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The nature of careers appears to be constantly changing. Waldemar Schmidt provides a unique take on your career reality. …

The nature of careers appears to be constantly changing. Waldemar Schmidt provides a unique take on your career reality.

This was first published in Business Strategy Review, Volume 25, Issue 1 - 2014. Subscribe today to receive your quarterly copy delivered to your home or work place. http://bit.ly/BSR-subscribe

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  • 1. THE A-Z OF CAREERS The nature of careers appears constantly changing. Waldemar Schmidt provides a unique take on your career reality © Copyright 2014 London Business School
  • 2. BUSINESS STRATEGY REVIEW 2 AMBITIONS To move up the career ladder, you must be ambitious for your team and, crucially, the company you work for. Ask not only, “What can the company do for me?” but also, “What can I do for the company?”
  • 3. BUSINESS STRATEGY REVIEW 3 BLAME GAME If something goes wrong, don’t blame somebody else. Good bosses can take bad news – if it is explained properly – so tell yours what went wrong, why it went wrong, what you have learnt and how you are going to fix it. Great leaders take the blame when something goes wrong and attribute successes to their teams.
  • 4. BUSINESS STRATEGY REVIEW 4 CELEBRITY CEO The business world is littered with so-called ‘celebrity CEOs’, who are perceived to be successful but are often not seen in this way by their shareholders and colleagues. Nobody dares ‘touch’ them. The symptoms are that their results and achievements are mediocre. However, they speak well, address all sorts of conferences, sit on too many boards, spend too much time with politicians, are media darlings, have an opinion about everything and may arrange to have their biographies written. All of this activity means the company’s performance suffers.
  • 5. BUSINESS STRATEGY REVIEW 5 DIVERSITY We all have a strange tendency to recruit people similar to ourselves. However, we must remind ourselves that diverse teams produce much better results than teams where all members have the same profile as ourselves.
  • 6. BUSINESS STRATEGY REVIEW 6 EVALUATION Everybody likes to know whether or not their boss is happy with their performance, particularly if they are ambitious. Having a performance-based business system has many advantages, one of which is to ensure that managers always know whether they are doing a good job or a bad job. This avoids big surprises when formal evaluations are made.
  • 7. BUSINESS STRATEGY REVIEW 7 FINISHED Some people unconsciously work with three versions of the word ‘finished’ when you ask if they have finished the project for which you are waiting eagerly. You have ‘almost finished’, ‘finished’ and ‘completely finished’. Being able to tell your boss that your project is ‘completely finished’ will benefit your career.
  • 8. BUSINESS STRATEGY REVIEW 8 GOALS Setting the right goals is crucial though difficult. Both near-term and long-term goals have to be ambitious but achievable. If you always reach your goals and always get 100 per cent of your potential bonus, then the goals are not sufficiently ambitious. If you never hit your goals and get no bonus, they are too stretched or your team is underperforming. The ‘hockey stick budgets’, where near-term goals are undemanding, and long-term goals are unrealistic all need to be turned down every time you see them. Goals must be demanding but realistic.
  • 9. BUSINESS STRATEGY REVIEW 9 HUMOUR Always remember that a bit of humour and fun in the workplace will increase productivity. Sarcasm always has the opposite effect and should be avoided.
  • 10. BUSINESS STRATEGY REVIEW 10 INITIATIVE Great leaders take initiatives, relevant initiatives – and see them through to fruition.
  • 11. BUSINESS STRATEGY REVIEW 11 JUDGEMENT The ability to make good judgements is key if you want to become a successful CEO. Some have it, others don’t. Your ability to make good judgements increases tremendously if you have a competent team, know your industry and your company really well and have your basic facts available. Don’t ever think that you can find the truth that you need for your judgement in a spreadsheet, in a model or advice from a consultant.
  • 12. BUSINESS STRATEGY REVIEW 12 KNOW YOUR BUSINESS Successful global CEOs know their business intimately because they have worked in a number of different functions and different countries before they reached the top. When the boss knows his or her business, discussions about big decisions become objective and to the point.
  • 13. BUSINESS STRATEGY REVIEW 13 LEADERSHIP STYLES There are many styles of leadership and many books written about the subject. The styles span from ‘dictatorial’ to ‘abdication’. Neither of these extreme are found in great leaders, who are characterised by the ability to make great strategic decisions and the ability to assemble and inspire great teams to execute. Great leaders are great because they have a clear strategy and consistently deliver great results by getting the best out of people.
  • 14. BUSINESS STRATEGY REVIEW 14 MEDIA ATTENTION When your success as a leader becomes known and you are CEO of a large company, the media will become interested in you. We all like to see our picture in newspapers and magazines – at least in the early years when everything goes well. But when disappointing things happen, most of us could do without it. Therefore, you should only appear in the media when it really matters for your company. Don’t be one of these CEOs who is willing to comment on anything. Even business journalists speak disparagingly among themselves of ‘media tarts’.
  • 15. BUSINESS STRATEGY REVIEW 15 NETWORK Building and maintaining a network of relevant people is very important in your business life as well as in your private life. But remember that a network can only be sustained if it is based on two-way communication. If you receive, you also have to give.
  • 16. BUSINESS STRATEGY REVIEW 16 OPPORTUNISM There are business situations where you have to be opportunistic. If a business opportunity that is not foreseen in your plans emerges suddenly, and your business instinct tells you that ‘this is really interesting, an opportunity we should not miss’, then you should use your business acumen and go for it. This should be an exception – not the rule. You may also, out of the blue, be offered a job opportunity in your company or in another fine and relevant company which was not in your career plan. Use your judgement and instinct to make a decision. Don’t just ignore the chance. Most people only get one or two ‘fantastic’ career opportunities in their lives
  • 17. BUSINESS STRATEGY REVIEW 17 PATIENCE Great leaders and successful CEOs are normally not very patient when it comes to performance. But during your career there are times when being patient pays off. If you feel that your next promotion is overdue, you may start looking for opportunities elsewhere. In big organisations, however, unexpected things happen all the time. Some degree of patience therefore may pay off.
  • 18. BUSINESS STRATEGY REVIEW 18 QUALITY Make sure that the quality and detail of your work is high.
  • 19. BUSINESS STRATEGY REVIEW 19 REORGANISATION In the dynamic global world we live in there will be times where you have to reorganise. Some people see reorganisations as a threat to their position. People who want to become great leaders often see reorganisations as an opportunity to grow and learn.
  • 20. BUSINESS STRATEGY REVIEW 20 STRATEGY Successful CEOs embed a strategy within the company that is deeply rooted in the organisation and which creates a sense of purpose for all employees. Strategies should come and go with CEOs.
  • 21. BUSINESS STRATEGY REVIEW 21 TIME TO GO? There are two time-to-go situations to think about: one is at the end of your career; the other can be during your career. Both are extremely difficult to deal with as you cannot openly talk with anybody at work about them and you should not let anybody get the sense that you may be considering leaving your job. This is a situation where all your skills and senses will be tested. You depend on your own judgement, ideally supported by your spouse and/or a good friend. The moment your decision to go becomes known in the organisation, you become a lame duck—no matter what people tell you and what you want to believe. When you have decided to go, do so with elegance. Get the timing right and make sure that you have very competent successors in place. Make the transition as brief as possible.
  • 22. BUSINESS STRATEGY REVIEW 22 UNIONS Unions have a role to play and they will not go away. You should consider them as stakeholders and deal with them accordingly through constructive and transparent dialogue.
  • 23. BUSINESS STRATEGY REVIEW 23 VALUES Every company has its formal and informal values about how they do and don’t do business, ethical standards, etc. Values are created, carried and communicated by people. They are about what you do; not about what you say or write in your manuals, brochures, annual reports and so on. You must identify with the values of your company. When considering moving to a new company, you should make an effort to understand the values of your new employer by talking to as many people as you can to ensure that you can. As a CEO, you are very much the role-model when it comes to values.
  • 24. BUSINESS STRATEGY REVIEW 24 WORK–LIFE BALANCE There are many terrific books about this important subject. The simple version is that it is a matter of priority and mind-set. If you really like your job and want to become a CEO, you must set priorities – not necessarily sacrifices. You can do a lot but you cannot do ‘everything’
  • 25. BUSINESS STRATEGY REVIEW 25 X Never use an informal ‘x’ to sign off a document unless you’re writing to family members or very old friends.
  • 26. BUSINESS STRATEGY REVIEW 26 “YES,BOSS!” This mentality does not exist in companies with great leaders. Great leaders employ smart people who are expected to express their opinions.
  • 27. BUSINESS STRATEGY REVIEW 27 ZERO–TEN SCALE A simple method to determine what matters is to ask: “On a scale from 0–10, how important is this?” A CEO presenting an acquisition to his board was posed this question. He paused for a long time and finally said, “Five,” and added, “I no longer think we should make this acquisition.”
  • 28. BUSINESS STRATEGY REVIEW 28 The full A – Z was published in Business Strategy Review Volume 25 Issue 1 2014 Visit our website www.london.edu/bsr