Ch 2. The World Actually Does Revolve Around You

Observations

• Typical Candidate Behavior:

  • Evaluate available options, choose best
  • Current job as default yardstick
  • Weigh pros and cons of new opportunities

• Common Oversight:

  • Candidates rarely document their needs
  • Lack self-awareness about what makes them happy

Job Interview Preparation

• Common Approach:

  • Surf company’s website
  • Call colleagues
  • Gather information
  • Jot down questions

• Alternative Approach:

  • Focus on self-awareness
  • Document needs and criteria before job search
  • Use criteria as a measurement for job options

Importance of Self-Awareness

• Self-Awareness as Greatest Asset:

  • Navigates recruitment process
  • Evaluates company fit
  • Helps in decision-making

• Defining Interview Success:

  • Not just getting the job
  • Securing the right job that ensures long-term happiness

Key Insight

• Identify Personal Criteria:

  • Know what makes you happy and miserable in detail
  • Be diligent about personal needs and questions to ask potential employers
  • Recognize both “hard” criteria and emotional influencers affecting job satisfaction

• Evaluate Based on Personal Criteria:

  • Understand own needs before exploring job options
  • Avoid choosing based solely on skills and qualifications

Key Areas for Job Evaluation

1. Current Situation:

   • Identify all aspects of your current job
   • Understand what you already have

2. Requirements:

   • Develop a list of your needs and wants
   • Determine what you are looking for in a new job

3. Timing Considerations:

   • Assess if it’s the right time to leave your current job
   • Consider personal and professional timing

4. Counteroffer Potential:

   • Decide in advance if you would entertain a counteroffer from your current employer
   • Prepare for this possibility

5. Compensation and Benefits:

   • Review a complete list of your current compensation and benefits
   • Understand your actual value and how it compares to potential offers

Guiding Questions for Career Decisions

1. What do I currently have in my job?
2. What are my needs and wants in a new position?
3. Is now the right time for me to make a change?
4. Would I consider a counteroffer from my current employer?
5. What is my current total compensation and benefits package?

Roadmap for Career Decisions

• Use the answers to these questions to create a personal roadmap
• Refer to this roadmap throughout the interview process
• Ensure you stay true to what makes you happy

Final Thought

• It’s better to confront the truth than deceive yourself
• Make sure you are honest with yourself about your career goals and needs

Current Situation — What Do I Have?

• Emotional Influences:

  • Current employer as a major emotional influencer
  • Company and colleagues can either push you out or keep you in

• Relationships:

  • Relationship with boss and coworkers is crucial
  • 78% of candidates cite their boss as a top reason for job change
  • This trend is consistent across various job positions and market conditions

• Reluctance to Leave:

  • Strong relationships can prevent leaving a job
  • These relationships are significant obstacles in accepting new job offers

• Evaluate Relationships:

  • Assess relationships with boss and coworkers
  • Determine if these relationships will hinder your decision to leave

• Reasons for Leaving:

  • Identify “wounds” or issues in your current job
  • Assess if you are appreciated, have growth opportunities, work with smart people, and are paid well
  • Ensure a new job can improve on these lacking areas

• Positive Aspects:

  • Recognize the benefits of your current job
  • Consider both tangible benefits (compensation, commute) and intangible benefits (growth opportunities)

Guiding Questions:

1. How is my relationship with my boss and coworkers?
2. Are there significant emotional ties that may prevent me from leaving?
3. What issues or “wounds” do I have with my current job?
4. Am I appreciated, provided with growth opportunities, working with great people, and paid well?
5. What are the tangible and intangible benefits of my current job?

Requirements — What Do I Want?

• Self-Awareness:

  • Know what you want and what makes you happy
  • Create a list of requirements to evaluate potential employers

• Value Package Criteria:

  • Holistic view of personal requirements
  • Helps determine if a new employer meets your needs
  • Focus on overall value to career and life, not just job greatness

• Evaluation Factors:

  • Consider work integration into social life
  • Assess the mix of tasks, colleagues, location, travel, etc.
  • Highlight and prioritize all requirements for objective decision-making

• Common Influencers of Happiness and Longevity:

  • Company Track Record and Growth:
    • Growth history and future potential
  • Corporate Culture:
    • Company’s personality (e.g., high-energy, fast-paced, employee-focused)
  • Contribution:
    • Ability to make a significant impact
  • Appreciation:
    • Recognition and appreciation of employee efforts
  • Role:
    • Interesting responsibilities, alignment with background, and potential for success
  • Career Development:
    • Growth opportunities through responsibilities or training, career progression
  • Boss:
    • Working with a smart, supportive, and compatible boss
  • People:
    • Open, welcoming, and fun colleagues, team-oriented atmosphere
  • Office Environment:
    • Conducive to happiness and energy, supportive of job performance
  • Office Location:
    • Daily commute and telecommuting options
  • Travel Requirements:
    • Amount and nature of travel (domestic/international)
  • Compensation and Benefits:
    • Overall package including health care, 401(k), profit sharing, and additional benefits

Guidelines for Developing Requirements:

• Probing for Depth:
  • Take time to evaluate what truly makes you happy
  • Expect to iterate multiple times to develop a complete list
• Consulting Others:
  • Speak with others about their job experiences
  • Tailor your list to your unique needs and priorities

Timing Considerations - Can I Actually Leave Now?

• Importance of Timing:

  • Success is influenced by when and how you enter or leave a situation
  • Timing impacts the effectiveness of career changes

• Evaluating Timing:

  • Consider if it’s the right moment to quit or leave
  • Reference: Seth Godin’s The Dip for evaluating dead ends vs. persistence

• Dream Job vs. Timing:

  • Dream jobs rarely align perfectly with job searches
  • Recognize and address timing issues before making a change

• Monetary Considerations:

  • Timing of sales commission checks, bonuses, or stock option vestments

• Subtle Considerations:

  • Upcoming reorganizations at the current employer
  • Personal life events (e.g., children starting school, spouse expecting a child)

• Overcoming Timing Issues:

  • Many timing issues can be managed or mitigated
  • Be aware of potential timing conflicts and evaluate their impact on job change decisions

Counteroffer Potential — Will I Be Tempted to Stay?

• Consideration of Counteroffers:

  • Often overlooked when entering an interview process
  • Some seek new opportunities solely to pressure their current employer

• Commitment Check:

  • Determine if you are committed to leaving or just “testing the waters”
  • Reflect on your reasons for being open to new opportunities

• Potential Retention Factors:

  • Identify anything your current employer could do to retain you
  • Even if it seems unrealistic, consider discussing these factors with your employer

• Approaching Your Employer:

  • Tactfully express your suggestions to the appropriate person
  • Good standing in the company can lead to respectful consideration
  • Avoid resigning solely because of another job offer; instead, discuss retention possibilities first

Guiding Questions:

1. Have I made a firm commitment to leave my current employer?
2. Am I exploring other opportunities just to test the market?
3. Is there anything my current employer could do to make me stay?
4. How can I tactfully discuss my retention factors with my employer?
5. Have I considered the potential impact of resigning due to another job offer?

Compensation and Benefits — What’s My Current Annual Financial Value?

• Understanding Compensation:

  • Gain a clear picture of your total annual earnings
  • Important for providing accurate information to potential employers

• Factors to Consider:

  • Base salary
  • Bonuses
  • Stock options and restricted stock units
  • Profit sharing distributions
  • Paid time off
  • Health care and other insurance programs
  • Flexible spending accounts
  • Car allowances

Evaluating Career Change

• Personal Reflection:

  • Reflect on whether your current career aligns with your passions
  • Consider if you are pursuing a career chosen at a young age

• Career Change Encouragement:

  • Open-mindedness can lead to new opportunities
  • Life is too short to do something you don’t love
  • You can change careers at any age

• Key Insights:

  • Most people resist change due to fear of uncertainty
  • It’s better to explore new opportunities than remain unhappy
  • Don’t let past decisions dictate your future; you always have a choice

Guiding Questions:

1. What is my total annual financial value, considering all compensation factors?
2. Does my current career align with my passions and interests?
3. Am I open to exploring new career opportunities?
4. What would my ideal career look like if I could choose again today?
5. How can I overcome the fear of uncertainty to pursue a more fulfilling career path?

Worst-Case Scenario:

• If you “fail” in a new job, you can revert to your previous field.
• The bridge back to your old career is usually still available, even if not with the same employer.

Success Stories:

• Many individuals have successfully changed careers.
• Examples include technology consultants becoming yoga instructors, chefs, retail shop owners, photographers, etc.

Encouragement for Career Change:

• If unhappy in your current work, give something new a try.
• Corporate information is now easy to find and decipher with the right approach.

Researching a Prospective Employer

1. Self-Awareness and Current Situation:

   • Understanding your own needs positions you better for research.
   • Digital resources provide access to ample corporate information.

2. Primary Information Sources:

   • Start with the company’s website.
   • Look for the company’s personality, values, and opportunities.

3. Important Questions to Answer:

   • Why work there?
   • Does the company offer valuable products or services?
   • Is it a leader in its industry?
   • What is the corporate culture like?
   • What are the job and career development opportunities?
   • Who works there?
   • What are the benefits?

4. Additional Resources:

   • Glassdoor: Company reviews, salaries, management ratings.
   • Vault Career Intelligence: Reviews, guides, videos on interviews.
   • WetFeet: Job-seeking advice, blogs, guides.
   • Publicly Held Companies: Annual (10K) and quarterly (10Q) reports.
   • Privately Held Companies: Sites like Hoover’s for financial insights.

Caution on Additional Information:

• Discussing opportunities with coworkers, colleagues, family, or friends may lead to confirmation bias.
• Confirmation bias: Seeking information that confirms preconceptions or desires.

Best Approach:

• Do thorough homework to become knowledgeable.
• Approach each interview with an open mind to avoid self-fulfilling prophecies.

Summary of Steps

1. Current Situation: Identify what you currently have.
2. Requirements: List your needs and wants.
3. Timing Considerations: Evaluate if now is the right time to leave.
4. Counteroffer Potential: Decide if you would consider staying with a counteroffer.
5. Compensation and Benefits: Understand your current total financial value.

Guiding Questions:

1. What is my total annual financial value, considering all compensation factors?
2. Does my current career align with my passions and interests?
3. Am I open to exploring new career opportunities?
4. What would my ideal career look like if I could choose again today?
5. How can I overcome the fear of uncertainty to pursue a more fulfilling career path?