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Keeping Your Financial Services Gig
I’ve met several financial services professionals who live in fear that they will be next in line to lose their jobs…that their company with be acquired or tumbling profits will lead to more downsizings or reorganizations.
The way I see it, employees have two choices. (1) They can either assume that they have no control over their career and sweat it out, or (2) they can take responsibility for their careers and do everything that is within their power to build a solid case for staying employed in 2009.
Obviously we can’t control economic indicators or certain company decisions, but we can certainly control our own career destiny and here are a few tips for doing just that.
Document Your Accomplishments Regularly
Throughout the year, keep track of all the projects you manage. Upon completion of each assignment, write a note to yourself detailing your contribution and how your efforts helped the company make money, save money, save time, grow the business, or retain customers.
Quantify your accomplishments with dollars, percentages, and other appropriate metrics. Actively seek out opportunities to improve efficiencies and profits regardless of the task at hand.
By showing and quantifying your specific value-add, you build a better business case for keeping you onboard, even in a volatile economy. Write out your accomplishments by using the C-A-R strategy. Identify the challenges you faced in a project, the actions you took to address the challenges, and the corresponding results.
Here are a few examples of accomplishment statements.
- Slashed time troubleshooting site operating system issues in half (from 6 hours to 3 hours or less) by establishing in-house support versus long-distance telephone support model. The same model also reduced software conversion support costs by 75% while conforming menu offerings to uniform formats.
- Trimmed costs by 10% by auditing and realigning relations with third party marketers and implementing a more stringent set of criteria for vetting prospects.
- Reduced time spent on rebalancing tasks from 5 days to a few minutes by building automated quantitative data engines to run quant products acquired in a merger, dramatically reducing overhead.
Become Hard to Replace
Create opportunities to diversify your experience by offering to learn how to perform tasks that support your main role and make you more efficient at what you do.
An alternative strategy is to become a subject matter expert in one specific aspect of the job so you are seen as the "go-to-person" for a particular type of information. No one wants to lose the "go-to-person" because then they have to take ownership of an additional task.
Here are some possible ways a financial services professional might diversify their skills and offer more value to the company.
- Research and recommend a software product that saves time and money and streamlines tasks.
- Chair a committee to develop and document best practices for the department.
- Mentor junior employees or put together some on-demand training programs in your areas of expertise.
Take on Tasks No One Else Wants
This does not mean taking on grunt work. It might just mean mastering a new technology that no one else feels comfortable with or taking on an assignment that is outside of the traditional scope of the job.
Employees who demonstrate this level of flexibility garner the attention of their supervisors. If you are known as a “roll up your sleeves” kind of employee, this may help keep you afloat in the event of a downsizing.
Here are some examples of projects that are not glamorous, but certainly help people do their jobs more efficiently.
- Proactively organize a cumbersome filing process to make it easier to find important records.
- Update department forms with a fresh look and more relevant content.
Accept High Profile Assignments Near Review Time
Since it is easier for people to remember what has happened most recently, why not take on an important assignment to coincide with an upcoming review? The project is bound to become a focal point of the performance review discussion, and the boss can quickly remember and document the achievements relevant to the project.
When important projects are “top of mind” with your boss, you may be less likely to be let go during difficult times.
Bottom Line:
If you are concerned with the security of your job, you will also need a “Plan B” to supplement the strategies suggested above. While you are proving your value as a key contributor to your employer, don’t forget to round out your career management strategy with a healthy dose of professional networking and informational and job interviews in case despite your good efforts your position is eliminated. Even if this is the case, the reputation you have created with your employer will become part of your value-add and serve you well as you look for a new job.
© Copyright Barbara Safani, 2009. Used with permission.
---------------------------------------------About This Author:
Barbara Safani, owner of Career Solvers, has over twelve years of experience in career management, recruiting, executive coaching, and organizational development. Ms. Safani partners with both Fortune 100 companies and individuals to deliver targeted programs focusing on résumé development, job search strategies, networking, interviewing, salary negotiation skills, and online identity. Barbara is also the author of Happy About My Resume: 50 Tips for Building a Better Document to Secure a Brighter Future.