November 2008 :: This Just In: Sky Falling, Film At 11
Yesterday I had the opportunity to catch up with an old friend and former co-worker. For purposes of anonymity, and to amuse myself, during the rest of this piece I will refer to her as Blanche.
By way of background, Blanche is a mid-level executive at a large financial services firm. She is well educated. She is an adept manager of her portfolio, and earns a healthy base plus commission. She is well respected at her firm and in the industry.
Blanche was down. The company that she works for was tightening the screws. The directives had come from on high that expenses were to be slashed, return targets were going up, and the CEO was on the war path.
Further adding to her concern was the notion that layoffs very well could be coming around the corner.
Then Blanche started to ask me some questions:
“Should I spend down all of my savings before I tap into my 401k account?”
“Should I sell my house now, and start to rent, before it is too late to sell or money gets too tight?”
“Will my credit score be affected?”
STOP BEFORE YOU HURT YOURSELF BLANCHE!
At this point I cut her off mid-sentence – stopping her dead in her tracks.
Why, I asked, was she so incredibly pessimistic today?
As she began to describe all of the issues she was dealing with, it became apparent to me that Blanche was on overload. She had been consumed, at least on this day, by the confluence of job, money, market, media, and family pressure. In the moment that I was listening to her, it sounded like she was just waiting for the end.
She said she was just being realistic, planning for the worst case, and not wanting to get caught flatfooted.
I told Blanche she needed to take a really deep breath (or a very tall drink) and step away from the ledge.
Then we began to look at the circumstances one by one. What I suggested is that Blanche needed to start looking at all of this in layers, rather than one seemingly awful lump sum that creates the definite impression that the sky is falling. Instead, she should attack each issue on its own merit.
Her current job: As mentioned she is well regarded at her company. It is a Fortune 100 company that employs 50,000+ people and places a high value on talent. She had always received excellent job evaluations and had risen quickly through the ranks. Did she truly believe that she would be among the fallen if (and it is a big if) the firm had layoffs?
Oh, and if the worst did happen, and the company did lay her off was she not one the most highly capable folks in a very small niche of the business? Further, wasn’t her skill set transferable across industries if, heaven forbid, need be?
Her financial picture: Blanche is fiscally smart, maybe too smart. She has the ability to dissect and understand the financial markets in great detail. The great news is that Blanche lives right smack within her means. She is not over mortgaged, over credit carded, over spent – she is not over anything. On top of that, she has the ability to live off of her base salary if (another big if) her commissions dried up completely.
Her affinity for CNBC, The Wall Street Journal, Fortune, Forbes, Investor’s Business Daily, etc.: Blanche is a self admitted prolific reader. She consumes as much content about the current financial crisis as the mainstream media can produce.
It was at this point that I started to raise my voice.
Was she aware of why the headlines are written the way they are? Yes, to attract eyeballs.
Did she understand what the increasing eyeball count meant? Yes, it enables the media outlet to charge higher ad rates.
Was it clear what the benefit of higher ad rates were? Yes, more revenue and higher profits for the media outlet and their parent company.
TURN OFF THE TV BLANCHE, PUT DOWN THE JOURNAL; TAKE A WALK AROUND THE BLOCK.
In the book “Taming Your Gremlin” by Rick Carson, the concept of Gremlins is discussed. The simplest explanation for a Gremlin is the negative inner voice that speaks to us. Sometimes it is occasional and quiet. Other times it is loud and overpowering.
In the conversation with Blanche it sounded like her Gremlin had taken over completely.
The pressure in our business is significant. Our industry is center stage and the spotlight is frequently shining on you. If you are not mindful, the confluence of all of the issues will consume you and potentially lead to bad decisions.
So, take a deep breath, look at the pieces (job, finances, employees, clients, and family) in layers, and try to stay away from the things you know will exacerbate the issue. Doomsayers in the form of the media, friends, family, and co-workers are everywhere – try to keep your distance.
Yes, the sky is dark and threatening as this is being written. The eye of the storm may or may not have passed through. There is one thing I am sure of though – the sky will not fall. That is one piece of footage the late news will not get to capture
