Newsletter - April, 2006 - Issue 6 - Foreign Excahnges

Money talks - or does it? We see many stars walking away from high paying jobs in search of 'something more.' We also see many stars staying at lower paying jobs, in spite of countless other opportunities. How do we explain this apparent lack of logic? Simple - it comes down to a classic case of currency rates in a foreign exchange.

There are many forms of currency that are being exchanged every day. These are the things that hold value for individuals - often more value than actual dollars. Some examples of different currencies include: recognition, a sense of purpose, values alignment, passion, excitement about the vision, location, environment and career-development opportunities.

Kevin was a star marketing director for a leading packaged goods company. He found the work interesting, was well-paid, respected the company and was by all accounts on the fast track to the top. From the outside, it appeared that he had the perfect situation. Much to his boss' surprise, he ended up walking away from this prestigious position to join an agency. What happened that led to his decision? He was not being paid in her highest valued currency - flexibility.

The one factor that we didn't list above is that Kevin was the father of a two year old. Before his daughter was born, he didn't mind the long commute to and from work. After his daughter was born, though, the extra couple of hours per day became the difference between seeing his daughter or not. Through coaching, Kevin discovered that his number one currency was flexibility. He wanted to be able to work from home one or two days per week in order to see more of his daughter.

Kevin put together a business case to present to his boss, outlining the reasoning for his request and an implementation plan that had very little risk to the organization. Unfortunately, the 'command and control' culture of his organization was very traditional and they were not open to providing Kevin with this type of arrangement. As a result, Kevin left his position for a job where he made significantly less money, but where they encouraged him to work from home as often as he wanted. He has risen to the top of his new organization and has never looked back.

As a leader in your organization (every individual in an organization is a leader, regardless of your title), what are your most valued currencies? What do your peers trade in? What about your direct reports? Have you asked your boss? Be curious about the value that the people around you place on different currencies. When in doubt, ask. Most importantly, be clear about your top currencies and be proactive about communicating what works best for you. Remember, true leaders are proactive and instead of complaining that they're not happy, they dig a little deeper and make the requests to ask for what they want.