Monthly Archives: June 2010

Building the Right Kinds of Capital

Posted on by Bill Ryan

To progress in your career no longer means simply getting better and better at some skill or becoming more knowledgeable about a particular topic so that your employer benefits. Rather, you expand your expertise so that you can become more professional to position yourself to offer your intrinsic talents to employers who need them at just the right time. 

In today’s employment world you improve what you do and know, because ultimately what you must rely on is your own ability to offer needed professionalism to those willing to pay for it. Among the lessons learned in this Great Recession is that employment security with a company or organization is less and less certain. Therefore, the only boss we really must answer to is ourselves. 

To that end, I would like to suggest a professional self-improvement model first developed by Mansour Javidan, a researcher and professor at the Thunderbird School of Global Management in Arizona. 

He proposes understanding three types of capital: intellectual, emotional, and social, which have been developed by managers who work in global markets and with international direct reports. Without going too deeply into his theory, I am proposing that these three types of capital apply in career development. 

To enhance your marketable expertise requires this three-pronged approach, which will result in you becoming more knowledgeable, energized, and better able to take advantage of opportunities in today’s employment arena. 

Intellectual capital refers to the body of knowledge needed to be good at what you do. As a lifelong learner you should always be comprehending more fully the scope and range of all there is to know to keep you ahead of the curve and certain of your field’s best practices and important issues. 

You keep this knowledge acquisition continuous through a variety of means like: 

  • Day to day engagement and practice 
  • Keep up with relevant topics presented in the media and your professional organizations 
  • Track and participate in related discussions in your slice of the blogosphere and networking groups, both face-to-face and online. 

Being aware of the evolving nature of your industry is fundamental in enhancing your strength and managing any weaknesses as you seek opportunities. 

Emotional capital is what you build the more you work at what you most want to do and are best at doing. To be truly fulfilling, work should be intrinsically motivating and not just done for external rewards like a paycheck. Your work should be to express your vocation. 

It is necessary, therefore, for us to constantly be striving to create conditions by which we shed doing those tasks that drain us and take on those tasks that energize us. Profound work satisfaction is possible when we closely align our passions, interests, talents, and aptitudes with the jobs we have taken on to do. Our spirits can be lifted as we expertly provide a service to employers or clients in need. At this point, we no longer need to compartmentalize our work life from who we really are as individuals. 

Often referred to as networking, building and maintaining social capital, it is the third leg of the professional growth stool. 

To discover new career opportunities is largely the result of quality connections we make with others who are acquainted with our value. Growing and sustaining this pool of contacts should be purposeful and strategic. Managing your professional brand and reputation will allow others who a) need your services or b) can be a source of referrals, to find out about you. 

Favorable circumstances just do not occur by chance alone. They are made by extending ourselves to the industry community of insiders and customers. Being well connected gives you options and the liberty to chart the direction of your career.  

Take the time to assess how effectively you are building these three kinds of capital. It is not just something you do during a job search. Shaping your career is a perpetual process that only you can control. 

Ten Basic Steps to Career Development

Posted on by Bill Ryan

When you decide that employment inertia is no longer working for you or you find that economic conditions beyond your control have thrust you into a job or possibly a career change, then you need a plan. The better you accept and strategically deal with change, the more likely a positive outcome can be realized. 

As a career transition specialist, I have determined ten important steps that must be followed to form a complete plan. As you read the steps below, assess for yourself if you have a grasp on some of these or if you need to develop and refine certain ones. You will know that you have mastered most if not all ten steps when you feel deep contentment with your career. 

My pick for the ten practical basic steps to career development are: 

  1. Choose your “industry“. It may be as clear-cut as pharmaceuticals or physics, or it may be a hybrid like combining social work with animal rescue. But whatever you decide, be clear that you are in a field that you care about and would like to grow in.
  2. Determine and promote your value proposition or unique selling proposition, including a branding process. Everyone needs to market themselves if they are to find career options and opportunities.
  3. Having a strong resume.  Prepare a resume that highlights your significance and employment value. It is more relevant today than ever before. Make this a document that has you truly shining.
  4. Distribute cover letters that open doors.  In general, the more targeted a cover letter is written, the greater are your chances for an interview. But also consider the cold cover letter that can make a hiring manager sit up and take notice.
  5. Maximize the power of LinkedIn. It is a small jump from a solid resume to a powerful LinkedIn profile. Someone who may consider you for an interview or to hire you will most likely look for your LI presence. Be there and look good.
  6. Know job search best practices.  Still looking in the newspaper for who is hiring? Job search techniques have been identified that will increase your chances of getting the work you want. Become familiar with what works and do not waste time and energy with what does not.
  7. Networking, networking, and networking. No longer just a job search tactic, networking is a systematic cultivation of people who can be a valuable resource for career opportunities. Build and maintain a rich network of such contacts. Smart professionals are always networking, even and especially, when they are employed.
  8. Develop your intellectual capital through research. Know as much as possible about trends, practices, threats, and strengths in your chosen industry and/or with key companies. This will increase your credibility and professional instincts. Adding to your expertise should never stop.
  9. Practice informational interviews. As a subset of the last two mentioned steps, informational interviews assist you in building a knowledge base and learning from people in the know. Set up short fact-gathering sessions with insiders to expand both your intellectual and your social capital. 
  10. Strengthen your job interview performance. Be well prepared for all types of job interviews. This is not just about memorizing answers to common questions. It is about leveraging confidence, knowledge, and skills to craft a presentation that leads to a satisfying career move.

Implementing a plan consisting of these ten steps will better position you for the work life you desire. Make no mistake, doing all of this is a lot of work and it is not easy. But as the world of work moves increasingly toward one in which the professional is the primary caregiver of themselves, it is a necessary one.