Have you been successfully employed in an executive position, VP, Director, or similar; and due to due to organizational changes or cooperate policy you find yourself out of the company?
You are 40+ years old and looking for the next opportunity, you are good at what you do and you may even be well known in your industry. You find the next opportunity immediately, however, this time you are not on the payroll. You are now a consultant. This might be because the new company “does not have the budget” for the position, or it is you that wants a “less committed job”, while “you plan the next step in your career”.
So, now you probably make 15% less than your previous salary. This income comes with no benefits and you most probably need to issue a monthly invoice under a consulting brand or fictitious name.
What happens next? The contract will expire after a year and may even be renewed once or twice. Typically in a few years you will have to search for another contract. You may even try to get interviews for a payroll, full time position. You will get some interviews, but may not receive offers. The new contract you secure might be for 50-60% of your time with even less pay. Your background is not as strong as before and it becomes much harder to get this contract. It keeps you busy, current and vital and you feel that it is essential to work for these terms at this time.
And then what? It does not get easier. In 7-8 years you may need to have more than one contract to support your financial needs. It will get harder and harder to find opportunities and you will find yourself working more hours for less money. It is also common to see people considering changing their direction, moving from high-tech to real-estate, from science to franchise, from education to retailer etc…
Is there anything that can change this trajectory? Yes, of course! Like any change in life this too is an opportunity, and if properly managed, it will lead to a successful transition.
Executive coaching will enable you to get clarity of the process on time. You will choose wise ways to direct your career.
When you find yourself out of your executive position and about to take your first contract, this is the time to position your new “business”. The mistake that people often make is selling “hours”!! You bring a lot more than that. Proper positioning will create an entity that sells values and solutions. I work with my clients to find their unique contribution through a process of re-branding themselves in what they have to offer. The key to the successful launch of the new “brand” is to have an understanding of what expertly is being offered. What purpose does it serve, who will “buy” it and why? Is it an innovative offering? Does it improve on a current solution? Will it generate excitement? Do customers get value for their dollar?
After the positioning is set and the message is clear, I would treat the new “branded you” as a new business and plan its launch properly with a business plan which will contain the vision, SWOT, KPIs and budget.
Arik Hertz is a TAB Certified Facilitator and Coach. With many years of experience in Career Coaching and Business Management, Arik focuses on working with business owners, leaders, executives and managers to position themselves and achieve their professional and personal goals through their business.
Arik is managing the fast growing TAB Northeast.