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Published on March 18, 2019

8 Critical Skills for Workplace Success and Career Advancement

8 Critical Skills for Workplace Success and Career Advancement

When it comes to advancing your career progress as an employee and/or business owner, there are key skills without which you’re going to hit an extremely frustrating plateau.

Whilst these skills will all help you achieve greater workplace success, what’s more important is determining which ones are most apt for you to start addressing depending upon where you are along your current journey.

1. The Ability to Persuade and Influence

To accelerate your workplace success, you need to surpass basic rapport building strategies.

Greek philosopher Aristotle coined three terms – pathos, ethos and logos – systems of communicating which connect to our consciousness through different gateways.

Each way serves as a powerful way to influence and persuade those you need to build strong relationships with to advance your career:

Pathos

Some people are inspired to respond because they were able to feel certain emotions. It’s not just about your ability to make people feel good.

It’s about using words, examples and stories which elicit the right emotion which drives them to behave in ways that serve you and/or them. You speak to their heart.

Ethos

If certain people who can help you advance give high respect to achievements, status and authority, don’t be afraid to flash the results you have achieved or mention you graduated from an Ivy League school.

Doors often open because of our professional associations, memberships and career certifications. Use them to your advantage.

Logos

Learn to be good at formulating your case based on evidence and research, and you’re likely to win the argument with who make decisions based on this foundation. Use logic and be prepared to speak in facts, numbers and figures.

Spend time learning the native language of the person whose support or trust you need, and their know-like-trust barometer reading of you will spike.

2. Improving Emotional Intelligence

Emotional intelligence is about recognizing your emotions and those of others around you.

The greater the capacity you have to attune to how your emotions drive your behavior, and that of those you lead and work with, the faster you’ll travel down the track for workplace success.

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President of Talentsmart Dr. Travis Bradberry explains how undertaking a 360 degrees to gain feedback from your peers, subordinates and up-line managers are the best measure of knowing where you stand as an effective leader and colleague.

Even though you may have strong self-awareness and a thirst for improving yourself, you will never be able to see your world through others’ eyes. Taking this test gifts you the opportunity to see through other’s lenses and learn where you are effective and where you are not.

Regardless of how high a rung you stand on the leadership ladder, undertaking 360° feedback surveys should be a regular occurrence. You may have far greater decision-making power and authority, but the fact remains you need to effectively lead people.

Your powers of persuasion and influence can always benefit from intelligence gained from the very tribe you’re in charge of. The natural consequence is you have ample opportunities to keep on learning how to become a powerful influencer.

What if you don’t lead people in any official capacity but are aspiring to? You can put yourself ahead of the pack by doing some self-discovery homework and undertake an EI test yourself .

You have to improve your self-awareness and that should encompass taking deliberate steps to see the world through other peoples’ eyes. Social awareness diminishes as you progress up the leadership ladder but high EQ leaders are socially aware and prime the awareness of the organization.

3. Transformational Conflict Management and Negotiation Skills

When you can mediate two or more feuding parties to achieve a workable resolve, you become an irreplaceable commodity with greater bargaining power.

Whether you’re one of the disagreeing parties or not, doing the following background checks before initiating invitations to start resolution-focused discussions will greatly improve your chances of a successful outcome where there’s conflict:

  • Learn the details and facts of the argument each party supports
  • Gather further information from each party to learn the perspective and personal values driving their argument

Now, set the time-frame and framework for the negotiation process.

Transparently direct and communicate that equal space and time will be given for each party to gather their facts, figures and perspectives. It’s also mandatory each party knows they will be listened to and respected. Empathetic recognition of each other’s positions and perspectives is an essential stage in the negotiation process.

Invite each party to come together to mediate but dictate boundaries as to the conduct of communication. Illustrate how the rules are to everyone’s benefit.

State how and when each party communicates with another and designate a chair to ensure the exchange stays on course. Disallow any room for personal attacks, criticism, opinions and judgments.

Make part of the negotiation process an educational opportunity which sets precedent for how those parties will communicate when future disagreements arrive. Emphasize how it’s in their best interests to conduct themselves differently going forward, so they can be empowered to manage future conflict themselves.

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Before long, you can take their training wheels away and look for yourself, to the next hurdle in your pursuit of career advancement.

Learn more about negotiation skills in this article:

How to Negotiate Skilfully to Get What You Want All the Time

4. Determine Your Career Satisfaction from an Internal Locus of Control

When you are emotionally and mentally aligned to the work contribution you are making, success will come smoother and faster. This means not just looking for roles which match the tangible aesthetic aspects (i.e. money, perks, location).

With any new opportunities, we’re forced to naturally develop new skills and knowledge from the change itself. However, when you consciously look for intangible qualities that connect with what makes you feel content, satisfied and feeling a sense of knowing you’re heading in the right direction, it will be easier to stay the path.

You’ll better know what to say yes to and what to say no to. You’ll be better able to swat away distractions and time wasting opportunities and people.

Ask yourself every day if where you feel you’re heading feels right. When you do, you’re much more likely to stay on course and take the shortest and smartest route toward your career goals.

5. Become Adept at Addressing Workplace Stress and Increasing Resilience

This should hold true for both you and your people.

The World Health Organization recognizes depression as the leading cause of disability worldwide[1] and incidences of mental health conditions in entrepreneurs[2] and senior managers are being increasingly being documented. So if you think you can – or should – burn the candle at both ends to advance your career success, you need to think again.

To guarantee workplace success means being intelligent about how you protect and manage your mental and emotional health. Avoid operating by default and trying to claw your way back from a tumble you could have avoided in the first place. Proactively work with a psychologist or therapist to learn what your alarm bells, warning signs and thresholds are.

When you’ve recognized these, develop action-ready plans for when the alarm bells start ringing. Regularly engage in practical programs which build yours and your people’s resilience. Discuss and share your experiences with them.

Prevention is always better than cure so if you’re a manager, drive a culture which promotes proactive self-monitoring and focuses on educating and supporting your people to develop optimal mental health.

With your leading by example, it will be difficult for them not to be inspired to follow suit and you’ll transform the lives of your people in more ways than you can imagine.

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6. Develop a Commercial Attitude

As your career progresses, being an inspiring leader is essential. Even more important, however, is being one which drives performance and gets results. It will not be enough to develop positive, cohesive teams of people who support each other yet cannot perform.

If you’re moving up through the ranks but don’t have a head for figures, shy away from monitoring results and reporting returns on investment, your leadership tenure will be short or you’re going to hit a progression plateau. It’s time to invest in professional development which develops and exercises your commercial mindset.

Don’t just read about concepts which advance you as a people manager. Look for research, interactive applied programs and courses which force you to look at economical impacts of decisions and activities you make in your current role.

When you can exercise and demonstrate, you can swiftly switch between different mindsets, you’ll not only become more attuned to self-assess the quality and quantity of your output, you’ll become a well-known hot commodity in the marketplace.

You’ll demonstrate a scope of thinking beyond your own individual sphere. When decision-makers higher up can see this, you’ll be invited to step up.

7. Delegate and Let Go of ‘Doing the Doing’

One of the biggest struggles solopreneurs and developing managers face is handling the transition of stepping out from doing hands-on activities. You’re no longer the marionette; you’re the puppeteer.

Your role scope and activities widen and increase in complexity but, you’re not letting go of things that you probably should start letting go of.

When you’ve established, there are people who can help you (in fact it is their role to do so) develop an inventory of things you can begin to let go of.

Letting go might be a gradual process. If you have felt purposeful and good doing those tasks and activities in the first place, severing yourself from the satisfaction you got from doing them can difficult. However, you free up energy and space to develop greater competence in other ways that will advance your career.

Start with things you know are meant to be delegated. Practice trusting others. Practice gratitude for their stepping up. Bit by bit, test yourself and test others reliability.

Gradually delegate more and more. As you do, your team gets to feel more valuable as contributors. As you let go of some of your hands-on tasks, you allow your people to widen their skills. Everyone wins.

Find delegating challenging? This guide can help you:

The Careful Art of Delegation

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8. Be Prepared to Clean, Complement, Then Create

According to board intelligence solutions provider Equilar the average CEO tenure in S&P 500 companies in 2017 was approximately 7.2 years, with a median tenure being approximately five years.[3] C-suite tenures of 15 years plus have fast become a thing of the past. That means less time to get up to speed, implement changes and prove your worth.

Outside hires have been shown to take twice as long to get up to speed.[4] Therefore, if you’re hired from outside and your average life expectancy is approximately seven years, you need to set expectations to hit performance targets in 3.5 years to keep your skin in the executive leadership game.

If you’re only now just charging out of the gate to make conscious choices to advance your career, having an accelerated-pace mindset is only going to work in your favor.

However, don’t presume this includes being promoted or gifted a pay rise upon passing your probation. Along with more challenging and rewarding workplace, challenges often come unexpected and undesirable complexities.

Expect that there might be some mop jobs where you might need to get your hands dirty. Think toxic colleagues, errors and underperforming systems and process, bad management practices. You will initially need to invest time in getting to know challenges from a hands-on perspective.

If you’re the new kid on the block, know it takes time to become familiar with people. You must also give them space and opportunity to get to know you.

In any new career step, seek to understand first….then, get your skates on.

Set yourself some goals for quick wins which don’t only increase your likeability but actually achieve noticeable results:

  • Build relationships with key people who have influence and decision-making power
  • Showcase your competence and performance within your role
  • Support others to achieve their work goals without stepping on toes and without sacrificing meeting your own first
  • Be prepared to step in and help out where system and process malfunctions (and relationships) need cleaning up but tread tentatively and carefully

Be mindful that the bull in a china shop approach to changing the status quo may not fare well when you’ve just commenced a new role or posting. Unless you were specifically hired to do this, take care to tentatively ask for permission to contribute your million-dollar ideas and strokes of genius.

Only when you’re a clear social complement to the team do you gain a license to sit at the knight’s round table, and share your ideas that could transform the business.

The Bottom Line

Whether you pick one or five of these critical skills as your focus of attention, you’re going to be on track to open far more doors of opportunity than you might have originally thought possible.

So, how did you fare and what did you choose? Are you ready to get to work?

Featured photo credit: Csaba Balazs via unsplash.com

Reference

[1] World Health Organization: Depression
[2] Michael Freeman MD: Are Entrepreneurs “Touched with Fire”?
[3] Equilar: CEO Tenure Drops to Just Five Years
[4] Harvard Business Review: For Senior Leaders, Fit Matters More than Skill

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Malachi Thompson

Executive Leadership and Performance Consultant

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Last Updated on August 20, 2019

How to Set Financial Goals and Actually Meet Them

How to Set Financial Goals and Actually Meet Them

Finances can push anyone to the point of extreme anxiety and worry. Easier said than done, planning finances is not an egg meant for everyone’s basket. And that’s why most of us are often living pay check to pay check. But did anyone tell you that it is actually not a tough task to meet your financial goals?

In this article, we will explore ways on how to set financial goals and then actually meet them with ease.

5 Steps to Set Financial Goals

Though setting financial goals might seem to be a daunting task but if one has the will and clarity of thought, it is rather easy. Try using these steps:

1. Be Clear About the Objectives

Any goal (let alone financial) without a clear objective is nothing more than a pipe dream. And this couldn’t be more true for financial matters.

It is often said that savings is nothing but deferred consumption. Therefore if you are saving today, then you should be crystal clear about what it is for. It could be anything like kid’s education, retirement, marriage, that dream vacation, fancy car etc.

Once the objective is clear, put a monetary value to that objective and the time frame. The important point at this step of goal setting is to list all the objectives, however small they may be, that you foresee in the future and put a value to it.

2. Keep Them Realistic

It’s good to be an optimistic person but being a pollyanna is not desirable. Similarly, while it might be a good thing to keep your financial goals a bit aggressive, going out of the line will definitely hurt your chances of achieving them.

It’s important that you keep your goals realistic in nature for it will help you stay the course and keep you motivated throughout the journey.

3. Account for Inflation

Ronald Reagan once said – “Inflation is as violent as a mugger, as frightening as an armed robber and as deadly as a hitman”. And this quote sums up the best what inflation could do your financial goals.

Therefore account for inflation whenever you are putting a monetary value to a financial objective that is far away in the future.

For example, if one of your financial goal is your son’s college education, which is 15 years hence, then inflation would increase the monetary burden by more than 50% if inflation is mere 3%. So always account for inflation.

4. Short Term vs Long Term

Just like every calorie is not the same, the approach towards achieving every financial goal will not be the same. It is important to bifurcate goals in short term and long term.

As a rule of thumb, any financial goal, which is due in next 3 years should be termed as short term goal. Any longer duration goals are to be classified as long term goals. This bifurcation of goals into short term vs long term will help in choosing the right investment instrument to achieve them.

More on this later when we talk about how to achieve financial goals.

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5. To Each to His Own

The journey of setting financial goals is an individualistic affair i.e. your goals are your own goals and are determined by your want to achieve them. A lot of times we get on the bandwagon of goal setting only to realize later on that it was not meant for us.

It is important that your goals are actually your goals and not inspired by someone else. Take a hard look at this step at all the goals you’ve set for after this step, you will be on the way to achieve them.

By now, you would be ready with your financial goals, now it’s time to go all out and achieve them.

11 Ways to Achieve Your Financial Goals

Whenever we talk about chasing any financial goal, it is usually a 2 step process –

  • Ensuring healthy savings
  • Making smart investments

You will need to save enough; and invest those savings wisely so that they grow over a period of time to help you achieve goals. So let’s get down to ensuring healthy savings.

Ensuring Healthy Savings

Self realization is the best form of realisation and unless you decide what your current financial position is, you aren’t heading anywhere.

This is the focal point from where you start your journey of achieving financial goals.

1. Track Expenses

The first and the foremost thing to be done is to track your monthly expenses. Use any of the expense tracking mobile apps to record your expenses. Once you start doing it diligently, you would be surprised to see how small expenses add up to a sizeable amount.

Also categorize those expenses into different bucket so that you know which bucket is eating the most of your pay check. This record keeping will pave the way for cutting down on un-wanted expenses and pump up your savings rate.

2. Pay Yourself First

Generally, savings come after all the expenses have been taken care of. This is a classical mistake which almost everyone of us do. We pay ourselves last!

Ideally, this should be planned upside down. We should be paying ourselves first and then to the world i.e. we should be taking out the planned saving amount first and then manage all the expenses from the rest.

The best way to actually implement is to put the savings on automatic mode i.e. money flowing automatically into different financial instruments (for example – mutual funds, retirement corpus etc) every month.

Taking the automatic route will make us lose control of our money and hence will compel us to manage in what’s left with us thereby increasing the savings rate.

3. Make a Plan and Vow to Stick with It

Budgeting is the best to get around the uncertainty that financial plans always pose. Decide in advance how spending has to be made.

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Nowadays, several money management apps and wallets can help you do this automatically. It’s easy and who knows, you may just end up doing what people fail to do.

At first, you may not be able to stick to your plans completely but don’t let that become a reason why you stop budgeting entirely.

Make use of technology solutions you like. Explore options and alternatives that let you make use of the available wallet options and choose the one that suits you the most. In time, you will get accustomed to making use of these solutions.

You will find that they make it simpler for you to follow your plan, which would have been difficult otherwise.

4. Rise Again Even If You Fall

Let’s be realistic. It’s not like the world will come to an end if you made one mistake. This isn’t called leniency but discipline.

If you fail to meet your budget for a month, don’t give up the entire effort just like that. Instead, start again.

Remember that flexible plans are the most realistic plans. So go forward and try to follow your financial goals as planned but if for some reason, the plan gets out of hand for you, do not give up on it just yet. This has a lot to do with your psychology rather than any material commitment.

All you have to do is to stay on the road and vow to stay on it, no matter how much you fall down.

5. Make Savings a Habit and Not a Goal

In the book Nudge, authors Richard Thaler and Cass Sunstein advocate that in order to achieve any goal, it should be broken down into habits since habits are more intuitive for people to adapt to.

Make Savings a habit rather than a goal. While it might seem to be counter intuitive to many but there are some deft ways of doing it. For example:

Always eat out (if at all) during weekdays rather than weekends. Usually weekends are expensive. Make it a habit and you would in turn be saving a great deal.

If you are travelling buff, try to travel during off season. Your outlay will be much less.

If you go out for shopping, always look out for coupons and see where can you get the best deal.

So the key point is to imbibe the action that results in savings rather than on the savings itself, which is the outcome. Focusing on the outcome will bring out the feeling of sacrifice which will be harder to sustain over a period of time.

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6. Talk About It

Sticking to the saving schedule (to achieve financial goals) is not an easy journey. There will be many distractions from those who are not aligned with your mission. And it would be rather easy to lose the grip over your discipline.

Therefore in order to stay the course, it is advisable that you keep yourself surrounded with people who are also on the same bandwagon. Daily discussions with them will keep you motivated to move forward.

7. Maintain a Journal

For some people, writing helps a great deal in making sure that they achieve what they plan.

So if you are one of them, maintain a proper journal, where you write down your goals and also jot down the extent to which you managed to meet them. This will help you in reviewing how far you have come and which goals you have met.

Use this journal to write down all essential points such as your short term, mid term and long term goals, your current sources of income, your regular expenses which you are aware of and any committed expenses which are of recurring nature.

When you have a written commitment on paper, you are going to feel more energised to follow the plan and stick to it. Moreover, it is going to be a lot more easier for you to follow you and track your progress.

At this point, you should be ready with your financial goals and would be doing brilliantly with savings; now it’s time to talk about the big daddy – Investments.

Making Smart Investments

Savings by themselves don’t take anyone too far. However savings when invested wisely can do wonders and we are at that stage where we will talk about making smart investments.

8. Consult a Financial Advisor

Investments doesn’t come naturally to most of us therefore rather than dabbling with it ourselves, it is wise to consult a financial advisor.

Talk to him/her about your financial goals and savings and then seek advice for the best investment instruments to achieve your goals.

9. Choose Your Investment Instrument Wisely

Though your financial advisor will suggest the best investment instruments, it doesn’t hurt to know a bit about them.

Just like “no one is born a criminal”, no investment instrument is bad or good. It is the application of that instrument that makes all the difference.

Do you remember we talked about bifurcating financial goals in short term and long term?

It is here where that classification will help.

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So as a general rule, for all your short term financial goals, choose an investment instrument that has debt nature for example fixed deposits, debt mutual funds etc. The reason for going for debt instruments is that chances of capital loss is less as compared to equity instruments.

10. Compounding Is the Eighth Wonder

Einstein once remarked about compounding,

Compound Interest is the eighth wonder of the world. He who understands it, earns it… He who doesn’t… Pays it.

So make friends with this wonder kid. And sooner you become friends with it, quicker you will reach closer to your financial goals.

Start investing early so that time is on your side to help you bear the fruits of compounding.

11. Measure, Measure, Measure

All of us do good when it comes to earning more per month but fail miserably when it comes to measuring the investments; taking stock of how our investments are doing.

If there is one single step where everything (so far) can go wrong, it is at this step – Measuring the Progress.

If we don’t measure the progress timely, then we would be shooting in the dark. We wouldn’t know if our saving rate is appropriate or not; whether financial advisor is doing a decent job; whether we are moving closer to our target or not.

Do measure everything. If you can’t measure it all yourself, ask your financial advisor to do it for you. But do it!

The Bottom Line

This completes the list of tips for you to set financial goals and actually achieve them with not so great difficulty.

As you can see, all it requires is discipline. But guess that’s the most difficult part!

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Featured photo credit: rawpixel via unsplash.com

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