do for work, who they work with and where they work. Now is not the time to be drifting into work late, doing your job poorly and having unprofessional altercations with colleagues and managers. If
this does sound like you then maybe it is time to consider reviewing your current priorities and career goals… before your employer does it for you.
Become as valued and relied upon as possible
Make sure you are contributing at work by going above and beyond your basic job responsibilities. Rather than having a reputation as someone who only does what he or she is told to do, be the person that tries to come up with new and improved ways to contribute to your role/department and broader organisational objectives. Be known for your initiative and look out for opportunities to volunteer for crucial and/or high profile responsibilities, including tasks for which your manager is responsible. Here again your attitude is all important and interdependent. Outstanding performers in the
work place will strengthen positive mind sets and will try to interrupt or reframe negative ones.
Depending on your circumstances you may be able to suggest ways of generating cheap new revenue sources or areas where spending can be cut. Make sure (subtly and diplomatically) that the people who are responsible for hiring and firing are aware of your efforts in these areas. Get the recognition you should expect as a result of your extra efforts without sounding overly boastful or threatening to others.Regular formal performance reviews are often the perfect time to highlight your initiative and contributions to your organisation. If your organisation does not have formal performance
reviews, look for other opportunities at regular meetings for you to communicate your contributions. Make sure that you have a clear understanding of how your performance is being measured and assessed at all times so you can meet and exceed what is expected of you.
Be known for your involvement in relevant industry committees and organisations where you are more likely to gain exposure to the latest financial services trends and developments. Become a member of Finsia and take advantage of a number of special interest groups such as Young Finance Professionals and Women In Finance as well as a
range of professional development events that are held each year.
By looking for opportunities to go that extra mile you will stand out positively and by distinguishing yourself this way you are more likely to be considered a more important resource to keep than cut when times are tough.
Set out your career goals and review them regularly
Self managed careers need to have a well thought out career road map. One that helps define where you want to go, why you want to go there and how you plan to get there. When developing your career goals it helps to consider what your key professional/personal strengths, weaknesses and interests are and how well they link in with the current and future career opportunities you are pursuing. When times are tough it is even more important to make sure you are on track and adjusting your goals to any significant changes in the employment landscape.
Talk to as many people as possible that actually work in the area/s that you are interested in moving your career to so that you have a realistic understanding of the work involved, what the future growth opportunities will be for that particular area of financial services, expectations of remuneration, the challenges and rewards of working within that area, the impact of economic changes on opportunities and how all of this will fit in with your short and long term career objectives.
As our regularly changing work environment presents new challenges and experiences it is important to regularly review these career goals and update your career road map accordingly.
Maintain relevant job skills and educational qualifications
Building your job and industry value also involves learning new skills and the dynamic nature of the financial services industry constantly opens up new development challenges/opportunities. To this end it is important to keep up with the current banking and finance market trends, understand where your organisation is going and to build up a picture of where the next rewarding jobs will be in the short, medium and longer term. You then need to find the most suitable ways to skill yourself so that you are well placed to take up these new opportunities.
Being as multi-skilled as possible is essential for your ongoing career success in our ever changing industry environment. Even if you have been in the same organisation/industry for some time you will recognise that jobs/skills come and go, technology advances and companies restructure. This often leaves some people with skills that are no longer relevant. No matter what your qualification/s and how advanced it is, you will still have to keep updating your knowledge and skills regularly.
The challenge for many of us is deciding what course of study is going to be most suited to your current career objectives. Do the research to ensure the time and money spent on a university degree is justifiable or whether a shorter/cheaper course is going to satisfy your needs. Typically degrees will align with your longer term career plans and other courses may meet short term needs or be stepping stones as part of an overall plan. Alternatively your employer may be able to provide (and pay for) other suitable professional development opportunities.
Spend time doing some well considered research to help you to decide on what your training and development options are. The following questions will point you in the right direction:
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What knowledge and skills do I already have?
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How can I demonstrate this knowledge and these skills?
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What are the minimum levels of training and education required for the kind of work I am doing or seeking right now?
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How much time and money do I have to spend on education and training?
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What training and development delivery option/s are best suited to me? (research and listening, practicing new skills, online delivery or viewing demonstrations)
While your employer can go some way in providing valuable training, support and information services which will help reinforce your career security, if your skills are going to earn income then they must have a value in the market you work in and be kept up to date on a regular basis. Whatever the skills you need to build on or the type of training you choose to achieve this, it all still needs to sit comfortably with your overall work interests and career passions. Keep revisiting your career road map to make sure you are still on the right road.
More information about how to gain suitable financial services qualifications and other career pathways into financial services.
Make use of a role model or mentor
A role model or mentor can also be a valuable resource to draw on and can help guide you through the hard times. You may identify several role models or mentors that inspire you to achieve your goals. Where possible try to draw on the experience of people who have had some previous exposure to similar economic conditions and market turbulence. While we should all try to learn from our mistakes, a capable mentor should be able to reflect on the mistakes they and others have made in the past and communicate to you what they have learnt from those mistakes. A capable mentor should also be able
to provide you with some examples of proven strategies for riding out the current troubled times we find ourselves in and help you to understand and investigate where the best jobs are going be in this rapidly changing environment.
Available exclusively to our members, Finsia runs a successful mentoring program which matches participants with experienced mentors to help mentorees achieve their career ambitions.
Look out for signs of company instability
Now is the time to make sure you are paying much closer attention to the financial health and stability of your current employer. Keep an eye on the media for any relevant (negative and positive) company coverage and keep your ears open at work for any signs that things are looking shaky. As the financial services industry is quite vulnerable right now then some signs to look out for are going to be budgetary cut backs (they could be as small as a change in catering standards or as notable as a company wide freeze on all travel and staff training and development). If your managers are all
suddenly having long meetings, hushed discussions and acting stressed and hyper sensitive or your annual bonuses are reduced or cut and the end of year party is cancelled then you really should be prepared to ramp up your job searching activities.
A healthy lifestyle makes a difference
During times of work place instability and major change this is one area that is too often over looked even though it is important that you do whatever is possible to help you to cope with any additional stressors that come your way. Studies show that people with good health and lifestyle habits are less likely to take sick leave or have workplace accidents and are more productive and satisfied with their performance. If you find that you are working longer and harder in an attempt to maintain job security and a positive profile then take steps to off set the associated physical and mental
fatigue by maintaining a healthy lifestyle.
Your tolerance to stressors can be improved through the development of healthy life habits such as regular exercise, eating a well-balanced and nutritious diet, getting enough rest and maintaining a positive outlook.
Is it time to put your best job hunting hat on?
If all the signs are pointing to your job being on shaky ground then it is also time to start refining your job hunting skills and to start taking advantage of the range of tools at your disposal. Most importantly try not to wait until you are in a position of panic and desperation to start your search as your actions and judgments are more likely to be better considered and rational if you have a bit of time and perspective on your side.
Get your feelers out into the job market by highlighting your position to your networks. Contact recruitment agencies that you have used before or ask for referrals from your networks. The internet now provides an incredible range of job hunting and career development related resources. Facebook, business related web sites, on line forums, blogs etc may potentially be of assistance to you too. There are many job internet sites out there that will be helpful if you are selective about the ones that you choose to use. Many job sites now allow you to do searches for jobs based on varying
key words and other relevant criteria such as geography and salary ranges. Many job sites can also notify you on a regular basis of roles that fit your current search criteria. Make sure you review your search criteria from time to time and consider other key word searches if you find that suitable roles are not being sent your way.
Most importantly your resume needs to be up to date and customised to each job that you do apply for. This goes for your covering letters too.
More job hunting information and other helpful resources.
Changing jobs/careers during uncertain times – look before you leap
Even during uncertain economic times you may decide that it is time to move on and to seek a new job where the grass is greener. The trick here is to make sure that the grass really is greener and that you are not stepping out of the frying pan and into the fire. If you are feeling unhappy about your current role and career prospects/security, it is often tempting to only see other roles and companies as looking more interesting, challenging and rewarding. Appearances can at times be deceiving so it is important that you do your research and ask questions that will hopefully confirm that
you are making the right decisions. Talk to friends, colleagues, mentors and family and you may find that the frustrations you are experiencing in your current job are also present elsewhere.
Before making taking any drastic steps, it may help to consider if you have answers to all of the following types of questions:
What are a potential new employer’s business goals and aspirations?
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What sets it apart from its competitors?
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What is the quality of leadership like there?
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Are employees genuinely committed to the organisation and its goals?
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Does the organisation have the capability to satisfy customer requirements?
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Does the organisation understand and implement the things important to their employees?
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Does the organisation have the type of work culture you are comfortable with?
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Is talent genuinely identified, utilised and developed and are employees provided with a career-path?
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Is work life balance important to the employer and are these policies implemented and practiced?
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Is there a direct link between business success and personal success?
It is also important to utilise the interview process effectively. Remember that an interview is a two way process and prepare thoughtful questions that expand on your research to date and fill in any gaps. Keep in mind that the person interviewing you is also an employee, someone who must function in the organisation on a day-to-day basis too. This is your chance to gain their insight into the workplace culture.
In finding the answers to the checklist above, you should be able to make an informed decision about the degree of compatibility you and your potential new employer will have or if you are better of staying where you are for the time being.
More information about interview techniques and other associated job hunting resources.
Conclusion
While the financial services industry is going through some turmoil, and it could be some time before we are running with the bulls again, it is vital that you take control of your career and make use of all the relevant information, advice and support networks available to you. Now more than ever being a member of a strong, relevant and vocal industry association such as Finsia will play an important role in helping you shape your career both within the context of the current crisis and beyond.