Leveraging This Career Inflection Point

By Howard Stevenson & Eric Sinoway

The pandemic’s impact on people’s careers has been various: many lost jobs or whole companies; many have had their jobs significantly reshaped; others were able to carry on, albeit remotely; and some people have thrived.

And it’s likely that—for good or bad—changes are likely to continue coming: career trajectories will be altered, new opportunities will emerge, unexpected hurdles or curves will appear in previously clear and straight paths.

We have collectively had a long-evolving inflection point. Thinking entrepreneurially, we know that inflection points hold tremendous potential power. And now is the time to consider what this inflection point can mean for your career -- and how to use it to your benefit. Here are four ways to begin doing just that.

1. Create a personal legacy vision.

This is a holistic picture of the life and career that you want to build over the long term. We all have a tendency to spend time and effort trying to advance on our current path and remove any obstacles we come across. But, periodically, we need to ask: “Is this the right path? And is there a more satisfying path to consider?” Give yourself permission to reevaluate your true goals in every realm of your life: career, family, material wealth, community, and personal satisfaction.

2. Rethink what’s risky.

Most of us are conditioned to accept society’s definition of what’s risky or not. But that doesn’t take into account our individual circumstances or our internal risk profile.

The key to managing risk is to evaluate a risk relative to something else, recognizing that there is also risk involved in not doing anything.

Choosing inaction to avoid a perceived risk is in and of itself a decision to continue on the current path (even if it is heading off a cliff).

3. Create an “individual board of directors”

The board is a collection of people you proactively engage to help you think about and move forward in your career. The board members give you unbiased feedback on your life’s path; help you compensate for professional weaknesses; and assist you in aligning your skills and professional goals.

4. Focus on your skills advantage.

While we can be “good enough” at many things, the hard truth is that most of us are very good-excellent-at just a couple things.

Think about whether “good enough” skills are sufficient to get you where you want to be on a particular career path—and will continue to be in a dynamic post-pandemic world.

Focus on the skills where you truly excel and consider leaning into present opportunities (or creating new opportunities) where they are most needed.

Inflection points bring both danger and opportunity.

First: “Is the institution doing important work?” The answer must begin with an understanding of what a prospective donor considers important and what they want to accomplish through their philanthropy. With this understanding, the fundraiser can focus on work that the prospect finds motivating. And—this is important—present an opportunity for impact, for helping them achieve their philanthropic goals.

Second: “Is the institution well run?” An entrepreneur makes best use of every dollar, and fundraisers must be prepared to demonstrate that a donor’s gift will be used efficiently. Even before the pandemic, many donors were concerned about the value proposition for higher education. They are expecting financial transparency, so that they can feel confident that their gift’s impact will not be diminished because the program it supports is poorly managed.

Third: “Will my gift make a difference?” The answer to that question does not necessarily depend on the gift’s size or the institution’s reputation. As with the Importance question, it depends on the overall context and on what the donor seeks to accomplish. Being able to answer the Difference question with “Yes, and here’s why...” requires an investment of thought, creativity, and planning. Too few higher education fundraisers are making that intellectual investment in their donor relationships.

Fourth: “Will I derive satisfaction from supporting this organization?” This is a particularly personal question and the fundraiser needs to give an authentic answer, based on their knowledge of the prospect. But it can’t stop there: After the gift has been made, institutions must return and explicitly ask, “Have you been deriving satisfaction from your support?” We often think we are doing so by sending stewardship reports and having keep-in-touch conversations. Too often, however, the question is never truly asked or answered. And the opportunity for strengthening our understanding of the donor’s perspective is lost.

If it was not already clear before COVID-19, it is evident now that colleges and universities cannot stick with the old paradigm for interacting with their significant donors.

We must change our mindset, adopting a more entrepreneurial perspective: Starting by asking if we really understand our donors' hearts and minds and goals.

How are you thinking about—and leveraging—the present inflection point?

We’d like to hear about it.