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5 Ways to Get the Most Out of your Degree

5 Ways to Get the Most Out of your Degree

Many students are experiencing their first semester of college this fall and are discovering many new things at once. First time living on their own, more rigorous course work, living in a new city, and finding new friends are all exciting and sometimes scary parts of the college experience.

As if that weren’t enough, college freshmen also have the daunting task of choosing what they want to study. Some of us are lucky enough to have known years before we got to college, but most of us are less sure, and some of us even switch multiple times. Having been through college myself, these are five of the things that I would have liked to hear at orientation.

1. Diversify your Schedule in your First Year

As I said before, most college freshmen don’t know exactly what they want to major in and that’s completely fine. Freshman year is a great time to get your general credits out of the way and take a wide variety of classes in the areas you are interested in majoring in. This helps to make you a generally more informed individual. For instance, taking a class on WWII or a music class gives you a broader knowledge of the world and you never know when that will come in handy during a job interview!

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Taking a class or classes in something you don’t necessarily want to major in, but you believe will set you apart when it comes to your career, is a great idea as well. For instance, if you think you want to major in Business Administration or Communication and you have an interest in computers it would be a great idea to take a couple classes on coding languages such as Javascript or Python. In taking the classes, you might find out that you want to minor in Computer Sciences. Either way, you’ll set yourself up with skills that will set you apart as a candidate upon graduation.

2. Apply for Scholarships

This is something I really wish I had pursued more actively during my college tenure because, believe me, paying student loans is the worst. Well, maybe not the worst, but it certainly doesn’t add enjoyment to your life. The U.S. alone has 1.3 trillion in student debt, with the average undergraduate carrying $46,000 in student loan debt upon graduation. That is a burden that will stick around with you for awhile. Fortunately, you can mitigate that cost with scholarships.

When applying for scholarships you need to be prepared to write essays, complete projects and pass tests to prove why you should be selected. Make sure to stay on top of deadlines, apply for scholarships that you actually qualify for. Don’t waste your time or the committee’s, and thoroughly follow all instructions for the application so you give yourself the best chance of being selected. Once you’re ready, check out one of these or numerous other sites to find scholarships: Peterson’s, Unigo, Chegg, Scholarships.com, and Niche.

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3. Declare your Major Early

This goes hand-in-hand with the last tip. Graduating as soon as possible will help to cut down on your student loan debt. Graduating in the traditional four years or sooner also shows initiative to employers, proves that you’re focused and can set your mind to a long-term task without getting sidetracked.

This isn’t to say that it’s a bad thing to change your major later in college if the major you’re seeking really doesn’t fit you, but the earlier you figure out your major, the better off you will be in the long run.

4. Pick a Degree in a Growth Industry

Everyone wants to get a job as soon as possible when they graduate. Student loans kick in six months after graduation and you want the assurance that the last four or so years wasn’t a total waste. The best way to place yourself in a hireable position upon graduation is to major in a growth industry.

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I’ll give you an example of both sides: for many years the oil industry was booming, consistently seeing growth year after year and petroleum engineering was a major that would virtually guarantee you a high paying job upon graduation. Recently, however, that has changed. The industry has seen a significant downturn as alternative energies continue to grow, leaving many recent petroleum engineering graduates, like Radiohead before them, high and dry.

The flip side of the coin would be a computer sciences major. As the internet continues to expand exponentially, so does the demand for good coders. A Bachelor’s degree in computer sciences essentially guarantees you a job upon graduation and is the second highest paying undergraduate degree.

5. Complete As Many Internships as Possible

Nothing speaks as loudly as real world experience. The knowledge you gain in the classroom is great, invaluable in most cases, but it needs to be supplemented with actual, on the job experience. According to a study done by NACE (National Association of Colleges and Employers) 62% of undergraduates that were employed upon graduation had completed at least one internship.

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In addition to the experience you gain during an internship, if you apply yourself, you’ll gain a reference as well, which will set you apart when applying for jobs. Even before you qualify for internships, just holding a job during college will help to bolster your resume and shows initiative. Sites like Craigslist are good places to start pitching and advertising your talents. Learn about the top industries hiring in your area to really get ahead of the game.

I know this is a lot to process and you still have 40 pages of reading to do before class tomorrow, but if you start implementing these tips into your college experience, you will have a leg up on the competition when you graduate!

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Last Updated on January 6, 2021

14 Ideas on How to Measure Productivity to Make Progress

14 Ideas on How to Measure Productivity to Make Progress

Everyone has heard the term productivity, and people talk about it in terms of how high it is and how to improve it. But fewer know how to measure productivity, or even what exactly we are talking about when using the term “productivity.”

In its simplest form, the productivity formula looks like this: Output ÷ Input = Productivity.

For example, you have two salespeople each making 10 calls to customers per week. The first one averages 2 sales per week and the second one averages 3 sales per week. By plugging in the numbers we get the following productivity levels for each sales person.

For salesperson one, the output is 2 sales and the input is 10 sales: 2 ÷ 10 = .2 or 20% productivity. For salesperson two, the output is 3 sales and the input is 10 sales: 3 ÷ 10 = .3 or 30% productivity.

Knowing how to measure and interpret productivity is an invaluable asset for any manager or business owner in today’s world. As an example, in the above scenario, salesperson #1 is clearly not doing as well as salesperson #2.

Knowing this information we can now better determine what course of action to take with salesperson #1.

Some possible outcomes might be to require more in-house training for that salesperson, or to have them accompany the more productive salesperson to learn a better technique. It might be that salesperson #1 just isn’t suited for sales and would do a better job in a different position.

How to Measure Productivity With Management Techniques

Knowing how to measure productivity allows you to fine tune your business by minimizing costs and maximizing profits:

1. Identify Long and Short-Term Goals

Having a good understanding of what you (or your company’s) goals are is key to measuring productivity.

For example, if your company’s goal is to maximize market share, you’ll want to measure your team’s productivity by their ability to acquire new customers, not necessarily on actual sales made.

2. Break Down Goals Into Smaller Weekly Objectives

Your long-term goal might be to get 1,000 new customers in a year. That’s going to be 20 new customers per week. If you have 5 people on your team, then each one needs to bring in 4 new customers per week.

Now that you’ve broken it down, you can track each person’s productivity week-by-week just by plugging in the numbers:

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Productivity = number of new customers ÷ number of sales calls made

3. Create a System

Have you ever noticed that whenever you walk into a McDonald’s, the French fry machine is always to your left? 

This is because McDonald’s created a system. They have determined that the most efficient way to set up a kitchen is to always have the French fry machine on the left when you walk in.

You can do the same thing and just adapt it to your business.

Let’s say that you know that your most productive salespeople are making the most sales between the hours of 3 and 7 pm. If the other salespeople are working from 9 am to 4 pm, you can potentially increase productivity through something as simple as adjusting the workday.

Knowing how to measure productivity allows you to set up, monitor, and fine tune systems to maximize output.

4. Evaluate, Evaluate, Evaluate!

We’ve already touched on using these productivity numbers to evaluate and monitor your employees, but don’t forget to evaluate yourself using these same measurements.

If you have set up a system to track and measure employees’ performance, but you’re still not meeting goals, it may be time to look at your management style. After all, your management is a big part of the input side of our equation.

Are you more of a carrot or a stick type of manager? Maybe you can try being more of the opposite type to see if that changes productivity. Are you managing your employees as a group? Perhaps taking a more one-on-one approach would be a better way to utilize each individual’s strengths and weaknesses.

Just remember that you and your management style contribute directly to your employees’ productivity.

5. Use a Ratings Scale

Having clear and concise objectives for individual employees is a crucial part of any attempt to increase workplace productivity. Once you have set the goals or objectives, it’s important that your employees are given regular feedback regarding their progress.

Using a ratings scale is a good way to provide a standardized visual representation of progress. Using a scale of 1-5 or 1-10 is a good way to give clear and concise feedback on an individual basis.

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It’s also a good way to track long-term progress and growth in areas that need improvement.

6. Hire “Mystery Shoppers”

This is especially helpful in retail operations where customer service is critical. A mystery shopper can give feedback based on what a typical customer is likely to experience.

You can hire your own shopper, or there are firms that will provide them for you. No matter which route you choose, it’s important that the mystery shoppers have a standardized checklist for their evaluation.

You can request evaluations for your employees friendliness, how long it took to greet the shopper, employees’ knowledge of the products or services, and just about anything else that’s important to a retail operation.

7. Offer Feedback Forms

Using a feedback form is a great way to get direct input from existing customers. There are just a couple of things to keep in mind when using feedback forms.

First, keep the form short, 2-3 questions max with a space for any additional comments. Asking people to fill out a long form with lots of questions will significantly reduce the amount of information you receive.

Secondly, be aware that customers are much more likely to submit feedback forms when they are unhappy or have a complaint than when they are satisfied.

You can offset this tendency by asking everyone to take the survey at the end of their interaction. This will increase compliance and give you a broader range of customer experiences, which will help as you’re learning how to measure productivity.

8. Track Cost Effectiveness

This is a great metric to have, especially if your employees have some discretion over their budgets. You can track how much each person spends and how they spend it against their productivity.

Again, this one is easy to plug into the equation: Productivity = amount of money brought in ÷ amount of money spent.

Having this information is very useful in forecasting expenses and estimating budgets.

9. Use Self-Evaluations

Asking your staff to do self evaluations can be a win-win for everyone. Studies have shown that when employees feel that they are involved and their input is taken seriously, morale improves. And as we all know, high employee morale translates into higher productivity.

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Using self-evaluations is also a good way to make sure that the employees and employers goals are in alignment.

10. Monitor Time Management

This is the number one killer of productivity in the workplace. Time spent browsing the internet, playing games, checking email, and making personal calls all contribute to lower productivity[1].

Time Management Tips to Improve Productivity

    The trick is to limit these activities without becoming overbearing and affecting morale. Studies have shown that most people will adhere to rules that they feel are fair and applied to everyone equally.

    While ideally, we may think that none of these activities should be done on company time, employees will almost certainly have a different opinion. From a productivity standpoint, it is best to have policies and rules that are seen as fair to both sides as you’re learning how to measure productivity.

    11. Analyze New Customer Acquisition

    We’ve all heard the phrase that “It’s more expensive to get a new customer than it is to keep an existing one.” And while that is very true, in order for your business to keep growing, you will need to continually add new customers.

    Knowing how to measure productivity via new customer acquisition will make sure that your marketing dollars are being spent in the most efficient way possible. This is another metric that’s easy to plug into the formula: Productivity = number of new customers ÷ amount of money spent to acquire those customers.

    For example, if you run any kind of advertising campaign, you can compare results and base your future spending accordingly.

    Let’s say that your total advertising budget is $3,000. You put $2,000 into television ads, $700 into radio ads, and $300 into print ads. When you track the results, you find that your television ad produced 50 new customers, your radio ad produced 15 new customers, and your print ad produced 9 new customers.

    Let’s plug those numbers into our equation. Television produced 50 new customers at a cost of $2,000 (50 ÷ 2000 = .025, or a productivity rate of 2.5%). The radio ads produced 15 new customers and cost $700 (15 ÷ 700 = .022, or a 2.2% productivity rate). Print ads brought in 9 new customers and cost $300 (9 ÷ 300 = .03, or a 3% return on productivity).

    From this analysis, it is clear that you would be getting the biggest bang for your advertising dollar using print ads.

    12. Utilize Peer Feedback

    This is especially useful when people who work in teams or groups. While self-assessments can be very useful, the average person is notoriously bad at assessing their own abilities.

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    Just ask a room full of people how many consider themselves to be an above average driver and you’ll see 70% of the hands go up[2]! Now we clearly know that in reality about 25% of drivers are below average, 25% are above average, and 50% are average.

    Are all these people lying? No, they just don’t have an accurate assessment of their own abilities.

    It’s the same in the workplace. Using peer feedback will often provide a more accurate assessment of a person’s ability than a self-assessment would.

    13. Encourage Innovation and Don’t Penalize Failure

    When it comes to productivity, encouraging employee input and adopting their ideas can be a great way to boost productivity. Just make sure that any changes you adopt translate into higher productivity.

    Let’s say that someone comes to you requesting an entertainment budget so that they can take potential customers golfing or out to dinner. By utilizing simple productivity metrics, you can easily produce a cost benefit analysis and either expand the program to the rest of the sales team, or terminate it completely.

    Either way, you have gained valuable knowledge and boosted morale by including employees in the decision-making process.

    14. Use an External Evaluator

    Using an external evaluator is the pinnacle of objective evaluations. Firms that provide professional evaluations use highly trained personnel that even specialize in specific industries.

    They will design a complete analysis of your business’ productivity level. In their final report, they will offer suggestions and recommendations on how to improve productivity.

    While the benefits of a professional evaluation are many, their costs make them prohibitive for most businesses.

    Final Thoughts

    These are just a few of the things you can do when learning how to measure productivity. Some may work for your particular situation, and some may not.

    The most important thing to remember when deciding how to track productivity is to choose a method consistent with your goals. Once you’ve decided on that, it’s just a matter of continuously monitoring your progress, making minor adjustments, and analyzing the results of those adjustments.

    The business world is changing fast, and having the right tools to track and monitor your productivity can give you the edge over your competition.

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    Featured photo credit: William Iven via unsplash.com

    Reference

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