Money in the bank…

Your credit score can lower or raise your monthly payments on virtually every loan / debt / insurance obligation that you have.

Have you checked it lately? (Experian, Trans Union, and Equifax are the 3 major credit reporting agencies, and federal law allows you to get a free report from them once a year).

Potential employers often will consider your score when reviewing your credentials for a new position.

Most consider 850 as a perfect score.

Depending on the type of loan / debt / job that you have (or are seeking), a credit score in the 700’s will typically either save you money or help you procure that position you are seeking.

More later on how to raise your score.

Harvey Dorland

Is it better to be a specialist or a generalist?

From an economic standpoint, the specialist is typically remunerated 20% or more more then the generalist.

By specialist, examples would be a D&O underwriter or broker versus a package one.

Or an HPR engineer versus a middle-market all-lines one.

Or a pension sales person versus a life, health and disability one.

Or a large group person versus a small group or individual person.

But… there are downsides!

The more versatile a candidate is - the more positions there are available.

Some employers have begun, in the past, to bundle… for example… D&O into all professional lines, or, inland marine into fire and general liability, or, workers’ compensation with general liability and auto.

If you don’t know the other lines, your compensation / worth is lessened.

Networking

Several years ago I was the guest speaker at a luncheon for thirty or so risk managers.

One of the things we talked about was networking.

This, of course, was not during a period of possible recession, but the same principles apply now as they did then.

Everything I read indicates, other than through yours truly (of course!), that more positions are filled from referrals / people that you know, than any other source.

So…. If you have a network, strengthen it.

If you don’t, start creating one.

The time to do this is while you’re employed, not waiting until it’s too late to get it done effectively.

More on Teammanship:

· The ability to be coached and to coach.

Discuss & negotiate issues in an open and fair manner, and change your position when it’s good for the team. Deal with differences in a constructive manner, being sensitive to the needs of others.

· The ability to influence superiors and be influenced by subordinates.

More next week.

Harvey Dorland

Money in the Bank

Teammanship is one of the most important traits that your current employer, or new one, are looking for regardless of what position you occupy on the organization chart.

Team skills that include cooperating with others, collaborating on projects, influencing others (but not always having to win), and working on cross-functional teams, can typically represent up to 75% of your workday.

Those that do it well in their current job are rewarded in terms of influence, promotions, and better reviews.

Some tips on doing it well later!

Harvey Dorland

More recession-proofing ideas:

5. If your boss gets laid off, the higher-ups may not know you well enough to keep you from being vulnerable, also: Stay visible at company events, introduce yourself to execs that you don’t know, and copy them on any laudatory emails from customers / 3^rd parties that come your way.

6. Consider a bonus instead of a raise: It makes the bottom-line look better and won’t raise your employers outlay for things that are tied to your salary.

7. Mentor more: You’re more valuable if you can teach others how to fish than just catch the big ones yourself.

Harvey Dorland

HIRE BY COMMITTEE – THE GROUP INTERVIEW

I cringe when I hear a candidate will be interviewed by five or six people at once and that the hiring decision will be made as a group and not solely by the person who will be his/her manager. Why?

1. It is best to be sure that everyone in the interview group have the same vision of the job, duties, the role the position plays in the organization, and the experience and personality traits required to perform in the position. It is my experience this is never the case.

2. Team members may have hidden agendas that influence their decision on a particular candidate. One candidate walked into a team interview to meet a person on the team he declined a promotion for, earlier in their careers. Guess who didn’t get the job.

3. It’s not easy to make a good first impression on five or six people at once. One or more is bound to feel “less noticed” (less important, snubbed?) than the others.

4. Team interviews seldom follow a specific question set that will identify strengths and weaknesses, likes and dislikes, motivational factors, management style and cultural fit. When a group conversation starts going one direction it is difficult to turn it back to interview mode.

5. If you interview a candidate long enough and with many different people, sooner or later you can find a reason not to hire that person.

A hiring manager should have candidates meet with other staff one on one, take all interviewers comments into consideration and trust his own judgment to make the correct hiring decision.

This blog posting was submitted by NIRA member Jim Peterman of JR Peterman Associates, Inc.