Deb's Career Corner

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Preparing for Your Annual Performance Review

PERFORMANCE PLANNING

It’s that time of year; it only comes once a year. Yes! It’s your annual performance review. Really, it is the one time of year that you get to pat yourself on the back and provide examples of the things you have done over the course of the past year that justify a salary increase, and in some cases, a promotion. There are some things you can do to ensure that you receive the recognition you deserve; a lot of this is dependent on what you do to prepare. Here are some tips to help you.

1. Make sure that you track your achievements and contributions commencing from the last review you had. This record will ensure that you don’t forget key projects or achievements. Keep good notes so that you are able to recall information and present it during the appraisal process.
2. If you complete a project and can get a note or letter from a superior detailing the positive contribution you made that is a wonderful way to provide backup that other people found your contributions valuable.
3. Keep yourself organized; track project dates and contributions so you can quickly reference a particular situation where you added value. If business increased, present figures supporting the organization’s growth.
4. Present your supporting documentation three or four weeks before your scheduled review date. Oftentimes paperwork is completed for salary and other increases prior to the scheduled review date. In an effort to influence any decisions, submit your evidence early.
5. Display information in a clear and easy to understand format. If you want to call attention to certain details, you might highlight phrases or numbers that demonstrate results.
6. Establish the tone of your performance review discussion by presenting the things that you feel made the most impact. Establish a positive and productive discussion to highlight the things you want to make known.
7. Recognize that your superior might reference some things that you need to improve upon. Do not make the interaction controversial in any way. Instead, proactively indicate how you will make improvements in areas referenced. Offer solutions rather than excuses.
8. Demonstrate your willingness to pursue professional development, training courses or certifications to show your commitment to ongoing learning. It will also reveal your willingness to continue to expand your skills.
9. If you are not satisfied with your increase, it is fine to indicate as such. You can request a review again in six month’s time to see if there is an opportunity for an unscheduled pay increase.

Take constructive feedback well and don’t become defensive. Set the tone for the positive year to come.

So, You Want to be an Investment Banker

You have completed four years of college, taken all of the finance and economics classes you can stand and gained some practical work experience within the finance industry in the hopes of working for a boutique or well known bulge bracket firm. So, what can you really expect? Here is some information to help you break into the coveted investment-banking arena:

What they are looking for: As a member of an investment bank, you can expect to do a lot of research. Oftentimes candidates are hired after completing an internship with a firm. Many firms do not require a financial background but look for young people with drive, determination and potential. Firms look to shape their candidates and are interested in those that are passionate about the financial markets, exhibit personal commitment, and strong academic performance.

Preparing for the Interview: Investment banking firms (like all companies) really appreciate candidates that understand the corporate culture. In fact, this understanding is even more important within the banking environment. Many firms encourage interaction with former interns and existing employees to get a real sense of the interviewing and hiring process. The first interview with a firm will generally be more of an overview of previous experiences and determination of fit within the organization. Subsequent interviews will be more technical in nature, including a candidate’s understanding of general financial principles and practices.

The Analyst Experience: As an analyst you will likely do a lot of research. While you build your internal network through interactions with your peers and superiors, you will also be challenged to complete projects on your own. A big part of working within a firm is interacting with internal and external clients and the firm’s experts. Make no mistake though – you will work – long and hard. There are many late nights in investment banking. Some days you might find yourself working on pitchbooks and other times you might find yourself formatting an Excel spreadsheet. Like many professions, there is a rite of passage that you will have to endure as you claw your way up the food chain.

Show me the Money: As a first year analyst the starting salaries for those with a bachelor’s degree after bonus range from $60,000 to $70,000. While it is no doubt harder to break into the industry now due to the economic downturn, there are firms that are hiring. Consider focusing your efforts on the boutique firms, since they have not been as impacted by the financial crisis. It might take a bit longer, and you might need to bite the salary bullet a little bit, but over the long-term the markets rebound, and so too will your compensation.

It definitely requires diligence, commitment, and long nights when you are starting out. The world of investment banking is dynamic and highly challenging, to say the least. You can become involved in multi-billion dollar high stakes deals. Early on you will need to take direction well, pay close attention to the details, and generally be willing to do whatever it takes to get the job done.

Hiring the Right Resources

Hiring the right resources is challenging and a never-ending learning experience. It is hard, very hard to identify and select people that are right for a position, fit within a company’s culture, and can integrate their skills and personality to meet the needs of a role. What are some of the things to look for as part of (hopefully) making the right hiring decision? There are many things; and for sure the recipe is different for each hiring manager and each organization. Here are some quick tips to help you start off in the right direction:

Don’t hire in your own image: One of the best things you can do for your department and your company is to hire people that don’t necessarily share the same opinions or ideas. You want new ideas – people that will spark healthy debate and bring fresh blood to a role. Hiring in your own image can result in getting the same thing you have always been getting.

Consider positive personality: Of course we want to hire the best person for the job. But, given the choice between two candidates – one that is perfectly qualified but not as engaging (might not fit as well from a personality perspective) and one that is not as qualified but is more personable and down to earth, what do you do? I say go for the personality. People can be trained to learn new concepts. You cannot train a personality. Consider this: If you had to get on a plane with a person and spend eight hours in the air with them, who would you rather be next to – they guy who’s personality you cannot stand, or the person who needs some training but you really like?

Hire action oriented people: It is totally possible to determine whether or not you are going to hire someone who is not afraid to make a decision. During the interview process you should probe about specific instances (ask for examples) where the candidate was in a situation requiring a game time decision. What did she do? Did she act swiftly with decisiveness or try to avoid taking action? You want a strong team? A group that can make things happen? You need people who are willing to take responsibility and stand by their decisions.

Hire people smarter than you: Don’t be afraid to hire someone smarter than you. How better to look good than surrounding yourself with talented and intelligent people? Your performance will shine as well. Of course you will need to give credit where credit is due.

It takes time and a careful approach to hiring the right resources. Make your decisions carefully. The choices you make can serve as the cornerstone for success and growth.

Tips to getting that raise in the recession

Is your employer feeling the crunch of the current economic climate? So much so, that the dreaded ‘pay freeze’ has been put into effect? Do you feel that your efforts to go above and beyond have really done some good? You can still get the raise you desire. Here are some tips to help sway the scale in your favor:

Conduct Research: Before you saunter into the boss’ office and have ‘the discussion’ you need to be prepared with some relevant industry data. It would behoove you to have salary data regarding comparable positions so you can present your case from a position of power and intelligence. Knowing where you are in connection with the market will allow you to develop a productive and compelling argument when you sit down to the brass tacks discussion.

Demonstrate your value: Asking for a raise is not enough. You need to demonstrate that you are exceeding expectations. Come prepared (with examples) of projects you completed that generated revenue or saved the company money. You need to justify the raise. If you have assumed increased levels of responsibility, were promoted from a previous role, or created a new business strategy, come prepared to provide the details – down to the numbers of how you made a meaningful contribution.

Understand the company’s goals: Make sure you are doing things that are in alignment with what the company deems important. If a new program is underway, make sure you are applying your skills to meet that need. Pay attention to the initiatives that are important and apply yourself in those areas – within the context of your role; but don’t forget to be creative. Go above and beyond to show true value.

Negotiate on your own behalf: When you make an appointment to meet with the boss to review the increase, you must be prepared to offer other options. For example, if you want a $5,000 increase, you might be offered $2,500. Are there other things (non-monetary) you can request to bridge the gap? You might suggest an extra week of vacation or something else that translates to cash. Similarly, you might be told that nothing can be done at this time, at which point you might want to negotiate a six-month review for a raise upon meeting certain agreed-upon goals.

Conduct a Search: Not getting what you want where you are? Start to look for other opportunities. Once you identify a new position and tender your resignation. Don’t accept a counter offer under any circumstances. If you were worth the money they are countering with, why didn’t they give it to you already? This also shows that you are not as committed to the organization. Should something happen – like a restructuring, your position will likely go first.

The good news is that you can get a raise – even in challenging economic times. You always have options. The key is to be prepared so that you can make informed decisions that will benefit your professional and personal growth continued commitment, and contribution.

Comments and feedback are requested and desired; and you are welcome and encouraged to submit questions to thecareerdoctor.

Debra Wheatman, CPRW, CPCC is the founder and Chief Career Strategist of ResumesDoneWrite, a premier career services provider focused on developing highly personalized career roadmaps for senior leaders and executives across all verticals and industries.

Debra can be reached at -

DWheatman@ResumesDoneWrite.com
ResumesDoneWrite.Blogspot.com
WWW.ResumesDoneWrite.com
Connect to me on LinkedIn
Follow me on Twitter

Letter to self: Would I hire me if I were you?

As an HR professional I cannot tell you how many résumés I have received from candidates that were so unqualified, so out of reach, so uninteresting to me as a hiring manager as to make me look twice to see if I was putting them in the right pile for the right job.  As a career strategist, I am surprised sometimes when a candidate says “I want to be an investment banker" – of course not many of them say that anymore, but that is a different story – and I think to myself and usually tell them out loud: you have a better shot at being the next Miss America than getting hired by an investment bank.

Introspection is a critical part of your job search.  Before you send your résumé to every opening you find, you should sit quietly and ask yourself whether YOU would hire YOU if YOU were the hiring manager.  If you feel like you are close, than go ahead and submit, otherwise …

Does My Background Meet Your Needs? As I consider my credentials, I am looking at the job description to determine if my background represents a good fit for the position. According to the description provided by your company, it seems (at least on paper) that my qualifications fit. I possess the core competencies, which include leading a large team, managing complex projects, and drafting processes and procedures to streamline the operation. Also highly important and relevant, my efforts have been instrumental in adding a new revenue stream for my employer. Having been recognized with industry awards, I demonstrated excellence in my field.

From the looks of things, my background is a clear match; so I expect that once I submit my résumé and cover letter I will be invited in for an interview.

Do I have Experience in Your Industry? I have applied my skills in a few industries. I spent some time in manufacturing; but it was several years ago. I have utilized my talents in financial services and retail – all with great success. I am confident that my previous industry experience, complemented by my other work, will enable me to make a contribution. Since I understand how many companies and industries operate, I can use a diverse set of skills to drive change for your company. I will sell myself to you  - believe me. Even though my direct relationship with your industry is somewhat dated, it’s there. I will highlight those relevant experiences toward the top of my résumé so you see them immediately. Also, my history of being promoted will definitely show you that I am more than capable of doing the job.

Do I Show Commitment? I am sure that during an interview I will clearly demonstrate my level of commitment to my position, staff and employers. But, since we have not yet scheduled a meeting, I will go with Yes! Yes, I show commitment. How, you ask? Well, my promotion in each of my roles to positions of increased levels of responsibility is one example. I have also indicated that I am focused on the growth of my staff. Many of the people that have worked under me have also been promoted, and several of them have worked for me at more than one company by their own volition; I am known for providing exceptional training, and supporting the development of others.

Do I Demonstrate an Interest in my Community? I have a family and other personal responsibilities, so while I would like to say unequivocally yes, I cannot. I do volunteer some of my time to a local shelter where I dispense meals to the needy during the holidays. I really enjoy the work and being able to help others; of course if my time allows I would be more than willing to do other things to give back to the community. In the past I have raised money for charitable causes, including cancer research.

I look at this letter and think, yes; I would definitely interview this candidate. If he is as good in person as he looks to be on paper, then perhaps we have a winner! It is very difficult to identify, attract and hire the right candidate. In part this is because people apply for things that they are not qualified for; they submit résumés and cover letters for opportunities that are completely outside the scope of their experience. If you take the time to really evaluate your own credentials and that of the position for which you are applying, your job search would be more focused and more fruitful.

Comments and feedback are requested and desired; and you are welcome and encouraged to submit questions to thecareerdoctor.

Debra Wheatman, CPRW, CPCC is the founder and Chief Career Strategist of ResumesDoneWrite, a premier career services provider focused on developing highly personalized career roadmaps for senior leaders and executives across all verticals and industries.

Debra can be reached at -

DWheatman@ResumesDoneWrite.com 
ResumesDoneWrite.Blogspot.com 
WWW.ResumesDoneWrite.com 
Connect to me on LinkedIn 
Follow me on Twitter

 

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