Guide to building a successful career at ONE company: Internal Networking
I just came out of a networking experienced hire event at my company and thought it would be good to share some thoughts on internal networking (specifically for Corporate Finance, but industry in general). I haven't seen anything on this site about this and I guess it makes sense, being that this is more of a wall street website. And I wish I learned about these things sooner so I could have had a more enjoyable experience at work in general.
Quick blurb about me. I am 5 years out of school and have spent about 3.5 years in F500 corporate finance at two different companies. I know most companies are different and your mileage may vary, but here are some thoughts I picked up about how to most enjoy your time and maybe kick out a promotion or two.
Background
So my company (beginning with 2013 experienced hires, which includes me) is starting to treat us like the FLDP's out of school. They had an event to give us the message that we should be rotating every 18-24 months. Whether your company does this or not, I think its a good idea because it gives you great exposure to different parts of the business while keeping your core competency (finance), and not pigeon-holing you into a group as a lifer (which sadly most people in my company are).
I would say those of you who are either done with your FLDP's or are not in one to not despair. Once you make this known and it becomes a standard process, I don't think corporate finance is that bad of a career. I didn't know any of this coming in, and my first manager even let me know that I was expected to stay in my group long term. So that leads me to my next point...
Network at the Director Level
Directors look at things big picture and focus on strategy. They also don't get many people reaching out to them because most people are either too scared or too lazy. Set up 30 minutes with a director through email to discuss your career and to learn more about what they do and most will be receptive (if they aren't, who cares and move on). The guides on here that discuss networking really work internally as well. I networked hard when I was looking to move to another company, but I was very surprised to see how receptive the directors were and how much they cared that we succeed. Again, YMMV, but if you bring something to the table (maybe your expertise or something you do different), then when they have an opening in their department, they will always think about you (since you are one of a small handful of people they met face to face). Which leads me to my next point...
Make Yourself Known
When you network with people in different departments, your name will indefinitely come up when openings come. That high visibility role could be yours since the director will first think about who would fit the role. Its a numbers game, so try to get to know each department (I'd say 2-3 contacts per group would be sufficient) so they can bat for you as well, even if they are just analysts. But the director is always king. Also remember to bring your strengths to the table when you discuss, because that will be a big factor as well.
This transition is going great, because speaking of which...
Build Your Specific Brand
What would people say about you at work? Is it good? Bad? Your brand will command the presence in the room before you even step in it, and it stays even after you leave. You need to make a good impression and sell yourself in the way you think is most marketable. This exercise is really similar to applying to MBA programs (a process which I just recently finished). Find 3-4 factors that makes your work unique. What do you do that others don't? And even if that's nothing, find people who do something that impresses you and start doing it.
One of the people I used to work with would always overhear strategy meetings and would prepare PowerPoint presentations on the data being talked about, even if wasn't needed. His director noticed and he became the director's right hand man, preparing almost every presentation the director did to executives. He became his point of contact. This is just one quick example (and I'm definitely not talking about myself. My brand sucks).
I guess this segway isn't as natural, but...
Make Your Intentions Known
Ever since I started my career, I've kept my thoughts to myself. DON'T DO THIS. I thought people wanted you to stay in your position forever, so I would secretly benefit my career without telling them (usually by looking for a new job). Those who make it known that they want promotions are usually the ones that do. So start networking and being placed on the best projects. And its not the end of the world if you get a crappy rotation, at least you find out what you don't like (which is just as beneficial as finding things you do like). So then you know what type of management or positions you would like to avoid (and if you are used to rotating, it will be easier to get out as fast as you came in).
If All Else Fails: Lateral
For any of you that are thinking of growing with a company, this advice is definitely for you. Just remember that the world isn't perfect, and this guide may work for one company (or department for that matter) but not for another. I think there was an article that if you lateral to a different company every 5 years, your income will generally be higher than if you stay (people value the outside). This is just some food for thought (and I won't necessarily be following my own advice haha, because I'm changing industries).
Hope this was helpful to the small group of us that aren't in IB. If you have any questions I'll be happy to answer.
Nice. @"AndyLouis", do somethin about this
Just fixed it. Hopefully you guys can see it now.
Spending your life at one company is very 1950's IMO. Its no secret that senior management gives zero shits about everyone underneath them and so the best way to ensure you get the fastest promotions and the highest comp is by creating competitive tension and an urgency to ensure you feel appreciated (monetarily and organizationally).
There was a presentation NetFlix put out a few years back about how you should compensate employees. And the gist of it was that companies generally will determine people's comp by solving (obviously imperfectly) to what the least they can pay them without the person leaving. NFLX's position was that this isn't how you build a world class organization and culture. Instead you should pay them what you would pay them if they were leaving and you had to get them to stay (i.e., their maximum value to you, rather than their minimum value to themselves).
I think it goes without mentioning that the above probably happens consistently next to never. But the best way to re-adjust your career progression to the maximum you're worth is by creating a competitive tension and occasionally jumping ship when a compelling opportunity comes along.
I agree 100%. And even though most of us online talk about moving to different companies, the real world is very different. Most people commit to the cause of their company and stay until they retire (at least for now). I would recommend 2-3 rotations in a 5 year period and if you don't move up, you go ahead and apply to move up somewhere else. And your pay will definitely get bumped by moving, and definitely not as fast by staying.
Absolutely! Now-a-days, every employer looks for and gives preference to professionals with cross-industry experience because they add value in several ways, apart from bringing in new insights, demonstrating adaptability, management style and overall corporate strategy, development and governance. This is very common approach while hiring senior executives in an MNC. To give an example, emerging economies present various challenges to growing companies that demands managers to brainstorm different aspects of the game, which eventually leads to enhancing/honing of one's skills. It's beneficial to one's career development, not only from the monetary aspect (of course, that's one of our objectives as we work for decades), but also from learning, experience and skill development perspective. So, it's worthwhile getting a hands-on in such "compelling opportunities" as they come along.
Completely agree with this. The only way I've seen myself and others make significant strides in title and compensation is by their willingness to leave their current employer. The generation of people willing to relo for every corporate move or rotation is a dying breed.
Great post, but have a question. What if one is located in a city that is not physically reachable to the one that you want to work? Senior people from the city I want to work come to my office occasionally, and the best I can do is only send a thank you email after their visit.
Then you start using the phone, or skype, or whatever it takes. Those who come to your office, try to set up time with them if possible (or at least introduce yourself in person, then chat on the phone from there). At least let them know your name and intentions, and that will make you ahead of almost everyone.
@"TwoThrones" - great overview, can't stress the importance of internal networking within industry roles, especially at an early level.
Wish I read this before my last internship - it's easy to get lost in your work/your direct group, esp in corporate finance roles.
If you don't mind me asking, what are you planning on doing next?
I'll be starting a full time MBA in the fall and most likely switching industries.
Any thoughts on which industry you are opting for after your MBA? I come from a technology industry, moving in to finance (IB or PE).
Man, bumping this old thread for the gold content. Performance is overrated in this board. Beyond certain level, it doesnt fuckin matter for promotions or group placemente. Fit, network and having social power commands. Thanks for your input. As I am digging in a lot of content about the subject, I hope soon creat a post about my experience and perception.
Did you notice that later on in the post about dedicating your life to one company OP mentioned he is going to bschool and switching industries- hilarious
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