REVIEW-III:New model of career advancement, Choosing your investment, Tactics for Dealing with Difficult People

<< REVIEW-II:Steps to build self-confidence, Globalization, Building Good Relations with Co-workers, Good work habits

Human Relations MGMT611

Lesson 45

REVIEW-III

1. New model of career advancement

2. Taking control of yourself

3. Exerting control over the outside world

4. Managing personal finances

5. Budget

6. Achieving happiness

7. Apathy

8. Enhancing personal ethics

9. Helping Others Grow

1. New model of career advancement

The key components of the new model of career advancement are as follows:

Career portability (components)

1) More emphasis on horizontal growth, with a focus on new learning.

2) More emphasis on temporary leadership assignments.

3) Climbing the ladder of self-fulfillment

4) Being promoted as much for learn-how as know-how.

2. Taking control of yourself

If you have control over yourself then you will have control over the resources around. These points play an

important role in taking control of yourself.

· Develop Outstanding Interpersonal Skills

· Develop Expertise, Passion, and Pride

· Develop a Code of Professional Ethics

An ethical code determines what behaviour is right or wrong, good or bad, based on values. When faced

with an ethical dilemma, ask yourself three questions:

(1) Is it legal?

(2) Is it balanced? And (3) Is it right?

· Perform Well Including Going beyond Your Job Description

· Create Good First Impressions

· Document Your Accomplishments

· Be Conventional In Your Behaviour

· Take a Creative Approach to Your Job

· Keep Growing through Continuous Learning and Self-Development

· Observe Proper Etiquette

· Develop a Proactive Personality

· Take Sensible Risks

· Learn to Manage Adversity

· Develop the Brand Called You

3. Exerting control over the outside world

Exert some control over the outside environment. If the environment is not totally controlled, at least it is

juggled to one's advantage.

A. Develop a Flexible Career Path

1. The Traditional Career Path

2. The Horizontal Career Path

B. Have an Action Plan to Reach Your Goals

C. Achieve Broad Experience

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D. Be Visible

E. Find a Mentor

F. Manage Luck

G. Balance Your Life

4. Managing personal finances-1

Tips for managing personal finances

· Having a long term debt

It is not advisable to borrow money for longer period of time. Suppose the leasing of a car would

be counter productive, if you take it for seven years or more. In this way you will end up in paying

more amount of money.

· Giving Control of Your Money to Someone Else

If you give control of your money in the hands of others they might spend it lavishly.

· Spending Leaks

Spend your money according to the budget.

· Not Setting Goals

If you have not set any goals, you can not manage your finances.

· Incurring Too Much Debt

It is not a good habit to incur debts more than your needs. Avoid incurring debts unnecessarily. It

will be difficult to repay the debts in future.

· Cashing Out Retirement Funds

Avoid cashing out retirement funds. You will leave with nothing if you spend it earlier.

5. Budget

A budget is a plan for spending money to improve your chances of using your money wisely and not

spending more than net income.

Steps in budget making

Developing a budget can be divided into a series of logical steps.

· Estimating income

First of all estimate your income and then plan the spending of money. You should be aware of the total

amount that you have in order to develop realistic budget.

· Estimating expenses

Do this by keeping careful track of current spending.

· Comparing expenses and income.

Remember that the true profit from your labor is the difference between your net income and total

expenses. If you spend all your money and you are left with nothing, it is not sensible. You must save

something for unseen expenses that may arise in future.

· Carrying out the budget

Try to spend money according to your budget. If you spend more than the expected amount on various

things, then it is no use of making budget.

· Evaluating the Plan

A budget usually needs reworking until it fits your needs. You can evaluate your budget time to time.

Basic investment principles

In order to have happy, satisfied and financially secure life, in this lecture you will learn the investment

principles. The person might consider the following eight investment principles.

1. Spend less money than you earn. The key to lifelong financial security and peace of mind is to spend

less money than you earn.

2. Invest early and steadily to capitalize on the benefits of compounding.

3. Keep reinvesting dividends.

4. Diversify your investments (use asset allocation). Do not invest all your savings in one business.

5. Maintain a disciplined, long-term approach. You must have a goal in your mind.

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6. Practice contrary investing. To become wealthy, buy investments when the demand for them is very

low and sell when the demand is very high.

7. Invest globally as well as domestically. Yet be aware of the risks, such as a currency devaluation or

political turmoil.

8. Pay off debt. Paying off debt generally provides an outstanding return on investment.

Choosing your investment

After understanding key investment principles, the person is ready to invest. Investments can be categorized

into two basic types:

1. Lending money (fixed-income investment)

2. Owning assets (equity investment)

Types of investments

These are various types of investments.

1. Certificates of Deposits.

These investment vehicles (CDs) require a time commitment from ten days to upwards of ten years, but

they pay high interest.

2. Money-Market Funds.

Banks and other financial-service firms offer relatively high rates through money-market mutual funds.

3. Treasury Securities.

The government offers different types of secure investments to the public: treasury bills, treasury notes,

treasury bonds, defense savings certificates, etc.

4. Corporate Bonds.

Corporate bonds are essentially loans to businesses, and pay interest commensurate with their risk.

5. Common Stocks.

Investing in stocks usually means buying and selling common stocks.

6. Mutual Funds.

In this type of investment, a group of professionals invest your money in stocks, bonds, or other types of

investments.

7. Real Estate.

A starting point in real estate investing is to be a homeowner. In the long-run, most homes increase in value

faster than inflation, and offer tax advantages.

8. Gold Bullion.

Gold has long been considered a sound long-term investment despite its serious decline in value in recent

years.

9. Coins, Antiques, Paintings, and other Collectibles.

If you are looking for an expensive hobby that might pay off financially, collectibles are ideal.

10. Life Insurance.

Financial planning usually includes some life insurance.

6. Achieving happiness

Research and opinion about happiness indicate that people can take concrete steps to achieve happiness.

Planning for happiness is possible because it appears to be somewhat under people's control. Many

researchers consider happiness to be a natural human condition. Lyken observes that those genes that

combine to produce a happy person were favored by natural selection.

Happiness is a by-product of having the various components of life working in harmony and synchrony.

The various components of life must spin together like 6 gears. The components for many people would

be:

1. Work and career,

2. Interpersonal life including loved ones,

3. Physical and mental health,

4. Financial health,

5. Interests and pastimes, and

6. Spiritual life or belief system.

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A related approach to finding happiness is to follow the five principles of psychological functioning

recommended by popular psychologist Richard Carlson. One can be happy by learning the techniques and

skills of self-management.

1. The first principle is thinking. Directing your thinking in a positive direction will enhance your

happiness. Think positive and be optimist. Positive thinking always leads towards acquiring

happiness.

2. The second principle is moods. Ignoring bad moods contributes to happiness. Learn to control

your mood.

3. The third principle is separate psychological realities, suggesting that you accept the idea that people

think differently. All the people can not think alike, you must have the ability to listen to the

other peoples' point of view and accept them as they are.

4. The fourth principle is feelings. If you feel discontented, for example, clear the head and start

thinking positively. Enjoy what you have, don't spoil your life by craving for what you don't

have.

5. The fifth principle of psychological functioning is the present moment. The present moment is

where most people find happiness and inner peace. One can not change one's past, neither can

predicts one's future. The only thing in one's hands is the present. Focus on your present and

be happy.

7. Apathy

Apathy is the lack of feeling, emotion, interest or concern. Apathy can apply to an opinion, situation or life

in general and can become a serious mental concern when you stop caring about everything and everyone

around you (sometimes including yourself).

Apathy and society: Apathy is permeating in our society increasingly. Suppose, if somebody happens to

meet a road accident, nobody bothers to stop and look after him. It demonstrates the public apathetic

behaviour. It is a difficult and challenging process to encourage and to motivate individuals to take on

responsibility, to become socially, culturally, economically, and environmentally conscious.

Apathy and leaders: Leaders like to control and appreciate submissiveness and passivity. If you do not

take charge of your life and take stand on principles. It will be injurious to your personal and organizational

development and growth.

Cure or remedy: One should try to take remedial measures to address the issue of apathy.

· If you are afflicted by apathy, then lack of direction may well be at the root of that.

· It might be advisable to take a break and have a go at something you know you enjoy doing, but

that has nothing whatsoever to do with what you're supposed to be doing.

· If you can't raise any enthusiasm for your work, subvert it. Do something else what you like. Apathy kills

your enthusiasm.

· Exercise is a way of battling apathy. Physical exercise lessens apathy or inaction.

· Get organized. Try to perform various tasks. Avoid monotony, it also generates apathy. You will

become more productive, more active, more useful by organizing your time.

· Avoid watching television too much. Participate in activities like sports, etc.

· Moving the mind. Think about various things happening to other people. If others are developing,

how they are developing or making progress.

8. Enhancing personal ethics

Ethics may also be defined as a set of standards that help to determine the difference between right or

wrong.

Modern work ethics: In the organizations, the rules and regulations are formulated to promote

accountability and integrity. Personal and organizational goals should be achieved following the principles

and code of conduct of set by the organizations. People shall be guided in their work and their professional

conduct by a balanced framework of values: democratic, professional, ethical and people-oriented

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Ethical values: Acting at all times in such a way as to uphold the social and organizational trust. Workers

should perform their duties and arrange their private affairs so that organizational confidence and trust is

maintained. If a conflict arises between the private interests and the organizational work, the conflict should

normally be resolved in favour of the organization.

Why Be Concerned About Business Ethics? People are motivated by both self-interest and moral

commitments, so you have to watch out both carefully. The organizations that follow ethical values always

have long term goals, instead of short term goals.

Common ethical problems: Here we discuss some common ethical problems that one has to face in

workplace.

· Dealing with confidential information.

· Presentation of employment information (many people lie or distort information).

· Use of corporate resources (e.g. using company resources for personal benefit).

· Misuse of computers and information technology (including piracy).

· Choosing between two rights: Dealing with defining moments.

Guidelines for Behaving Ethically: Following a Guide to Ethical Decision Making

These points are of great importance, while taking decisions.

· Gather the facts. If you have collected the right information and facts then you will be able to

take right decisions.

· Define the ethical issues. It will help you taking right decision.

· Identify the affected parties. Keep in mind that is going to be affected by your decision.

· Identify the consequences. Think about what can be the result of your decision.

· Identify the obligations. Who is obligated to do what?

· Consider your character and integrity.

· Think creatively about your potential actions. You can minimize the bad consequences by

thinking creatively.

· Check your intuition. Whenever you make any decision, use your intuitive skills. It will help

you in taking good decisions.

· Developing strong relationships with work associates. (e.g., two people with strong ties to

each other are more likely to be honest with each other.)

· Using corporate ethics programs. (e.g., a committee that monitors ethical behavior and an

ethics training program)

· Follow an applicable code of professional conduct (e.g., "A legal assistant must protect the

confidences of a client...") an ethical relationship is a basic and trustworthy relationship

between persons and organizations.

9. Helping Others Grow

Helping others grow strengthens the human relationships. When you help others, you help yourself as well.

When you pave the way for others, others will have positive feelings for you. They will give you respect and

you will see that your relationships with others are improving. As a matter of fact you enrich your own life

by being helpful to others.

Tactics for Dealing with Difficult People

Dealing with difficult people is an art. Almost everyone has to face with difficult people in one form or the

other. How to deal with difficult people at work place depends on your abilities. Here are a few tips to deal

with difficult people.

· Give ample feedback. Don't be hostile or adverse. Constructive feedback improves the

relationships.

· Criticize constructively. Positive criticism will help others improve their behaviour.

· Help the difficult person feel more confident.

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· Use tact and diplomacy. If you are dealing with him/her tactfully, he/she would not remain

that much difficult for you.

· Use non-hostile humour. Do not take his/her undesirable attitude seriously. If you use

humour and jokes in dealing with difficult people. It will decrease the tension.

· Reinforce civil behaviour and good moods. Be positive and civilized with others. You will

become better worker and person if you learn to reinforce civil behaviour.

Remember, it is always desirable to help others grow.

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