When It Is Time To Change Job

 

Making the decision to change jobs or careers can be scary, especially in the current economy. But at times, it becomes necessary. You can be happy and fulfilled one day, but then circumstances and situations change and you're left wondering why everything suddenly seems to suck . 

If you’re in this situation, your first step should be to do everything you can to remedy your situation before seeking to jump ship. But if you've tried your best and are still unhappy, these signs may point to the fact that it’s time to find a new job.

1. You're Underpaid

Money isn't everything, but you do need to pay your bills. And moreover, you deserve to get adequately rewarded for the work that you do. When you’re just not making the money you need, it can be hard to put in the extra effort to really excel, and it can affect your motivation over the long haul—especially if it’s compounded by other less-than-ideal situations at work. So, if you know you’re being paid significantly less than you deserve—that can be a very good reason to start looking for new opportunities that’ll actually meet your salary needs.

Alternate Options: Do some research and see what people in similar positions are making (considering the cost of living in different locations). And if you truly feel you are due for a raise, ask for it. But if you’re not quite there yet, seek input and feedback from your boss or trusted co-workers on how you can further help the organization and increase your value. Then get to work.

2. You're Undervalued

Doing a great job when no one is there to appreciate it (or even recognize it) is terribly defeating. We all want to be patted on the back every now and then. And working somewhere where you aren’t getting proper recognition is kind of like being in a relationship without affection or attention—you’ll likely start to wonder if you’re valued or even liked. Not only is a place like that de-motivating—but if your boss refuses to acknowledge and commend your accomplishments, that can also be a sign that you’re not going to be promoted or given adequate opportunities to advance. If you truly aren’t appreciated at your current workplace—it may be time to go somewhere else where your contribution is valued.

Alternate Options: Seek to objectively assess your value to the organization. Are you doing work that matters to the functioning of the company? Are you doing it well? What could you be doing to make more of an impact? Look specifically for areas where you think you have special expertise, and consider if a position switch may be in order.

3. The Ship Is Sinking

When a ship starts to hit rocky seas for an extended period of time—it’s only natural to start worrying if it will stay afloat. And if you doubt the people steering the ship know what they’re doing, it may be time to get off at the next dock. In case you’re not following me here—if you think the company you’re working for may be failing and the senior leadership is driving it into the ground, it may be time to start preparing for your next step.

Alternate Options: Assess if the situation is truly dire, or if the office chatterbox is just being over-dramatic. Chum up to the accountant or bookkeeper, and be on the lookout for signs of serious distress from them or your boss to gauge the outlook. At a minimum, if you sense impending disaster, start putting your feelers out for new opportunities so you have a life raft ready. This means brushing up your contact list, LinkedIn profile, and resume.

4. You’re Not Given the Resources to Do Your Job Well

You know you could do so much more for the organization, but you simply don't have the tools, equipment, support, or opportunities to do so. This usually doesn't mean they don't see your potential, but it may mean that they can’t (or don’t want to) put in the time or money to help you help the company and therefore move forward in your career.

Alternate Options: Show how the cost of the resource you want will ultimately make your organization money. That's the real value to your boss. Will it save you hours of time, which you can use to do more projects? Will it help you deliver more, quality work that raises client satisfaction and retention?

5. You’re Not Learning and Growing

Just like not having the tools or resources to do your work can cause problems, so can having your growth stunted, stalled, or slowed down. If you're not challenged or given opportunities to learn and grow in your job, it may be time to seek employment in an organization that actually will support your personal and career growth.

Alternate Options: Learning something new is an investment in yourself and your career. If your employer isn't investing in your continued learning, take it upon yourself to find a mentor in your field, and ask them to share their expertise with you. You can also begin to teach yourself. Buy a Kindle (or dig up that library card) and start reading books recommended by thought leaders and respected colleagues in your field. You can also take classes, attend conferences, and go to workshops to continue your education on your own time and dime (or, better yet, see if your employer will help foot the bill for a conference you think will benefit the company).

6. It’s Not the Right Fit

Things change: bosses change, markets change, jobs change, and your life situation changes. What may have been the perfect job before, may not be working anymore . And that’s okay.

If you feel your job or career isn't aligning with your hopes, dreams, goals, and objectives for your life, it's time for a serious work-life evaluation (which could result in a job change).

Alternate Options: Before making a major decision like changing jobs, take some time off. Often, rest and distance are the best things you can do for yourself and your work. So put in a request to use some of your vacation time ASAP, and go get a little R&R. Afterward, ask yourself if your job truly is as bad as you thought, or were you simply overworked and overdue for some time off? 

Source: The Muse

7 Steps To Handle Criticism Positively

Many people get defensive or sad when they’re criticized at work. In many cases, the workplace has no feedback culture in place and people are not trained to give or receive criticism in a constructive manner. Giving and receiving negative feedback constructively takes a LOT of practice!

The best way to receive negative feedback well is to follow these 7 steps:

1: Listen.
Actually hear what’s being said. If necessary, ask questions to make sure you understand the criticism fully.

Here’s an example:

I reiterate what she said so she knows that I was really listening and since my boss likes to teach and is very detail-oriented, I’ll ask her if she can give me a few tips on how to perform the task better and throw in a few suggestions as well to get her feedback.

I end the conversation by asking where I’m doing well so I can keep up the good work which is my way of helping her to remember where I excel.

This also shows her that out of everything that I do, she’s got few complaints and gives her the confidence to give me more responsibilities.

2: Assume good intentions
Unless proven otherwise, assume good intentions. Don’t automatically jump to the conclusion that the person criticizing you is “out to get you.” Of course, sometimes they are. If so, see below.

3: Do not get defensive and start making excuses.
Instead you might say what you’ve learned and what you will do differently from now on.

4: Don’t take it personally
Remember that they’re criticizing your work, not you as a person. Never take negative feedback about your work as a criticism of you as a person.

5: See criticism as help
Remember that all constructive feedback (including negative feedback) is a sign of interest and a sign that people want to help you do better. It would be far worse for people to notice you doing bad work and not say a word.

6: Don’t be too hard on yourself
Remember that everyone makes mistakes and has things to learn. Yes, that includes you. There’s nothing wrong with making mistakes, but making the same mistakes over and over because you refuse to listen to criticism and learn is not going to help you.

7: Say thank you
Thank the person for their feedback.

Never put up with attacks in the workplace

However, note that these steps only apply to constructive, well-meant criticism. Unfair and overly negative feedback is also used as a tool by bad managers and workplace bullies to demean and control others.

The wrong kind of criticism can be:

• Overly negative
• Personal attacks
• Unfair criticism for something that is not your fault or outside of your control
• Delivered in an unpleasant way

Do NOT put up with this kind of attack. If you do it will persist.

Feedback can be a gift

All constructive feedback is valuable because it gives you a chance to improve and learn. Positive feedback is easier and more fun (and sadly undervalued in most workplaces) but negative feedback and criticism can be a fantastic thing as long as we do it right.

In fact, many employees I’ve talked to simply wish for more feedback of any kind. They feel like they work in a vacuum where no one ever notices their efforts, good or bad, and this makes it almost impossible to know whether or not they’re doing good work.

Source: The Chief Happiness Officer Blog

Becoming Financially Independent

Most people aspire to become financially independent, but few actually think about or take the actions necessary to reach independence.

Financial independence means having sufficient financial resources to comfortably choose whether to work or not work, or perhaps work in a highly desirable job that otherwise couldn’t support your standard of living. It means being able to withstand the inevitable financial storms along the way. But what key steps does it take to achieve financial independence?

1) Set specific goals. Goals define what financial independence will look like for each of us. Goals, particularly specific goals written out with timetables, can motivate us to initiate and stick with the other keys to financial independence.
 

2) Consistently spend less than you earn. Yes, your mother probably taught you this when you were receiving an allowance as a youngster, but so many of us forget this basic principle. Unless you spend less than you earn, it’s impossible to become financially independent — short of winning the lottery. Consistent saving is even more important than the investment rate you might earn with that savings. Aim for saving at least ten percent of your pre-tax income. If you’re unable to save ten percent now, saving a smaller percentage will help you—especially if you start saving while you’re younger and can let the power of compounding work for you.

3) Create a spending plan. The key to spending less than you earn is to create and follow a spending plan. In general, if you subtract your expenses from your earnings, the amount left should be your savings. Another way to view your savings, though, is to treat savings as an expense item and put it at the top of your budget. Simply have the money deducted from your paycheck and deposited into your savings account. You won’t miss it, and you won’t be tempted to spend it.


4) Invest. To build financial independence, you’ll need to earn a reasonable return on your savings. A savings account alone is not enough. Invest in stocks, bonds, and other assets that involve an acceptable level of risk. Yes, there’s the risk of some loss of principal, but understand that investing is for long-term goals that are at least five years away. When you are closer to reaching your goals, shift the invested funds into those lower-earning but less risky savings accounts and money markets.
 
5) Stay invested. One of the big mistakes many investors make is waiting to invest until the market is really strong—and then bailing out when it sinks. In short, they buy high and sell low. Get in and stay in — and make adjustments if necessary. Keep in mind that the bulk of the returns of a bull market tend to come early in the upswing, and people often miss out on them because they’re waiting for the market to turn “hot.”


6) Diversify. It’s important to diversify your assets. Overloading on company stock, on stock in the industry in which you work, or on other higher-risk investments is an open invitation to trouble. By spreading your investment money among several asset categories, you minimize the impact of the downturns of a particular segment.


7) Use tax-favored accounts. Retirement plans and individual retirement accounts are the most efficient way to build toward financial independence because you get more bang for each invested buck, especially if your employer matches your contributions.
 
8) Bulletproof your independence. As you accumulate money for financial independence, you need to protect it. The primary way is insurance—not just life, health, auto and homeowner’s insurance—but disability and liability coverage. Disability insurance helps offset the loss of income if you can no longer work due to a disability, and liability coverage is a cushion against lawsuits. Another form of insurance is a cash-reserve emergency fund where dollars are kept in a savings or money market account to see you through emergencies or a stretch of unemployment, so you don’t have to dip into retirement accounts or other investments. 

Source: Financial Planning Association

Li Ka-Shing Success Story

When Li Ka-Shing was just 14 years old, his father died of tuberculosis. In order to earn money for his family, Li was forced to abandon school and take a job at a plastics factory. The family was so poor that Le actually had to sell his dead father’s clothes for cash to pay for food. While most of his piers attended school or played games, Li labored away for 16 hours a day making plastic watchbands. Sounds terrible, right? Well if it makes you feel any better, today Li Ka-Shing is the richest person in Asia with a personal net worth of $30 billion. 

In fact, thanks to some extremely shrewd investments, he has been a billionaire for over a quarter of a century! Li Ka-Shing’s rise to obscene levels of wealth and power is a truly inspirational rags to riches story.

Li Ka-Shing was born on June 13, 1928 in Chaozhou, Guangdong, China. While Li was in elementary school, it was a common occurrence for the Japanese to drop bombs on Chaozhu, so his family took refuge in Hong Kong. Li’s father was a school principal, but tragically succumbed to tuberculosis shortly after the family arrived and settled in their new adopted home country.

Li was also infected with tuberculosis. The isolation during this recovery, coupled with such extreme poverty and feelings of helplessness, had a deep impact on Li Ka-Shing. Dealing with a war, the loss of a parent, severe illness, and poverty all before the age of 15, instilled a lifelong drive to succeed beyond into the future tycoon.

As we mentioned earlier, Li was forced to quit school at the age of 15 to work as an apprentice in a factory that made plastic watch straps. By the time we was 14, he had a full time job in a plastics trading company and was a big help in supporting his family. In 1950, at the age of 22, Li quit his job to start his own company that made plastic toys. The company soon changed shifted plans and instead began producing plastic flowers because he heard how popular they were in Italy. It was Li’s first savvy business decision. He named this company Cheung Kong. Fast forward to the present and Cheung Kong is one of the largest real estate investment companies in the world.

Around this same time, Li began buying apartment buildings and factories throughout Hong Kong with every extra penny he manged to save. Because this was a period of severe social unrest marked by Maoist-led riots and bombings, Li often able to purchase real estate at steep discounts. By the time the market recovered from the social instability, Li started to make a killing. In 1979 he became the first Chinese citizen to acquire a controlling stake in an old British trading house, Hutchison Whampoa. Because Hutchison Whampoa had been struggling for years, Li shrewdly convinced Hongkong & Shanghai Bank (HSBC) to sell him their 22% stake in the company for less than half the book value. Hutchison Whampoa owned shipyards, docks, vast parcels of retail space and much more, mainly throughout Hong Kong. Over the next decade, Li managed to successfully turn Hutchison Whampoa around and expand its empire throughout the world. Today, Hutchison Whampoa is one of the most valuable companies in the world with annual revenues of over $50 billion.

Fun fact: Li’s office at the top of Cheung Kong Center in central Hong Kong has a private pool and one of the fastest elevators in the world. You can ascend 70 stories in less than 45 seconds.

By 1987, Li had transformed himself from factory worker to full fledged billionaire. That same year, Li and his partners paid $500 million to acquire roughly half of Husky Oil, a Canadian company that consistently lost money and had been through many restructurings and mergers. The timing of this acquisition could not have been any more perfect. At the time of the purchase, a barrel of oil traded for roughly $10. Over the next thirty years, a single barrel rose from $10, to $30, to $50 to an all time high of $140. Today, a single barrel of oil sells for $93 which helps Husky Energy generate over $25 billion a year in revenue. Li still has a stake in the company which is worth over $8 billion on its own.

Throughout his life, Li continued to invest in real estate and a diverse range of other industries. Li’s companies handle 70% of Hong Kong’s port traffic, have huge stakes in the electric companies and mobile phone services—in a way, you could say he controls Hong Kong from the top of his tower. But beyond real estate, Li Ka-Shing has shown an uncanny perception for the tech-world. The octogenarian took about five minutes in late 2007 to decide to invest $120 million in Facebook. Keep in mind that back in 2007, Facebook barely made any money. It had only recently opened up to membership beyond college students, and Myspace had just proven to be a disastrous investment for Rupert Murdoch’s Newscorp. Today, that 0.8% stake in Facebook is worth $900 million.

Li also invested in Skype in 2005 when it was losing money. A year later, eBay paid $2.5 billion for it. Li also backed Siri, which, as we all know was bought by Apple in 2010. Li is also invested millions of dollars into Spotify, Waze and HzO. Oh and by the way, after he invested in Spotify, he reportedly told the company Spotify needed to be in his car. This was 2009, long before Spotify had a mobile app. Li’s technology investments display a particular brilliance with understand not just where the tech world is, but where it is going. He believes in technology that is a game changer. Things like Facebook, Waze, Siri, etc. His investments have been so savvy, that people began referring to Li-Ka Shing as “Superman”. He is even frequently depicted as so in newspapers and magazines:

But Li still invests in more traditional business as well. In fact in 2010, Li Ka-Shing’s Cheung Kong made its biggest acquisition to date when it bought U.K. Power Networks for $9.1 billion. This means that Li now supplies about eight million Brits with power. In 2011, Li bought Northumbrian Water, which ferries clean drinking water to 4.5 million people in England and provides sewerage services to another 2.7 million.

Basically, wherever you look, Li Ka-Shing is there in some way. Or so it seems. When Li’s tech investments don’t pan out, he personally takes the financial hit. When the tech investments hit a windfall, he puts the profits into his Li Ka-Shing Foundation, which he refers to as his third son. The foundation has donated more than $1.6 billion, mostly to education. He has given $690 million to create Shantou University. He donated $40 million to Berkeley for a new biomedical research facility.

At 83, he is still quite a force to be reckoned with. Every day, Li practices golf for 90 minutes and by lunchtime he has typically read through every single major international newspaper from back to front. He wakes up each morning at 5am and lives in the same home he bought more than 50 years ago. Li-Ka Shing is press shy and rarely grants interviews but his wealth is legendary in Hong Kong, and globally. He has two sons, and his eldest, Victor is the heir apparent. His younger son Richard runs his own telecom business. Li’s wife died of a heart attack in 1990 when she was 56-years old. He never remarried.

Today, thanks largely to his majority stakes in Cheung Kong, Hutchison Whampoa and various other investment, Li-Ka Shing is worth $30 billion. That’s far and away enough to make him the richest person in Asia and the 18th richest person in the world! Not bad for a former dirt poor factory worker!

Source: The Asian Entrepreneur

The Path to Success

 

Jack Ma's Advice on Being Successful in Life and Business

Billionaire Jack Ma is the the founder of Alibaba Group, as well as one of the most successful Chinese Internet entrepreneurs. He is also the first mainland Chinese entrepreneur to appear on the cover of Forbes Magazine, and is often called the “godfather of China’s scrappy entrepreneurial spirit”.

The following are some of his lessons we all can learn from:

1. On the mistake he regrets the most

In 2001, I made a mistake.

I told 18 of my fellow comrades who embarked on the entrepreneurship journey with me, that the highest positions they could go was a managerial role. To fill all our Vice President and Senior Executive positions, we would have to hire from external parties.

Years later, those I had hired were gone, but those whom I doubted became Vice Presidents or Directors.

Your attitude is more important than your capabilities. Similarly, your decision is more important than your capabilities!

2. You cannot unify everyone’s thoughts, but you can unify them with a common goal.

Don’t even trust that you are able to unify what everyone is thinking; it is impossible.

30% of all people will never believe you. Do not allow your colleagues and employees to work for you. Instead, let them work for a common goal. It is a lot easier to unite the company under a common goal rather than uniting the company around a particular person.

3. What does a leader have that an employee doesn’t?

A leader should never compare his technical skills with his employees’. Your employee should have superior technical skills than you. If he doesn’t, it means you have hired the wrong person.

Leader stands out for 3 things:

• A leader should be a visionary with more foresight than an employee.
• A leader should have higher grit and tenacity, and be able to endure what employees can’t.
• A leader should have higher endurance and ability to accept and embrace failure.

4. Don’t be involved in politics

One should always understand that money and political power can never go hand in hand.

Once you are in politics, don’t ever think about money anymore. Once you are running a business, don’t ever think of being involved in politics. When money meets political power, it is similar to a match meeting an explosive – waiting to go off.

5. The 4 main questions the young generation must ponder on

What is failure? Giving up is the greatest failure.

What is resilience? Once you have been through hardships, grievances and disappointments, only then will you understand what is resilience.

What your duties are? To be more diligent, hardworking, and ambitious than others.

Do fools only use their mouth to speak? A smart man uses his brain, and a wise man uses his heart.

6. We are born to live and experience life

I always tell myself that we are born here not to work, but to enjoy life. We are here to make things better for one another, and not to work. If you are spending your whole life working, you will certainly regret it.

No matter how successful you are in your career, you must always remember that we are here to live. If you keep yourself busy working, you will surely regret it.

7. On competing and competition

• Those that compete aggressively with one another are the foolish ones.
• If you view everyone as your enemies, everyone around you will be your enemies.
• When you are competing with one another, don’t bring hatred along. Hatred will take you down.
• Competition is similar to playing a board of chess. If you lose, we can always have another round. Both players should never fight.
• A real businessman or entrepreneur has no enemies. Once he understand this, the sky’s the limit.

8. Don’t make complaining and whining a habit

If you complain or whine once in a while, it is not a big deal.

However, if it becomes habitual, it will be similar to drinking: the more you drink, the stronger the thirst. On the path to success, you will notice that the successful ones are not whiners, nor do they complain often.

The world will not remember what you say, but it will certainly not forget what you have done.

9. Advice to entrepreneurs

• The opportunities that everyone cannot see are the real opportunities.
• Always let your employees come to work with a smile.
• Customers should be number 1, Employees number 2, and then only your Shareholders come at number 3.
• Adopt and change before any major trends or changes.
• Forget the money; Forget about earning money.
• Rather than having small smart tricks to get by, focus on holding on and persevering.
• Your attitude determines your altitude.

10. Advice on entrepreneurship

• A great opportunity is often hard to be explained clearly; things that can be explained clearly are often not the best opportunities.
• You should find someone who has complementary skills to start a company with. You shouldn’t necessarily look for someone successful. Find the right people, not the best people.
• The most unreliable thing in this world is human relationships.
• “Free” is the most expensive word.
• Today is cruel, tomorrow will be worse, but the day after tomorrow will be beautiful.

11. The 4 don’ts of entrepreneurship

• The scariest things about starting up is the inability to see, to be snobbish, to be unable to understand what is going on, as well as to be unable to keep up with pace.
• If you do not know where your competitor is, or overconfident and snobbish about your competitor, or are unable to comprehend how your competitor became a real threat, you will surely fall behind him. Don’t be the “they” in this idiom: First they ignore you, then they laugh at you, then they fight you, then you win.
• Even if your competitor is still small in size or weak, you should take him seriously and treat him as a giant. Likewise, even if your competitor is massive in size, you shouldn’t regard yourself as a weakling.

12. On starting your own company

What starting your company means: you will lose your stable income, your right to apply for a leave of absence, and your right to get a bonus.

However, it also means your income will no longer be limited, you will use your time more effectively, and you will no longer need to beg for favours from people anymore.

If you have a different mindset, you will have a different outcome.

If you make different choices from your peers, your life will then be different from your peers.

14. On opportunities

If there are over 90% of the crowd saying “Yes” to approving a proposal, I will surely dispose the proposal into the bin.

The reason is simple if there are so many people who thinks that the proposal is good, surely there will be many people who would have been working on it, and the opportunity no longer belongs to us.

Source: Vulcanpost