Eric Sim
This as-told-to essay is based on a conversation with Eric Sim, 55, a former banker who became a published author, professional speaker, and career coach. The following has been edited for length and clarity. Business Insider has verified his education and employment history.
Finding a job is really difficult these days, and that’s largely because of AI.
The problem is magnified if you are a fresh graduate or a young working professional.
At the junior level, most jobs tend to involve grunt work. You don’t need to have a high level of expertise, but you need to put in a lot of hours. That work can be easily done by AI.
In investment banking, AI can easily edit and build financial models when we make pitch books. Senior analysts and associates can then review the AI’s output. This means that instead of hiring three junior analysts, banks can settle for just one hire.
That said, people shouldn’t be fazed by how tough the job market is. Looking for a job has and will always be difficult.
When I graduated from Lancaster University with a master’s degree in finance in 1997, I couldn’t find a job in London. I had to return home to Singapore after I ran out of money. To make things worse, I had to continue my job hunt amid the Asian financial crisis.
I wasn’t a standout candidate. I had no network and no special skills. The two years I spent doing foreign exchange sales at a local bank before going to graduate school didn’t help me land any front office roles.
In the end, I decided to pivot and was lucky to secure a middle office role doing risk management at Standard Chartered. From there, I began to work my way to the front office, and I eventually joined UBS as managing director in 2011.
Here are my four tips for landing jobs and navigating layoffs, or what I like to call the “CATS” framework.
1. Build up your competencies
The C in “CATS” stands for competencies. You need to pick up skills that go beyond your current role.
When I was at Standard Chartered, I wanted to build up my skills in sales. To do that, I asked my insurance agent to sign me up for a five-day sales boot camp that was popular among insurance agents.
Later, when I was working at Citi, I picked up photography. That allowed me to become a photographer for a client’s event, which helped me grow my network and build relationships.
When I worked at Citi and UBS, I offered to train my colleagues in other departments. This improved my public speaking skills and helped me secure a side gig as an adjunct associate professor of finance at the Hong Kong University of Science and Technology.
Looking back, it was these peripheral skills that pushed my career forward and allowed me to secure job transfers from Singapore to Shanghai, and then Hong Kong.
So don’t just be good at your job. Everyone is good at their jobs. It’s the additional competencies that you pick up that will give you the extra edge.
2. Make yourself appealing to others
Eric Sim
The A in “CATS” stands for appeal. You need to make yourself more interesting because skills can become obsolete.
I decided to express my creativity by picking up art. My art pieces aren’t complicated. One of my pieces was a tribute to the luncheon meat I used to eat with my instant noodles while working in Hong Kong. I sawed the cans in half and moulded them together.
Making art makes me more appealing to others. For instance, I can post photos of my artwork on social media and engage in discussions with my peers.
3. Be a trustworthy person
The third letter, “T,” stands for trust. You need to be trustworthy because when people hire, they don’t just look for skills. They are looking for someone whom they can trust.
And in order to be trusted, you have to be consistent.
It’s not difficult to achieve. I stick to the same attire of blue jackets and white shirts. I arrive early to meetings.
It’s about doing the small things well. After all, if you can’t even get the small things right, why would anyone trust you with big things?
4. Grow your social capital
The last letter in “CATS” stands for social capital.
If you don’t have a network, you are essentially competing against thousands of people whenever you apply for jobs.
That’s why you need to start building and maintaining your network. Social capital means being generous in buying people coffee or treating them to lunch. Treat your colleagues with respect, including the junior ones, because they will climb up the ranks someday.
Read the original article on Business Insider
The post I’m a former investment bank MD turned career coach. Here are my 4 tips for landing a job in a tough market. appeared first on Business Insider.
