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Career Transition Coaching: ROI Case – The Unhappy Professional

Jeremy 42 is a managing partner in a professional services firm and has been with them for 10 years. He is a steady performer doing well financially (200k+) depending on the year and settled into a niche part of the business as an expert. He is well respected by everyone in the firm and a key part of the management team. With two children, ages 9 and 7 he wants to be able to spend more time around them particularly at their sporting and school events. One goal he has is to coach soccer for his kids as he played in college. His commute is making that impossible since he spends a minimum of 2 hours a day commuting which often turns into 3 hours.

The work is not all that exciting since he has become the firm’s “expert” in a particular area. There are plenty of challenges such as meeting deadlines, creating deliverables, modifying contracts, and developing junior associates. For him work has become fairly routine. He could branch into other areas if he wanted, however, has not taken the time and effort to build an additional book of business. He has become very comfortable with his current situation.

He came to me looking for assistance in determining where to start with his search and how to go about it. Some requirements were that he had to keep his salary at the current level, reduce time on the road, have significant vacation time, and be in a position of leadership.

We started with sharpening the elements of his vision for the perfect position. He determined his desire to move was based more on family lifestyle than work. Spending time with the family became the primary driver rather than professional responsibilities. That did present some challenges as leadership roles are what commanded the salary, he was familiar with and looking for.

Examining his skill set he was very clear that business development and networking were not his strong suit. It was also clear that his expertise forced clients and colleagues to see him as one dimensional. Most of his current book of business was referred to him from previous clients or colleagues in the firm. He was capable of a broad range in his field however, his recent experience did not reflect that capability. He also wanted to keep his search confidential.

Actions

The first actions were to determine how to search what the potential market was for him. We started by having Jeremy identify potential firms and individuals that might be able to assist him in answering that question. That meant working on his networking skills. We worked on what networking was for him. He came up with a definition that translated into small meetings, presentations, coffees or lunches with colleagues. He explored other firms made connections and even applied and interviewed for several positions.

The Results

What Jeremy discovered was that changing firms would cost him significantly in salary. He was not going to be brought in as a managing partner. He would have to start as an associate and build up to partner. That was disappointing.

He also found that he was actually pretty good at networking, using his style. Renewing previous relationships, creating new ones, and building on his reputation as an expert proved beneficial. One result was that it brought some new business in his area of expertise.

He also examined going into business for himself, which after doing the research he determined would take up more time than his current situation. Nope going to hang out his own shingle.

Looking at where he was gaining traction, he made the decision to go to the management team and make a proposal. He proposed that he work from home at least two days a week with the potential for more if he cultivated clients in his geographic area. The management team accepted his proposal with a plan to implement it in increments to ensure it did not have a negative impact on business and development of junior associates.

Today

Jeremy is working from home approximately two and a half days a week. He has improved his book of business and gained a couple of clients in the area where he lives. He has adopted a business development approach based on his networking strategy. As an assistant soccer coach, he participates with his children’s teams several times a week.

Jeremy is much happier in his current arrangement. He is still focused on his vision of being a well-paid executive with time to live the lifestyle he wanted. He did not change firms however; he did transition his career to be focused on what is most important to him. Jeremy is controlling his career.

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Leadership Case Study: Taking Care of Your People

You are a department head leading 25 employees. A branch head, on board for 6 months comes to you and asks for your support on a transfer request within the company.

The company has 2500 employees, with many disparate divisions. The corporation is a services company with the values of: Mission, People, and Service. This branch head is a solid performer, came up to speed very quickly, and is making a difference. She supervises 10 of the 25 employees assigned to the department and your hierarchy is the number three leader after you and your deputy. It is January and you had three transfers that have not been filled by HR. If she leaves that would be four and she is the continuity. Your department is a policy unit that updates, modifies, researches, and inspects policy within the entire company.

When she arrived in September you knew she would likely be with you for a year, the typical minimum to stay. On her welcome meeting with you she was very clear that she was looking for a transfer to her “career goal” position within another department. With the company for 11 years, she set a goal to move to that department when she started.

Positions come available occasionally and are very competitive. In fact, one came available right after she arrived and you supported her competing for it. She was runner up. If she won the position, she would have departed during the summer transfer time.

Here it is January and a “quick fill” opportunity has come available and she is asking for your support to apply. Company policy requires department heads approve the application. You estimate her chances of winning the position to be one-in-four due to the high number of applicants. However, she is well qualified and if selected will be gone by mid-April. That will take away the continuity in your department and reduce your staffing by four. You will get replacements but they will likely trickle in starting in April and continue over the summer.

What do you do and why? Share your thoughts in the comments below. I’ll share my thoughts in next week’s blog post.

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The Value of Coaching

Put these numbers to work in the organization you lead and calculate the return on investment:

  • Increase the level of fully engaged employees from 30-80%
  • Increase in profitability by 10%
  • Double your employee retention rate
  • Increase the rate of goal achievement in your employees
  • Increase sustained performance following training by 20%

A strategic focus on leadership training for your leaders coupled with coaching can have that impact.

You are thinking – no way. Let’s take a look at some of the data. Did you know that according to Gallup only one-third of all employees in the United States are fully engaged at work? That means that if I am leading 10 employees only 3 are fully engaged.

The greatest variable in that engagement – how they are led or managed. A group’s engagement level can vary up to 70% solely based on how they are led. That would change from just three individuals being engaged to 8. Pretty significant.

But does engagement create high performance and if not, what does?

Gallup discovered instilling a “high-development” culture has a significant impact on organizational performance.

What is a “high-development” culture? It is a culture that places value on the growth of individuals. Here is what they found in high development organizations:

  • 11% greater profitability from organizations that make a strategic investment in employee development.
  • Two times more likely to retain their employees
  • The opportunity for career growth is the top reason people give for changing jobs.

Earth shattering? I don’t think so, in fact it seems fairly intuitive. High achievers want you to invest in their development and will seek it out. Particularly millennials, the largest generation in the current workforce. Ninety percent of millennials when asked, list professional development and career growth as a top priority.

An interesting discovery in the research is that development does not equal promotion. Not every employee is seeking the next position. However, they want to grow based on their individual needs. Many are looking for that individual development.

Let’s draw some conclusions:

The data tells us that well-led workers are engaged and organizations with a strategic focus on developing individuals increases profitability, employee productivity and retains employees.

What does that tell? Provide leadership development to your leaders!

Give them the knowledge, skills, opportunities and feedback to grow and continually improve.

An analysis by Gallup on what is effective in developing leaders came out with three areas:

  1. Continuous multimodal support
  2. It’s integrated into the workplace
  3. It’s personalized

Intuition says individualized training programs are expensive. I think that requires deeper thought. The question that needs to be answered is: “What is the return on investment (ROI) for the training program?”

According to the Association for Talent Development for the years 2017-2018 employers spent over $1200 annually per employee on training and employees averaged approximately 33 hours. What are employers getting back for that investment?

Research in the training area has shown an increase in performance following a typical workshop or short course in the weeks after the course. Sustaining that improvement and achieving the goals set in the training. Not so much.

Retention and performance decline and head towards prior levels in about two weeks. We have all personally had that experience. We come back from a short training all excited and energized to implement our newly learned skills. Then the reality of the daily challenges sets in. A month later those goals are just a memory.

What are the results of coaching in the workplace?

Research has shown:

  • Sustained retention of the material learned
  • Sustained levels of performance greater than 20%.
  • Higher levels of achievement of performance goals when supported by coaching

I call that result in a potentially better leader.

Coaching also fulfills the areas recommended in leadership training; continuous and multimodal, integrated into the workplace, and personalized.

Leadership is the great differentiator. If you have a leadership culture in your organization you, your employees and everyone associated with your organization will benefit.

How to get started in coaching to see if it works for your leaders. Prototype a coaching initiative and measure the results. Measure the return on investment with your development dollars.

Bottom line if you want to develop your leaders using an effective methodology, coaching should be one of the tools in your development toolbox. Contact Gary Slyman, President and Founder of Great Transitions Strategies to explore how coaching can be integrated into your organization.

Develop your leadership, develop your leaders, and differentiate yourself and your organization.

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How Leadership Increases Your Valuation

You as the founder you had a great idea, built a team, obtained a patent, and have been growing the company for the past 4 years. Now you have decided it is time to exit. How do you determine the value of your company?

Simply, the value of the company is what someone will pay for it in today’s market. How do you determine that value? There are all kinds of methods to determine its value. Without getting into a lot of specifics, the capital structure (debt and equity), assets, current and future cash flow and market share define the value of your company. But is it that simple?

Switch your perspective. What would you be looking for if you were purchasing your company? Examining your company as a potential buyer what makes it valuable?

Most potential buyers are looking for a turnkey operation. If it is a merger and acquisition, the purchaser wants the company to be a profitable entity quickly. Let’s take a look at two assets that affect a company’s valuation, a patent and the leadership.

D’vorah Graeser of KISSPatent in a blog post on valuation discusses how patents are an intangible asset that increases a startup’s valuation, by potentially $1 million. Nice. Another intangible asset is the leadership team of your company. What impact does the leadership of your company with you and without you have on valuation? Some considerations follow.

How does the leadership of your company impact investors such as venture capitalists (VC’s) at the different stages of funding your company’s growth? At the early stages investors commonly see small leadership teams led primarily by the founder.

In the latter funding stages, consider the message sent to the investors if there is close to sole reliance on the founder(s) for success? Investors are working to manage their risk. A robust leadership team capable of growing the company as you gain access to more partners and bigger players, reduces risk. A savvy leadership team is required to navigate the inevitable challenges growth brings a company.

What about a potential merger and acquisition by buyers/investors looking to acquire the technology offered with your patent? What is more attractive? A team heavily reliant on the founder(s) or a well-developed leadership team supporting the founder. The latter presents a range of options; a rapid exit by the founder, operating as a subsidiary, or growth opportunities for the leadership team. All potentially increasing the value of the company.

The leadership of your company though not tangible is an asset, just as a patent. It adds significantly to a company’s valuation, particularly as you gain the attention of others in the market space. Develop and use the leadership capability of your company to reduce risk, create options, and increase your valuation.

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The Ultimate Measurement of Your Leadership

“I went on vacation for two weeks and was called almost every day. I had to stay current with my email to keep things on track and when I got back, I was still buried.  It took two days to catch up. My greatest frustration: my group did not make any decisions other than the routine. They held all the challenging issues for me after I got back.”

Does this sound familiar?

How your organization runs when you are not there is ultimate measurement of your leadership. On a scale of 1-10 score yourself ________.

If it takes you being there to get the desired results, keep things on track, maintain key client and stakeholder relationships, are you really leading your organization? Let’s do a quick analysis.

First, you may need to solidify your definition of leadership. Most definitions have the elements of setting the vision and creating the conditions to inspire and empower others within the organization to achieve a shared goal.

What is your definition of leadership?

_______________________________________________________________________________

_______________________________________________________________________________

Now that you have your leadership definition, let’s determine the causal factors of your score. Typically, leaders who require centralized control and a hierarchy for decision making score lower. That may work fine and be a requirement for certain organizations. However, as leaders many times we hold onto more than we need to. You are ultimately accountable, everyone gets that. Does that directly translate into you being unable to leave the organization for a period of time?

Most people have an impression of the military and large corporations as top down decision-making organizations. General Stanley McChrystal in his book Team of Teams describes how he led using the concept of shared consciousness: trust built between team members and other teams based on the understanding of their shared purpose.

He regularly had to be the final decision maker on rapid response operations. That meant waking him up in the middle of the night and briefing him on details, so he could give the go-ahead for the mission. After all he was accountable, just as you are, for everything that happened in his organization.

His conclusions were that he was not adding value to the decision and was actually slowing the process and at times creating more risk. As the key person of the organization he became a limiting factor. In business terms he was adding costs to the operation.

He decentralized his organization’s decision making by creating an environment of transparency, that ensured an understanding of his intent, and the shared purpose. It took significant time and effort to educate, train, and inculcate the practice into his organizational culture.

The result: an organization that could respond quickly and decisively, making the experts on scene the decision-makers. That’s a military example, what about business. There are numerous examples, one of the most notable is what Lou Gerstner Jr. accomplished in his turnaround of IBM. He focused his intent on improving operations through a culture change. He was steadfast in pushing his culture of “customer first”, empowered his executives, and saved the company. If the largest of organizations can succeed what about your business/organization/team?

Leaders create other leaders and opportunities for them to lead. How are you developing those that work for you? How well does your team know and operate on your intent? How well do you know your intent? Make it better today.

Set the vision and create the conditions that inspire and empower your leadership team to achieve your shared goals. Then develop your leadership team through education and training to execute your intent until it becomes part of your culture. It will make your organization run as if you are there when you are not.

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Leadership Thought: Clarity is the Greatest Gift You Can Give.

Have you ever felt:

  • that you may be inconsistent in how you lead
  • not sure why you lead differently depending on the situation or the people you are leading
  • you are not totally in charge of your current path and others are setting your trajectory
  • you want to be more decisive about your professional direction

The issue may be clarity, you have not made clear to yourself what is driving you or the source of your motivation. Clarity is a great gift. A gift to give yourself and those you work with.

In my coaching, I work to help you create the gift of clarity. For yourself and those you lead.

Question: Think about the clearest goal you ever set for yourself. What did that do for you?

Now think about the clearest goal a leader set for you. What did that do you for?

I bet both answers were similar and shared elements of solid direction and motivation.

Clear goals tell you where you are going, why you are going there, and when you expect to get there. That translates directly into inspiration. It is easy to generate motivation when you are well informed.

When a goal is aligned with your values and principles personally most important to you, the motivation is always positive. Achieving that goal begets a feeling of satisfaction and fulfillment. When misaligned, the intensity of the motivation ebbs and flows. Uncertainty creeps in and you have thoughts such as, ‘Why am I doing this and what made me think this was a good idea?’

Now let’s go to your professional environment and reminisce about a leader who lacked clarity on how they led, set goals, and gave direction. How did that make you feel? What were the results?

Frustrated, unsure, repeating tasks, having a nagging uneasy feeling are all common. On your drive home you are thinking, ’What did I do today?’ In short, you are exhausted. They sucked the energy out of you and left you feeling like you spent the day driving on a dirt road.

Clarity on the direction you are going and why – gets you off the dirt road. Clarity, aligned with your values puts you on the highway to a known destination. You know where you are going, why you are going, and you are moving along at the fastest pace possible. That’s not saying everything will be perfect. You will experience, bumps, detours, rough weather, and occasionally have to get off and assess your progress. You will at times change your route. But, your change will be for a good reason.

Clarity and alignment are what most of us want in our lives, personal and professional.

The greatest gift you can give yourself and those you lead is clarity. Align clarity with your values and the values of those you lead and you will be rewarded with focus, hard work, and motivation.

Getting to clarity can be challenging for leaders and takes some work. It means taking the time to determine what is most important to you and setting a personal leadership direction. Clarity in how you lead will require self-exploration, gaining feedback, and changing behaviors. It requires constant effort.

In my coaching, I assist leaders to gain clarity about who they are, where they are going, and why. I have seen clarity bring significant success to those individual leaders.

Give yourself the gift of clarity in your life and how you lead.

Learn more about clarity and other ways to become a better leader in your company and business at Great Transitions YouTube Channel.

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Leadership: The Great Differentiator

Put yourself in the setting with the best leader you ever worked with – what was it like?

What was the impact on your life, your family, your friends?

Now put yourself in the setting with the worst leader you ever worked with – what was that like?

What was the impact on your life, your family, your friends?

How far reaching were the impacts of the leadership you experienced? The impacts were extensive, weren’t they?

Did you ever come home from a day of interaction with those individuals and talk about them?

What were your emotions? Happiness, motivated, anxiety, dread?

Who do you want to work for? Dumb question isn’t it?

Now put yourself in the shoes of those who work for and with you. What is it like?

What is the impact you are having on their lives? When they go home what are they saying about your leadership and how do they feel?

You have an impact on the lives of those around you and the people close to them. Your leadership differentiates you and the quality of the lives of your associates, especially your direct reports.

So how are you doing and what is your leadership trajectory?

I bet in you have an image of the type of leader you are and a vision of the path you are on. Is it accurate? How can you prove its accuracy?

You need feedback. Honest unvarnished feedback from all sides; those above, adjacent, and below you. Then what? Use it! Use the feedback to establish and validate your starting point relative to your vision. Isn’t this what you do every day your direct reports?

What do leaders do? First, leaders set the vision for their organization and people. Then they continually monitor progress by assessing, measuring, providing feedback, and making changes to achieve their vision. They do the same to develop their people.

Why then do leaders fail to do the same for their growth? A couple of prominent reasons I have found are, 1) because leaders feel they can evaluate themselves accurately and 2) they are reticent to hear the feedback, specifically from a 360-degree evaluation.

Reality, we all need feedback and assistance to attain our vision. Particularly if you are a leader dealing out a lot of feedback. The truth, everyone already knows the answers – except you. Your mannerisms, quirks, and frequent sayings are all part of daily conversations with those around you. You have blind spots negatively impacting your ability to lead and those around you want to reveal them. They want you to be a better leader.

How do you feel about the individual who takes feedback well, asks for assistance, and is continually working to improve themselves? It usually differentiates that person. Is that an image you project?

Leadership is the great differentiator and your leadership is differentiating you. Do you know how?

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Make a Move to Differentiate Yourself This Year!

#Happy New Year

#Leadership is the great differentiator. Leaders out perform their peers and organizations with a leadership culture outperform the competition. How are going to differentiate yourself and your organization this year?

Consider Coaching

What do high performers have in common? They have a coach. Someone who helps them play better. As your coach I assist you in developing a clear vision of where you want to go. I assist you in honestly and objectively assessing your current state. And finally as a partner I assist you in developing your path forward – aligned with your values.

Goal setting, measuring progress, mapping the journey, and celebrating successes are all part of the process. Every high performer has a partner who helps them to grow and play better. A recent comment from a client: “Coaching has given me totally new perspective on how I approach my leadership. I have grown so much in the past several months. I know where I want to go, what I need to work on to get there, and can see my progress.”

Want to make progress and differentiate yourself? Contact me for a complementary coaching session to explore how coaching can make a difference in your life.

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Global Good Fund – Veteran Leaders Program

Veteran Leaders: Win $10,000 and World-Class Business Coaching with Gary Slyman, USNA ‘81

Veteran leaders, listen to the Service Academy Business MasterMind Podcast at:  https://www.sabmgroup.com/global-good-fund

You have the opportunity to win $10,000 to assist you in developing your leadership to lead your social enterprise. The deadline is 31 August 2018.

 

 

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Leadership is the Great Differentiator

In the business world you hear constant talk of differentiating yourself and your business. How to differentiate yourself is not hard. If you are a leader you outperform your peers. If your company has a culture of leadership you will out perform your competition.

What is hard is being a leader and creating a leadership culture. What does it take? It takes starting with a solid foundation:

  1. Establishing your vision
  2. A ruthless assessment of where you are today
  3. The soul searching process of validating your values
  4. Taking consistent disciplined actions to live by and run your organization aligned with your values

Easier said than done. Do you know of any individuals or organizations that articulate and consistently live by their values? If you do, I will venture that they are high performing trusted individuals and organizations and seen as leaders.

What actions are you taking to develop yourself as a leader and develop a leadership culture for your organization? If your actions are not based on the foundation of values what is the foundation? Set a solid foundation for your actions otherwise you are destined to be in the middle of pack – just ordinary.

Leadership differentiates you and your organization from the ordinary.

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