TW for Career Planning

Recent article on Executive Happiness and Performance below.

http://www.ft.lk/2012/02/22/happiness-drives-executive-performance-who-controls-yours/

Why Total Wealth for Career Planning?

Often career planning is done having financial aspects of “wealth” as the prime goal. It does not bring out the “total needs” of an individual and then do career planning accordingly. With an increasing range of career development choices available students and young executives should explore the “total needs” in order to reach satisfying achievements.

Let’s look at the extreme. Take, for example, a person who has studied extremly well for decades losing the lot purely because the person has not been taught to “balance” her or his wealth. One can even realise financial goals at the cost of family, health or even marriage. Are these uncommon scenarios? Not at all.

For example, executives are good at planning for their companies but they fail to plan for themselves. In a recent Total Wealth Planning Programme for senior executives, almost all of them acknowledged that they have understood the Key Performance Indicators (KPI’s) of the company but have not even attempted to understand the KPI’s of their families. They all agreed that family KPI’s are important but they lack the skills to identify and manage them.

As one of the most successful financial planners confided “My high net worth clients do not need pure financial planning really, because they have enough to retire on for this generation and, in some cases, for the next as well. What they really need is what you call Total Wealth Planning. I have to be more than a financial planner to satisfy these clients.”

Total Wealth based career planning is focussed on the Total Wealth Quadrant (TWQ)™.  And, as a result, the process demands the “balance” required. Then, the method develops a range of metrics to measure the “balance” of different drivers of Total Wealth.

The approach is relevant to blue collar workers as much as the high net worth individuals. For example, it may be even more important to manage physical wealth for blue collar workers due to the risks involved in their jobs. As a truck driver puts it “TWQ showed for the first time how poor I scored on family and physical wealth. If I fix them it will help me to score well even in financial wealth”. The models, processes and metrics can also be used in the Human Resources area in general and in “Work Life Balance (WLB)” coaching in particular.