A few years before I retired from Old Mutual Wealth at the end of 2016, the major shift in thinking in the Financial Advice industry was creating a plan for the person rather than for the person’s money. The point is that, if you regard retirement as a line in the sand, one day you will be an employee regardless of your status and the next you will be entitled to 10% off at Builders Warehouse on a Wednesday. However, with some foresight, you may also be able to transition to a life that you and your Financial Adviser envisioned by investing your money in a way that will help you live out your goals. Believe me, as someone who has been through the process of retiring from a large organisation having plans in place for when you leave, is vital – regardless of how large your pot of cash may be.
I am not one who believes that retirement is a line in the sand. My wife and I started our own Recruitment and Career Management business, The Career Network, just 3 years ago. Lesley has over 20 years’ experience in the industry and it made sense for us to start our own company. To be clear, I have the joyous task of calculating and paying over the VAT, PAYE and similar exciting but necessary activities. But that has given me time to research my new industry in preparation for greater things. What does work actually mean? How do you define a career and who owns it? How, in this age of instant networking and artificial intelligence should employers and employees be contracting? What should performance reviews look like?
It has struck me that we should be thinking about our careers the same way we now think about financial planning. Create a plan for our lives – don’t just focus on the job and the pay packet. Decide what is important in your life and ask your employer to help you achieve it. This is obviously within the framework of achieving your company goals and objectives and achieving them well but helping employees live complete and fulfilling lives should be a joint employer/employee responsibility and should form part of performance management discussions. Spending time, effort and money on helping employees become really high performing individuals only for them to move on to other businesses, may seem a risky strategy but think of the talent you will attract when the word gets around that you treat staff in this way.
We at The Career Network have put together a Working Life model which facilitates these discussions at Performance Management time. This has nothing to do with the concept of Work/Life balance but rather focuses on the partnership between employee and employer and is a contracting model, blending business imperatives with personal growth. To find out more about our business and how we can help you, browse the rest of our website.
By Graham Boxall