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EXECUTIVE MBA IN PRODUCT LEADERSHIP

PM 101

Career path Planning

Prof. Vishy

15th April

• LS 106-S1 & S2

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Course Topic Outline

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• Defining Careers• Career & Self Concept• Career Stages• Career Coaching Process• Personality Preferences• Career Anchors• Personalized Career Anchor Report• Career Values• Career Interviews for Feedback• Career Vision• Career Transitions Model

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Knowing yourself

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What is a Career ?

• The Shorter Oxford Dictionary simply defines it as:

“ a person’s path or progress through life”

• From an Occupational perspective, it is a person’s

chosen occupation craft or profession

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Career and Self Concept

As a career evolves, the person develops a self concept that includes

answers to some of the following questions:

• What are my talent skills and areas of competence? What

are my strengths and weaknesses?• What are my motives, needs, drives and goals in life?• What are my values, the main criteria with which I judge

what I am doing? How proud or ashamed am I about my

work and career?

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Evolution of Careers

Issue Traditional Career Protean Career

Who’s in charge? • Organization • Person

Core values • Advancement • Freedom and growth • Work-life integration

Degree of mobility • Lower • High

Key attitudes • Commitment to organization

• Commitment to profession• Work satisfaction• Work to live not live to work

Success criteria • Position level / title• Salary

• Psychological success• Meaningful work

7This framework was developed by Edgar Schein

Career StagesRetirement

Disengagement

Maintaining Momentum or leveling off

Midcareer crisis/Reassessment

Gaining Tenure / Permanent Membership

Gaining of membership

Basic Training and socialization

Entry into the world of work

Education and training

Growth fantasy and exploration

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Career Progress

Career Progress

Movement in – Influence and Power

Hierarchical movement

Cross functional Horizontal movement

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Career Development Plan

Personality Preferences

Career Anchors

Personal Values

Skills & Ambition

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Career Coaching Process

• Autobiography and Peak Experiences (high points)

• Personality Preferences• Career Anchors• Career Values Assessment • Interview with Others (skills) • 10 Years Out (personal vision) • Career Development Plan

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The Personality preferences test

• Please score the questionnaire handed to you

• There are no right or wrong answers• Choose the answer which comes most

easily to you – don’t’ over analyze• Take a “feet on the table” approach –

what would you like to do if you had no pressures and could do what you wished

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The Peak Experience Exercise(When were you in “flow” ?)

• Reflect on experiences that have been highlights in your work or non-work life

• List the top 6-8 peak experiences• Provide description of event,

activity, or accomplishment• Describe what makes it a

“peak experience”• Reflects your passions, skills

and values

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The Peak Experience Exercise(When were you in “flow” ?)

Description of the Experience

What was the nature of challenge?

What skills did you deploy?

What did you value most about the experience?

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Values: Career Values Inventory

• Determine relative strength of possible values

• For those that are always valued column, prioritize and select top 5

• In small groups, share:• Highest values • Surprises in sorting values

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What is a Career Anchor?

• The theory was proposed by Edgar Schein, after

conducting a longitudinal study at MIT starting in the

1960s.

• Career Anchor indicates an area of such paramount

importance to the person that he or she will not give it up

• The anchor begins to define the self image of the person

and therefore career choices over the long run are

consistent with this anchor

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Career Anchors Model

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This framework was developed by Edgar Schein

Types of Career Anchors

• Technical/ Functional Competence• General Managerial Competence• Autonomy /Independence• Security/Stability• Entrepreneurial Creativity• Service Dedication to a cause• Pure Challenge• Lifestyle

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Technical Functional Competence

• Type of work• In the area of their Expertise / Specialization• Technical challenges are a motivator• Interested in intrinsic content• Like autonomy in “how” they do things• “tolerate” the administrators/ managers

• Recognition and Benefits• Looks for “external equity”• Prefers professional peer recognition to managerial• Prefer absolute pay to stock options / golden hand cuffs

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Technical Functional Competence

• Motivators and Values• Self image and esteem tied up with competence• Challenging work in functional area• Professional Membership• Mentoring and Passing on skills

• Typical Jobs/ Roles• Research Scientist• Security Specialist• Functional Specialist• Domain Consultant

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General Managerial Competence

• Type of work• Cross functional “integrative” and “varied” work• View specialization as a trap• Typically possess interpersonal and emotional competence• High level of responsibility is important• Job must directly co relate to organizational success

• Recognition and Benefits• Looks for “internal equity”• Promotions / Rank / Title /increase in responsibility are

motivators• Prefer stock options / golden hand cuffs etc.

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General Managerial Competence

• Motivators and Values• Motivating others• Emotional and Interpersonal competence (stimulated by

crisis)• Solving problems – analytical competence• Taking touch decisions• Achieving Success

• Typical Jobs / Roles• P & L leader• CEO• Business Head

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Autonomy / Independence

• Type of work• Don’t like being bound by rules/ procedures/ dress codes• Prefers clearly delineated, time bound work in expertise area• Contract / project / part time work are welcome• Cannot stand close supervision• Wants autonomy on “how” work gets done

• Recognition and Benefits• Immediate payoffs with no stings attached• Cafeteria style benefits within an organization• Medals, testimonials, Letters of commendation mean more

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Autonomy

• Motivators and Values• Flexible employment patterns• Working independently• Being free from constraints• Work that is time bound and clearly delineated• Self motivated

• Typical Jobs / Roles• Freelance Trainers• Consultants • Part time workers

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Security / Stability

• Type of work• Prefer jobs which provide job tenure and are known to be

stable• Jobs which need steady performance• Predictable environment• Provides financial security

• Recognition and Benefits• Steady increments• Published Grade and rank system• Good retirement plans and benefit programs

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Security and Stability

• Motivators and Values• Predictable future• Loyalty• Job security• Adaptable• Conformity

• Typical Jobs / Roles• Government Jobs• Public Sector Banking roles• Accounting

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Entrepreneurial Creativity

• Type of work• Create new businesses of their own offering products and

services• Obsessed with need to create and get bored easily• Constantly require creative challenges• Typically gets expressed early in life

• Recognition and Benefits• Making money is a measure of success• High personal visibility and public recognition are important• Ownership of the enterprise is the most crucial issue• Building Size and / or Fortune are key drivers

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Entrepreneurial Creativity

• Motivators and Values• Creating new ways of working• Working on new ideas• Variety and change• High levels of energy• Open minded employers

• Typical Jobs / Roles• Startup founders• Enterprise heads• Product creators

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Service/Dedication to a Cause

• Type of work• Desire to improve the world in some way• Work must be aligned to ones values• Desire to serve is usually high• Talent and competencies are not seen as important

• Recognition and Benefits• Money is usually not central to them• Shared values with the context is most important• Fair pay for effort is the principle• Promotion usually would mean more “autonomy”

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Service/Dedication to a Cause

• Motivators and Values• Living one’s values• Strong Minded• Meaning at work• Helping• Openness

• Typical Jobs / Roles• Product Evangelist • Tech Support• NGO’s / Social work• Teaching / Mentoring

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Pure Challenge

• Type of work• Continuing challenge not necessarily in area of expertise• “warriors” who see work as a competitive space• Constant need to “Self test” one’s competence• Overcoming the “impossible”, Solving the “unsolvable”

• Recognition and Benefits• All forms of pay, benefits and recognition are subordinate to

the “challenge” in the work they do

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Pure Challenge

• Motivators and Values• Winning• Competition• Working on Complex and difficult problems• Testing their abilities• Variety

• Typical Jobs / Roles• High end Strategy Consultants • Management Consulting

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Lifestyle

• Type of work• Work must be organized around their lifestyle• Career is seen as an integration of Individual, Family and the

career• Flexibility is the key principle

• Recognition and Benefits• Flexible working options• Family needs are respected by the organization• Geographical movements only when desired by the

individual• Other options like sabbaticals, paternity leave, part time

work etc

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Lifestyle

• Motivators and Values• Flexibility in work patterns• Work life balance• Sensitivity to personal needs• Career is a means to a lifestyle

• Typical Jobs / Roles• Flexible work profiles

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EXECUTIVE MBA IN PRODUCT LEADERSHIP

PM 101

Career path Planning

Prof. Vishy

May 10th, 2014

• LS 106-S3

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Skills: Interview with SignificantOthers

• Get feedback on your skills and competencies from those who know you well

• Provides you “the gift” of external perspective

• You can conduct many interviews with different people but should include at least:• One personal - someone who

knows you well• One professional – someone

you have worked closely with

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Life Goals: The 10 Years Out Exercise

• Intended to give you greater insight into what your career and work are leading you to

• This is your “personal vision”• Articulating this will provide a clearer sense

of what’s important – professionally and personally and why

• Creating mental image of life 10 (or 5) years from today

• All questions answered as if it is 5 or 10 years from today

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Career Plan

• What does success look like? What do you see ? Hear ? Feel?

• Primary Career Portfolio / Choice

• Long term professional position you are in and type of company?

• 18 month milestones starting now

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1. Managing Managers globally 2. Delivering an important business objective

without formal authority3. Managing a merger or acquisition or a key

partnership alliance4. Leading an organization wide change initiative

5. Creating product or business strategy 6. Leading a cross functional team 7. Leading a turnaround 8. Handling a P & L

Experience Category I : Exposure to Challenging Situations

Experience Category II : Leading a business

9. Accountable to stakeholders with competing Interests10. Building solid relationships with external customers or accounts11. Working with CEO / Executive Committee/ Members of the Board12. Recruiting, Selecting and Retaining a Senior Executive team•

Experience Category III : Leading Internal and External Constituents

13. New Product Design and Development14. Product Management15. Marketing and Business development16. Retail / Channel Management

Experience Category IV : Key Functional Experiences

Critical Experiences Inventory

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Career Plan

• What functional and leadership skills, knowledge experiences do you need to reach the first milestone? (Know How)

• What networks and alliances do you need? (Know Who)

• What are the actions you need to take for each of the above starting today?

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The Career Transitions Model

•Crafting Experiments: Trying out new activities and professional roles on a small scale before making a major commitment to a different path

Working identity is defined by what we

do and activities that engage us

•Shifting Connections: Developing contacts who can open doors to new worlds. Finding role models and new peer groups to guide and benchmark our progress.

Working Identity is defined by the

company we keep

•Making sense: Finding or creating catalysts and triggers that allow us to rework our stories and continually refine it to find meaning

Working identity is defined by the stories of who we have been and

who we will become

Working identity Strategies for Reworking identity

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Strategies for Career Transitions

• Act yourself into a new way of thinking and being• Focus of which of your possible selves you want to test or know about• Allow yourself a transition period in which it is okay to oscillate between holding on and letting go• Use a strategy of small wins in which incremental gains will lead you to profound changes. Accept the crooked path• Identify projects that give you a feel for the new line of work.• “Committed Flirtation”

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Strategies for Career Transitions

• Don’t just work. Find people who are what you want to be and who can provide support for the transitions. You wont find them in your existing social circles• Don’t wait for truth to be revealed to you. Use everyday occurrences to find meaning and practice telling and retelling your story. Typical transitions take 3 to 5 years• Step Back. But not for too long.• Change happens in bursts and starts. There are times when you are open to big changes. Sometimes not.

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Key Transition Challenges

• The Promotion Challenge• The Leading your Peers Challenge• The Corporate Diplomacy Challenge• The On-boarding challenge• The International Move Challenge• The Turn around Challenge• The Realignment challenge

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Steps to Transition - Watkins

1. Organize to learn. Figure out what you most need to learn, from whom, and how you can best learn it. Focus on the right mix of technical, cultural, and political learning.

2. Establish A-list priorities. Identify a few vital goals and pursue them relentlessly. Think early about what you need to accomplish by the end of year one in the new position.

3. Define strategic intent. Develop and communicate a compelling mission and vision for what the organization will become. Outline a clear strategy for achieving the mission and realizing the vision.

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4. Build the leadership team. Define your assessment criteria and evaluate the team you inherited. Move deftly to make the necessary changes; find the optimal balance between bringing in outside talent and promoting high-potential leaders within the organization.

5. Lay the organizational foundation for success. Identify the most important supporting changes you need to make in the structure, processes, and key talent bases of the organization. Put a plan in place for addressing the most pressing organizational weaknesses.

Steps to Transition - Watkins

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6. Secure early wins. Build personal credibility and energize people by identifying “centers of gravity” where you can get some early successes. Organize the right set of initiatives to secure early wins.

7. Create supportive alliances. Identify how the organization really works and who has influence. Understand who needs to champion your success and create key alliances in support of your initiatives.

Steps to Transition - Watkins

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• Political Missteps• Dependence on one single sponsor• Reliance on narrow skill set• Not learning from experiences• Personal Characteristics – Arrogance, Insensitivity

Career De-railers : Watch Outs

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Summary

• Understand your anchors, assets/strengths

• Augment yourself with as many “Accelerators” as feasible

• Benchmark success in your organization• Develop deeper expertise• Create the right networks• For PMs with technology background its

important to become a generalist

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Resources for further exploration

• Self Assessment:• MBTI – Career Report• Career Leader: http://www.careerleader.com/• Learning Styles: http://www.learning-styles-online.com/inventory/

• Books• Working Identity : Herminia Ibarra• Now, Discover your Strengths: Marcus Buckingham• The start up of you: Reid Hoffman and Ben Casnocha• Mass Career Customization: Anne Weisberg, Cathy Benko