The only certainty is change, whether it is in a growing or declining economy and leaders have to manage in any and all circumstances. The short-term plans will always be affected as is the very nature of life; by the weather, by other people, by the availability of cash. The medium and long-term plans must not be altered easily; with knee jerk responses to daily news headlines, panicking about job losses and stressing out over cash flow problems. The answer is in the detailed planning methods.An educational plan can take between twenty to thirty years; from literacy to specialty, matching skills to interest and ability, preparing for a profitable career and retirement. A career plan should cover between thirty to forty years; from apprenticeship to veteran, from low level to leader and investing toward a healthy retirement. A retirement plan can be some twenty to forty years; with all living expenses covered by a pension, from carefree enjoyment to helping others, maintaining health and guiding the youths.
In much the same way that the long-term educational plan evaluated and tested, then advanced to a new level every year, so too should the career plan appraise and examine then promote to a new challenge every four to five years. This new responsibility can be in the form of new training within the same position held, new post usually a promotion, new department under the same employer, new employer generally along with new duties, new risk such as self-employment or a change in career path. Stagnation is the equivalent of being held back in school.
A strong, well thought-out, medium to long-term career plan addresses short-term vulnerabilities such as recessions or depressions, lay-offs in the particular organization, sector or country, and even short falls such as long-term health issues. Dealing with economic swings such as recessions or depressions calls for multiple skills so that the trained and experienced investment banker can manage or offer services to a small recession proof (building maintenance or food and beverage) business to boost income. Handling lay-offs in a particular organization is as simple as joining the competitors’ organization, lay-offs in a particular sector may require switching to a closely related sector, lay-offs in a particular country means moving to a different country where work is available. Planning for long-term health issues can range from disability insurance, to cover one or two years of no income due to an accident, to a forced career change, due to a permanent disability such as blindness.
Anticipating career pressures and taking quick action towards minimizing any career damage must be part of the plan. Hesitating or procrastinating when action is clearly called for will only make the situation worse as all the new opportunities will be gone. Proper Planning will help in identifying the Strengths, Weaknesses, Opportunities, Threats (SWOT) and the appropriate and necessary actions.
Rationale
T.A.J & Associates Company Limited uses this occasion to comment on topics that have been covered, both academically and by the mainstream media, to add its opinion and point out investment opportunity, not to invoke any social action.
