Tag Archive for: changing jobs

6 Tips to Understanding the Company Culture Before You Take the Job

Nicki GilmourIt’s not you, it’s them. Finding the right cultural fit at work is key.

How many times have you seen a high performer move firms and just not do so well? That person has not lost their talent or work ethic, nor has their personality changed. The environment or ecosystem in which they are operating has changed and it is organizational culture (or team culture for that matter) which makes or breaks successful female and male executives at work.

Organizational culture is quite simply about “how do we do things around here? How does work get done?” and spotting it can be easier said than done. Having recently read a couple of pieces on how you know when you have taken the wrong job, including a humorous one by Liz Ryan, I wanted to supply you with six tips to help you understand how work gets done before you say yes to the job (get the offer, or close to the offer, before you ask, perhaps?):

#1 Ask what gets tolerated that shouldn’t in the team
#2 Ask what a high performer looks like
#3 Ask who the high performers are (clue: if they rattle off only men’s names and there are plenty of women on the team, that should be further investigated)
#4 Ask what the leader’s strategic vision is and how that is being executed by this team specifically?
#5 Ask if they could change one thing for the team to be even better than it is, what would that be?
#6 Ask how closely the team operates to the firm values regarding policies that matter to you such as remote working, flex time, parental leave, taking vacation, etc.

You might be surprised at the answers. And, of course, hear what they are saying, not what you think you want to hear!

If you would like to have Nicki Gilmour or one of theglasshammer vetted coaches as your coach, schedule an exploratory call here!

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How do you know if you are ready for a job change?

People leave jobs for many reasons.

Is it time to change jobs, change firms or leave the industry? (F)However, the more senior you are in the organization and the longer you have been there, the psychological grip on you to stay there is usually higher. You might tell yourself you are staying for practical reasons like bonuses or vested equity or deferred comp. All of these are valid for sure but really how much money are we talking and have you looked at how that money can be cashed in even if you do stay or leave?

Are you using that as an excuse to mask a deeper fear of the unknown? If you have been at a place for over ten years, it is totally normal to think about how could you possibly find a new job in a different firm and question what would that be like, culturally.

How do you know if you are ready for a change?

Hermina Ibarra provides an excellent survey in her amazing book “Act Like a Leader, Think Like a Leader” (I recommend it to my coaching clients regulary)

Have a go at answering the questions with a yes or a no.

  1. Have you been in the same job or career path for at least seven years?
  2. Do you find yourself restless professionally?
  3. Do you find your job more draining than energizing?
  4. Do you resent not having more time for outside interests or family?
  5. Do you have a changing family configuration that will allow you to explore other options?
  6. Are you admiring folks around you who are making big changes?
  7. Has your work lost some meaning for you?
  8. Do you find that your career ambitions are changing?
  9. Recent events have left me appraising what I really want?
  10. Do you find your enthusiasm has waned for your work projects?

If you got 6-10 yeses then you could already be deeply in a career-transitioning period. Make time to reflect on your goals and see if your life goals are evolving also.

If you got 3-5 yeses then you may be entering a career-transitioning period. Work to increase insights and “outsights” which are new horizons that appear from doing new things and meeting new people.

If you got 2 or less yeses then you are more likely to be in a career-building period in your current job so you are busy working on
developing within that role, team or firm.

If you would like to work with Nicki Gilmour as your coach, you can have a free complementary call to discuss what is on your mind and to see if there is a fit and see if coaching is for you. Book your preliminary meeting with Nicki here.

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Should I stay or should I go? Are you thinking of leaving for the right reasons?

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Nicki Gilmour - Founder of The Glasshammer.comShould I stay in my job or leave to go to a new firm? This is often the question that brings people to coaching.

There is no simple answer to this, but there are ways to truly explore what is best for you.

I can break these down into three categories:

1. Systemic dysfunction – is there misalignment in the way people and processes meet? Is the culture and how work gets done around here, one of inconsistent management practices with no real support with process and policy to ensure good behaviors happen? Is leadership lacking? Is the mission unclear? Are you able to do your job the way you see fit?

2. You – your mental models, behaviors, reaction and actions.

3. Them – other people and their mental models, behaviors, reactions and actions.

It is only by looking at these factors that you can make an assessment of whether staying or leaving is best. You go with you to the next job so repeating patterns won’t bring you happiness or success if those patterns needs to be broken.

I am now taking up to 15 new coaching clients for Spring/Summer – if you are interested in signing up and working with me for 5 sessions, book in for an exploratory call to see if I can help you over the next 6-9 months so you can develop, grow, succeed and feel renewal at work.

Testimonials from mid to senior level professionals available.

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How to Optimize Your Retirement Savings When Changing Jobs

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Guest contributed by Sarah Landrum

You consider many factors when transitioning from one position to the next.

How quickly will you adjust and pick up new duties? Do you fully understand your benefits? How do you take your old accounts with you?

Reconciling new benefit offerings with old accounts from previous employment, such as an existing retirement, gets confusing when you’re taking in too much information all at once.

The good news: That money you worked so hard to save for retirement belongs to you, wherever you go. Here’s what to do with it.

Look at Your Retirement Goal Status First

Before you consider what to do with your money, now is the time to look at where you are with your retirement goals. Are you working toward a secure retirement? Look at your total retirement goal and potential withdrawals every year and play with projections for your current contributions and new employer matching contributions while weighing your circumstances.

For example, say your current retirement savings is $100,000, and you expect an income increase of 2 percent. You can factor this into your retirement plan along with Social Security benefits and other income to stay on track with your goal. Don’t forget to factor in if you’re married, since adding a spouse affects your Social Security benefits.

Options for Your Existing 401(k)

Here’s where it gets tricky. Your old 401(k) account belongs to the prior employer, but the money belongs to you. Here are the four options you have for what to do with your existing 401(k), as well as the advantages and disadvantages of each avenue.

1. Keep Your Old 401(k)

Look at your existing balance and reread the terms. You may have to move your money since the account belongs to the employer. Otherwise, the old 401(k) usually sits there without contributions from you or the employer. Different rules exist for different employers regarding what’s done with the money, with some automatically cashing out your funds to you or transferring the amount to a new IRA for you. If a check is made out to you, the company automatically cuts out a 20 percent portion to cover taxes. Check with your prior employer and reread the terms.

2. Transfer the Money to the New 401(k)

When your new company offers a 401(k) or other retirement option, consider transferring the money from your old account to the new one. Ask: does the new plan terms accept transfers from prior 401(k) accounts? What fees apply?

Sticking with a 401(k) option over an IRA has its advantages. Money must come out as of age 70.5, but if you’re still working, you can delay distributions with your current employer 401(k) plan until your actual retirement date and maximize your earnings. In the case of bankruptcy, your 401(k) remains protected, but IRA exemption stops after $1,283,025. At age 55, you can also take cash penalty-free from your 401(k) if you leave your position.

3. Move It to an IRA or Roth IRA

Skip thoughts of 401(k) confusion and transfer your balance to an existing IRA if you have one — or open a new IRA. A perk of a traditional IRA is the avoidance of taxes by transferring the money to this type of retirement account, but a Roth 401(k) must be transferred to a Roth IRA. You must look carefully at terms and fees when rolling over to an IRA. Otherwise, you may pay more than transferring to the new employer 401(k). Companies are required to provide reviews of annual investment costs and disclose administrative fees.

Younger baby boomers change jobs about 12 times over the course of their careers, and leaving 401(k) plans behind overlaps multiple funds that may exceed your risk tolerance and age. If you’ve left more than one plan behind, consider rolling retirement accounts into an IRA. Many IRA plans contain lower investment costs and options to invest in exchange-trade funds (ETFs) to reduce costs and risk.

However, mutual funds and ETFs come with expense ratios, which vary whether that’s an IRA or 401(k) — look closely at costs, talk with your broker or ask for the disclosure of fees and ratios yourself. Slowly decreasing your stock investment amounts in your portfolio reduces your risk as you and your portfolio age.

4. Withdraw the Balance

It’s best to wait until you reach age 59.5 to withdrawal your retirement balance, or you face paying on the withdrawal as taxable income. Plus, you experience the joy of the 10 percent penalty due to the withdrawal of your balance and your funds won’t grow.

Most advise against withdrawing retirement balances unless you’re facing an emergency you need to pay a significant amount of money toward quickly. What you consider an emergency may not be worth it in the end, such as buying a house, paying credit card debt or helping your kids offset unplanned college costs. For example, it’s better to take an approved IRA distribution for college costs than to face the 10 percent tax penalty for withdrawal. You can slowly replace the distribution over the years but paying thousands in a tax penalty hurts your take-home income and drastically reduces your retirement earning benefits.

In the end, you selected the retirement strategy that best-suited your long-term goals but changing jobs and emergency life situations arise that prompt you to take another look at your approach. Multiple accounts are difficult to manage and rolling over everything into a single account or Roth IRA outside of your 401k may reduce fees and boost your earnings in the long-term. You’ve come this far and likely know what you want to invest in. Go with the plan that best meets those needs, and if that means transferring funds to the new employer’s 401(k) — do it. If you have or are taking on significant debt, go with a plan that protects your assets and reconsider any emergency needs. Then, update your retirement plan with a strategy that optimizes your savings.

Disclaimer: The views and opinions of guest contributors are not necessarily those of theglasshammer

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Changing Jobs: What Financial Benefits Do You Need to Think About Besides Your Salary?

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People waiting for an interview

Guest contributed by Marisa Joseph

The excitement of a new career path, or even taking on a different role within your current company, can be accompanied by new (and sometimes overwhelming) personal and professional considerations.

And, for women who’ve spent more time establishing their careers, these considerations can vary significantly from those just starting out.

When approaching this transition, be sure to evaluate (and understand) the potential impact on your lifestyle that a new job might bring, along with how your short- and long-term financial goals could be impacted each step of the way. One in four Americans feel some level of financial anxiety, according to a 2017 Northwestern Mutual survey, making addressing these considerations – no matter the stage of your career – a key step to moving forward with confidence.

Before you accept the offer, ask yourself a few questions:

1. What’s going to happen to my non-cash bonuses? If you received stock options at the company you’ll be leaving, make sure you’re aware of the implications when switching jobs. Review your offer letter and/or employment agreements to ensure you’re cashing out your stock options within a stipulated time of departure, and checking on potential tax implications.

2. Is my tax bracket going to change? Depending on your new salary, you could be bumped into a different tax bracket. By meeting with an accountant, you can better prepare yourself for offsetting a potential tax increase.

3. Is your potential employer offering other benefits that are important to you? Maybe you’re looking for a more flexible schedule in your new job, or perhaps the opportunity to go back to school. Remember to highlight these possibilities in conversations with your potential employer. Ask also about a sign-on bonus or annual incentives, as well as termination provisions, to ensure you’re maximizing your financial options.

Once you’ve begun your new role, take the time to review your benefits package to update or supplement as necessary.

Below is a list of what you should review:

1. How am I handling my retirement plan? Your new job may provide you with the opportunity to contribute to a company-sponsored retirement plan, such as a 401(k) or Roth IRA. If this is something you took advantage of at your previous job, a financial planner can help determine if rolling over your old plan – or keeping your money where it is – is the best option for staying on track with your retirement goals. And, if this is a new opportunity for you, make sure you review what your employer is willing to match so you can maximize your contributions.

2. What are my insurance options? Your new employer may also offer insurance plans for employees, which could include health, dental, disability and life insurance. By thoroughly reviewing your benefits, you can identify any gaps in what your employer is willing to offer for baseline coverage, and where you may want to purchase additional protection. Ask yourself also; will I need to pay more in premiums, copayments or deductibles for my family? Consider again talking with your financial planner for help navigating your options and understanding any of those gaps in insurance.

3. Is there a waiting period before my disability (and/or life) insurance coverage begins? Sometimes, new employees are required to wait 90 days before they become eligible to receive coverage. Find out if you fall into this category, and from there, identify if supplementary insurance could be an option to protect you and your family during the gap.

Finally, once you’ve made it though the first several months at your new job, it’s time to evaluate one more crucial metric.

1. Am I happy? While your job may have come with perks like the ability to have more discretionary income or additional vacation days, these can sometimes seem less attractive when coupled with demanding hours or difficult relationships with coworkers. Does the new job fit with your lifestyle? Is it putting you closer to achieving your long-term financial and professional goals? Consider discussing your thoughts and options with a trusted friend, mentor or coach to map out the next steps of your plan.

By keeping in mind this checklist of questions, you’ll be on your way to embracing your new position feeling confident and prepared.

Guest contributed by Marisa Joseph http://marisajoseph.nm.com

Disclaimer: The opinions and views of guest contributors are not necessarily those of theglasshammer.com

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One Simple Step to Bust Out of Your Career Rut

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Sad businesswomanGuest contributed by Elizabeth Crook

There’s an epidemic in our country that’s impacting 40% of our population.

It’s lowering our immune systems, disturbing our sleep, breaking up our relationships, and creating depression and unwanted weight gain.

The epidemic seems very benign – it’s so common we often ignore it.

It’s called job dissatisfaction.

Historically there been more heart attacks on Monday morning than any other time of the week because so many of us are dragging ourselves to jobs that have depleted us. And even though the research was probably done on men, the implications for women are profound. Having the “wrong” job is not good for you.

Why do we stay?

Three simple reasons:

  • We are good at these jobs,
  • We may be too busy or too conscientious to recognize how stuck we are
  • We don’t know how to leave them.

We’ve been given accolades and compliments all our lives for what we do. We may be keeping our families afloat with these jobs. Our work may serve our social life or give us a strong sense of identity. We feel responsible to our team, our boss, or the company

Along with all that, we tend to see other options as more limited than they really are. We may even believe the industry or functional area the only ones we can be in, so we stay. And stay. And stay. Until our health is bankrupt, our relationships are compromised, and our dream of what we wanted has been lost.

Sound familiar? Don’t despair.

As a CEO coach and corporate strategist, many people from diverse arenas come to me because they want more than anything to love their work, but they don’t know how to get there.

Enter the energize/deplete paradigm.

In your everyday work, you encounter tasks that energize you and work that depletes you. Most people have don’t spend time thinking about it. However, identifying them is the is a big step toward getting to work that feeds your soul (and your bank account).

The first question to ask is: What do I know how to do?

Make a list. Brainstorm. Don’t hold back. Write down all those things you know how to do – think processes, not contents. This can include things beyond your work like your family or social life or even volunteer assignments. This isn’t your job description. This is what you know how to do.

The start of your list might look something like this:

  • Engage people in solving problems
  • Analyze data
  • Create narratives that give meaning
  • Recruit and hire people
  • Develop budgets
  • Manage projects
  • Manage people
  • Teach and mentor
  • Persuade
  • Sell ideas
  • Develop systems and processes
Identify the energizing activities.

Make a star next to the activities on your list that energize you – those things that even if your are working hard at them, you feel good doing them. Time passes in a minute when you are doing things that energize you, even if they take all day.

Do you feel depleted by managing people but are in a managerial position? Do you feel energized by being with people, but your work is behind an admin desk where you never get to interact? Are you energized by being creative, but your work is about collecting data?

Your starred activities are signposts, leading you to work that will feed your soul and make you feel like you are living large.

Your work now is to begin to increase the activities that energize you.

Shift your focus.

This may mean delegating the work that depletes you (anything that is not energizing you may very well be depleting you) or talking to your boss about shifting your focus at work towards what energizes you.

What if this list shows that nothing you do at work energizes you? What if all of your energizing how-tos are ones that you do out of work?

That’s fantastic information. And it might mean an overhaul of what you do for work. Chances are you can stay in your industry, but you may have to change what you do in this industry.

The Amazing Result.

What’s amazing about this simple exercise is that it activates something called the reticular activating system in the brain. The reticular activating system is the part of our brain that begins to notice red cars right when we decide we want a red car. Once we become aware of what energizes us, our subconscious begins to move us toward it.

As soon as we identify what depletes us, our defense system will begin to find ways to move away from those activities.We find ourselves making decisions about work that lead us toward those activities that we love.

Can it really be this simple?

Try it. See what happens.

Elizabeth Crook has been the CEO of Orchard Advisors for over 20 years, helping CEO’s grow their bottom line and have more fun. She believes that if everyone had the work and life they love, we could change the world! Her book, Live Large – The Achiever’s Guide to What’s Next will be released May 2017.

Disclaimer: The opinions and views of our guest contributors are not necessarily those of theglasshammer.com

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New Year, New You. Same Job?

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Slowing downBy Nicki Gilmour, Executive Coach and Organizational Psychologist

The holidays are often a blur but can be a time of reflection for some who want change in their jobs and careers as the year turns. Now is a good time to think about what you want out of life for the next 2-5 years.

If you like what you do, then you still should be thinking about a pay rise, a promotion and the bonus discussion that is looming in the next 30-90 days for most people in financial services.

When asking for a raise, there are two schools of thought. One strand of research says that women simply just do not ask for more money. The other branch of research suggest that women do ask but are not heard and more practically buffered with reasons why they do not get the same as men for the same job done. Policies such as percentage incremental increases for example contribute to systemic bias if women are hired at 10-30% less than the guy beside them anyway.

My advice, go big or go home. Explain in detail at every opportunity what you do prior to the annual review so that every step of the way, managers and HR know why you should be rewarded for your work. Then ask. Ask again. Ask for benchmarks. Ask what you need to do to get to the figure or grade you want. Never give up.

If you are in a place where you know that it is time to leave then work with your coach to reason out your thinking a little on what is motivating you to leave. Next week, we will look at why leaving can be a great path forward also. Face your fears and address what is fear and what is real. This way, you start the year empowered to make the right career decisions.

Nicki Gilmour is an industrial psychologist and qualified career coach as well as Founder and CEO of glasshammer2.wpengine.com

If you wish to be coached by Nicki in 2017 she is taking on a small number of (paying) individual clients this year- please apply nicki@glasshammer2.wpengine.com

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Bonus season is just around the corner and the big question becomes should I stay or should I go?

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money money moneyChances are, if you work in banking, you are thinking about bonus season. If you are keen to move companies, do your research before you get your bonus and start conversations with the right firms ahead of time. Why? Well, it is sometimes like being in a bad relationship, a small gesture can make you stay for a little while longer when you know you need something different. Money is always a factor, but look at culture, growth opportunities and ultimately the job you want after the next one as you make your decisions to move. Good luck!

By Nicki Gilmour, Executive Coach and Organizational Psychologist

Contact nicki@glasshammer2.wpengine.com if you would like to hire an executive coach to help you navigate the path to optimal personal success at work in technology

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