career development planning

What are your career KPIs and do they matter?

December 24, 2015 By // by DigitalJenIPC

Preparing for a recent career event has made me think about career key performance indicators or KPIs; an often cited phrase for measuring performance. Lawyers, for example, are measured in 6 minute units of fee earning time, a key KPI, with published league tables – can you imagine how pressured that must be?!

Definition of KPIs

“A key performance indicator (KPI) is a metric used by business to evaluate factors that are crucial to the success of the business.”

How do you measure career performance specifically? If you are employed, your employer may use very different measures to what is important to you and if this is the case, it may be a good time for a job or career rethink.

If you are self-employed, is it the rate per day, how many days you work a year, enjoyable work, prestigious projects, number of referrals, client testimonials, repeat business, value per transaction/project or number of new clients?

Here is our definition of career KPIs for individuals:

“Career key performance indicators (KPIs) are metrics used by an individual to evaluate and measure factors that are crucial to their own perceived career success and progress.”

Types of KPI

• Financial; salary, rate/day, rewards, bonus etc.
• Progress; speed of promotion, increases in responsibility
• Work life balance; flexible working hours, sabbaticals taken, no of days holiday/year
• Fulfilment; feeling satisfied and enjoying your working hours and career
• Reputation/career capital; being seen as an expert, testimonials, sought after and needing to do less marketing over time
• Fit; a role that plays to your strengths and in which you feel ‘in flow’
• Purpose; giving back, making a difference to the world, involvement in CSR, working for an employer with clients in the charity sector or social enterprise
• Academic; membership level e.g. fellow in professional organisation, grade for further qualification attained

What are your top 3 career KPIs?

KPIs may change with life stage e.g. needing to fund children through school or university can make salary or a pay rise very important even if you are not that motivated by money, whilst flexible working is essential if you have young children for example.

7 tips to think about your career KPIs

1. Define your own unique career KPIs – don’t feel obliged to use standard measures – what is important to YOU?
2. Track your progress; measure and monitor at least every 3 months
3. Know your industry averages so you can bench mark/negotiate armed with facts and examples
4. Build self-awareness; know what motivates you and your personal values; what is important to you
5. Get a career coach to protect time to focus on your career and help you to see your full potential, something people often can’t do as they are too close themselves
6. Give yourself an annual performance review, or ideally a career review and planning meeting 4 times a year
7. Grade your KPIs; primary and secondary or ‘must do’ and ‘nice to have’

When will you make time to think about your career KPIs for the next 12 months?

A coaching session is a great way to ring fence time in your diary to focus on your career KPIs and career capital for the next 12 months. Book yours now, e mail us:

http://careerstrategies.co.uk/careercoaching/what-next/

What’s your career capital?

December 24, 2015 By // by DigitalJenIPC

Career capital is the value of competencies, knowledge and individual personality attributes and other career assets that you have to produce economic value.
Your career assets combined = your career capital; the sum total of your time, talent and potential. You need to consider it in terms of its present and future value when considering your long-term career prospects. If the internet is an ocean full of ‘fish’ i.e opportunities, you need bait to catch the fish you want. Career capital helps you to do this. What ‘fish’ do you want to catch e.g. employer or clients?

Why is career capital important?

In future, in less than 5 years, employers will have reduced permanent headcount and resource up on an as needed basis with individuals and employers rated transparently on-line.

Are you ready for the new world of work; differentiation and visibility on-line?

What does the future look like?

People per hour is a taste of the future. The Sense Network is one example of on-line resourcing. Employer evaluation sites like Glassdoor are a growing trend.

Career assets

Your career capital is made up of multi-faceted career assets which accrue over time.

Accolades
• Patents
• Awards
• League table rankings e.g. Chambers
• Who’s who listing

Academic
• Higher qualifications e.g. MBA, PHD, MSc/MA
• Links with academia or prestigious universities e.g. guest lecturer

Endorsements
• Client testimonials/employer references
• Peer testimonials/endorsements

Published works
• Articles
• Chapters
• Books
• White papers

Talent
• Multiple mastery areas
• In-demand skills e.g. creativity, big data management
• Languages
• Good emotional intelligence e.g. empathy

Networks
• Professional association involvement
• Membership of elite clubs
• Size & diversity of network
• Quality of network e.g. senior decision makers, high net worths

Events
• Hosting an event
• Speaking at an event
• Conference speaking
• Conference chairing

Charitable
• Pro bono
• Trustee post

Career credibility
• Prestige/trophy employers & clients e.g. FTSE 100
• Senior leadership positions e.g. C-Suite

Miscellaneous
• Personal brand

What would you add? How would you rate your career capital?

7 tips for healthy career capital

1. Create a career strategy and ensure your career capital is aligned with it
2. Define your ‘fish’ – i.e. target employers or clients
3. Audit your career capital quarterly and define career asset S.M.A.R.T. goals
4. Ensure you have insights about what is important to and valued by your target audience e.g. who are their heroes/heroines?
5. Measure stats for your career capital so you can monitor progress
6. Monitor your reputation – set up Google alerts & track your name/brand on Twitter
7. Use/monitor LinkedIn stats to evaluate the quality and profile of your network

Download your copy of our free report now to find out your transferable skills:

http://careerstrategies.co.uk/changingcareersreport/

What is your career risk?

December 24, 2015 By // by DigitalJenIPC

In an uncertain and fast changing world, career risk is a very important factor to consider. One person’s attitude to risk is very different to another’s which is why self-awareness is essential with career strategy and planning.

“Life is inherently risky. There is only one big risk you should avoid at all costs, and that is the risk of doing nothing.” Denis Waitley.

Being clear about the risks you face in your career and having a plan A, B and C will help you cover all eventualities. I have been much more risk aware since marrying a lawyer as this is their job!

15 career risks

How likely are these to happen to you in the next 6-24 months?

1. Your boss leaves the company affecting your career progression
2. Your department or division is shut down
3. Your skills become obsolete
4. Your role can be replaced by technology
5. Funding or budget cuts occur
6. Your layer of management is removed
7. Your role is outsourced to save money
8. Your company goes into liquidation
9. Your employer is merged with another or acquired
10. The market for your product/service disappears with fast changing markets & disruption
11. Illness inhibits your ability to work
12. Your role is made redundant
13. Your work can be done cheaper by younger or foreign workers
14. Your performance is deemed to be unacceptable with the spotlight on productivity and you are ‘performance managed out’
15. There is a new CEO who creates many changes- ‘new broom’

What are your top 3 career risks and what is the likelihood of them happening?

What other career risks would you add to this list?

7 tips to mitigate risk

1. Create a career strategy and plan
2. Get a career coach
3. Invest in keeping your skills up to date
4. Keep an eye on fast changing trends & disruptive competitors
5. Do some career scenario planning; create plans A, B and C
6. Start developing a portfolio career – a future proof career option
7. Create a financial cushion to give yourself some breathing space

There is a trend away from employers taking responsibility for your career to the individual taking responsibility. This is a new concept for many as we do not get taught or trained in how to do career strategy and planning at school or university.

How can we help you?

http://careerstrategies.co.uk/changingcareersreport/