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How Much Is Your Career Worth?

By Dexter Cousins | DexterCousins, Career Management, CFO |
ABOUT THE AUTHOR

Throughout my recruitment career, I've had an average of 5 career counseling discussions per day.

That is roughly 25,000 career coaching sessions. While I don't have any formal career coaching certificates, I do feel somewhat qualified enough to share my thoughts on effective career management.

80% of the population leave their career to chance.

 

Of those 25000 discussions, I'd say roughly 20,000 were out of work at the time and looking for their next job.  Based on those statistics, 80% of the population leave their career to chance; it is a staggering thought. 

In Australia the average career is worth at least $5m - yet we have no formal education or regulated industry for career management?

The financial services industry is monitored by the government and independent regulators. Individuals and institutions found to be in breach of those guidelines face legal action and possible jail sentences.The recruitment industry in Australia has a governing body. The RCSA (Recruitment and Consulting Services Association) has a code of practice but has no powers to enforce the code of practice or take legal proceedings against those, not in compliance. The RCSA can revoke a membership, but you don't have to be a member of the RCSA to run a recruitment or search business. 

How much is your career worth?

Okay so let's do some crude calculations to illustrate your career worth now and in the future: Please note that the figures are not based on national averages. I have based the figures on the Sydney market, using various sources and are for illustrative purposes. From the ages of:

 

20-30 = $750,000 (based on an average salary package over that 10 year period of $75k per annum)

30-40 = $1,750,000 (based on an average salary package of $175k per annum)

40-65 = $7,500,000 (based on an average salary package of $300k per annum)

 

Are you happy to continue to put the future of a potential $10m asset, the one investment you have the absolute power to control (i.e. your career), into the hands of a recruitment consultant?

Why you need to take control of your career management.

Every day I have people in my network ask what the market is 'doing.' Let's make one thing clear, as far as your career is concerned, there is no market. We are not selling houses, commodities or shares. In the digital age, we aren't even trading time and skills for a salary. There is no job market. If you don't believe me, just ask someone who has been out of work for 12 months and can't even get an interview.

Most people are dissatisfied with their career.

So what about the other 20% of those who came to me seeking advice? While they were still in a job, the vast majority were unhappy and looked to get out. I read a statistic yesterday that over 80% of new employees are still open to other opportunities within the first 90 days of starting a new job. It is a surprising statistic but one that makes perfect sense when you consider most people who have decided to move jobs are disengaged.

Why you need to change the way you think about your Career.

Businesses no longer require a permanent workforce for task oriented or purely technical roles. The need for task-oriented roles will continue to be addressed by off-shoring services and automation while functional roles will be at risk of outsourcing to consultants and contractors.

What companies need today (and in the future) are leaders with ideas, who offer a diverse range of skills and can achieve outcomes.

While all this is happening, corporations are continually reducing headcount and cutting costs - despite record profits! No-one is guaranteed career progression, no matter how well they perform.

What will your career look like?

Most roles have a life span of 18 months to 3 years. Far removed from the last millennium when you had a job for life and spent 20 years with the same company. The digital age has massively disrupted the corporate ecosystem, yet the approach to career management is still in the industrial age. 

Studies have shown that 30% of millennials will become entrepreneurs. Most will have 5 or 6 different careers NOT jobs.

So, if the relationship between employee and employer has changed forever, why do we still go about managing our careers the same way we did last in the last millennium?

The time to define your career is now.

Let me suggest what your career won't look like:

20 years with the same company, doing the same job and being rewarded with an annual pay rise, just enough to keep you mildly happy.

What your career will look like:

- Outcome/performance based (with significant incentives)

- Project based, related to business objectives (expect to change roles every 18 months)

- Executive positions with a new mandate every 18 months - 3 years

- Short term contracts and consulting engagements

You can also expect at least five different careers including:

- Consulting/Coaching

- Entrepreneur/business owner

- Executive/leadership position

- Writer/blogger/marketer

- Investor

So, how do you effectively manage your career?

What I suggest is not a short-term fix. Effective career management is a habit you need to develop. At least 1 hour per week needs to be dedicated your career planning. And I strongly recommend that you seek help with this. Using a career coach can be expensive, and as the recruitment industry, there is no governing body. It can be difficult to know the advice you are receiving is valid. The optimal (and free) way is to approach people you respect to act as a mentor. But with people so time poor, finding someone to dedicate the time can be difficult. 

Like every other industry, the career coaching industry is set for disruption and a Sydney based firm is on a mission to become the world's leading career destination for the accounting and finance community. You may already be aware of The Outperfomer - a digital career management and mentoring platform, providing access to the tools, techniques, and networks you need to rise to the top. The founders, Brad Eisenhuth and Adam Neyenhuys have put together some fantastic content that I firmly believe will make anyone better at managing their career.

Brad has kindly given me a free chapter from his book CFgrOw as well as a career planning tool to share with you (Download the free stuff now by clicking here).When the new blog goes live, I'll be sharing some ideas on how to best use the content to develop your career management plan (as well as further details on the launch of our new site).

If you can't wait until my next article, you can get started right away. The Outperformer offers a 2-week free trial, visit the platform and take a look around www.theoutperformer.co

PS Tier One People Pty Ltd receives no commissions for any introductions or recommendations. We just really believe in what they are doing.

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