5 ways money can buy you happiness

Most of us work to earn money to fund a lifestyle. We often think that if we just had more money we’d be happier. Well, that depends on what you do with it.

An interesting challenge for banks right now is how they provide us with advice and services that help us manage our money better; rather than simply spend it.

Michael Norton, a professor at Harvard, has conducted some interesting research on how we can use money more wisely and increase our happiness. Here are his five principles:

  1. Buy experiences; not stuff. The anticipation and looking forward to the experience usually provides longer lasting gratification than the purchase of an item. And having the experience is interesting and enjoyable. Plus, looking back on an experience usually provides a better memory than the time when we bought a bigger TV.
  2. Buy time. It might be your dream to get out of the city and buy a big house in the country. But have you considered you might be buying yourself a two-hour commute? Perhaps a job move might require a drop in salary, but it gives you more time with family or less time travelling – which more than offsets the reduction in income.
  3. Pay now, consume later. Credit cards, of course, do the opposite – the instant hit with the bill that follows afterwards. Have you ever paid for a holiday when you’ve booked it and then when it comes time to go it almost feels like it’s free? When you’ve got money, use it to pay for things (or experiences!) you’ll make use of later.
  4. Make it a treat. We’ve all got into spending habits – coffee, wine, clothes – but these regular transactions become mundane. They lose the thrill they once provided. The way to get excited about them again is to give them up for a while. Take a week off from coffee and treat yourself next Monday morning. It will taste so good! Making things a treat involves spending less money and you’ll get more happiness out of it when you do go back to it!
  5. Spend it on someone else. Spending money on someone else reliably increases the spender’s happiness. And it can be quite a small amount to get a big reaction from the recipient, whether that’s a loved one, a donation to charity or some other altruistic expenditure.

These ideas come from Michael Norton’s book with Elizabeth Dunn, ‘Happy Money‘. He’s now focused on working with companies to help them educate and encourage their employees how to get more out of their money. As an employer, creating happier employees will have a direct impact on retention, engagement and customer service.

For some organisations – banks in particular – doing the same with customers could have huge benefits. Helping customers become better with their finances helps make them better, lower risk customers, more likely to take out higher margin products in future.

So it turns out money can buy us happiness, just not in the way we expected.

All these small things – how a phone call can make the difference between hiring and losing top talent

I really liked the idea behind the movie’ Sliding Doors’. How one small event could dramatically change the course of your life.

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For me, that could have been a phone call (or an email) which, if it had come just a little sooner, could have resulted in me taking one job offer and turning down another.

Before accepting my current role I explored some options with the big four consultancy firms. They’re unusual in the recruitment world in that they’re all pretty homogeneous, they’re all going after the same people and they all have near-identical structures and grades, so it’s very easy to compare like with like.

Their respective brands and employment propositions are really the only things they can use to differentiate themselves – the work is, essentially, the same.

If you’re involved in the operation of your organisation’s recruitment function, I’d like to offer my own experience with three of these firms as a reminder from the front line as to how important the small details can be in you successfully attracting talent; or losing it by a whisker.

When I started my job search I thought these firms represented the pinnacle of the consulting profession and that’s where I wanted to work. One of them felt they could somehow struggle on without me, but I successfully engaged with three others (all direct with the firms through network connections, not through agencies).

That’s when it became apparent that they run very similar recruitment operations – but deliver very different experiences.

Each assigns a Recruitment Manager to liaise with the candidate through a multi-stage selection process. One made a really strong impression: very personable, interested in me, always kept me updated, shared useful information about the next stage, always called back when she said she would, etc. One did OK, but wasn’t quite as on the ball, and one was appalling – uncontactable, repeatedly failing to honour call backs, letting the process slip by weeks at a time.

Ironically, the worst relationship manager worked at the firm I was most engaged with originally. I had been interested in their work and bought into their brand for the last ten years! I also had the strongest network connection here – a hiring manager I had known for over two years. Unfortunately, they managed to undo all that goodwill in a very short space of time. I was onto my third Recruitment Manager by the end of the process (the other two having left – one within two months of starting!) The experience was abysmal. Interview feedback by text message and poor excuses relayed from senior managers as to why the process was taking so long. It quickly became clear that if this was how they ran their recruitment operation, this was not somewhere I would enjoy working.

Unfortunately, despite my hugely positive experience at one of the other firms, I decided to withdraw from their process. It became clear at the first interview that they wanted global mobility and this was not something I could commit to, so withdrawing seemed like the right thing to do. Although I am left with a very positive impression of the firm, having started from a neutral base. In fact, I was so impressed, I think this firm deserves recognition for running such a well managed process (albeit my research is from a sample of one) – hats off to EY!

Things did progress very positively with the third firm, though. They did a very good job of moving things along, keeping me updated and building my engagement with the firm and the role.

At the same time, I started in the selection process for my current role. The person managing this process also did a great job of keeping things moving and keeping me engaged. I got to the point of waiting on confirming final interviews for both opportunities at about the same time.

The consultancy firm took a few days longer to schedule the final interview – despite me pushing them along a bit because, ideally, I wanted to conclude this process before the other one.

In that few days the manager of my new opportunity conducted the final interview, came back with an offer and concluded negotiations before the consultancy firm could confirm a final interview date. That manager is now my boss!

One process started in January, the other one in February and it all came down to about 72 hours in April. My impression was that the Recruitment Manager and the Scheduling Team were chasing Partners for availability to book the final interview. If they chased a bit harder or the Partners had prioritised returning the call or responding to the email a bit higher, who knows if their investment in putting me through their selection process would have paid off for them?

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The point is that sometimes I think in-house recruiters lack an appreciation of the urgency with which you need to move to hire the best talent. I’m not saying I’m the world’s greatest to fill the role at the consultancy firm, but they’d invested a fair amount of resource in getting me round the course and then fell at the final hurdle – never giving themselves the chance to see if they could hook me at the final step.  All because someone couldn’t confirm an Outlook appointment within a few days of receiving it. If it was a request from a client would it have taken so long to respond?

If we have pivotal roles, that it’s hard to find talent to fill, we must impress – on everyone involved in the hiring process – that every hour counts. That person is probably pursuing more than just your vacancy – do you want the competition to nab them, or do you want to make sure that you’ve got first dibs on persuading them to come and join you?

 

What would you do if money were no object? Alan Watts on finding career fulfilment

Quite simply, this is three minutes of advice from Alan Watts on what should guide you in choosing a career path.

A careers lesson from mountaineers

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We spent a few days in Aviemore recently. I’ve never done any climbing, but I was reading an interview with a mountaineer who was asked ‘When do you get disheartened?’ His reply was, ‘When bad weather sets in’. But it wasn’t because the climb gets harder or more dangerous, it was because, ‘That’s when you lose sight of the peak’.

So in the midst of what might be an arduous climb he didn’t get disheartened because the conditions had got worse, it was because he had lost sight of his goal. He couldn’t clearly see the thing he was aiming for.

If you’re in the midst of climbing the career ladder and things seem tough, maybe it’s because you’ve lost sight of the goal you’re aiming for. Recreate it clearly and vividly. Use images, or write something down using descriptive language – use the senses and bring it to life.

That way when the career equivalent of bad weather sets in, you’ll still be able to see what you’re aiming for.

Well that went well!

OK, I promise to now post more frequently than once a year!

I’ve now moved on and joined TMP in the UK as Client Director and it’s a role I’m really excited about. I did a marketing degree (a long time ago!) and always thought I’d end up in advertising – it’s taken a while but here I am. Actually we’re far more than a recruitment advertising business. Our core focus is on employer branding – what we call brand led direct resourcing. Our approach can have significant benefits in areas such as employee engagement and talent management.

So there’s a lot for me to get stuck into! This is week two and I’m relishing that ‘new starter’ experience again.

There’s even more reason for me to focus on the world of work, careers and how to land that dream job – so watch this space….

My very own career detour

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Well, after a hiatus of just over three years (!) I’ve decided it’s time to start blogging again. Why now? Well, I’m now working in the career management field again, I’ve learned a lot over the last three years (some of which I think might be helpful for others), and I want an outlet for some of my thoughts and observations about work and careers.

So, here’s what’s been happening since my last post…

At the end of 2010 I got into a conversation about joining a bank as an internal HR Consultant. For various reasons, including having been in consultancy for ten years, it looked like a great move. It was an opportunity to apply some of the things I’d been helping clients do inside an organisation I was part of, it wouldn’t involve a sales target, it was a great package and they were saying all the right things. In April 2011 I moved.

It turned out not to be a good decision. The organisation’s culture just wasn’t for me (the last corporate HR role I was in, with a big retailer, ended for the same reason). I’ve come to trust my gut instinct over the years and, just at the point at which I was thinking ‘This isn’t working out’, I was called to a meeting by my boss. This was the end of 2011. I thought the meeting would be to discuss the projects I’d be working on the following year; but it turned out that I was caught up in another round of restructuring and was being made redundant. I felt a mixture of shock and relief.

The company provided outplacement support, which I took up (obviously!) Even though I’d been an outplacement practitioner for several years prior to this role, there were two questions I wanted to answer that I knew an impartial career coach could help with: ‘Is there a corporate HR role that would suit me – just not at this organisation?’ and, ‘If not, should I go back into consultancy or do my own thing?’

I was amazed at how the answer to the first question popped up just by doing a few basic exercises – a skills and values card sort and a career map. Clearly corporate HR roles did not play to my strengths, and a conversation with a headhunter made it clear that I couldn’t compete for them credibly against others who were in the market for those jobs.

So that left the second question. I had an idea for a business that would play to my strengths and it’s something I’d considered before. Again, using fundamental career decision tools the answer became clear: the risks and resources required in starting up a business (as the main breadwinner with two young children) outweighed the potential upside.

So very quickly I had a clear focus. A consultancy role. And the single most effective strategy to uncover new opportunities is networking – fortunately, something I’ve always sought to do since my very first days in a B2B role (see this previous post for a great networking philosophy).

One of my first calls was to a member of the Savile Group board; not to ask for a job, but because this person is so well connected – and I’d spent the last year immersed in building an internal network at the bank – that they could provide me with some useful market insights into what was happening in the big wide world and where I could look for new opportunities.

As it turned out, a combination of circumstances meant that there might be a new role at the Group and I was delighted to return in February 2012.

I can’t believe a year has passed already. I look back on my time at the bank as my career detour. I thought the grass was greener and inadvertently stepped into a role that didn’t suit me. I thought I had done sufficient due diligence and it was going to be a good move; but it wasn’t. Fortunately, employing some tried and tested career management techniques helped me land back in a role that I love.

A few client experiences have reminded me of my journey recently, and I thought it was about time that I started putting some of those thoughts in writing. I intend to post more regularly now and hope you get something useful from some of my ideas. Feedback and comments always welcome!

The SlideShare presentation that got me hired

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I received this in a SlideShare newsletter last week. It’s a great example of a creative campaign to get hired (for a job that wasn’t being advertised – it was being tweeted).

Yes, it’s American; yes, she works in PR; and, yes, this won’t apply to everyone for every role. But there are some very important lessons to be learned from Laura’s story:

  • The impact of technology on the job search is unrelenting and you need to a) keep up, and, b) start using it to your advantage
  • Thinking creatively about how to market yourself usually creates a very good impression with a prospective employer
  • You create your own opportunities to stand out from the crowd

So read Laura’s story and think about how you could market yourself more creatively…

Resumes are Old School, Use SlideShare & Twitter to Get Hired

Laura Gainor wasn’t always the PR & Social Media Strategist at Comet Branding and this is the story of how that came to be.

When Laura found out she and her husband were moving from Charlotte to Milwaukee, she reached out to companies in the area, including Comet Branding who tweeted about a job opening.

Laura set out to get herself hired by launching a #LauraGainorToMilwaukee campaign that mixed in Twitter, FourSquare and SlideShare.
Laura and her husband had already planned a trip to Milwaukee. She made a poster out of the Comet Brand logo and posted pictures of the poster in various venues at Milwaukee with a Foursquare check-in and a tweet. The campaign was fun, spontaneous and creative and showcased Laura’s personality and creativity.

But Laura also wanted to showcase her experience as well as creative and strategic talents. So she uploaded a presentation to SlideShare and periodically tweeted links to that presentation.

“SlideShare allowed me the opportunity to publicly explain what I did and how I did it, to get the attention of Comet Branding,” said Laura.

Laura pulled together photos to create a virtual resume as well as screenshots of her Foursquare check-ins from Milwaukee. “My goal for my SlideShare presentation was to create a story about who I was, my professional experience, showcase my talents that would make me a good fit for Comet Branding, as well as pull together my #LauraGainorToMilwaukee story into one place,” Laura explained.
The very day Laura’s presentation was uploaded, it made it to SlideShare’s ‘Most Popular’ and was passed around on SlideShare and the Twittersphere. She got tweets and direct messages from all over.
There were even teachers downloading the presentation to show their classes and example of presenting yourself as a brand to possible employers.

Comet Branding also noticed Laura. They contacted her to setup a first interview. On March 1st she went in for a second interview and was immediately offered the position!

Laura says, “I feel very honored to have had my first day in my new desk at Comet Branding on Wednesday, March 3rd.”

If you are looking for a job, take a lesson from Laura’s book – showcase yourself through a presentation and use Twitter or Facebook to get the attention of the company you want to work at.

Any trance of a job?

Paul McKenna was speaking to a group of jobless young people at Hampden today – at a cost of £20,000!

Skills Development Scotland had brought him up here to boost the confidence of young unemployed people. Paul McKenna is good at what he does, and SDS argued that his slot would engage young people.

But that £20,000 could have funded 20 new apprenticeships.

Undoubtedly, confidence is a huge issue for job seekers. Especially for the long-term unemployed or young people with little work experience. But I don’t think this was the best use of taxpayers’ money.

Confidence is built when you experience a track record of success – for example, successfully completing application forms, gaining interviews, getting a work placement.

A ‘sugar high’ motivational confidence boost is all very well, but will it actually help people be more purposeful looking for work, be more motivated to apply for jobs and be more confident in interviews?

If you want to feel more confident in your job search, reflect on what you’ve achieved at each step in the process. Confidence comes from repeatedly having success at something – that doesn’t mean just landing a job – it’s successfully completing each step.

Who needs motivational speakers? Consider the successes you’ve had along the way, and in your career to date – successfully performing at interviews in the past, for example.

Unfortunately, getting a pep talk from a celebrity isn’t going to land you that dream job. Being clear on your career goal and focused on how to achieve it will. Go for it!

What is your online presence telling employers?

In a recent survey of over 1,000 HR professionals, 64 per cent of them said they considered it appropriate to search the web for information on a job candidate – and 41 per cent of them had rejected a candidate on this basis!

In a parallel survey of jobseekers, only 37 per cent of them thought it was their responsibility to protect their online reputation.

This issue is mentioned in a previous post about personal branding. I suspect Googling candidates will become even more commonplace – especially for senior or public roles.

John Lees makes the same point in an article in the last issue of People Management: “think carefully about entries on social networking sites”. Talking about being memorable, he also makes the comment that “It’s vital you manage the things people say about you when you’re not in the room.” If someone’s found an embarrassing picture of you on Facebook, what’s that going to do to your chances of getting that job or promotion?