5 Tips to Deal with Mid-Life Career Crisis

Posted on September 3, 2012 by b4iapply

Meet Kate – the corporate type. She joined the company as soon as she graduated. She worked hard because she really wanted to have a great career. Her efforts got noticed and she quickly got promoted. She was considered a talent.  She worked even harder and moved up the ranks. She is now in her mid-40s. She just found out that she was made redundant.

This shouldn’t be a surprise. This is the expected natural course of a corporate career.

Here are the career phases of a corporate person: Mid-life career crisis

  • mid 20s – late 30s: rising up the ladder
  • early 40s – late 40s – moving sideways
  • early 50s – late 50s – moving out (a younger person can do the job with double the energy and half the money)

It is a painful realization but it has always been the case. The only difference is that due to the economic recession the average age of moving out’ has been decreased to mid-40s.

If you are in Kate’s situation, here are five top tips:

  1. Don’t take it personally. There is no need to start beating yourself and think what you could have done differently. You really didn’t do anything wrong. This is how corporate works. Unfortunately, nobody had told you that before and you were unprepared.
  2. Take some time off. Don’t rush into conclusions. Go on vacation, if possible. Have some fun. Clear your mind before you start reflecting ‘what’s next’.
  3. Consider it as the mid-point of your career – and NOT the end. We will live longer. Most of us will have to work until our 70’s anyway in order to increase the value of our pension fund. So, don’t take it as the end of your career. On the contrary, take it for what it really is; the mid-point of your career. You will probably have at least 20 more years to work.
  4. Check your finances. On the one hand, you probably have significant financial responsibilities at this age. On the other, you might have been lucky enough to get a good redundancy package. Check how long you can allow yourself before getting a job. Is there anything you can do to minimize your costs? Can you do some freelance work?
  5. Find out what you really want to do.   The b4iapply framework will help you to go through the process:
  • Identify your strengths and interests; What are good at? What do you love doing? What motivates you?
  • Generate Options; Which jobs fit your abilities and passions?
  • Think Long-Term; Where do you see yourself in 10 years? Do you need to get any new skills?
  • Connect the dots; Putting all the pieces together will enable you to find ‘what’s next’.

You may of course decide to go for a job similar to the one you had in another company. Remember though that there is an expiry date on corporate careers – you learnt this the hard way! If you consider changing career, take your time to find out what you really want to do. 

Becoming redundant after investing what you consider your best and most productive years in a corporation may be frightening in the beginning. Most individuals though after going through the initial shock find it to be an empowering experience. Dealt correctly, a mid-life career crisis provides you with a second chance to find what you truly want to do. 

The bottom line: Don’t bury your head in the sand and think that this will never happen to you. Look around; how many colleagues do you have who are above 55 years old?

Have you gone through this type of experience? If yes, it will be great to share your learnings.

Korina Karampela is the founder of b4iapply, author of 2 books, consultant and speaker. She has held senior positions in the pharmaceutical industry and has an MBA from MIT Sloan. Her b4iapply blog is recommended by The Guardian for professional development.

Posted in b4iapply for a job, Career Advice, Job search | Tagged , , , | 7 Comments

Should You Turn Down Your Next Promotion?

Posted on August 26, 2012 by b4iapply

Meet David – the corporate guy. He has been working as a sales director for a multinational company for three years. He met or exceeded his sales targets each year. He is well-connected with the senior management and very keen to move to the next level. An opening for a vice-president position comes along. Although the franchise he will be heading is losing constantly market share, he is thrilled with the promotion. It has been his dream for some time now.

Fast-forward 1.5 years later: Despite his efforts, David didn’t manage to change the downward sales trend. He got fired.

Does this scenario sound familiar?

Is there anything that David could have done differently?

It is always easier to give advice when you know the outcome of an event. However, I’d like to use this example (any resemblance to real persons is purely coincidental) to elicit some learnings that can be used in future situations.

Here are 5 areas that David should have considered:

  • Find out more information about the job. What is the reason behind the market loss? Why the previous VP was not successful? Is the company willing to provide the necessary resources? How fast they expect a change? Is this a critical franchise for the company?
  • Assess whether this position fit his strengths and interests. A specific skill-set is required for turnaround leaders. They need to optimize processes, cut inefficiencies, get rid of wrong people fast, develop a stretched but achievable plan to name just a few. Does David have these skills? Does he have experience in these type of situations? Also, is he interested in this area?
  • Think long -term. Will this promotion help him to build the expertise he needs to achieve his 5 year plan or will it pigeonhole him in an area he doesn’t want to be long-term?
  • Get an external perspective. An honest discussion with his mentor(s) may uncover other useful areas to consider. Also, will this new job have an impact on his family life? Are they ok with it?
  • Connect the dots. Based on the information above, David should decide whether to accept or turn down his promotion. For example, if he doesn’t have the skills to make this assignment successful or if this promotion doesn’t help his career to the direction he had in mind, he should wait for another opportunity that fit his abilities better.
Should you turn down your next promotion?

Sometimes it is best to say NO!

There has been this belief that corporations expected complete loyalty from their employees. So, if you turned down a promotion, you basically said ‘goodbye’ to your career advancement in the specific company. Even if this used to be the case before (I doubt it though), it definitely doesn’t apply to the current work environment.

Nowadays, most employees work on average at 5 different companies during their working life. As a result, they learn to be more in control of their career progression and not to depend only on HR recommendations.

The bottom line: Make sure your next promotion will benefit both the company and yourself. If you are not certain, turn it down (politely). You will be better off in the long-run.

Have you accepted a promotion that didn’t go the way you wanted? What happened? What did you learn from the experience?

Korina Karampela is the founder of b4iapply, author of 2 books, consultant and speaker. She is a former executive in the pharmaceutical industry and has an MBA from MIT Sloan. Her b4iapply blog is recommended by The Guardian for professional development.

Posted in b4iapply for a job, Career Advice | Tagged , , , | 4 Comments

Parents’ Guide to College Planning: How to Help

Posted on August 21, 2012 by b4iapply

My parents didn’t go to college and they were very keen for me to get the best education I could. Those who went to college also swear that they will do anything possible to offer this opportunity to their children. Whatever your background, you want your children to go to the best college possible. 

At the same time, you may have witnessed firsthand people locked into jobs they don’t particularly enjoy or they are not very good at.

Here are nine steps to help your children find which college suits them best.

  1. Help them find what they are passionate about. Here are 4 ways they can use to find what they love doing.
  2. Encourage them to identify what they are naturally good at. It is important they ultimately choose a career that plays to their top strengths.
  3. Another element for them to discover is what makes them perform their best. Are they competitive? Do they have a strong sense of responsibility? Do they want to be famous? Do they want to constantly learn new things?
  4. Ask them questions that will help them figure out which work environment suits them best. e.g. Do they prefer working in a small entrepreneurial company or an international one? Do they want to work in the private sector or the public sector?
  5. Push them to think 10 years down the line.  Ask them to have a long-term plan. If they have a specific plan in mind, they will filter all the information they receive in a way that enables them to make it happen.b4iapply to college
  6. Brainstorm with them professions that fits their strengths, interests and expectations. Note though that a profession that has provided good prospects until now might be redundant soon. When assessing career options, think long-term.
  7. When they have a few career paths in mind, help them avoid the most common mistake applicants do. Convince them to talk to people who already work in these fields. They can provide an insider’s perspective.
  8. Advise them to choose a major that will help land the job they love. Until recently, many students preferred to major in a general subject because they didn’t want to be pigeonholed in one area. Although this has been a good strategy until now, it might not be in the future. Employers are looking for depth rather than breadth.
  9. Help them to understand the trade-offs of their college options and how to choose a college degree that offers them good value for their money.

The bottom line: As parents, you can do a lot to help your children find the best colleges that fit their abilities, passions and expectations. Don’t advise them though based on what was the reality when you went to college. The world is changing fast. Think long-term.

Korina Karampela is the author of ‘b4iapply to college‘ and ‘b4iapply to uni‘. She is a former pharmaceuticals executive and has an MBA from MIT Sloan. Her b4iapply blog is recommended by The Guardian for professional development.

Posted in b4iapply guide for parents, b4iapply to college, b4iapply to uni, Career Advice, Link education with career | Tagged , , , | 1 Comment

Is UCAS Clearing the ‘Sale Period’ for Universities?

Posted on August 15, 2012 by b4iapply

UCAS clearing is starting mid- August. Thousands of disappointed  university applicants will have another go to get one of the remaining places. This begs for the question: Is UCAS Clearing the ‘Sale Period’ for Higher Education?

What do you think?Is UCAS clearing the 'sales period' for Higher Education?

There are definitely some similarities.

Limited offering

Undoubtedly, during sale you get access to designs and sizes that didn’t sell very well during the previous period. There might be many parameters that led to this outcome; questionable quality, high price, stiff competition, poor marketing, etc.

This is what happens during clearing as well. Students can choose subjects and universities that didn’t manage to fill their places for various reasons e.g. low ranking at league tables, high living expenses, saturated job prospects in the specific area, etc.

Limited duration

Sale period doesn’t last for long on purpose. A sense of urgency is created; either we buy something now or the opportunity is gone. We all aim to go on a ‘mission’ at the start of the sale period. We know well that good things disappear fast. Get it now or the lady behind you may grab it!

Most students have a similar feeling during clearing. It is so competitive that they want to secure a place even if it is not the subject they want. They are in panic mode. They usually rush to a decision without thinking about it in detail. Will the subject they study improve their employability? How do employers perceive it? Have they talked to students who have already graduated?

There is though a significant difference.

Price

The big advantage when we buy things during the sale period is price. We usually get them at a significant discount. Sometimes we end up buying something just because we find it at a lower price. Raise your hand if you have bought something at sales because it was cheap and then you never used it. I do!

Students cannot get a university place during the clearing process at a discount though. Tuition fees remain the same. Hence, getting a degree continues to be a very important investment decision and they need to ensure that the value they get out of it justifies its cost.  

Word of caution: There is always a trade-off between cost and quality of offering. Students need to understand the consequences of the trade-offs before they apply.

So, is UCAS clearing the ‘sale period’ for universities?

There are definitely elements in the clearing process that remind us of the ‘sale period’. This is not necessarily a bad thing. All depend on whether students understand the importance of their decision, do their research in advance and make informed choices.

The bottom line: when you don’t find what you want, what you really really want, it is best to come back empty-handed.

Korina Karampela is the founder of b4iapply, author of 2 books, consultant and speaker. She has worked in senior positions in the pharmaceutical industry for 12 years and has an MBA from MIT Sloan. Her b4iapply blog is recommended by The Guardian for professional development. She is the author of the book ‘b4iapply to uni’.

Posted in b4iapply to uni, Before I apply, Higher Education, Link education with career, Value for money | Tagged , , , , | 3 Comments

UCAS Clearing: Six (rather harsh) Choices to Make

Posted on August 1, 2012 by b4iapply

The A-level results day is looming.  Most students will be very happy with the news. Those who won’t achieve the required grades, they will have to take some decisions.  As George Clooney’s character Chris Kelvin (the protagonist of the sci-fi movie Solaris) says: “There are no answers, only choices.”

With the advantage of looking back and thinking what I could have done differently, I’d like to share with you six (harsh) choices I suggest you consider. You may agree with me or not. It is up to you to decide. Irrespective, I’d be happy if you think of them for a moment and happier if you just let me know your thoughts. UCAS clearing: There are no answers, only choices

1. Failure vs. Opportunity

There is no doubt that life has its ups and downs. However, how we deal with them can make all the difference. So, you either start beating yourself why you didn’t study more and feeling depressed or you get your act together and think what you can do from now on.

Remember: you may be better off than those who have chosen the wrong subject. I ended up studying a subject that I soon realized that it was not for me. So maybe if I didn’t get the necessary grades, I might have given it another thought.

2. What vs. Why

You may be inclined to find a place at a university asap. Making decisions while in panic mode doesn’t usually help. Take a pause and think why you want to study in the first place and what you expect to get out of your studies. Try to think 10 years ahead. Which degree will help you to get there?

To be honest, it is not that easy to find the ‘why’. I studied Agricultural Engineering to follow the family business. There was a ‘slight’ problem though: I was not passionate about that field whatsoever. Hence, although I graduated, I never used what I learnt from my studies. If I had to choose again, I would have done it differently.

3. Employability vs. Overall Knowledge

Academics cannot agree on what universities are for. Nevertheless, you need to be clear what university is for you. Do you want to get the skills that will make you more employable? Do you want to get exposure to various courses that will help you develop a well-rounded personality?

It is up to you to decide what you expect from a university degree. A word of caution though: given that the cost of higher education is very considerable, think how you can optimize the return of your investment (your money and your time).

4. Generalists vs. Experts

Until recently, many students were choosing to study a general subject because they wanted to keep their job options open and didn’t want to be pigeonholed in one area. Although this has been a good strategy up until now, it might not be in the future. Nowadays, there is a move from generalists to experts. Employers are looking for depth rather than breadth. 

Although I have studied various subjects (my last degree was an MBA at MIT Sloan), headhunters are still calling me for opportunities in health economics. Why? The answer is simple:  it is a specialization with high demand while the supply is low. So, if you want to increase your employability, find an up-and-coming area and become an expert in it.

5. University vs. Subject

Imagine you have a choice between a place at an Oxbridge  university to study a subject you are not particularly interested in versus a place  for a subject that you love and has future potential but the university is not very high at the league tables. What would you do? Each of the options has its pros and cons. It really depends on why you study and what you expect from your degree.

You need to be aware though that job prospects vary considerably across subjects. I would also suggest you choose an institution that will provide you with high quality of teaching. If you are unsure, ask people in the career path you want to follow whether they would hire somebody from the university you consider.

6. Now vs. Next Year

Well, if you have clarity about the choices above and you can get a place in a subject you are passionate about, that has good job prospects, and the university has a good reputation, then go for it. However, if you are not clear, you may want to consider either to get an apprenticeship or reapply the following year.

If you have to wait for one more year to get what you really want, it is worth the effort. My challenge to you is the following: do you really know what you want to do?

So, I really hope you get the A-level results you are aiming for. If not, think of the following quote: “Nobody can go back and start a new beginning, but anyone can start today and make a new ending.”

Korina Karampela is the founder of b4iapply, author of 2 books, consultant and speaker. She has worked in senior positions in the pharmaceutical industry for 12 years and has an MBA from MIT Sloan. Her b4iapply blog is recommended by The Guardian for professional development. She is the author of the book ‘b4iapply to uni’.

Posted in b4iapply to uni, Before I apply, Higher Education, Link education with career | Tagged , , , , , | 2 Comments