People at Work & Play

The informational interview is a method of finding out details about a job or a project from someone who is qualified to talk about it. Steve Wilson describes what it is all about.
Marci Alboher writes in the New York Times about “Mastering the Informational Interview”.

This is yet another facet of networking. There is so much to be gained if the informational interview is well planned and structured.

I made a comment to the effect that it is tempting to rush out and do an informational interview with almost anybody. That would be a big mistake. The secret, I believe, is to first identify a list of people who are qualified to help you. From this list, you need to prune names until you zone in on a few key individuals who probably will give you the best value.

There is no substitute for preparation. The kind of questions you ask sets the tone for the meeting. You ask incisive questions, you will get the best answers. If you ask dumb questions, you are wasting your time and theirs!

For many a bright professional, the world over, a dream is to be admitted to the Harvard Business School. The venerable school celebrates 100 years in 2008. It’s mission: “We educate leaders who make a difference in the world”.

Guess which country sends most candidates (after the US of A of course) for the Harvard regular MBA program? That honour goes to India which sent as many as 38 students for the batch of 2009 made up of 900 students. HBS assistant director in MBA career services, Kurt Piemonte said, “Increasingly, we find Indian students want to head back to the country to pursue their careers. There is a real interest in India and the trend of returning to India to work is catching up. The number of students who have not been in the US before and want to return to India to work is rising.”

India already has a strong presence in the teaching side with 15 % of the HBS Faculty being Indians or of Indian origin.

Also, as part of its plan to globalise its curriculum, in 2005, HBS opened the India Research Center (IRC) in Mumbai, one of the six research units across the world. The research centre will help build HBS’s knowledge about the Indian economy and the corporate sector through case studies and original research work.

These are clearly positive by-products of the greater interest evinced in the Indian economy by almost everyone-including the Harvard Business School.

Management consultancies are the biggest draws for the batch graduating in 2008 0f India’s prestigious B-Schools, the Indian Institutes of Management, says Nielsen Campus Track-B School Survey 2007.

McKinsey & Co was rated as their “Dream Company” by 40 % of the students interviewed.

Investment banking (31%), foreign banks (24%) and software, IT consultancy and service (24%) follow as the next most popular employment destinations for students from the six IIMs across the country. In terms of the sector showing greatest promise for the future, retailing tops the list with 39% students positively inclined towards it. This is followed by private equity firms (26%) and investment banks (24%).

Compensation is an important attribute in choice of organisation. Survey respondents expected an average compensation of Rs. 19 lakhs per annum from their “Dream Company” - 30 % more than last year. Salary expectation from a local companies @ about Rs.14.2 lakhs is almost doubled to Rs.27.4 lakhs when it comes to foreign companies.

Putting a handsome package aside, 47 % expect to move out of their first job in less than 3 years in search of better career opportunities and higher compensation packages.

Stand up and salute the Indian Air Force. This force completes 75 glorious years in the nation’s defence today.

From its inception in 1932 during colonial times, through the first years of Independence, the wars against Pakistan in ‘65 and ‘71, The Indian Air Force has brought laurels to the country.

“Quality individual skills welded with state-of-the-art technology is the hallmark of our fighting force” -Air Vice Marshal N Menon UYSM, AVSM, Fighter Pilot.

Whether you are a man or a woman, if you are young, seek adventure and wish to serve your country, look for career options in the Indian Air Force.

I end by saluting the IAF Martyrs who gave their life for India.

Today’s world is characterized by a huge demand for talent. In many industries in India for instance the demand for top talent far exceeds supply.

Such an environment pushed organisations to develop Employee Referral Programs. It started in the IT industry but as this article in the Economic Times says has taken roots in many other industries as well.

It is estimated that as much as 40-60 % of hiring takes place through Employee Referrals.

While this could be a smart move for organisations they should be careful, in my view, not to allow standards to be diluted by any slack in this program.

I would urge them to see the check list of one person I admire hugely, Dr. John Sullivan as they put such a program in place.

My friend James Abraham, partner and director of the Boston Consulting Group in India says
” India is top most on the list of preferred destinations for countries facing an internal talent crunch situation”.

Times of India reports that World Inc. is looking up to India for talent. Bernard Salt, the Melbourne-based partner of KPMG says the Indian workforce is witnessing a 100-year peak. The talent pool is described as being vast, skilled up to international standards and the most sought after by Western countries.

Advantage India is reflected in the Indian economy growing at 9-10% in comparison with a growth of 1-2 % in the saturated West.

Accenture announced plans to have about 35,000 employees in India as against 30,000 in the US. IBM is expected to have about 70,000 employees in India, more than 50 % of its headcount of 130,000 in the US.

Directors of Admissions from many top US schools share their thoughts in this article in the Economic Times titled” B-School Directors Tell How To Get Noticed“.

What comes out clearly is that they do not look for any one aspect but for a combination of factors which make the perfect candidate.

Work experience, GMAT score, extra-curricular activities and the quality of the essays you write are some of the key points considered.

The importance placed on the essays is striking. Write to speak of yourself as you are.

One of the world’s foremost thought leaders in the area of behavioural science is Dr. Edgar Schein, Professor Emeritus at the MIT Sloan School of Management.

A person’s career anchor is his or her self-concept consisting of 1) self-perceived talents and abilities, 2) basic values, and, most important, 3) the evolved sense of motives and needs as they pertain to the career.

Career anchors only evolve as one gains occupational and life experience. However, once the self-concept has been formed, it functions as a stabilizing force, hence the metaphor of “anchor,” and can be thought of as the values and motives that the person will not give up if forced to make a choice. Most of us are not aware of our career anchors until we are forced to make choices pertaining to self-development, family, or career. Yet it is important to become aware of our anchors so that we can choose wisely when choices have to be made.

Dr. Schein’s original research in the mid-1970’s showed that most people’s self-concepts revolved around 5 categories reflecting basic values, motives and needs:

1. Autonomy/independence
2. Security/stability
3. Technical-functional competence
4. General Managerial Competence
5. Entrepreneurial Creativity.

Follow-up studies with a wider range of occupations in the 1980’s revealed three additional anchor categories–

• Service or Dedication to a Cause
• Pure Challenge
• Life Style

Dr. Schein re-visits his pioneering work on Career Anchors in an article titled ” Career Anchors Revisited: Implications for Career Development in the 21st Century”.

Reasons for a job change can range from a perceived insult by a colleague at work to a deep rooted dislike of job content.

Here are the Top Ten Reasons from Susan Heathfield in About.com- Human Resources.

Understand the motives for seeking a change. Are they strong enough to warrant a move? Are you moving because every one else seems to be doing so.? Will the new place be any better? What are the most important factors for you just now? Is it job content? Compensation? Convenience of Commute? Title? People at work including your boss? Growth prospects?

Answer these questions before you make a move. They will help you zone in on what is crucial in your next job. As the old saying goes ” The grass looks greener on the other side”.

Move by all means if you have to - but move after you have made an informed well thought out choice.

This year’s rankings for the most popular choice as employer by MBA candidates in the US is out.

The survey from Universum indicates that these are the top 10 companies MBAs of 2007 want to work for:

1. Google: Technology
2. McKinsey & Company: Management consulting firm
3. Goldman Sachs: A global investment banking, securities and investment management firm
4. Bain & Company: Management consulting
5. Boston Consulting Group: Management consulting
6. Apple: Maker of computers, iPods, the soon-to-be-released iPhone, and more
7. Microsoft: Software
8. General Electric:Diversified technology, media and financial services company
9. Nike: Footwear and athletic apparel
10. Bank of America: Financial services

Not surprisingly, 3 of the Top 5 are management consulting firms.

How much did they expect to earn 1 year and 5 years after graduation? Base salary of $ 89,654 (Women $ 89,599 & Men $ 97,519) and $ 169,849 ( Women $ 164,046 & Men $ 204,372) respectively.

Surprised to see differences in compensation between men and women - most certainly at the after 1 year mark.