Are you in the RIGHT job? Here are ways to know whether or not you're on the right career path!

Tuesday: Return Driven Strategy

FROM THE DESK OF MILES EVERSON: As a business leader and builder, one of the frameworks I truly find effective is Return Driven Strategy (RDS). This pyramid-shaped framework has 11 tenets and 3 foundations, which, when applied properly, can help firms achieve true wealth and value creation. Professor Joel Litman and Dr. Mark L. Frigo talk about these principles in detail in the book, “Driven.” Today, let’s talk about the third tenet of the framework in the context of Career Driven Strategy (CDS): Serving the RIGHT constituents.. Continue reading to know why it’s crucial to be in the right career path or job and how you can unleash your full potential as a skilled professional. CEO, MBO Partners Chairman of the Advisory Board, The I Institute

Are you in the RIGHT job? Here are ways to know whether or not you're on the right career path! How do you see yourself 5 years from now? Do you envision yourself still having the same job by then? Or… Do you see yourself going down a different career path? Some people think they’re supposed to be stagnant in their careers. They believe once they’ve chosen a certain path, that’s it for them for the rest of their lives. That couldn’t be further from the truth! Denying yourself opportunities for growth just to stay comfortable is sometimes a more significant risk than a reward. We’re not against employees who stay for decades at a company, though—in fact, that’s a good sign when a firm has a low churn rate. What we’re simply saying is as an industry professional, you have to take charge of and choose your career path wisely as this will have a significant impact on your life. [Churn Rate: The rate at which employees leave a company over a specified period of time.] Working Out Whether or Not You’re on the RIGHT Career Path According to statistics from the U.S. Department of Labor, an average person nowadays changes careers 5 to 7 times throughout his or her life. These changes are not always drastic, life-changing moves. They could be in the form of: Pursuing a degree or course in a different field Finding a job in a loosely related profession Moving to a different specialty after a few years Starting a business Dabbling in non-profit or contractual work In some ways, having the courage to change careers is a good thing… but at the same time, this can also make it hard to determine whether or not you’re TRULY on the right path. If you’re starting to feel bored or discontented with your work, who or what is to blame—the job, the field or industry, or you? Every job has its frustrations and challenges, and that’s why you shouldn’t easily give up. That’s why finding the RIGHT career is a powerful way to build purpose and enjoyment into your life! Having a vocation that you enjoy doing will help you accomplish goals, make a living, and develop your skill sets. Here are some signs you’re on the right job or career: You feel a sense of purpose. According to company reviews website Glassdoor’s study, 50% of millennial and Gen Z workers are willing to accept a lower salary for a job that is more in line with their core values. What does this tell you? When employees feel their work has a social impact, they demonstrate greater levels of loyalty and dedication not only to their jobs but also to the companies they work for. So, as a highly engaged employee, you have to know what you’re working for and how you’ll win as these will inspire you to do your best. Being in the right industry or career path will give you a sense of purpose, and your efforts will not feel like a burden because you feel connected to your organization’s success. You spend most of your time using your strengths. Everyone has their own strengths and weaknesses. The key to job success is to identify your strengths and find a role that lets you use your strong suits every day. If you ever find yourself questioning the career decisions you’ve made, take a pause and reevaluate your strengths. This time, make sure they’re aligned with your job responsibilities. Identify the talents and skill sets you were born with and those you can improve eventually. Never let yourself be bogged down that you have weaknesses. The right job or career won’t make you dwell too much on your weaknesses and spend time trying to become someone you’re not. You strive to grow and develop as a professional. If you spend your time doing what you’re naturally good at, you’ll be more productive and happier. On the other hand, if you force yourself into a role that isn’t the right fit for you, it’s only a matter of time before you stop growing and find yourself overwhelmingly frustrated. Always remember that being in the right career will constantly inspire you to do better in your job. You’ll strive to be better not only because you want to please your colleagues or bosses, but also because you want to grow as a person and enhance your skill sets for future endeavors. Work life and personal life balance is achievable. Before, having a healthy work life and personal life balance used to only mean the ability to “turn off” work at 5:00 p.m. (or whatever time your 8th or 9th work hour is) and “turn on” life afterwards. However, lifestyle changes and advancements in technology over the last decade have redefined what this balance means to different people. This could be in the form of: More job flexibility Allowing working parents to drop off and pick up their children from school Work from any location … and others. BUT! Don’t confuse having a work life and personal life balance with the ability to work less. Being in the right career will enable you to attain this balance in the sense that you will have autonomy over your life and at the same time, you’ll feel a greater commitment to contribute to the company. Career Driven Strategy’s (CDS) Tenet 3: Are you in the right career or not? Tenet 3—Serving the Right Constituents—is one of the “Goal Tenets” of CDS. According to Professor Joel Litman and Dr. Mark L. Frigo in the book, “Driven,” this tenets group focuses on the goal of creating financial value for shareholders. How does CDS’ Tenet 3 apply to one’s career? Professor Litman and Dr. Frigo say the other parts of the “Goal Tenets” focus on targeting the right “customers” in your chosen field. As you target the market segments for employment, you have to consider whether or not those segments are increasing, declining, or stagnant. After all, the most talented person in a bad or wrong industry makes less than the most average person in a great one. That’s why choosing your field must be part and parcel of your career strategy. This requires the same vigilance and due diligence high-performing companies use when entering, exiting, or staying in an industry. Take note of these career-driven tips and insights! Always remember the importance of choosing the right career path. This will not only be beneficial to you as an individual but will also be helpful in serving the right constituents—colleagues, bosses, clients, etc. Hope you found this week’s insights interesting and helpful. Follow us on LinkedIn.     Stay tuned for next Tuesday’s Return Driven Strategy! Back in the early 2000s, sending emails was one of the fastest and relatively inexpensive ways to send messages across the globe. However, this also had a downside. Learn more about one telecommunications company’s case study in next week’s article!