Shift happens, here’s how to deal with it…
This year has seen some dramatic changes in the Wealth Management, Private Banking and Family Office sectors, not least working from home and working flexibly, which is what we have been advocating. The effects of COVID-19 and Brexit are already being felt across the industry and the shifts we are seeing now will continue to impact on businesses long into the future.
In this rapidly changing economy, it is more important than ever to take an adaptable approach to running a business or adapting your proposition to meet changing client demands. Goldman Sachs recently invited Mark Somers to participate in their business course ‘Reimagining Business’ which is being delivered by Saïd Business School at the University of Oxford. The online course gives participants the framework and learning opportunities to help leaders to undertake a fundamental review of their business, concentrating on strengths and weaknesses and how businesses can pivot in the face of fundamental changes, be they COVID-19, Brexit or any other monumental shift still to come.
But it is not just businesses that need to adapt, you may also need to pivot your own career to adapt to present challenges.
What does it mean to pivot your career?
Pivoting is a way of adapting to the changes around you. There are two reasons to pivot your career, a proactive pivot is when you are still in your job, but exploring new skills that can help you adapt and better serve your clients, or perhaps you may proactively start to look for new roles, knowing that you may wish to pivot in the future.
A reactive pivot is when something happens in your career that causes an unexpected break or adjustment, pivoting represents the actions you can take to react and adapt. Pivoting is about utilising your skillset to bring you out on top in a changed world.
If you have recently been furloughed or put under notice of future redundancy, it’s time to think about how you can begin changing your career for the better. It is not enough to simply wait around for another opportunity to come to you, you need to make a choice and capitalise on the new opportunities that are now emerging in this radically changed job market.
Fostering new skills
Being able to pivot your career effectively may mean working on skills that have fallen by the wayside thus far. Online learning, like we are doing with Goldman Sachs, is one of the best ways you can do this if you are confined to your home. Use this time to work towards additional qualifications that will give you an edge over your competition. The question will be, what did you do during lockdown, what did you achieve?
For candidates who have many years’ experience in the Wealth Management industry, online learning could mean taking a technical course, focussed on changes in the use of digital technology in your field. Alternatively, it could mean drilling deeper into an area of expertise that has become more relevant recently. The key is to be proactive in your approach to your career. If you have time during lockdown or on gardening leave, then use it to build on the skills that will serve you best in the future.
Adapting to working from home
Of course, you will also need to pivot your career in order to remain sharp in a new office environment. For most of us, that means adapting to working from home for the foreseeable future, perhaps until the end of the year or longer, depending on how your firm adapts to the changing government advice and guidelines.
Many people call it ‘remote working’, but we prefer to use the term ‘dispersed working’, after all, we are not working alone and can still benefit from the unity of working as a team, we are simply dispersed until it is safe to return to the office. Working from home comes with its own set of unique challenges that must be overcome to allow you to continue to excel in your career. You may need to pivot your working style, including how you build and maintain client relationships and manage your team. This is the new normal, so it is vital that you are able to adjust and continue to service your clients.
Pivoting Somers Partnership to better serve you
At the Somers Partnership, we have used these lessons to improve and grow our business for the benefit of our clients and candidates and to emerge ever stronger and more relevant at the end of this current crisis. The challenges posed by a global pandemic have meant that much of the world has moved online. Distance and national borders have been broken down through the move to virtual offices and meeting spaces, now more than ever, we are one world, with the same challenges and aspirations.
In this globalised space, we have been able to pivot our business, expanding our client base into Switzerland, California, the Bahamas and South America. Family offices have done the same, opting for expert advice over referrals from acquaintances within the Family Office industry. This signals an exciting change for the Somers Partnership and our clients, giving you access to an even broader range of dynamic opportunities.
We have invested heavily in marketing during this time and have worked on our candidate and client experience enhancement strategy. We haven’t furloughed any staff and have instead taken on a new freelance executive search consultant to help us to deliver our client’s requirements in the evolving recruitment landscape.
So if you are ready to pivot your career, upload your details onto our candidate portal and tell us your aspirations, we will contact you as soon as a suitable position becomes available.