Four Very Wise Thoughts

“It’s hot. Good luck. Good bye.”

– Graduation Speech by School Board President
at outdoor graduation on extremely hot day

ACTUAL “CASE HISTORIES”: It seems that every year about this time I hear or read an especially interesting speech or written piece giving advice to new graduates. The comments below appeared in The New York Times last week while I was in Madison, Wisconsin celebrating my son Sam’s college graduation.  

That said, Here it is, and I hope you will share it with those who you know who may be graduating this year, or who have graduated in recent years. I think it is both timeless and priceless.                            

“Beware the City Dolls”

 By Arthur C. Brooks 

Commencement season is upon us again. In a tenuous economic recovery, many of the 1.6 million graduates at American colleges and universities will be listening intently for a bit of practical wisdom from their commencement speakers.

My own graduation was devoid of this rite. I dropped out of college at 19 and spent my 20s as a traveling musician. I finally finished my degree by correspondence just before my 30^th birthday. On graduation day, instead of marching across a stage, I marched out to the mailbox to pick up my diploma. My commencement address was a reminder, muttered to myself, to take my car in for inspection.

In the years that followed, after a great deal of traditional graduate school, I became a university professor. Between delivering a few commencement addresses and listening to many more, here is what I believe graduates need to hear today. 

1. Earn everything. 

It’s true that graduates today face a rough economy. Americans in their early 20s have to contend with a 10.6 percent unemployment rate – that’s twice the rate among people 25 and up. If still searching for a job, you might envy your classmates whose wealthy or well-connected parents can give them a comfortable life. 

That’s a mistake. The best research shows that unearned resources can be toxic for well-being. One well-known study from Northwestern University tracked lottery winners. They found that while winners described hitting the jackpot as a positive event, they were not actually any happier than a control group of non-winners. Furthermore, the windfall came at a cost: The lottery winners derived significantly less happiness from everyday activities than did ordinary men and women. 

What was their problem? It wasn’t the money per se. Researchers agree that wealth buys less and less happiness beyond middle-class levels, but nobody finds that more money reduces well-being. The size of the fortune is not the key variable; rather, it is whether it is earned. Joseph Schumpeter, the intellectual godfather of modern entrepreneurship, called money a “secondary consideration” and merely “an index of success.” And work I have done using data from Ohio State University shows that people who do not feel responsible for their own successes spend 25 percent more time feeling sad than those who feel they are responsible, even controlling for income. 

2. Don’t be a “city doll.” 

In his magnificent 1841 essay “Self-Reliance,” Ralph Waldo Emerson scorned elite college graduates – he called them “city dolls” – who wallowed in self-pity if they didn’t immediately land the prestigious job to which they felt entitled. Emerson contrasted them with the “sturdy lads” who hailed from remote civilizations – such as New Hampshire. 

As Emerson wrote, “A sturdy lad from New Hampshire or Vermont who in turn tries all the professions, who teams it, farms it, peddles, keeps a school, preaches, edits a newspaper, goes to Congress, buys a township, and so forth, in successive years, and always like a cat falls on his feet, is worth a hundred of these city dolls.” 

Failures, false starts and midcourse corrections are part and parcel of a life well lived. Early setbacks may even prove to be a lucrative investment: A growing business literature shows that failures offer invaluable chances to learn and improve. Steven Rogers of Harvard University has written that the average entrepreneur fails almost four times before succeeding. 

The Roman philosopher Seneca wrote that “difficulties strengthen the mind, as labor does the body.” Don’t meet obstacles with victimhood and self-pity. Welcome them, especially early in life, as opportunities to grow in resilience and virtue. 

3. Fight for people who have less than you. 

In John Bunyan’s classic, “The Pilgrim’s Progress,” the character Old Honest poses this riddle to the innkeeper Gaius:

                        A man there was, though some did not recount him mad
                        The more he cast away, the more he had. 

Gaius interprets the verse as follows: 

                         He who bestows his goods upon the poor
                         Shall have as much again, and ten times more. 

This insight is more than wishful thinking. There is abundant evidence that helping those in need is a powerful secret to happiness, health, and even material prosperity. More important, it is the right thing to do. 

In the case of charitable giving, taking this advice is straightforward: Get out your checkbook (even if you can write only a little check). In many other areas, such as one’s work, it is less clear. In my work today, I promote the free enterprise system, because I believe it has created more opportunity for the poor than any other system in history. 

Examine your conscience each night by asking not what others say about your work, but rather by asking yourself whether you believe your work today benefited those with less than you. Make sure your honest answer is yes. 

4. Think for yourself. 

For many graduates, life after college feels like the first time your destiny has been entirely in your own hands. Unfortunately, other people will immediately start trying to force you into a new script. Some will measure your worth by the money you earn. Others will label you a victim of inequality because you earn less than someone else. 

Don’t let yourself be defined in these materialistic ways. Measure your life’s value as you see fit. You might choose to feed the hungry, manage a firm, coach a team, or front a band. But whatever the life, boldly live it on your own terms. Put aside envy and resentment and pursue happiness. 

A sturdy lad “walks abreast with his days,” to quote Emerson once more. “He does not postpone his life, but lives already.” 

There you have it. Earn everything, fail well, fight for others, and think for yourself. Live already. 

And don’t forget to take your car in for inspection. 

Arthur C. Brooks is a contributing opinion writer to the New York Times and the President of the American Enterprise Institute.

SkloverWorkingWisdom™ emphasizes smart negotiating – and navigating – for yourself at work. Negotiation and navigation of work and career issues requires that you think “out of the box,” and build value and avoid risks at every point in your career. We strive to help you understand what is commonly before you – traps and pitfalls, included – and to avoid the bumps in the road.          

Always be proactive. Always be creative. Always be persistent. Always be vigilant. And always do what you can to achieve for yourself, your family, and your career. Take all available steps to increase and secure employment “rewards” and eliminate or reduce employment “risks.” That’s what SkloverWorkingWisdom™ is all about. 

*A note about our Actual Case Histories: In order to preserve client confidences, and protect client identities, we alter certain facts, including the name, age, gender, position, date, geographical location, and industry of our clients. The essential facts, the point illustrated and the lesson to be learned, remain actual.     

Please Note: This Email Newsletter is not legal advice, but only an effort to provide generalized information about important topics related to employment and the law. Legal advice can only be rendered after formal retention of counsel, and must take into account the facts and circumstances of a particular case. Those in need of legal advice, counsel or representation should retain competent legal counsel licensed to practice law in their locale. 

Repairing the World,
One Empowered – and Productive – Employee at a Time™

© 2014, Alan L. Sklover All Rights Reserved. Commercial Use Prohibited.

Chairman Reveals His Top Life Tips

 “You don’t establish your manhood or womanhood by turning 18.
You do so with actions.” 

–       Orlando McGuire    

ACTUAL “CASE HISTORIES”: In June, 2013, Federal Reserve Chairman Ben Bernanke gave a commencement address to Princeton University graduates. In his remarks, he was “uncommonly common” and uncharacteristically simple in expression. 

Because Dr. Bernanke is quite accomplished, and yet quite down-to-earth, as well, I thought I’d pass on his Ten “Life Suggestions” to the graduates of the university at which he was an economics professor before being summoned to public service in Washington, D.C. 

1. “Don’t be afraid to let the drama play out.” “Life is amazingly unpredictable; any 22-year-old who thinks they know where they will be in 10 years, much less 30, is simply lacking imagination.”

In this, Dr. Bernanke drew upon his own life: “A dozen years ago I was minding my own business teaching Economics 101 in Alexander Hall and trying to think of good excuses for avoiding faculty meetings. Then I got a phone call.” 

2. “Focus on becoming a better human being.” “If you are not happy with yourself, even the loftiest achievements won’t bring you much satisfaction.” 

For a man who is credited by some with saving the world’s financial system, that’s a pretty interesting comment. 

3. “Those who are luckiest also have the greatest responsibility.”  “As the Gospel of Luke says (and I am sure my Rabbi will forgive me for quoting the New Testament in a good cause): ‘From everyone to whom much has been given, much will be required; and from the one whom much has been entrusted, even more will be demanded.’” 

He gave the Biblical quote an academic spin: “Kind of grading on the curve, you might say.” 

4. “Effort Matters.” “I think that most of us would agree that people have, say, little formal schooling but labor honestly and diligently to help feed, clothe, and educate their families are deserving of greater respect – and help, if necessary – than many people who are superficially more successful.” And, he added, “They’re more fun to have a beer with, too.” 

5. “Most policymakers are trying to do the right thing.” “The greatest forces in Washington are ideas, and people prepared to act on those ideas. Public service isn’t easy. But, in the end, if you are inclined in that direction, it is a worthy and challenging pursuit.”

 6. On Economics: “Economics is a highly sophisticated field of thought that is superb at explaining to policymakers precisely why the choices they made in the past were wrong. About the future, not so much.” 

7. “Money isn’t everything.” “I’m not going to tell you that money doesn’t matter, because you wouldn’t believe me anyway.” But he did add the following: “If you are part of the lucky minority with the ability to choose, remember that money is a means, not an end.” 

8. “Don’t be afraid to fail.” “Nobody likes to fail but failure is an essential part of life and of learning. If your uniform isn’t dirty, you haven’t been in the game.”  

9. On choosing a partner: “Remember that physical beauty is evolution’s way of assuring us that the other person doesn’t have too many intestinal parasites. Don’t get me wrong, I am all for beauty, romance and sexual attraction – where would Hollywood and Madison Avenue be without them? But while important, they are not the only things to look for in a partner.”  

“Speaking as somebody who has been happily married for 35 years, I can’t imagine any choice more consequential for a lifelong journey than the choice of a traveling companion.” 

10. “Call your mom and dad once in a while.” “A time will come when you will want your own grown-up, busy, hyper-successful children to call you,” said Bernanke, who has two adult children. “Also, remember who paid your tuition to Princeton.”

The Fed Chairman ended with a battle cry: “Congratulations, graduates. Give ‘em hell!” 

P.S.: For those college students, soon-to-be grads, and grads in search of Internships to start your journey, we offer Two Model “Internship Wanted” Cover Letters. To obtain copies to adapt and use for yourself, just [click here.]  

SkloverWorkingWisdom™ emphasizes smart negotiating – and navigating – for yourself at work. Negotiation and navigation of work and career issues requires that you think “out of the box,” and build value and avoid risks at every point in your career. We strive to help you understand what is commonly before you, and to know what to “watch out” for, at each step along the way. Now the rest is up to you.       

Always be proactive. Always be creative. Always be persistent. Always be vigilant. And always do what you can to achieve for yourself, your family, and your career. Take all available steps to increase and secure employment “rewards” and eliminate or reduce employment “risks.” That’s what SkloverWorkingWisdom™ is all about. 

*A note about our Actual Case Histories: In order to preserve client confidences, and protect client identities, we alter certain facts, including the name, age, gender, position, date, geographical location, and industry of our clients. The essential facts, the point illustrated and the lesson to be learned, remain actual.     

Please Note: This Email Newsletter is not legal advice, but only an effort to provide generalized information about important topics related to employment and the law. Legal advice can only be rendered after formal retention of counsel, and must take into account the facts and circumstances of a particular case. Those in need of legal advice, counsel or representation should retain competent legal counsel licensed to practice law in their locale.

Repairing the World –
One Empowered and Productive Employee at a Time ™

© 2013 Alan L. Sklover, All Rights Reserved.

© 2013 Dow Jones & Company – Wall Street Journal, May 28, 2013.

A Brief Essay by Carl McCoy 
[www.carl-mccoy.com]

A Thoughtful Graduation – and Career Change – Message:This brief essay was so simple and instructive, and also so stirring, that I decided to post it here, for all to consider, enjoy and take advantage of. I salute Mr. McCoy for both his thoughts and writing craft, and also the Wall Street Journal for publishing this piece. I claim no rights to it, but seek only to pass along its wisdom.

“This month, commencement speakers across the country are exhorting graduates not to settle. They are urged instead to find their passion – to “do what you love.” But is this the best advice for college students entering a tough labor market?

For those grads who do get jobs, the work will often be low-paying, with little in the way of long-term prospects. Some will soon go on to better jobs, but many will stay in these “day jobs” for years, waiting for their big break, waiting to be discovered – or simply waiting to find out exactly what it is they truly love.

“Do what you love” is an important message, but it’s unwise to build a career on the notion that we should all be paid for our passions. The advice captures only part of the story. It tells us how excellent work might be accomplished – by loving it – but it doesn’t tell us why the work should be done. What is the point of all the effort? What is being worked toward?

The answer lies in working with a deeper sense of purpose or vocation. You don’t need to be a religious or spiritual person to tap into this higher purpose; it can be derived from a sense of community and a desire to pull together. Yet without such a higher purpose, where all this love and ambition can be directed, we don’t have a very meaningful guidepost for meaningful success. We simply have a call to discover what it is that we love, and then do it.

Sure, there are many people doing what they genuinely love. But how many of us love just one thing? It’s romantic to imagine that each person is destined for a particular career path, one capable of being discovered with sufficient soul searching. But most people have multi-faceted interests and abilities and could probably be successful and happy in several fields.

Then there are those things that will never pay very well. As someone who has tried living as a starving artist, I can attest that there’s nothing romantic or noble about being impoverished in pursuit of doing what you love. When you’re working two or three jobs, and you can’t pay your bills, it doesn’t matter how much you love any of them. You just get worn out.

Maybe there’s another way to encourage new college graduates to think about their careers. Maybe all those commencement speakers would send more young people into the world likelier to be happy in their jobs if the speakers talked about love as a consequence of meaningful work instead of as the motivation for it.

Does the doctor love going into the hospital to see a patient in the middle of the night? Does the firefighter love entering a burning building? Does the teacher love trying to control a classroom full of disrespectful children? Not likely. But the work is performed with a sense of purpose that “love” doesn’t capture. 

We don’t all have to become first responders or social workers. And we can’t all find jobs with such obvious benefits to society. When diplomas are handed out, though, it might be worthwhile for graduates – and the rest of us – if the popular “do what you love” message were balanced with a more timeless message to find work that, even in some small way, truly matters.” 

To you, Carl McCoy, I say, “Yes, yes.”  -  Al Sklover     

SkloverWorkingWisdom™ emphasizes smart negotiating – and navigating – for yourself at work. Negotiation and navigation of work and career issues requires that you think “out of the box,” and build value and avoid risks at every point in your career. We strive to help you understand what is commonly before you, and to know what to “watch out” for, regarding Garden Leave agreements. Now the rest is up to you.      

Always be proactive. Always be creative. Always be persistent. Always be vigilant. And always do what you can to achieve for yourself, your family, and your career. Take all available steps to increase and secure employment “rewards” and eliminate or reduce employment “risks.” That’s what SkloverWorkingWisdom™ is all about.

*A note about our Actual Case Histories: In order to preserve client confidences, and protect client identities, we alter certain facts, including the name, age, gender, position, date, geographical location, and industry of our clients. The essential facts, the point illustrated and the lesson to be learned, remain actual.     

Please Note: This Email Newsletter is not legal advice, but only an effort to provide generalized information about important topics related to employment and the law. Legal advice can only be rendered after formal retention of counsel, and must take into account the facts and circumstances of a particular case. Those in need of legal advice, counsel or representation should retain competent legal counsel licensed to practice law in their locale.

Repairing the World –
One Empowered and Productive Employee at a Time ™

© 2013 Alan L. Sklover, All Rights Reserved.

 “My father worked for the same firm for twelve years. They fired him.  They replaced him with a tiny gadget, this big. It does everything my father did, only much better. The depressing thing is my mother ran out and bought one.

 - Woody Allen 

ACTUAL CASE HISTORIES*: You can see it all around you: jobs and careers that seem to be headed toward obsolescence. Can you avoid being one of those who is “left behind?”:

Item: Marilyn followed in her parents’ footsteps to become a travel agent. Little did she know that Expedia, Orbitz and other online travel sites would rapidly replace more than one half of those employed in her industry.

Item: President Obama recently asked members of an audience to raise their hands if, in the past few months, they had any contact with a bank teller. No one raised a hand.  

Item:  An increasing number of Americans in need of surgery are traveling to India for their operations – at one tenth the cost, in brand new hospitals – and seeing the local sights as part of the bargain.  

Item: Large online companies, like “Legal Zoom,” are performing incorporations, wills and simple patent applications – that traditionally kept lawyers and small law firms afloat.

Item: The U.S. Bureau of Labor Statistics predicts that 54,000 U.S. Postal Service mail sorters and machine operators will be out of work in the next seven years.

Item: And, yet, there are acute shortages of nurses specialized in geriatric care. And, as always, you may need to wait two weeks for a plumber to fix your toilet.

What do these observations tell us, and what can we learn from them?

LESSON TO LEARN: Over time, the world has always changed, it is changing faster today than it probably ever has, and it will likely continue to change faster than it is doing today. Due to technological, sociological and even biological trends, we are all faced with a challenge like never before: we must all learn to adapt ourselves – or risk being “left behind.”

Adaptation – changing with the changes around you – can mean a lot of things. Because the ozone layer seems to be diminishing, it might be healthier to use sun screens, or maybe even limit your time in direct sunlight. Because of the increasing presence of chemicals in our daily lives, it might mean eating more food grown organically. At work, adaptation means staying employed and employable by continually giving thought to the careers you choose, the jobs you apply for, and even the skills you learn each day.  

Whether you’re 22 or 72, there are things you can do. And should do. Sure, you can choose to ignore these things, but sooner or later you’ll lament your decision to do so.

WHAT YOU CAN DO: Here are six suggestions meant to get you thinking a bit about avoiding the “obsolete job” trap:

Read the rest of this blog post »

Question: Alan, I work for a very large and prestigious global private equity firm. I am 3.5 years out of college and just started an Analyst/entry level position at my firm 7 months ago. I routinely work 70+ hours per week, sometimes 100 hours, and have sacrificed countless weekends and most holidays to perform my “normal” tasks. 

I was recently given a Performance Improvement Plan (“PIP”), which feels like 30 days until a termination letter, due to a need to (a) produce quality work equal to my peers, (b) take initiative/request work before it is assigned, and (c) better prioritize my deliverables. The points of improvement are, of course, vague and the same managers who put me on the PIP will be the ones assessing my improvement over the next 30 days. 

With this, I have several questions: 

First, if my normal work load requires 2-2.5x “normal hours” as stated in the employee handbook, how am I being reprimanded for errors any normal person would make during such a work week? 

Second, my ability to meet/miss deadlines is directly linked to my workload, I have been assigned the most number of assets, which includes the biggest and most complex asset in our $10b portfolio. My situation is dissimilar to my peers and my assets require unique/specific knowledge that was not included in my job description. Wouldn’t this create an apple-to-oranges comparison to my peers? 

Thirdly, because I signed the PIP, this means that I have acknowledged I am deficient in my role and if terminated/resign I will receive no severance or unemployment even though my level of commitment and stated intention of performing at or above expectations has not contributed to my receiving a PIP? I appreciate any insights. Thank you.

Arlen
Boston, Massachusetts

Answer: Dear Arlen: Sorry to hear of your predicament. Here are a few thoughts that come to mind:    

Thought 1: You are probably right to view your PIP as the near-equivalent of a 30-day notice of coming termination; that’s what they usually are. I wish it was not the case, but in my experience, the experience of most of my clients over the past 30 years, and the experience of most blog readers who write in, that is what PIP’s are. It seems exceedingly rare for a Performance Improvement Plan to be what its name suggests it should be: a mutual plan designed to improve performance. So, at least you are not living in a state of denial of what is happening to you, and what may happen to you, as so many people in your shoes often are.   

Thought 2: One thing you must come to grips with is this: putting in a lot of hours is not a ticket to job security; that requires “a perception of value to a person of power.” From the way you describe your perspective on the matter, it seems you believe that putting in a lot of hours should protect you from job loss. That is simply not the case, it never was, and it never will be.

Can you imagine a car salesman saying to you “I work seven days a week; for this reason you should buy this car.” Would you be motivated to buy that car for that reason? Well, neither is your boss motivated by your putting in a lot of time to continue to “buy” your services.

I’m not sure why you are being pressured to leave, or threatened by job loss, but I do know that putting in a lot of time is not going to help. Instead, you need to focus your thoughts on “What does my boss want, need or feel he/she deserves?” That perspective – perceived need of the “purchaser,” and that approach when put into action is the key to job security.

While it may be too late to put that perspective into action on this job, you have a lifetime and a career ahead of you to do so. Most people don’t learn these lessons until it is almost too late to take advantage of them. Don’t feel bad about not understanding this: I didn’t understand it myself until I was much older than you are.   

Thought 3: At Wall Street firms, in large Law Firms, and at Private Equity companies, 100 hours a week is defined as “decent productivity.” For generations, the large financial and legal firms have all prided themselves on making their young associates work 80 to 100 hours a week. It was a rite of passage, and was very profitable, as well. In fact, the way most “prestigious” private equity firms have gotten to be “prestigious” is by purchasing companies and requiring the employees of those companies to work as many hours as you do. Until recently, large hospitals did the same thing with their young interns and residents, that is, until too many patients died as a result. Though young investment bankers, attorneys, financial analysts, and – yes – doctors do not like it, they do so because of what they view to be as the expected payoff over time. I don’t think it is right or wrong, because it is a matter of choice, and a matter of values. But I do believe that, despite promises and assurances you may receive during interviews, your long hours are pretty much to be expected so long as you work in companies like your present employer.

Thought 4: All “PIP-recipients” should consider “pushing back at a PIP,” but at the same time immediately start looking for new employment. As you will surely know if you’ve reviewed our blogsite materials and videos on Performance Improvement Plans, we nearly always recommend that employees in your situation “push back at the PIP.” Some people meet with different kinds of success in doing so, including (a) keeping the job, (b) getting a transfer, (c) getting more time to look for a new job, (d) getting paid severance, (e) getting a good reference letter, (f) getting an agreement that the employer will not contest unemployment, (g) getting an expungement of negative references in your HR file, or (g) simply getting the satisfaction of “speaking truth to power.” In standing up and pushing back at a PIP, there’s so much to possibly gain, and so little to probably lose.

We offer lots and lots of materials, from Newsletters, to Q&A’s, to YouTube videos, to Model Letters, to help you. It just takes your taking the initiative to help yourself.

If you’d like to obtain a Model Letter entitled “Model Letter to Push Back at a PIP” that you can use to adapt to your own facts, events and circumstances, simply [click here.]

For great info and insight, consider viewing our 12-minute Sklover-On-Demand Video entitled “Performance Improvement Plans – How to Respond.” To do so, just [click here.]

Thought 5: Don’t lose your spirit; instead, learn a lesson. No matter what the experience may be, you always have a simple choice ahead of you: respond in a positive way, or in a negative way. It’s up to you. Remember that Steve Jobs was fired – several times – but that didn’t stop him. So was Michael Bloomberg, New York City’s Mayor and richest person. From each experience take what you can, and move forward. I know it’s not fun being fired, rejected and pushed out unfairly; it’s happened to me at least a few times, too. If this employer hired you, you must present yourself well. Get back up on that “bicycle” and get rolling down “your road.”  

You are young, educated and capable. The world is your oyster. Don’t lose sight of that.

Arlen, I do hope this is helpful. And I do hope you do all you can – with a clearer perspective – in moving forward in pushing back here, and in being of supreme value on other jobs, too . . . for your employer, and for you and your loved ones, too. I am confident this will, in the long term, be a blessing in disguise. 

My Best to You,
Al Sklover

Repairing the World –
One Empowered and Productive Employee at a Time ™

© 2012 Alan L. Sklover, All Rights Reserved.