presentation to ascend chicago chapter on how to manage change in a professional career

How to Successfully Manage How to Successfully Manage Change in a Professional CareerChange in a Professional Career

Presented by Tom TamPresented by Tom Tam

March 19, 2010March 19, 2010

All rights reserved by T & M AdvisorsAll rights reserved by T & M Advisors04/07/2304/07/23

Objectives for TodayObjectives for Today

• Share change management principles learned from personal and professional experiences

• Discuss key core competencies to increase value-add proposition for today’s professionals in highly competitiveness business environment– Financial– Operational– Enterprise Risk Management

• Discuss how professional planning and development will address competency gaps to promote professional growth and success


All rights reserved by T & M AdvisorsAll rights reserved by T & M Advisors

A Personal Journey of Managing ChangeA Personal Journey of Managing Change

• It all began as a young boy…experienced failure It all began as a young boy…experienced failure

for first time and learned to put aside fearfor first time and learned to put aside fear

• Big Four public accounting taught me much about Big Four public accounting taught me much about

change management – early in my career with change management – early in my career with

KPMG, later on with PwCKPMG, later on with PwC

• Learned key to effectively manage change is to Learned key to effectively manage change is to

follow time-proven unchanging success principlesfollow time-proven unchanging success principles

• It must all start with one’s characterIt must all start with one’s character

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Win-Win Character PrinciplesWin-Win Character Principles

• Communicate, communicate, communicate– Don’t isolate yourself– Learn the culture in which you work

• Internalize strong work ethic• Find your passion to align your talents• Be the servant, everyone is your customer• Exceed expectations – the 10 X approach• Never compromise on your integrity and ethics



Package

Can You Relate?Can You Relate?

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Communicate, Communicate, CommunicateCommunicate, Communicate, Communicate

The Communication Process


Source Encoding Channel Decoding ReceiverMsg Msg Msg Msg

Feedback

Context

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Internalize Strong Work EthicInternalize Strong Work Ethic

• Understand the law of the harvest• Be a surplus person – produce more than what

you consume• Be as debt free as possible, debt is a modern

day slave master– Debt Encourages Bondage Today– Deceives Everyone By Trickery– Don’t Ever Be Tempted

• Enjoy freedom of being in control


Find Your Passion To Align Your TalentsFind Your Passion To Align Your Talents

• Do what you love and love what you do – “Got to love it”

• “Where the needs of the world and your talents cross, therein lies your vocation.” – Aristotle

• Execute with excellence– Set stretch goals– Develop outcome driven metrics to measure results– Causal relationships to drive proper behavior


Be The Servant…Everyone Is Your CustomerBe The Servant…Everyone Is Your Customer

• Adding value is to serve unmet needs• Bring relevance to the table

– Value proposition through eyes of constituents– Simplicity leads to sustainability – KISS principle– Solutions must be cost effective and actionable– Emphasis on principles, not procedures

• Serving others creates positive energy that promotes growth and abundance

• Waiting to be served creates self-centered entitlement feeling that promotes conflicts in self and others


Exceed expectations – the 10 X approachExceed expectations – the 10 X approach

• Understand expectations early to effectively manage

• The what, why, when, who, and how• The “Can’t Fail” law to live by – If you want X, I

will give you 10X


Never Compromise on Integrity and EthicsNever Compromise on Integrity and Ethics

• The end never justifies the means• Do the right things for the right reasons• Have fiduciary mindset• Everyone will be tested• Personal experience


Key Professional Core Competencies Key Professional Core Competencies Required To SucceedRequired To Succeed


Financial Operational

Enterprise Risk Management

Financial Competency PrinciplesFinancial Competency Principles

• Money is a tool – Allocate resources on the front end toward corporate

goal of serving customer needs– Keep score on the backend through financial

reporting on how well customer needs are met

• Money is never the end goal in itself


Operational Competency PrinciplesOperational Competency Principles

• Corporate objectives are operationalized through– People– Processes– Systems

• People (human resources) should be viewed as potential appreciating assets, not an expense on the P&L

• Processes – Follow the cash and follow the data to understand the business

• Systems – Link between people and processes


Enterprise Risk Management (ERM)Enterprise Risk Management (ERM)Competency PrinciplesCompetency Principles

• Risks and returns are generally correlated• Risk is not to be viewed only negatively, as we

are reminded by the maxim “No pain, no gain” • Often risks create many opportunities to serve

unmet needs• Understanding of risk profile will enable decision

makers to make informed, risk-based decisions• Understanding risks relative to each other is just

as important as those that are easily quantifiable



Risk AssessmentRisk Assessment andand Risk ManagementRisk Management PrinciplesPrinciples

Risk Assessment Risk Management

Requirement

Goal

Emphasis

Knowing your business, your customers, and stakeholders

Evaluating the right things (what & why)

Identifying and linking strategies, operations, with risks

Knowing what, why and how you are addressing risks & gaps in operations

Evaluating things right (the how)

Management execution (target, align, manage)

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Definition of Risk ProfileDefinition of Risk Profile

• High RiskHigh Risk – (HH) High severity and high likelihood of inherent risk. Resources – (HH) High severity and high likelihood of inherent risk. Resources should be allocated to address risk transfer or mitigation.should be allocated to address risk transfer or mitigation.

• Medium RiskMedium Risk – (LH) or “death by a thousand cuts”, and (HL) or “tsunami event” – (LH) or “death by a thousand cuts”, and (HL) or “tsunami event” type risks are medium risks that require management judgment to either type risks are medium risks that require management judgment to either transfer, accept or mitigate risk.transfer, accept or mitigate risk.

• Low RiskLow Risk – (LL) Low inherent risk issues are typically accepted by the risk – (LL) Low inherent risk issues are typically accepted by the risk owners and do not justify allocation of valuable resources to address.owners and do not justify allocation of valuable resources to address.

Risk MatrixRisk Matrix

LikelihoodLikelihood

SeveritySeverity

HL HH

LL LH

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Professional Development PrinciplesProfessional Development Principles

• Invest the time, it’s your career• Find a mentor/coach who really cares about you

and your professional progression• True learning occurs when

– You are told what to do– You are shown what to do– Your mentor/coach does it with you

• "Tell me and I forget. Teach me and I remember. Involve me and I learn.” Benjamin Franklin

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Target, Align, Manage (TAM)Target, Align, Manage (TAM)

• Know where you came from and where you are, so you can get to where you want to go

• Target – Develop clear vision of where you want to be

• Align – Understand gaps between where you are today and where you want to be

• Manage – Develop professional development plan to address the gaps


Development Plan FundamentalsDevelopment Plan Fundamentals

• Keep an updated resume – outcome driven, shows what you have accomplished

• Do a talents, skills, strengths and weaknesses inventory – shows where you are and what you have to offer

• Develop vision of what you want to be – establishes direction of where you want to go

• Perform gap analysis• Develop action plan, set goals, be accountable



Questions?Questions?

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presentation to ascend chicago chapter on how to manage change in a professional career

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