As a slow typist, I’ve taken to practicing touch typing on a Dvorak keyboard, and the journey is going well with the help of online resources.
However, I’d like to tap into this wonderful network of readers. If you’re proficient at touch typing and have insights on the Dvorak layout, please share your tips with me as I strive to reach 120 words per minute. Thank you! 😃
Now, let’s dive into today’s letter.
Career Planning: In the Past
In a bygone era, a “career” typically followed a straightforward and linear path:
- Attend college.
- Acquire relevant skills.
- Apply for jobs that match those skills.
- Hold onto that job until retirement or death.
Spoiler alert: This approach is no longer effective. As you might know, the landscape of employment is shifting rapidly.
Today, the average employee changes jobs every 4.4 years, meaning you, as a young professional, could expect to have around 10 to 12 positions throughout your career. That’s a significant number of transitions!
With constant change in the workforce, it’s essential to adapt. It’s time to move away from traditional methods of career planning and embrace a more dynamic approach.
Career Planning: The Present
Reid Hoffman, founder of LinkedIn, is often regarded as one of Silicon Valley’s most insightful leaders on career development. Before crafting this letter, I turned to his advice, particularly from his book co-authored with Ben Casnocha, “The Start-Up of You: Adapt to the Future, Invest in Yourself, and Transform Your Career.”
I found immense value in this book, and many others have too. Today, I’ll share his approach to securing the right job using ABZ planning.
ABZ Planning
This framework can act as your career roadmap, equipping you to navigate an ever-evolving landscape while maximizing potential rewards and minimizing risks.
What do A, B, and Z represent?
Plan A
Plan A refers to your current focus—your job, your education, or your entrepreneurial venture. It’s essential that your Plan A leverages your skills and competitive advantages.
However, don’t get too comfortable; circumstances can change unexpectedly. You might face job loss, boredom, or even an industry decline.
That’s where Plan B becomes critical.
Plan B
Plan B is your backup plan. It consists of alternative paths you can take when exiting Plan A.
This might include side projects you’re passionate about or other job opportunities you’re considering. It’s beneficial to have multiple Plan Bs to keep your options open and explore new opportunities while secured in your Plan A.
Some of you may recognize this from my earlier discussion of “Black Swan” events, where Plan B represents the riskier path (referred to as “extremistan”). For instance, when Steve Wozniak was 26, his Plan A was his job at Hewlett-Packard while his Plan B became the Apple I computer he was developing, which ultimately launched Apple.
Plan Z
Plan Z acts as your safety net, often referred to by Reid Hoffman as your lifeboat.
Having a Plan Z is vital for reducing fear of failure. It serves as a fallback that allows you to take smart risks without the fear of dire consequences.
To identify your Plan Z, ask yourself: If everything goes wrong, what would you rely on?
This could be a place to stay with family or friends or even a financial cushion you’ve built. A clear Plan Z can immensely alleviate the anxiety associated with taking risks in your career.
As Elon Musk famously stated when facing business challenges: “I will spend my last dollar on these companies. If we have to move into Justine’s parents’ basement, we’ll do it.”
Final Notes
It’s crucial to put these plans in writing.
Write down your current Plan A, your Plan Z, and brainstorm several options for your Plan B.
This proactive approach will empower you to navigate your career confidently amidst constant change, unlike many individuals who make haphazard job changes without a clear strategy.
Remember, career planning isn’t a one-time exercise. Whenever your circumstances shift, revisit this framework to stay ahead of the curve.
And that’s a wrap for today!
Key Takeaways
- The traditional approach to career planning is outdated.
- Embrace an adaptable career strategy in response to ongoing changes.
- Utilize ABZ planning: Plan A for your current focus, Plan B for alternatives, and Plan Z as a safety net.
Now, do you have your ABZ plan written down?
Let me know if you need further adjustments or additional content!