Judy Cushman moderated a session focusing on career advice at the NIRI National Conference in San Diego. Here are the “tips” she and her VP-level panelists offered.

Also, Judy writes a newsletter devoted to identifying trends in the field that affect careers. The upcoming issue will talk about major changes impacting Investor Relations and careers. To subscribe to the Cushman Report send an email to: jcushman@jc-a.com with SUBSCRIBE in the subject line.

Workshop Title: Framing Choices in Advancing from Mid-Career to the Next Level

As IR professionals build the foundation to qualify for opportunities beyond mid-level jobs, what framework will help their decision making? How does a Manager make the leap to Director and possibly VP? What are the emerging trends to watch that will impact IR jobs e.g. the alignment/integration between IR and CorpCom and the use of social media? And, what skill sets are required? Classic IR posts will not vanish and deciding which of several diverging career paths fit, once you have mastered the basics, will clarify the direction to take.

Moderator/Lead Speaker:
 

Judith Cushman, President
Judith Cushman & Associates
 

Panelist(s)/Co-Speaker(s):
 

Tom J Ekman, President & Founder
Ekman Associates, Inc.

Douglas S Farrell, Vice President of Investor Relations & Treasury
Affymetrix, Inc.

David W Olson, Member of NIRI Ethics Council, and Senior Counselor
The Abernathy MacGregor Group

Lynn Antipas Tyson, Senior Vice President Investor Relations
PepsiCo, Inc.

Sally Curley, Senior Vice President, Investor Relations
Cardinal Health, Inc.
 

Judith Cushman, President
Judith Cushman & Associates
425 392 8660 (w) 425 466 7906 (m)
jcushman@jc-a.com; www.jc-a.com
 

“Top Ten Tips: the Personal Equation for Strategic Decision-Making”

1. You are responsible for making the best career decision for yourself. Listen to your instincts and “gut.” If you are unhappy in a job or feeling uneasy when you interview for a new position, there is usually a good reason. Figure out what that is. Don’t ignore it.

2. When you look at job opportunities either inside or outside your organization realize you are not “job hunting,” you are making a career decision. Can you describe how the position fits your career goals? If not, you are not ready to make a “job decision.”

3. Look at a job decision as a 5-year investment. It is not one job; it is at least two moves in 5-years. Can your employer describe a path to further growth? Is that the track you wish to pursue?

4. Stability matters. When you are building a career track, it is acceptable to stay in positions for relatively short stints - 2 to 3 years. Once you reach the mid-career level with 15-years experience, you should ideally have 5-year “runs.”

5. Understand the culture of the organization you join relative to the intensity of the work commitment. The IR role can be all consuming depending upon the stage of growth of the company—or not. Know your limits and don’t be tempted to over commit.

6. Balance between work and family demands is extremely difficult to achieve. As you look ahead 5-years, understand what your family needs are. During the most demanding times at work as you reach Director/VP levels, you may find yourself squeezed between caring for children and caring for aging family members. Family comes first.

7. Recognize when your personal values shift. In the early phase of your career you put work first and drive to get ahead. As you achieve success, you may decide you are satisfied with your current situation and want to remain in that position for several years. The decision to “stay in place” is valid.

8. The most ideal time to capitalize on your work experience for a top IR job is with 20-25-years of experience. Look at that timeframe and work backwards. If you are not seeing a path to that role in your current organization make a clear decision about what to do to either accept the situation or make a strategic move to position yourself for that role.

9. The path to a VP IR role in a major company is oftentimes not at that company. Major corporations offer mid-level positions in specialized aspects of the IR function. To get the breadth of skills and leadership experience, join a smaller company with broad responsibilities and then move to a larger company.

10. Integrity is one of the hallmarks of the most successful IR executives. Do not compromise. Your reputation, built through years of relationship building, is one of your most valuable assets

Tom Ekman, President and Founder
Ekman Associates, Inc.
714-694-5920 (o) 949-910-2008 (m)
tom@ekmanassociates.com; www.ekmanassociates.com

Top 10: Getting to the Next Level”

1. Be visible with executive management: Make sure they know your successes.

2. Become a “go-to” professional in a crisis situation. Most companies will have at least a few crisis situations per year. This is an ideal time to show your worth. Most people tend to shy away when the stakes are high, the winners/leaders step up to the plate. The top tier IR professionals are always part of the leadership team in a crisis, if not the primary executive.

3. Be strategic, plan ahead. Tactical functions are very important but after a while, success here will be expected, strategic thinking will be what sets you apart. Make sure that your strategic planning aligns with the company goals and be able to communicate the strategy concisely.

4. Learn about other departments within the company. Take it upon yourself to meet with heads of business units. Learn what makes your company profitable from the trenches. This will make you a much better IR professional and employees will see you as a leader, someone who cares about the company. Build relationships with key stakeholders that have influence within the company regardless of position.

5. Collaborate with corporate communications, finance, etc. Make sure everyone is on the same page. Consistent messaging is the key. Develop a delivery style that ensures that everyone is using the same definition of goals, successes, etc.

6. Demonstrate your leadership abilities.

7. Specific to IR: Become an expert in corporate finance. Your boss is typically the CFO, there will obviously be a bias toward financials.

8. Improve your communications skills: writing, public speaking, and one-on-one conversations with executive management.

9. Be prepared. Most of the time you only get one chance to support your decisions, anticipate potential issues and be able to address them quickly and accurately.

10. Volunteer for projects that are difficult or have high visibility, but be careful, you have to be ready for them. Volunteering for these types of projects when you are not able, could be disastrous.

Doug Farrell – Vice President, Investor Relations & Treasury
Affymetrix, Inc.

"Top 10: Getting to the next level"

1)  Effort

“The harder I work the luckier I get.” – Samuel Goldwyn

• Give 100% and you’ll have/create new opportunities.

2)  Enthusiasm

“Success is going from failure to failure without a loss of enthusiasm.” – Winston Churchill

3)  Honesty

“A single lie destroys a whole reputation of integrity.” – Baltasar Gracian

• Credibility is a prerequisite for our jobs. Without it, we’re out of work.

4)  Preparation

“Chance favors the prepared mind.” – Dr. Louis Pasteur

• Plan in advance, anticipate events.

  • Crisis communication

  • Management/BOD changes

5)  Talent

“I'd rather have a lot of talent and a little experience than a lot of experience and a little talent.” - John Wooden

6) Risk

“There are one hundred men seeking security to one able man who is willing to risk his fortune.” – John Paul Getty

• First, always strive to minimize risk for the Company.

• Second, be willing to take risks in your career.

7)  Communication

“The most important thing in communication is hearing what isn't said.” – Peter Drucker

• Be sure you’re engaged in a dialogue. Don’t filter feedback.

• Try to spend a lot more time listening than talking.

8)  Responsibility

“Whatever happens, take responsibility.” – Tony Robbins

• Don’t make excuses.

• Take ownership of your career and don’t be afraid of change.

9)  Humor

“Humor is just another defense against the universe.” – Mel Brooks

• A bad attitude is contagious.

10)  Keep learning

“Tell me and I forget. Teach me and I remember. Involve me and I learn.” – Benjamin Franklin

• NIRI is the ultimate resource for advancing your career, both through knowledge and friendships.

David W Olson, Senior Counselor
The Abernathy MacGregor Group (Los Angeles)
 

“Top 5 Tips”

1. Tell the truth

2. Don't take it personally

3. You can't know too much

4. Nothing goes away faster -- or takes longer to regain -- than credibility

5. Never, ever lose your sense of humor

Sally Curley, Senior Vice President, IR
Cardinal Health, Inc., Dublin, OH

(Sally was scheduled to be on the panel and then was unable to attend due to work related issues. She contributed these excellent “tips.”)

“On Leadership Qualities, Pitfalls, etc.”

• Great IROs are great leaders. Some of the leadership qualities are:

o Vision and creativity

o Assertive yet collaborative / team oriented (pick which battles you wish to fight, and be gracious in defeat)

o Openness and fairness

o A good sense of humor – You can win more flies with honey than vinegar

o Magnanimity and humility

o Integrity and credibility

o Dedication and determination

o Discipline and dependability

o Infinite patience

o Durability – these are long, tough hours!

• Pitfalls of IROs

o ACT like a leader / executive and eventually you will be treated as one.

o It takes time to earn credibility and rise within the organization, be patient, pick your moments to shine

o Be collaborative – demonstrate vs. telling your colleagues how you add value every day

o Prepare executives well. Key to this is providing them with enough time to review the prep materials and ask questions. Don’t assume that they will drop everything for IR

o Never lose sight that you are a “truth officer” and should maintain your personal credibility

o Think, take a deep breath, before reacting to any negative news

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