Tag: Coaching

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Mentors, Coaches, and Networking

Josh Sweeney Presentation on Culture First Hiring

This week I received an article from my friend, Faith, which she described as ‘must read.’  When Faith sends me a ‘must read’ article, I jump on it!   This article was an excerpt from The Complete Guide to Building Your Personal Brand, a book written by Neil Patel and Aaron Agius.  Actually, the article is chapter 6, How to Connect With Mentors.

 

 

The article begins by stating that “74% of hiring managers, believe that job seekers need the support of a mentor, counselor, or job coach whereas, only 40% of job seekers actually have a mentor to help them through the process.” They quoted Madeline Slutsky, Chairman of the Career Advisory Board and Vice President of Career Services at DeVry University who stated that “job seekers are doing themselves a huge disservice by ignoring the wealth of guidance and insight a mentor could provide.”

 

 

They quoted Rachel Louise Ensign of the Wall Street Journal who said that “a mentor can help a young worker answer tough questions about his or her career path and get perspective on the industry.  The relationship may even help you eventually land a new job.”

 

 

After the setup and further prose on the value of mentors, the article laid out a systematic approach to identify a mentor, how to engage the prospective mentor, and the need to formalize a structure for a productive relationship.

 

 

This post was clearly meant for someone beginning their career, a primer as it were, which is fine.  It’s an important topic, worth discussion.  There’s so much to learn about navigating organizational cultures that one needs a mentor or coach to help accelerate their learning.

 

 

I find it useful to distinguish between the work of a coach and mentor.  Although there may be some overlap in their approach, there is a difference.  A mentor is more of a strategist and generalist whereas a coach is more tactical and specific.  This point is a generalization, of course, as mentors can be strategic or tactical, depending on the situation. In my experience, mentors are people you call on to better understand the dynamics of a situation. They are guides.  They don’t tell you what to do but help you learn by providing options to consider.  A coach, on the other hand, helps you develop skills and provides feedback and encouragement.  Another important distinction is that coaches are often paid for their services.  Mentors are volunteers who gain satisfaction by giving back.

 

 

The situation is relevant as well.  A mentor or coach appropriate for career development on the job may not be suitable to help you during a job search.  A career coach experienced in job search will provide relevant tactical support for resume preparation, networking effectiveness, and interviewing skills, to name a few.

 

 

I couldn’t help but think that finding a mentor is a subset of building a network to support your career.  That thought sparked my thinking on a broader level.  Faith’s recommendations tend to do that.  I was reminded of the chapter I’d just read from Strategic Connections.  Those authors speak about the importance of creating teams to accomplish different objectives.  They say that, depending on the nature of the objective, different personality types are required to achieve the objective.  They identify 14 different archetypes as follows:

 

 

  • The Sponsor
  • The influencer
  • The Cheerleader
  • The Wise Elder
  • The Novice
  • The Heart
  • The Wizard
  • The Brain
  • The Critic
  • The Guru
  • The Sarge
  • The Promoter
  • The Creative
  • The Global Citizen

 

 

Thinking about the issue further, finding mentors and coaches is part of building your network. You’ve probably been on different teams from time to time, both at work and play, so you have experience.  To achieve important goals, we often need to assemble a team.  Depending on the nature of the objective, the team may be broad, or it may be small.

 

 

From a broader perspective, the issue is about building a network of people with diverse skills and perspectives who can be a resource to you.  I believe it’s about developing relationships based on mutual respect and interests.  You’re not only developing a team to support your needs; you’re a member of your contacts’ teams.  Expect to be called on when they need you.  Make sure to answer their call.

 

Thank you for visiting our blog.

I hope you enjoyed our point of view and would like to receive regular posts directly to your email inbox.  Toward this end, put your contact information on my mailing list.

Your feedback helps me continue to publish articles that you want to read.  Your input is very important to me so; please leave a comment.

 

Jim Weber, Managing Partner

ITB PARTNERS

Jim.Weber@itbpartners.com

Author of: Fighting Alligators, Job Search Strategy For The New Normal

 

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Houston, We Have A Problem!

I swear, I must have been transported into an alternate Universe this week, where I was an actor in a sitcom.  Something resembling “I love Lucy.”  You know how sitcoms are written, there is always the main plot with a few sub-plots working.  By the end of the show, all the plots converge on one common theme. Yes, I was living through a sitcom episode in my alternate Universe.

It began a week ago Friday evening when my wife’s car wouldn’t start.  She was at a job site which required the car to be towed to the nearest Dealer.  It sat there until Monday when the Service Department opened.

As she is a residential contractor, she rented a car to keep her projects on track.  Unfortunately, she fell in love with the rental and decided it was time for a new car.  It must have been the electronics package.  Naturally, I protested!  Her car is ten years old but hasn’t even cracked 100,000 miles.  In fact, it is very reliable and has had few problems.  From my perspective, the car isn’t even broken in.  We have been married for 43 years, so I knew how this would unfold.  My best logic would be deployed to no avail.  I could only hope to minimize my losses by working at the margins.  By the beginning of the week, we weren’t speaking much.  Houston, we have a problem!

I realize that most purchases are made on emotion and later justified by tortured logic.  Surprisingly, I have come to believe that is not limited to the consumer world.  All too often I have seen that scenario play out in the business world.  This is was our sub-plot.

Monday, I met with a senior consultant for the local office of a National outplacement firm.  He invited me to explore an opportunity to collaborate. I told him how we help our members understand and adapt to the new employment paradigm.  I explained my view that we are all ‘free agents’ in a dynamic environment.  Professionals will move between W-2 and 1099 status as tenures become shorter and shorter.  We have little control over the employment situation created by the digital transformation of the economy.  He invited me back to speak to his clients.

Tuesday, I moderated the monthly meeting of the BENG Atlanta Chapter.  Our featured speaker, Erica McCurdy, a Master Coach, and ITB Partner facilitated a discussion entitled “Not every problem has a solution.”  The gist of her message was don’t confuse situations with problems. There is a difference.   A situation is a state of being; a confluence of events beyond one’s control.  Situations require one to adapt whereas problems require solutions.  Was it merely a coincidence that I was hearing this message from Erica?

It’s useful to know the difference between problems and situations to focus your energy on things you can change.  If you try to change things that cannot be changed, your state of mind will suffer.  By resolving things that can be changed, you will reduce stress and improve your life, especially if you eliminate unproductive effort.

Successful people view problems as opportunities to grow, improve, and adapt.  For them, problems are a part of life.  Their positive attitude toward problem-solving improves their outcomes.  Experience makes future events easier to traverse.  We should accept problems as a normal, unavoidable condition of life.

I spent the rest of the week evaluating situations and problems.   As I dissected what I assumed were problems, I realized that some were situations.  In these cases, I found opportunities to employ my leadership skills.

This week unfolded within the context of my wife’s desire for a new car.  I had a situation.  She had a problem. When she sets her mind on a course of action, I become a spectator.  During our marriage, I can’t remember winning a major battle, but I’ve had success at the margins.  Guys, I think you know what I mean.  While I became more obstinate, digging in my heals, she negotiated a better deal.  I lost, of course.  I knew I would. My life was imitating art.  Today, she is very happy with her new car.  I live on to fight another day.

Thank you for visiting our blog.

I hope you enjoyed our point of view and would like to receive regular posts directly to your email inbox.  Toward this end, put your contact information on my mailing list.

Your feedback helps me continue to publish articles that you want to read.  Your input is very important to me so; please leave a comment.

Jim Weber, Managing Partner

ITB PARTNERS

Jim.Weber@itbpartners.com

Author of: Fighting Alligators, Job Search Strategy For The New Normal

 

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Make Networking a Win-Win Proposition

This past week was a good one.  Well, suffering through the remnants of the prior week’s Cold wasn’t fun, nevertheless, it was a busy week with many accomplishments. My time was devoted to coaching and mentoring my clients, recruiting new consultants, and a lot of networking. It was a good mix of productive activity that makes my work interesting and enjoyable.  

My recruiting discussions included people interested in opening new offices for ITB Partners across the country and signing new members for our Atlanta team.  One of those discussions was with a trusted colleague I have known for many years. It was a good opportunity to compare notes on the business environment and to catch up on each other’s progress.  I even made an indirect pitch to sell her on the idea of joining our network.  I am confident that my discussions will lead to follow-on contacts, creating more business opportunities.

I also learned how to create a survey in constant contact, and how to conduct a ZOOM video conference.  I have a keen interest in learning, especially about leadership and the use of technology to improve my productivity.  The value of ZOOM is to make our routine meetings more productive, eliminating drive-time for face-to-face meetings.  The Constant Contact Survey Function will support the work to complete our 2019 Strategic Review.  As we are using Constant Contact for our email marketing outreach it seemed to be unnecessary to pay for another service like Survey Monkey.

The highlight of my week was a luncheon meeting with a friend and one of my colleagues. The purpose of the meeting was to introduce my colleague to my friend, whose company could benefit from his expertise.  After making the introductions, throughout most of the luncheon, I listened to their conversation, taking notes for follow-up introductions and networking.  During that discussion we learned that her company’s updated business strategy is focused on acquiring an operating company.  This gave my colleague an opportunity to talk about his strength in helping companies navigate significant changes, such as a change in ownership.

As she described their acquisition criteria, I made notes listing people she should meet.  Naturally, I thought of people who could be helpful; two investment bankers, and a colleague who just helped her client with an acquisition.  In this case, my colleague ran the due-diligence process for the acquiring company as a consultant.   When the transaction was completed, she become their CFO.  Having had recent M&A experience, especially with a CFO’s perspective, I know she can be very helpful to my friend and her company.  Later that afternoon, I made those connections for my friend via LinkedIn.  As I write this post, they are in the process of scheduling introductory phone calls.

I even thought of another client, who is prepping their business for sale, that may fit their criteria. This client is owned by a Private Equity Group (PEG) that is interested in realizing the increased equity they have created during their holding period.   I mentioned that company in general terms, telling her that I will get back to her with more information. That led to a phone call with the target company’s CFO who promised to connect me with their advisory firm.  We also talked about scheduling a dinner meeting to discuss future opportunities.

Overall, last week was a very productive week indeed, especially from a networking perspective.  My orientation is that effective networking meetings begin with an objective and a good strategy.  One must have a win-win mindset with a primary focus on helping the other party in the discussion.  Good net-workers understand that reciprocity is the unspoken rule.  By helping my friend find a viable acquisition target, I am confident that my colleagues and I will benefit from contracts with her company.  Knowing her as I do, I am equally confident that she will provide us with outstanding references leading to additional business.  I would call that a win-win proposition.

Thank you for visiting our blog.

I hope you enjoyed our point of view and would like to receive regular posts directly to your email inbox.  Toward this end, put your contact information on my mailing list.

Your feedback helps me continue to publish articles that you want to read.  Your input is very important to me so; please leave a comment.

Jim Weber, Managing Partner

ITB PARTNERS

Jim.Weber@itbpartners.com

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New Year’s Resolutions – Seriously!

It’s that time again. A new year. The hope for new beginnings.  Time to make New Year’s resolutions.  Is this really meant to be a serious activity? I wonder.   Many take it as a joke while others see it as an important opportunity. I suppose it depends on the individual.  The most ubiquitous goals seem to be about our personal health and well-being. Usually, that means losing weight and going to the gym.  As I recall, fitness center memberships always spike at the beginning of the year, then taper off throughout the year.

The genesis of creating New Year’s resolutions goes back, at least 4000 years to the Babylonians.  They celebrated the New Year by pledging loyalty to their King and promises to the gods to repay their debts.  If they faithfully fulfilled their promises, they expected to receive favor from their gods.  The Romans, and Early Christians had similar traditions.  Today, it is largely a secular practice.  Approximately 45% of Americans make New Year’s Resolutions, with an 8% success rate.  

Making New Year’s resolutions is easy! I do it every year. Accomplishing my resolutions, however, requires effort.  I was curious to know how others view New Year’s resolutions, so I polled my colleagues on the subject, which I recapped in the following paragraphs.

Don told me, “The only New Year’s resolution that I’ve ever been able to make and keep (so far) I made 35 years ago, and that was not to ever make another New Year’s resolution. All kidding aside though, as each year passes, I find myself reflecting on who I am, what drives me, and how I can grow a stronger servant spirit to those I interact with. Therefore, I’d say that an ongoing resolution is to strive to be a better person, to realize & attempt to improve on the areas I fall short, and to always remain open to opportunities to utilize my life experience to help others whenever and wherever I can.” 

Sue said, “My POV may be a bit different than others as well.  I tend to take a more philosophical approach vs. the bucket list…So, it’s more of an inventory of “what really matters? and structuring strategies to get there” and the tactical issues tend to fall into place.  With so much (and needed) focus on Leadership qualities and when put into practice the potential positive impact on the lives of others, this approach resonates with me.”

Don and Sue believe in big general goals.  Their interest is focused on affecting the lives of others. They understand the need to create specific tactics to achieve those broader themes.

Mark wrote, “Life is an ever-changing beautiful puzzle. The best way to make your wonderful life puzzle is to visualize your wanted future experiences and share them with others so they can participate and improve them with you. Setting temporary resolutions or goals may be the wrong puzzle pieces to build your better life. See bigger than simple puzzle pieces for your life. At work, setting goals for projects is good. But for life, goals are too small and rigid. Be flexible and evolve your life puzzle picture.”

John told me; “January 1 is the milestone to turn over a new leaf, go forward with that idea that’s been stuck in your head for months, lose the bad habits that are keeping you down.  Don’t listen to the naysayers that don’t believe in resolutions. I say even if it fails, at least you’ve given yourself an opportunity to feel optimistic, good about yourself and belief in your future. And from there, on to the next resolution, do your best to make it stick. Write it down, tell someone, make a daily commitment to remind someone what your goals are. Find daily quotes for encouragement, “even if you don’t feel like it, get up, dress up, show up and never give up”

Mark and John are serious about creating bold Resolutions.

Richard is focused on execution. “Format your New Year’s resolution in terms of a SMART goal. Especially the part about measurable and time bound.  Share it with friends who you will want to know how you’re doing.”

Eric has a tightly focused Resolution.  “As I mentioned, my New Year’s resolution is to focus on effective communications.   As the old saying goes, tis better to remain silent and be thought a fool, then to speak and remove all doubt.”

Personally, I like to fast forward 12 months to visualize where I want to be, then determine how to achieve that result.  For example, I want to become a more effective leader.  I plan to achieve this goal by listening more; to be more positive; and be more supportive in my personal relations.

If you aren’t serious about improving your situation, making New Year’s resolutions is pointless. If you are serious, it means replacing unproductive habits with productive habits.  In other words, creating new habits.  If you are reading this post, I am confident you are serious about action to improve your situation.

Thank you for visiting our blog.

I hope you enjoyed our point of view and would like to receive regular posts directly to your email inbox.  Toward this end, put your contact information on my mailing list.

Your feedback helps me continue to publish articles that you want to read.  Your input is very important to me so; please leave a comment.

Jim Weber, Managing Partner

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ITB PARTNERS’ JERRY HEILPERN RESURRECTS ATLANTA MEAL DELIVERY STARTUP

Saige Personal Chef

In a period of roughly 14 months, Jerry Heilpern of ITB Partners successfully decreased Food Cost from 110% of sales to 20% of sales, labor cost from 95% of sales down to 19% of sales, and reduced packaging cost from 65% of sales down to 12% of sales.

Under Heilpern’s guidance, the Saige kitchen was converted from a typical casual dining restaurant kitchen, in which many products are brought in pre-made through the back door, to a kitchen in which every meal is fully made from scratch, even down to the sauces.

Heilpern brought further efficiency to the production process by purchasing and instituting Chef Tech as Saige’s cost of sales management program, which allows Saige to track actual food cost against theoretical food cost and results in more efficient ordering and a significant decrease in food waste. Chef Tech additionally allows Saige to track and flag any allergens within dishes and recipes.

Chicken Dinner

In this time, Saige also instituted standardized recipes for every production cycle and every product and has created a photo catalog of every single menu item to assure consistency in plating and portioning. Since May 2018, with the promotion of a new Head R&D Chef, Chef Joshua Heilpern, over 175 new menu items have been added to Saige’s catalog. The net effect of all of these changes has resulted in a vast improvement of food quality, variety, and flavor.

Pork Schnitzel

Finally, since July 2018, the company has been experiencing a sales increase of 10% week over week. Saige looks ahead to the 2019 year with excitement and confidence under the leadership of Jerry Heilpern, as they continue their individual meal delivery, launch their new catering service, and continue to expand their product catalog.”

About Saige:

“Every Sunday, Saige Chefs delivers fresh, healthy, chef-prepared meals straight to the doors of customers across the Greater Atlanta Area, offering dishes catering to a variety of diet types, including vegan, vegetarian, pescatarian, and gluten-free. Meals arrive fresh, ready to be stored in the refrigerator and reheated in the oven or microwave whenever convenient! Quality meals with impeccable flavor start at $11.99/meal for adults and $6.99/kids.

Saige Chefs has additionally recently launched corporate and private catering services, and will soon be introducing fully prepared and delivered meals for four at just $9.99/serving. Learn more at saigechefs.com or contact help@heysaige.com with inquiries.

For more information about ITB Partners and how we can help you, contact -Jim Weber at (770) 649-7051  or  Jim.Weber@itbpartners.com


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December 11, BENG Atlanta Meeting featuring Chris Butsch

DATE AND TIME

LOCATION

Bella’s Kitchen

6600 Peachtree Dunwoody

350 Embassy Row

Atlanta, GA 30328

View Map

$10 Fee

Join Us for the December Business Executives Networking Group, (BENG) Atlanta Chapter Meeting featuring Chris Butsch who will present:

“Executive Speechwriting Secrets: Crafting Killer Content that’ll Make Employees Love to Work Hard for You”

Register Now

Chris Butsch works with organizations who want happier cultures with higher engagement and lower turnover. He is the author of The Millennial’s Guide to Making Happiness and is considered a global expert on applying positive psychology to the workplace and classroom.

A $10 Registration fee includes a sumptuous breakfast buffet.  Register Now!

BENG Mission

BENG provides mid- to senior-level professionals with a platform to enhance their networking activities and skills.

Members in-transition benefit from tools to accelerate their job search (including opportunities for networking), targeted employment information and emotional support.

Employed and self-employed members benefit from a platform to network and cultivate relationships with community leaders and professionals interested in expanding a business.

We rely upon the generosity and cooperation of our members – whether in-transition, employed or self-employed – to accomplish the mission of “Members Helping Members.”

Register Now!

 

Monthly meetings are structured to help each member get the maximum benefit.

BENG Networking Meetings:

  • Are approximately two hours in length.
  • Are typically held monthly.
  • Range from 10 to 30 attendees, but the average is 20.
  • A skill building presentation.
  • Allows each attendee 30 seconds to introduce themselves, talk about their background and expertise, and to present their Target Companies and networking needs.
  • Please bring business cards and your marketing plan if you have one.

Networking meetings provide members with an opportunity to sharpen their networking skills, meet peers from various disciplines and share business opportunities and job leads.

Register Now!

To register or for more information:

R.S.V.P required. For more information about The BENG, go to www.thebeng.org.


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Stay Focused: Avoid Time Sucks!

I give a lot of consideration to the way I use my time.  Often, these assessments lead to significant adjustments.  A decision this week reminded me of a similar situation a decade ago.

 

In 2003 I joined a club to conduct business and entertain clients and prospects. This club provided excellent food and beverage service to accommodate breakfast and luncheon meetings.  It had enough rooms of varied sizes for private meetings.  Because of its commanding view from the top floor of a high-rise office building, it was a popular place for many events, including weddings, and holiday parties.  It was a good location for political functions.  I made good use of the club’s amenities, especially during the holidays.  I hosted an Annual Company Meeting and facilitated the use of the club for a major alumni event and a few smaller gatherings.  My middle daughter chose the club for her wedding and reception.  The club was good about giving back to its members as well, hosting a free members appreciation gala during the holiday season.  It wasn’t the most convenient location, but I met a lot of great people and significantly improved my networking skills.

 

Among the members, I came to know, were a few cigar aficionados.  Although the club was a non-smoking venue, there was a cigar bar in an adjacent hotel.  One thing led to another, and eventually, we formed a poker group. We met once a month, enjoying a cigar and a beer or two before the game.  Poker night was not as much about poker as it was camaraderie among friends.  Fifteen years later, the game is still going. It is still less about the poker and more about spending time with friends. Only two of us are left from the original group, as members have come and gone.

 

Toward the end of 2008, as the economy slipped into recession, I chose not to renew my membership with the club.  The recession put a lot of things into perspective.  A crisis will do that.  I came to realize that I was not meeting the type of people I needed to build my business.  Additionally, the location caused me to spend too much time traveling to and from the club.  It wasn’t necessarily a happy decision as I was very fond of the club.  I had made some lasting friendships and had gained the respect of the management and staff.  Sadly, continued membership at the club was not aligned with my objectives.   I realized the need to refocus my efforts as the economy became more unstable and unpredictable.  It wasn’t easy leaving the club, but it was necessary.

 

I had a similar epiphany Friday morning conducting a very successful ITB Partners meeting. I was with twenty highly accomplished professionals, with two or three more participating by telephone. We were discussing plans for a strategic review for our company.  It was quite exhilarating. I’ve always enjoyed leading bright people through the process of chartering business strategy. You could say that it is in my DNA. I was in the zone.

 

On the other hand, I’ve come to realize that I no longer have the same level of anticipation for poker night. In fact, I’ve noticed a certain level of trepidation.  I know it’s pointless to continue playing if it isn’t enjoyable. I have far too many other responsibilities to occupy my time.

 

When I compared Friday’s meeting to the monthly poker game, the implication was clear. The thrill is gone. I have been going through the motions. It is no longer a productive use of my time, even for recreation.  It’s time to move on.  My decision won’t affect the relationships I have with close friends in the group which are solid.

 

It’s important to reassess from time to time.  Successful companies have a process to review their annual progress against plans, adjusting as needed.  As individuals, we make New Year’s Resolutions at the beginning of each year.  Many of those resolutions are never achieved, however, we understand their intrinsic value.  I find it useful to assess the way I use my time in connection with my goals and objectives.  I think you will too.

Jim Weber, Managing Partner

ITB PARTNERS

Jim.Weber@itbpartners.com

 

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LFPR and the Demand for Labor Paradox

 

On November 2nd, the Friday before the midterm elections, the U.S. Department of Labor presented its initial report for October.  The report showed that employment increased by 250,000, a 1.7% year-over-year improvement.

 

On Tuesday, November 6,  The Bureau of Labor Statistics released its Job Openings and Labor Turnover Summary,

The report reflected an unemployment of 3.7% and a Labor Force Participation Rate (LFPR) of 62.9%.  Job Openings were reported at 7.0 million, down from 7.3 million the prior month.

 

The bulk of October’s hiring came from three major industry segments; healthcare and social assistance added 46,700 jobs, leisure and hospitality added 42,000 jobs, and manufacturing added 32,000 jobs. The only sector to record a decline was the education sector which dropped 2,500 jobs. On a year over year basis, the manufacturing sector increased employment by 9.4%, construction employment increased by 4.7%, and transportation/warehousing increased 3.5%. The information sector lost a half a point.

 

The September employment figure was revised downward from 134,000 to 118,000, whereas the August figure was revised upward from 270,00 to 286,000.  During the third quarter, GDP increased by 3.5% as compared to 4.2% in the second quarter. The consensus is that the economy is on track for a full year GDP increase of 3%.

 

The economy remains strong, without clear evidence of slowing. We have seen some wage increases which supports the belief that the labor market is tightening.  I find it interesting that employers are trying to fill 7 million jobs, and The Labor Force Participation Rate (LFPR) is at a historic low.  In fact, the ratio of people looking for work to jobs available is .9.  In other words, for every 100 available jobs, 90 people are actively seeking employment.  The U.S. labor market has enough slack to accommodate the demand for labor, or so it seems.  So, why haven’t those jobs been filled by the people looking for work?   There is an obvious disconnect between the demand for labor, unemployment, and the LFPR.  Call it a Demand-Unemployment-LFPR Paradox.

 

FIVE REASONS FOR THIS PARADOX.

Lack of appropriate skills

Structural unemployment

Disability and chronic illnesses

Opioid epidemic

Baby boomers are retiring

 

I find these reasons interesting if not compelling. I can understand the effect of disability and chronic illness, especially high blood pressure and diabetes.  The effect on the labor pool includes the afflicted and their caregivers. Personally, I would include people who are chronically addicted to drugs, including opioids, as disabled at least temporarily. These issues require Public Policy initiatives at the Federal and State levels.

 

About “lack of appropriate skills,” the issue is clear.  If an employer is looking to hire software engineers, it is unlikely that a middle-aged, displaced factory worker would be a viable candidate.  This is an obvious example however, it doesn’t explain the bulk of the paradox.

 

I find the issue of retiring Baby Boomers most interesting as there are conflicting signals regarding their situation. The first is that we are healthier than previous generations and highly motivated to contribute.  Additionally, I continue to hear reports from financial planners that the average baby boomer has somewhere between $10,000 and $50,000 in savings, hardly enough to support retirement.  The effects of divorce and unemployment have diminished the financial security for many Baby Boomers.  Admittedly, many are leaving the corporate world and government service with pensions. However, Baby Boomers I encounter are not ready to retire even if they have the financial resources to do so.

 

Structural Unemployment is a euphemism for age discrimination, whether real or perceived.  In some cases, it may be due to a perceived lack of relevant skills.  In other situations, it may be due to salary requirements.  The lack of relevant skills is a perception that seniors are not as savvy using technology as younger workers.  I find this questionable.  On the other hand, seniors probably have expectations for a greater wage than the market may support.   A good example is the demand to raise the minimum wage by displaced workers who were forced to find employment in Quick Service Restaurants during the recession.  Hiring older workers carries risk, including health and vitality, and EEO complaints.  Of all the reasons to be disconnected from the workforce, I find this to be the easiest to overcome. As the economy continues to restructure itself to accommodate the digital revolution, employers are becoming more comfortable employing freelancers, or outsourcing job functions. This creates tremendous opportunities for anyone with relevant skills, like Baby Boomers, to create their own employment opportunities.

 

I believe it is a useful goal to create an economy that can employ everyone that wants to work.  I believe in policies that provide incentives for people to work.  Our current economic environment has challenges and opportunities.  The clearest opportunity is for Baby Boomers and those affected by Structural Unemployment to turn perceived weaknesses into strengths and embrace the digital economy.  Corporations may take the lead in addressing the skills gap by providing training and development programs.  Public Health Policy must become more robust to address chronic illness and addiction.  It occurs to me that the Labor Paradox can be bridged, but it will take significant effort.

 

Addendum: Understanding The Bureau of Labor Statistics Reports on Unemployment and LBFR

 
The Labor Force Participation Rate (LFPR) is derived from a survey of the number of people available for work as a percentage of the total population of possible workers. In October 2018, that rate was 62.9%. It measures the amount of labor in an economy, one of the factors of production. The other three are natural resources capital and entrepreneurship. LFPR equals labor force divided by civilian non-institutional population.
As defined by the Bureau of Labor Statistics the civilian noninstitutional population includes everyone living in the United States who is 16 years or older minus inmates of institutions such as prisons, nursing homes and mental hospitals, and active duty military.
“Labor force” is everyone classified as either employed or unemployed.
“Employed” is anyone age 16 or older in the civilian noninstitutional population who worked in the last week, They are those who worked an hour or more is paid employees or 15 hours or more as unpaid workers in a family-owned business or farm,  It also includes those who have jobs or businesses but didn’t work that week because they were on vacation, sick or on maternity leave, on strike, or in training, or had some other family or personal reasons why they did not work. It doesn’t matter whether it was paid time off or not.   Each worker is only counted once even if they hold two or more jobs,  Volunteer work and work around the house do not count.
“Unemployed” are those age 16 or more who weren’t employed but are available for work and were actively looking for a job within the past four weeks.
People who would like to work but have not actively looked for work in the last month are not counted as being in the labor force no matter how much they want to job. They are counted in the total population.
The BLS does not track them.  It calls them “marginally attached to the labor force.” These are people who have looked in the past year but just not the previous month.  These people might have had school or family responsibilities, ill health, or transportation problems that prevented them from working recently.
Some of the marginally attached people in the survey are considered discouraged workers. This term is defined as people who have given up looking for work because they don’t believe there are any jobs available for them. Others have become discouraged because they lack the right schooling or training. They may be concerned that they are too young or too old to be of interest to potential employers. Some have suffered discrimination. They are counted in the real unemployment rate. Others who are included in the labor force are students, homemakers, retired people, and those under 16 who were working. Still, they are counted in the population.
Between 1948 in the 1990s, the LFPR had been increasing. Prior to 1963, the LFPR had been below 60%. As more women entered the labor force, the LFPR gradually increased to 61% by the early 1970s. It reached 63% in the 1980s and peaked at 67.3% in 2000. The LFPR fell to 66% with the onset of the 2001 recession. Following the financial crisis that began in 2008, the LFPR fell below 66% and has continued falling, reaching a low of 62.6% into 2015.
In her recent article, Kimberly Amadeo indicated that economists are divided as to how much of the recent drop in the LFPR was due to the recession.  Estimates range from 30 to 50% and as much as 90%. Many of the workers displaced during the recession never returned to the job market.

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Jim Weber, Managing Partner

ITB PARTNERS

Jim.Weber@itbpartners.com

Posted on

On Becoming a Thought Leader!

Coaching and Mentoring Consultants.

Lately, it seems I spend much of my time reflecting on my career. No, I am not going through a midlife crisis, I’ve passed that stage.  I believe it’s due to the coaching and mentoring time I spend with my consultants. It must be a natural result of my leadership responsibilities. As I work with my consultants, listening to their issues, my mind unlocks memories of similar situations I experienced. I’m certain this is not uncommon as it is just the way our minds work. Happily, I am pleased to be able still, to tap into that reservoir of knowledge.  The added benefit is that it helps me empathize with these folks.  I have learned a great amount of useful information during my career, and I am happy to share that learning with my consultants.

 

The good news is that I’m still learning.  I am becoming more productive by developing new skill sets and sharpening existing skills.  Especially my listening skills. It’s not just understanding what is being said, but more importantly, its about picking up cues to understand what’s not said.  I have learned that the seminal issue is often blurred, obscured by biases and faulty self-talk.  Empathy is an added benefit of improving my listening skills which help to better understand the needs of my team.

 

I’ve learned that coaching is more effective if I can work around one’s logic filters. If the message can be internalized at an emotional level there’s greater likelihood that one will act on the message. Turning experience into stories is an effective way to create a lasting impression.  Stories carry the weight of credibility if they come from one’s personal experience.  My advice is supported by authenticity and the passion I display reliving a personal experience. I consider it “the concept of connecting with impact.” My natural predisposition is to use humor whenever possible, especially self-deprecating humor.

 

I have the pleasure of working with highly-skilled professionals who have established impressive careers. They have all the skills necessary to become successful consultants even if they don’t recognize the full potential of those skills.  My mission is to train and motivate them to become effective freelancers by developing the skills they need now.  My strategy is to turn my experience, the good, the bad, and the ugly, into stories to help them learn how to achieve their goals.

 

Many in our group are accomplished independent consultants with ten to twenty years of experience.  They’re a tremendous resource and a big help to me.  However, we’re attracting new members who left their corporate careers to become freelancers. They are highly-skilled, highly-competent professionals, that are unclear on the requirements to build their businesses.  Naturally, I spend a lot of time coaching these folks on prospecting for gigs and closing deals.  The objective is to position them as “Thought Leaders,” or “Subject Matter Experts.”  The skills needed to become recognized as a  Thought Leader include:

Networking from a Plan

Speaking Engagements:  Selling by telling

Writing: Build a following of evangelists

 

Some of these skills come naturally to our new consultants.  Others are adept in each of these areas.  But some need a lot more help in one or more of these skill-sets.  I remember when I made my exit from the corporate world.  My public speaking skills were above average, however, my networking and writing skills weren’t ready for prime time.  That is not to say they were poor, but they weren’t polished enough to be an asset.

 

Now, my role is to start new members on the right path.  It isn’t easy for some, so I encourage them to take small steps.  Presenting at our monthly Members Meeting is an important step supported by a friendly room.  Likewise, we have a supportive team to help one gain the skills to write interesting blog posts. These small steps help one to gain experience and confidence.  Small steps lead to longer strides and then to leaps and bounds.  Appealing to one’s emotional hot-button is the trigger I use to help them make that first small step.

 

Thank you for visiting our blog.

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Your feedback helps me continue to publish articles that you want to read.  Your input is important to me so; please leave a comment.

Jim Weber, Managing Partner

ITB PARTNERS

Jim.Weber@itbpartners.com