Are you planning your next move into a management role? What are 5 ways to fast track your promotion in the FinTech and Data industries? How do you equip yourself to become a highly effective manager who can truly make a difference to the bottom line of your organization?
Below are 5 strategic ways which will help position yourself as an ideal candidate for the big move.
1. Make a Plan
Having a roadmap for yourself is crucial; creating a plan allows you to take control of your career. By documenting your goals you’ll therefore implement accountability to achieve them.
A plan for your career should include your ultimate desired career achievement as well as all the interim steps you’ll need along the way in order to achieve that end goal. Moving into a management position will likely be one of the first steps to achieving your longer-term goals.
Use the following SMART method to design your goals:
S – Specific
M – Measurable
A – Attainable
R – Relevant
T – Time-bound
Creating specific goals that can be measured, are attainable and relevant, as well as devising the time frame in which you’d like to achieve each of them, is essential to documenting a successful career plan. Of course, your career plan can be tweaked over time, but overall it should continue to remain current throughout your career as you work towards achieving each milestone.
2. Demonstrate Ability
Before you receive a management promotion, you’ll need to demonstrate you have the skills necessary to perform the job. As a manager you’ll be required wear a variety of “hats” on any given day, and you’ll soon learn that the demands of each day are different.
An effective manager plays the role of coach, conductor, teacher, scientist, psychologist and employee. Sound like a huge responsibility? It is, and you’ll no doubt need to prove your capability in each of these fields before being selected to become a manager.
As a coach, you’ll need to make sure the players in your game know the rules and are willing to participate. As a conductor, you’ll need to lead a team who already bring their own abilities and talent to the party. As a teacher, you’re responsible for sharing your knowledge and continuously educating others about how to do the job better. As a scientist, you need to put numbers behind performance, analyze results and implement accountability. As a psychologist you’ll need to identify what motivates your team members and how best to reward them. And finally, as an employee you’ll need to perform at your individual best but your success will predominantly be measured by the results of your team.
3. Develop your Brand
Demonstrating a strong work ethic is one of the best ways to fast track your promotion. A good manager is efficient and effective, so you need to demonstrate this capability as an employee in the first place. Working hard doesn’t necessarily mean purely working long hours for the sake of it but investing your time and energy into your work and workplace will demonstrate your commitment to the success of the business.
Volunteer for high visibility projects and those where you can learn new skills and work with senior staff. Work harder and longer than those around you and make sure people know they can rely on you. Prove your worth by performing at your best and make yourself known as the person who can always be relied upon to get the job done.
If you’re in a client facing role, developing your brand also entails providing an outstanding level of customer service. One that will propel your demand amongst your clients and is transferable to any job you accept. This makes you particularly valuable to your company and will work in your favor when seeking to advance your career.
4. Become a Resource
Growing your knowledge and skills is essential to becoming recognized as a valuable resource within your company, but also in the broader community of the FinTech industry. Become involved in research and projects outside of your company and focus on “growing your expert status and credibility in your field, not just within your company.” Establish yourself as a thought leader through different channels made available for self-growth & networking.
“Read, study, follow industry leaders on social media outlets, and attend industry conferences. This helps you grow beyond your job to know the industry and others in it.” Building these types of relationships can greatly increase your network and has the potential to create amazing opportunities for mentoring and advancement.
5. Ask for What You Want
Make it known to your manager and others around you that you’re striving to achieve a promotion to management. “The future belongs to the askers. The future does not belong to those people who sit back, wishing and hoping that their lives and their work will become better. The future belongs to those people who step up and ask for what they want. If they don’t get it, they ask again and again until they do.”
During the process of asking for a promotion, it’s important that you build your case to support your application. Prepare examples of relevant work history and experience that will demonstrate your ability to manage a team.
Asking for a promotion also encompasses asking for what else you need to do in order to be eligible to receive the promotion. Although your manager may not consider you ready to be a manager just yet, ask them to advise what you need to improve upon in order to demonstrate your readiness.
Anchal Murawala is an Senior Associate at Datasearch Consulting, a leading executive recruitment firm specialising in the Financial Technology & Data sectors.
You can download their FREE comprehensive guide on “The Complete Guide to Hiring Fintech & Data Talent - 5 Proven Steps to Secure the Best Candidates Possible” here. Alternatively you can view the Datasearch Consulting website or contact them directly on firstname.lastname@example.org for a more detailed discussion.
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