Career

We find again and agin that it is their second career that is critical to a woman’s employability, security and wellbeing over the long term.

The average retirement age for senior executives is 57.9 years; this is in spite of the average intended age of retirement being 63. Clearly many retirements are unexpected.

Given that only half of senior executives are prepared for retirement, a second career is a great way to prolong your income-earning life and help provide for the lifestyle you want now and into retirement.

A second career is not, however, an accident and does require careful consideration and planning. It is also highly unlikely to be in a corporate environment.

Second career tips:
Build and nurture your networks. The networks you built in your first career are where you have come from. The networks for your second career will be new – focused on the value you will create for future clients.
Find something you are passionate about and create an income from it. You will want to enjoy it as creating something new takes effort.
If necessary retrain, develop new skills and get a coach.
Creating something new is not a quick fix – allow time for the transition. Yet it is never too early to start the transition. Many people take 12 months out to consider their future and rarely get back on track. The latter part of their career is inevitably a disappointment.

There are also key practical considerations including:
Having enough liquidity to fund the transition – potentially up to 24 months.
Having financial independence from your employer – not constrained by share options and long-term incentive programs.

We are all for working as long as you can at something that you enjoy. The default option – relying on government handouts or running down your savings – is pretty ordinary.

Re-invent yourself, re-educate, and work in some capacity at something that you enjoy.

In my experience the better planned and prepared you are to create your second career, the more successful you will be.
The Gravitas Project

If you’ve ever been interviewed by a head hunter, they’ve likely asked “Where do you want to be in 5 years time?” You’ve probably got a generic answer that impresses them enough, but do you really want to still be in a corporate environment, or maybe not?

Below you will find a step by step guide on how to approach a transition, as well as some key considerations to think about with regards to your personal situation.

You’re a women in your 40’s, you’re in a senior executive role within a large organisation and you’ve been focused on climbing the corporate ladder. You’ve focused on generating results, providing a positive influence and creating a bigger impact for the organisations you work for.

For your own personal career, you’re on a trajectory to have a more significant role, more income, and more power to make bigger decisions. You’re on a great package, you’re living a great lifestyle, and most people would describe you as successful.

But in the back of your mind, there is a grey cloud around what your future looks like.

You’re working super long hours, which clearly isn’t sustainable. You are at odds with the Board on key strategic issues which leaves you feeling vulnerable and anxious about your tenure.

You feel like you’re on a treadmill that has been set for a 9% incline, and is speeding along at 12kph – awful! You’re starting to lay awake at night, wondering where your career is heading.

Predictably, this is the point that a lot of people take a look at what others are doing, and discover there are plenty of options available – especially when a little preparation has been done!

People who successfully transition out of corporate tend to start thinking about the following 5 things around 2 years BEFORE they leave their corporate job:

1. Work out what skills and projects they LOVE doing
2. Create a personal brand to highlight their key achievements around ‘what they want to be known for’
3. Build strong relationships with a wider network of business contacts, decision makers and influencers
4. Acquire the skills, knowledge and experience so they succeed in the next part of their career
5. Get professional help to make the transition, from a mentor or coach

There are also key practical considerations such as having:

1. Financial independence from your employer – not constrained by share options and long-term incentive programs
2. Enough cashflow to fund the transition – potentially up to 24 months

At the pinnacle of your career the choices you make now will have a significant impact upon your future career and lifestyle.

In our experience the better planned and prepared you are the more choices you have, and the more secure you feel. What do you need to do NOW to be the obvious choice when opportunity comes knocking?

We asked and can share with you the top five attributes needed to be successful on the board. While you may have studied hard, even completed multiple degrees and in some instances have experience, all too often we hear of people saying “I just can’t land the role!” So here is what you need beyond competence.

The best directors can Decode the boardroom: this means they can read underneath what is being said. They read people and situations to decode what is happening. What is not being said and why? Think about how to add value to what is being discussed, draw out the hidden connections between various items. You must be a silent observer, a passionate advocate, and a listening ear of reason.

Can you show Resilience under extreme pressure? While resilience is important for all senior positions, the ability to retain composure and resilience under the type of pressure surfaced in the boardroom is key. Resilience is the ability to stay strong, focused and unwavering while being open to altering your position in line with feedback.

Show and have Respect: Most people think they are respectful. In this context, respect in the boardroom means to consider the responsibility of the role you and your fellow directors are undertaking, a board is about governance, it is about guiding the organisation to be a good corporate citizen and to reach its organisational goals. You need to respect the peers in the boardroom too. Don’t forget to respect the stakeholders and the community too, everyone deserves respect, you give it and you will receive it. Remember everyone has a role to play and something to offer, this is what makes a brilliant board.

Being on a board is not about your agenda, and it is not a solo act. Make sure you have a Supporting Network to draw upon. You need a trusted support network of advisors to whom you can draw upon for advice and for strategic introductions. Have you looked to who the Chair is, can you learn from them and add value to them? Being on a board is to be a part of a group who together makes a difference in guiding an organisation. Consider who you have to mentor you and who can you mentor within the organisation and beyond.

And finally … what really sets people apart is their Gravitas. It is a special presence that can be quiet and unassuming yet it holds the room when they speak. People with gravitas are taken seriously, considered in their approach and know when and how to enter any situation they face with composure.

Success is about more than degrees and experience. Because if having a degree or experience was enough we would have more women on boards and in senior roles, and you wouldn’t be frustrated by hearing “You have an impressive CV and you are very qualified but…”

My experience tells me there are many qualified and experienced women who can unlock that extra thing that will take them to the next level. Once you understand the 5 attributes and how to build them, you will have the secret ingredient that sets you apart from the rest. Then the board roles and senior leadership positions will be yours, you will be able to influence at a strategic level even when you have no direct power and you will be seen and heard for all the right reasons.

You’re considering exploring the job market, and that’ll be a short term fix to continue your career, perhaps as CEO or senior exec of a larger organisation, but you’re curious about where your career should be heading over the next 10 – 20 years.

In a nutshell, executives often choose a combination of becoming a:

1. Consultant
2. Business Owner
3. Board Member

One of the most popular choices is to become a Consultant and then look at joining 2 or 3 boards. Consulting is the way the world of work is heading. In fact, by 2020, 50% of the Australian workforce will be working under their own ABN – as a consultant or contractor. As you probably know, the benefits of becoming a board member, are that:

1. you are challenged at a higher level,
2. you get added exposure in your industry,
3. you get extra credibility and
4. your network of connections increases exponentially
5. you attract great gigs for your consulting business.

But Why Start Thinking about Your Board Career Now?

It’s a well-known fact that most peoples’ financial security is created in the last 10 years of their working life. They’ve finished paying school fees, the mortgage is manageable and they’ve peaked in their salary earnings. They now have a 5 – 10 year window to build the foundation and capitalise on the final 20 years of their working life. If this is where you are at right now, this is your opportunity to set yourself up for a great board career.

If you’re planning on becoming a non executive director, you need to put the appropriate plans in place to maximise all the effort and work you’ll be putting in over the next decade.

I suggest you focus on two areas to prepare for this exciting second stage of your career. The first one is financial, it’s about protecting the assets you already have, and structuring them effectively so you have sufficient cashflow while building your board portfolio. The second focus is to acquire skills needed to be effective around the boardroom table and build key relationships that will help you generate a steady flow of new opportunities for the next 20 years, or until you decide to retire altogether.

Ideally the preparation should happen years in advance of transitioning from a full time corporate career.

Here’s 5 Steps to Make a Smooth Move into a Board Role

1. Visualise your leveraged career and plan how much money you need to generate from your consulting, contracting and director fees. Factor in all the expenses around the life you want (European holidays, gym memberships etc). Ensure you put away 10 – 15% of your income to cover these expenses while you build your portfolio, starting today!
2. Build your online presence and start to expand your network, so if you were made redundant in 3 month’s time, you know people who’ll be able to help you.
3. Contact the Australian Institute of Company Directors and enrol into the Company Directors Course.
4. Join a Not for Profit, Community, Sporting or School Board to gain experience in corporate governance, and demonstrate the value you bring on a strategic level.
5. Decouple yourself from your employer so you don’t have all your money locked up in company shares, and aren’t too reliant on company insurance etc.