Friday, April 25, 2014

A Mini for your thoughts!

Share your thoughts and win an iPad mini.  

Her Next Move is creating a summer webinar series to help college women prepare for the move from college to career. We need your input to customize our program so it addresses your concerns and answers your questions. It won't take long and you could win a Mini! Take the survey here: http://svy.mk/1qdCKL4
Courtney Kirschbaum, 
Founder, Her Next Move
Connect with her next move on FacebookTwitter and YouTube
Or on our website





Thursday, April 24, 2014

The Signing Bonus Trap - Don't Get Caught

Know what your signing bonus is for ...
and how it can work against you


One of the most alluring things for a new hire is the signing bonus - a cash bonus that you get within a month of taking your new job.  Usually in your first or second paycheck.

This company-supplied cash infusion is a great ego booster, and tastes ever so sweet after the long hard slog of the job hunt. You're thinking, "To the victor go the spoils! Hoorah!!!"  

But beware, those spoils come with strings attached. 

From my own experience and that of many of my colleagues, I know that the signing bonus rarely get stashed away into your IRA, 401k or savings account.  It usually goes to paying off student loans or credit card debt, which is not an altogether bad idea, but before you spend that tidy lump sum,  understand what it really means

Look the gift horse in the mouth.


There are a few things the signing bonus does, not all of them immediately apparent.  It's definitely a very appealing incentive to get you to join the company, lump sums of cash are rare in life. And it appears to be nothing more than the premium they're paying for your amazing talent and who wouldn't want to believe that?  You probably are really talented, which is why you got the job,  but the other side of the coin (pardon the pun) is that a signing bonus is how the company increases the likelihood that you'll stick around for 18 months to two years, even if it's the worst job in the world with the most dysfunctional culture imaginable. Here's why:

If you leave within 18 to 24 months, you have to pay back your signing bonus. Companies use this cash incentive to keep you in the job long enough to give them better employer turnover statistics, which they use as public relations angle in the business press.

One of the measures companies are evaluated on is how long the average employee stays with the company. When they are wooing  you during the interview process, it's very hard to see what day-to-day life with an employer will be like. It takes a few months to discover what the company and culture are really like. 

Companies want to show good retention numbers to attract top talent. Smart candidate looks at high turnover rates and know that a toxic or excessively demanding culture is the likely culprit, so companies want to keep their turnover numbers low. The signing bonus works to keep you from bolting if you find things aren't so rosy once they welcome you inside. 

The possibility of leaving before your the payback term expires seems so remote in the lovely "honeymoon" period when your soon-to-be-employer has recognized your brilliance and wants to hire you. You can't imagine that wonderful boss you tried so hard to impress in the interview, being a petty, narcissistic, maniac who expects you to work 80 hours a week, effectively reducing your hourly salary to $.50.   

That's why the signing bonus trap works. 

By all means take the money, just don't get trapped by it. Know what it is and what it means for you.

Here's another thing to remember: the average person get's the bonus pays the taxes on it, which cuts the actual amount you receive by about 40%, but you have to pay it all back.  Often companies do pro-rate the payback over time, lessening the amount based on the time with the company, but you could still pay back more than you pocketed.

Most people don't read the fine print on their signing bonus contract  (you can see one hereuntil they are faced with repaying it.  Before you accept a signing bonus, be aware and be defensive, read the contract carefully and negotiate your repay down to shorter time-period - if it's a year ask for 4 months, for example. You've got nothing to lose and everything to gain. Everything is negotiable.  And don’t blow the bonus, you may need it to buy your freedom sooner than you think. 

If you mis-manage it, your signing bonus becomes a pair of time-release handcuffs.  

If, after some months, you find it's not a good fit and you decide to cut your losses and move on, you may have no or little savings, a mountain of student loan debt and your monthly discretionary income fund is probably not large.  All of the sudden you realize you are miles away from being able to come up with the payback amount.


The psychological and financial impact of having to repay your signing bonus is very effective in keeping you in a job you may want to leave.  Time is more valuable than money. You can make more money, you can't make more time. Don't waste yours sticking it out in job you don't want because they hooked you on the bonus.


I'd like to know what do you think? Please share your insights or tell me ...

  • Have you ever accepted a signing bonus or had to pay one back?
  • How would you spend a signing bonus if you got one?
  • Share your thoughts about what you think are the up sides and downside of a signing bonus.

Courtney Kirschbaum, 
Founder, Her Next Move
Connect with her next move on FacebookTwitter and YouTube
Or on our website







Friday, April 18, 2014

Get "High" and Get Hired - 5 strategies to get better results in your job search




1.)  Don't phone (or email) it in


Scanning the job sites and sending email applications is what everyone does. It's one of the most used but least effective ways to really show up on someone's radar.

Get up, get out and connect with people and ask for what you want. Most people don’t get what they want because they don’t ask for it. 

Fear of looking “stupid,” not knowing something, or simple fear of rejection keeps most people separated from what they want the most. 

Get a conversation started.
All call posts on LinkedIn groups asking for job or internship are largely ineffective.

If you want a job in a particular industry, join related LinkedIn groups and start posting questions (i.e. "what are the top 5 things you look for in an entry-level candidate?”)  Get to know the people in the field who are posting regularly. 


The reason many people don't spend more time doing this type of job hunting is because the outcomes are not as predictable and linear as sending out 10s of resumes and waiting.  Putting yourself out there can be uncomfortable for a lot of people, but, trust me, these connections are where the magic happens and you learn from them. You never now where they might lead.  Get used to the awkwardness and put yourself out there.



Get high and get hired

People love helping other people, this phenomena is called the “helpers high.”  Whatever you want to be, someone is doing it or has done it, find them, interview them and then ask them to introduce you to other people in your field of interest.  If you want to be a journalist, reach out to one or two... or five and ask them about their job and what it's really like, what it takes to be successful and what advice they might have for you.

Meg Jay, in her book the “Defining Decade: why your twenties matter," calls these “loose connections” and it is these loose connections that will put you on the track to your dream job a lot faster than you think.


2.) Be real
You just graduated college, so potential employers are not expecting you to single-handedly craft their strategic plan and implement it, but they will expect you to be real and have a logical reason for wanting to work for them, so be honest with yourself and honest with them. 

At the end of the day, people want to know what’s in your mind and heart as much or more than they want to know what’s in your transcripts. 

If you can’t come up with a genuine answer to the question, “Why do you want to work here?” Then why DO you want to work there? If it’s just because you need the money, big mistake. See tip 5.  “Don’t sell out”


3.) Resume’s are boring (they are)

Do something original and a little brave to distinguish yourself.  I once had a candidate include a list of 100 accomplishments with his resume. This kid was bright, right out of college and didn’t have lots of work experience, so he took a risk and sent a list of things he’d accomplished in life, but that weren't standard resume material.  I loved it and I felt like I knew him after reading that list. One of his accomplishments was “I survived my parents divorcing (twice).” I thought it was brave and unconventional and it won me over.  
Don’t be afraid to put a little ‘skin in the game’ by showing who you really are.

4.) Have goals
Have a meaningful goals (at least one) and connect the goal with the job you’re applying for. People get energized by other’s goals and they see people with clear goals as decisive and disciplined. 

Our nature as humans is to “complete” and make sense of things. It’s how our brains work.  People want to be able to make sense of your behavior and knowing your goals is a great way to help them do that. If you don’t know what you want to do with the rest of your life, that’s fine, the person interviewing you probably didn’t at your age (and very likely still doesn’t).  Go for what interests you and tell them what you are trying to do in terms of goals. For example, “My goal is to learn as much as I can about [this job, industry, field], so I can determine my career path” or “My dad was partner in a law firm and my goal is to do that by the time I’m 40.”  If you don’t know, don’t pretend you do,  just have goals around what you do know and be up front about them. 


5.) Don’t sell out
Desperation repels. During the economic recession in the US,  I interviewed mid-career professionals who had been out of work for over a year, some of whom may have been living on their savings and growing desperate to get back in the workforce. The telltale sign was that they weren't discriminating.  They would say they’d work "anywhere", do "anything" and tended to answer questions in generalities for fear that stating a preference or viewpoint would make them less likely to get the job. If you hate something don’t say you love it, if you love something, don’t say you hate it.  No matter how badly you need to pay the rent, don’t fall into the trap of trying to be all things to all interviewers just to get the job.  It rarely works, and when it does it usually doesn’t end well.

Final thoughts
Remember, sometimes you do everything right and you still don't get the job. Give fate a nod, assume it's for the best and keep moving. Don't get discouraged and start getting down on yourself. When it comes to job hunting, that's the kiss of death. People want to be around positive, confident people. Believe in yourself and believe that the job you want is out there, and eventually, if you persist, you'll get it. To quote Winston Churchill. "Never, Never, Never, Never give up."

Make your move.
Courtney Kirschbaum
Founder



Tuesday, April 8, 2014

What house will you choose?

Do you remember this scene in the first of the Harry Potter series?  It's Harry's first year at Hogwarts School of Magic and he has go through what's known as a sorting ceremony.

Putting on an old witches hat knows as the "Sorting Hat" is a long time rite of passage for Hogwarts students. The hat's job is to tell each new student which one of the school's 4 houses - Ravenclaw, Gryffindor, Slytherin or Hufflepuff -  they will become a member of, not just until they graduate, but for life

Harry sits 
nervously on a stool in front of the entire school and the sorting hat is placed on his head. It ruminates briefly and nearly decides to send him to his last choice of houses - Slytherin. Harry frantically thinks, "No! Please not there! anywhere but there!" Unexpectedly, the hat hears his thoughts, and tries to convince Harry, noting that Slytherin has produced many great Wizards. Harry remains firm in his resistance and finally, the hat says to Harry, "Alright, if that's your choice," and the gruff Sorting Hat calls out for all to hear: "Harry Potter....GRYFFINDOR!!!" and with that pronouncement, Harry is placed in the house of his choice.

Watching the scene for the first time, I made the assumption that young Harry had no choice.  I remember being surprised that the sorting hat took Harry's thoughts into consideration and ultimately let him choose. I'd made the erroneous assumption that Harry simply had to do what the hat said, that those were "the rules."  We do this a lot in life: assume and then act as if things have to be a certain way... when they don't.


Everyday, we tolerate relationships and circumstances that aren't right for us by stepping into the "I don't have a choice" trap.  We tolerate bad professors, crazy roommates, and all sorts of dysfunctional situations,  avoiding hard choices or acting as if we don't have one.

Sometimes it is hard to make choices, but the time you wait to make them you'll never get back, and the phrase, "I wish I'd done this sooner" has been said by many a person who finally summoned the courage to make a hard choice and move on.

This week, ask yourself: in what area of your life are you assuming that you have to take the orders of some version of a Sorting Hat?  What are your real choices? What are you afraid will happen if you make a choice?  Even if they are two (or more) unpleasant ones, you still owe it to yourself to weigh and explore options; doing that alone, will make you feel more empowered in your life, rather than trapped or paralyzed by some set of circumstances you assume are intractable. 

When you dare to choose, you take the wheel, the reins, the helm, you take over what's happening in your life and start going where YOU want to go. A habit of delaying or not making choices may result in you being in a house you don't want to be in, possibly for a very long time, even for life.

This week, talk back to the Sorting Hat and make your choice.

Courtney Kirschbaum
Founder, Her Next Move