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August 25, 2021

How to Prepare For Life Post-Graduation

Life after college graduation can be… a lot.

You don’t really appreciate the bubble of campus living until you step out into the great unknown. One day you’re worried about studying for exams and writing papers, and the next you’re figuring out how to make rent and put bread on the table.

It gets easier, but the transition is usually a little bumpy. That’s why it helps to do a little prep work before you graduate – make it happen with these simple strategies.

Fix your social media profiles

Having an inappropriate social media profile can ruin your chances of getting a job. After you graduate, verify that your profiles are private. Change your profile picture to something inoffensive, like a picture of you in a cap and gown.

Double-check that there are no embarrassing public tweets or posts that could land you in hot water.

Start a LinkedIn profile if you don’t already have one, and list your academic and professional accomplishments and special skills. Connect with other students, former professors and past supervisors. Ask for recommendations and endorsements. Follow companies you’re interested in to be notified when they post a new job.

Check your credit report

Your credit report shows all your past and current loans, credit cards, and other credit products. There are three different credit bureaus that produce credit reports: TransUnion, Equifax, and Experian. Lenders, landlords, and even employers will check your credit report to see how responsible you are as a borrower.

Viewing your credit report regularly will highlight any mistakes or potential issues, like a credit card that doesn’t belong to you or a late payment from a long-forgotten loan.

Check your official credit report for free at AnnualCreditReport.com, which shows official credit reports from all three bureaus. You can check your credit report for free once a week until April 2022.

Monitor your credit more frequently for free by creating a Mint account. Mint will show your credit score and notify you when something has changed on your report. Your credit report is like a financial report card, while a credit score is like a GPA. Credit scores range from 300 to 850, and anything above 670 is considered good. An excellent credit score, which you’ll need to secure the lowest interest rates, is 750 or more.

Find and organize your student loans

If you’re like thousands of students, you graduated college with a degree – and a hefty student loan balance. Tackling your student loans will be one of your first post-grad challenges, and there’s no better time to start than now. Check out our free loan repayment calculator to help you determine your monthly payment.

First, find your federal student loans by logging onto the Federal Student Aid website. This will show all your federal student loans, the minimum payment, interest rate, and total amount owed. If your parents took out federal loans that you’re expected to repay, they can use this same website to log in.

If you have private student loans, visit each servicer’s website and create an account if you don’t have one already. Your private loans should be listed on your credit report if you need a refresher.

After you log in, the site should list your next due date. In most cases, you can set up automatic payments from your bank account. This will ensure you never miss a payment, which would decrease your credit score.

If you’re struggling to find work, request a deferment from your private lender or switch to an income-driven repayment plan from your federal lender. Federal loans under an IDR plan have a $0 monthly payment if you’re not employed.

Avoid using federal deferment or forbearance unless you really need it. Borrowers are limited to three years for these programs, so it’s best to save them for a true emergency. Private lenders also usually limit the number of times you can defer a loan. Before deferring any loans, contact the lender and ask if other options are available.

Start networking

Graduates without a job lined up should start networking as soon as they graduate. Remember that applying to jobs online isn’t the only way to get hired. Making connections is a better way to learn about new positions.

Even if many networking events are still postponed due to the pandemic, you can reach out to people through LinkedIn. Send a brief note explaining who you are and any mutual connections you have. People are more likely to respond if you have something in common, like the same alma mater or sorority.

Ask former professors or bosses if they have any suggestions for job hunting. Sometimes their advice will lead to a useful tip you can implement to improve the job hunt.

If someone agrees to meet you for lunch or coffee, always offer to pay and send a thank-you note afterward. Some professionals get hit up for advice constantly, so it pays to be respectful of their time.

Being shy doesn’t pay off when it comes to landing a job, especially in a competitive field. Don’t be afraid to ask about job openings or internships, even if you might not be qualified.

Pursue your interests

Even if you can’t find a full-time job, you can still work on your career. Get an unpaid internship, start a freelancing operation, or shadow a professional in the industry. This will also put you in contact with more people who can help you find a full-time gig. Plus, it gives you something to put on your resume that may be more relevant to your industry than working part-time at a fast food place or driving for Uber.

Freelancing on sites like Upwork and Fiverr can also help you build a portfolio you can then share with potential employers. Start your own website that you can link in your resume or cover letter.

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August 24, 2021

How To Be a Career-Changing Mentor: 27 Tips To Make a Difference

Many things may come to mind when you think of professional development, like a big promotion or a much-deserved raise. However, career success and development should be defined by what you find professionally fulfilling, whether that is climbing the corporate ladder or contributing meaningful work. One way that many experienced professionals achieve career fulfillment is by becoming a mentor.

Mentorship can be considered a form of investing in the workplace. Much like you might invest your income to grow your wealth, you can contribute your time and energy into the growth of both people in the mentorship. If you’re taking on a mentee for the very first time, learn how to be a mentor that makes a difference with these 27 tips.

Feel free to jump down to the infographic for a visual breakdown of common mentoring styles, the benefits of mentorship, top qualities, and ways you can help influence someone’s career.

What Is a Mentor?

A mentor is an individual who provides guidance and advice over an extended period of time to someone with less experience, otherwise known as the mentee. Mentors are supposed to share their expertise and knowledge, answer questions, and help support their mentee’s personal and professional growth.

Benefits of Being a Mentor

The career advantages that mentoring brings mentees are often discussed in popular media, but it’s important to acknowledge that mentors reap many benefits as well. Career advisor Micheal Gilmore said, “Employees who serve as mentors also report greater job satisfaction and greater career success [and] more than half receive salary increases over time.”

Read more about how mentorship has the potential to influence your salary, your ability to climb the corporate ladder, and your journey to personal fulfillment.

1. Increased Salary Potential
Investing your time and effort into mentoring can literally pay off. A longitudinal study by
Sun Microsystems found that those who were mentors were 20 percent more likely to
receive a pay raise than those who weren’t. If you’re looking for ways to help boost your
salary, mentoring might just help you get there.

2. Higher Likelihood of Promotion
Mentoring also correlates with successful career movement. The same study found that the likelihood of mentors being promoted was six times higher than non-mentors. Experiences from mentoring often hone skills that are valued at leadership levels such as motivating and supervising others.

3. Enhanced Personal Fulfillment
Finally, mentorship can offer immense personal satisfaction. For many mentors, personal fulfillment came from the ability to give back and watch mentees grow. Professor of Business Law at the University of Connecticut Robert Bird said, “The greatest benefit to being a mentor is the joy of watching a mentee thrive.”

Quality Mentor Traits

When it comes to what makes a good mentor, it’s helpful to know what traits are valued by mentees. Here is a list of some of the important traits a mentor could have:

Positivity
Integrity
Patience
Honesty
Empathy
Confidence
Leadership
Willingness to help
Openness to ideas
Expertise in their field
Capacity for feedback

Ways To Be a Good Mentor at Work

Mentors shouldn’t just have quality characteristics; they should also be able to demonstrate them. In this section, we’ll explore the three A’s of mentorship: active listening, availability, and analysis. Additionally, learn how to lead by example by following these tips to be a career-changing mentor at work.

1. Ask About Career Goals

At its core, traditional mentorship is about an experienced professional guiding a mentee’s career and personal growth. As such, it should make the needs of the mentee a priority. The best way a mentor can prioritize their mentee’s needs is by simply asking them.

Get to know them and ask questions about their career goals, what they want to improve on, who they’d like to connect with, and how they like to receive feedback. Their answers will help guide your mentorship so you can best support them in their evolution and growth. Help them turn their career goals into specific, measurable objectives to accomplish over time.

2. Adapt Your Mentoring Style

Once you’ve learned all about their goals and preferences, it’s important to adapt your mentoring style to fit their needs. Does your mentee want to take more risks and accelerate their growth? Be the person that will challenge them to get out of their comfort zone or try new things. Or if they’re good at what they do and occasionally need advice, try a more hands-off approach to show them that you trust their direction.

3. Learn About the Types of Mentors

There are many different types of mentors that exist, and your capabilities and experience may mean you’re not the right one for a certain mentee. Check out five common types of mentors below and see which one you might be best at.

The Cheerleader: This type of mentor keeps their mentee motivated to get where they need to go. They boost their mentee’s confidence when they’re discouraged and provide support when they need it. Cheerleaders are great at celebrating successes and picking you up when you lose.
The Companion: Companions are closer to being peer mentors. This mentor style is collaborative and open to giving and receiving feedback. They may even be peer mentors that are at a similar job level.
The Search Engine: If you’re a go-to resource for industry knowledge, you may be a Search Engine. You act as an educator, sharing what you know based on your experience or providing information about current processes or trends.
The Advocate: Your mentee might really value making connections and showcasing their work, and the best type of mentor you could be is an Advocate. These mentors advocate for their mentee’s work ethic and character and leverage their network to open the right doors.
The Master: As the mentor name suggests, Masters are experts at what they do. They can share their mastery with their mentee by teaching them skills and helping them cultivate their own expertise.

4. Be Available for Your Mentee

An important part of a mentorship is the time you invest in your mentee. A good mentor is available when needed and reasonably prioritizes the relationship. Time is valuable, so make sure that with every phone call, meeting, or email, you’re providing adequate attention to your mentee and their growth.

5. Try Out Reverse Mentoring

Reverse mentoring puts a spin on traditional mentoring by having the junior level individual mentor the more senior individual. Although you may have a traditional mentorship, feel free to switch up your strategy for a week or even a month and have your mentee try mentoring you.

Co-Founder and COO of Gainful Eric Wu stated, “You can get a fresh perspective from someone who is just starting out, and they may also have some insight about the future of your industry or see trends you may not have noticed before.” This strategy can foster collaboration between both of you and even drive innovation in your careers.

6. Set Clear Expectations

In order for a mentorship to be successful, clear expectations are necessary. As the mentor, you should outline your boundaries early. If you intend for the mentorship to be strictly professional, let your mentee know. Additionally, allow your mentee to set their own expectations for your relationship and create boundaries as needed.

7. Brainstorm Ideas

Be someone that your mentee can come to with their wildest dreams and ideas. Brainstorm together and act as a sounding board and voice of reason. Not every idea they have will be successful, but it’s important to be a mentor who allows them to think for themselves and doesn’t stifle creativity.

8. Give Constructive Criticism With Kindness

You’ll be expected to give feedback to your mentee on their work, ideas, and growth. It’s important to be honest yet constructive with any feedback you may share. Remember that it’s OK to give criticism — in fact, it’s your responsibility as a mentor. However, try to offer actionable critiques and communicate them with kindness.

9. Make Connections Professionally

Sometimes, you may not be able to offer the advice or experience that your mentee needs. If that is the case, look to your network and make introductions to people who have the relevant expertise. Those connections will help your mentee grow their network and provide other valuable opportunities to propel their growth.

10. Give Help Readily

Professor Alexander Lowry from Gordon College said, “The goal [of mentoring] is altruistic, not Machiavellian. The intent is to pay it forward.” Readily give help to your mentees when they ask for it, and offer guidance with their best career interests in mind. Even though you may benefit from the relationship, your main goal should be to further their career and not necessarily your own.

11. Balance Advice and Autonomy in Decision-Making

When it comes to decision-making, your mentee will look to you for guidance. Feel free to offer your wisdom, but also give them the freedom to make the final decision themselves. This will allow them to operate autonomously in their career but also help them when they need it.

12. Share Your Story

Be willing to share your own journey of personal or professional growth. Let them know about your triumphs and areas that you struggle with professionally. This can help them feel comfortable with you and normalize that there will be both positive and tough experiences. Additionally, sharing your story can be inspirational to someone who hasn’t achieved everything you have yet.

13. Be Empathetic

Empathy is a prized quality in the workplace. In disagreements, it allows us to seek to understand the other person’s perspective, and that insight will influence how you move forward or find common ground. This trait is also helpful when offering constructive criticism or when providing support during difficult times.

14. Challenge Your Mentee To Leave Their Comfort Zone

Mentors are meant to help propel their mentee’s growth. Do this by encouraging them to take risks, no matter how big or small. Push them to try new responsibilities or explore different career paths to expand their horizons and figure out their preferences at work. Not everyone readily steps out of their comfort zone, so make sure to challenge them without pressuring them.

15. Analyze Progress

When it comes to guiding career development, it’s helpful to analyze how far your mentee has progressed. Ideally, you and your mentee will have set specific, measurable objectives to help them level up their career. Once those have been completed, analyze how well you and your mentee met their objectives. If their objectives were completed successfully, you can keep moving forward. If they weren’t, it’s important to dig into why that happened and evaluate how to do better in the future.

16. Seek Out Feedback

Charles McMillan, founder of Stand With Main Street, said, “Mentorship is a mutually beneficial relationship with the mentor and mentee.” Ask your mentee for feedback often and be open to acting on it. This lets your mentee take an active role in shaping your relationship and your communication, and it also gives them the opportunity to practice giving feedback in a professional manner.

17. Learn How To Build on Their Skills

One area that all mentors should help their mentees with is their professional skills. Learn about their strengths and weaknesses, and develop a plan to help them upskill and reach their highest potential. If you have expertise in the skills they want to learn, make sure to teach them what you know. On the flip side, if you don’t have experience with their desired skills, do your best to put them in touch with someone who does or direct them to resources like Udemy or Khan Academy to get started.

18. Practice Patience

As a mentor, you already know that career success doesn’t happen overnight. Professional growth and learning takes time, so remember to practice patience with your mentee. They may not always acquire a new skill quickly or meet their goals right away. Exercise patience and help them stay dedicated throughout the process. After all, growth is as much about the journey as it is the end result.

19. Celebrate Wins

No matter what type of mentor you are, it’s important to celebrate your mentee’s successes in a way that is meaningful to them. Reach out in a tangible way like writing a card, sending flowers, or taking them to a celebration dinner if they appreciate those gestures. If they prefer words of affirmation, take the time to acknowledge a special accomplishment or congratulate them for exemplary performance. Tailor the celebration to them so they feel good about their progress and feel motivated to keep going.

20. Be Mindful of Mental Health

Work-life balance can be an ongoing struggle for professionals, whether you’ve been in the workforce for decades or have just a few years on your resume. Make acknowledging mental health a priority in your mentorship. Share what helps you bring balance to your life and encourage your mentee to regularly engage in activities that matter to them outside of work.

21. Level Up Your Emotional Intelligence

Emotional intelligence is the ability to monitor and identify others’ feelings as well as your own, and use this information to guide your thoughts and actions. This ability is linked to success for individuals in all areas of life and work, so it’s important to continuously improve it. Try leveling up in the following areas of emotional intelligence:

Relationship Management: Work on conflict management, teamwork, and collaboration
Self-Management: Work on emotional self-control, adaptability, and initiative
Self-Awareness: Work on service orientation, empathy, and organizational awareness
Social Awareness: Work on confidence, social awareness, and accurate self-assessment

22. Focus on the Whole Picture

Many professionals seek out mentorship when they need specific improvement in a certain area. For example, if someone is unfamiliar with starting a business, they may use a business mentor to help them write a financial plan.

However, good mentors will focus on the entire picture when it comes to development. Instead of working to only improve your mentee’s weaknesses, make it a priority to also hone their strengths. With your help, their strongest skills may reach a level they wouldn’t have reached on their own.

23. Acknowledge Your Own Mistakes

Sometimes mentors get put on a pedestal and seem like they know everything or can accomplish anything. Break down this facade and acknowledge when you make mistakes. This allows your mentee to learn valuable lessons, and it’s also a demonstration of humility and resilience. As humans, mistakes are bound to happen, but it’s important to highlight for your mentee that how we change and move on from them is what truly matters.

24. Boost Their Confidence

A mentor should always boost the self-esteem of their mentee and never aim to tear them down. Use praise and encouragement to show them that you are confident in them and their abilities. By demonstrating your trust in them, their confidence will rise and help them reach new heights.

25. Hone Your Leadership Capabilities

The process of mentoring someone will help you hone your leadership skills. You’ll work on offering insight and guidance for someone else’s career and take the responsibility that comes along with it.

Always lead by example because your mentee will learn from it and others may even promote you for it. Wesley Exon, founder and CEO of Best Value Schools, shared, “Being a mentor gave me a way to showcase my leadership and coaching abilities [and] this helped me get promoted into a leadership role.”

26. Practice Active Listening

Traditional mentors typically have more life and work experience than their mentees. This means that you may have a lot of wisdom and advice to share, but interactions shouldn’t be one way. Promote a two-way dialogue and practice active listening with your mentee. Give them the opportunity to speak their mind and listen to understand, not just respond. The enhanced quality of your communication will benefit your relationship as a whole.

27. Be a Champion for Their Career Growth

Even if your mentoring type isn’t the Advocate, you should still champion your mentee’s growth throughout their journey. For example, when they need a reference or letter of recommendation, be the one to write them a glowing review that highlights their strengths and abilities. Even when opportunities aren’t present, the best mentors will seek to create those opportunities by making connections and pushing their mentee to keep learning.

Good mentorships are incredibly fulfilling for all people involved, so try investing your time and energy in a mentee. Whether you help them climb the corporate ladder or grow their net worth, you’ll gain an incredible return on investment personally, professionally, and financially.

Sources: Biz New Orleans

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August 24, 2021

17 Negotiation Tactics and Tips To Help You Score the Best Deals

Negotiation is a powerful skill that helps you advocate for yourself when it comes to your career and finances. However, the thought of negotiating your salary or even your cable bill may bring up feelings of anxiety and apprehension. It’s important to overcome these negative feelings so that you can speak up for your best financial interests. Level up your skills and your confidence by learning about these 17 negotiation tactics. With these tips and tricks in your back pocket, you’ll be equipped to negotiate the best deals for you and your budget.

Feel free to jump to the infographic for quick takeaways on effective negotiation tips to use now.

1. Try the Foot-In-The-Door Technique

The foot-in-the-door technique is a tactic that uses a small, initial request to increase the chances of someone agreeing to a second, larger request. This technique can be used when your goal is to achieve similar outcomes. For example, if you want to buy a shirt that is $10, you might haggle with the vendor to get it down to $5. You could then follow up by asking if you can buy two shirts for $10. Not wanting to feel contradictory about giving you the initial discount, they’re likely to allow the second one as well. In this scenario, you’ve successfully negotiated two shirts for the price of one.

2. Get Your Way With the Door-In-The-Face Tactic

Instead of getting your foot in the door, you can also try the door-in-the-face technique. This technique is the opposite of foot-in-the-door because the initial request you make is an unreasonable one that you expect to get turned down. After your first unreasonable request is denied, if you follow up with a smaller, more reasonable request, the person will feel compelled to agree. Door-in-the-face is an effective technique when you want to increase the likelihood of someone agreeing to a small request, like asking to borrow $20 after initially asking for $100.

3. Use the “Take It or Leave It” Method

This method is a hard bargaining tactic that suggests an offer is nonnegotiable. One scenario where this method can work is when you have a good or service that someone else needs. If you’re selling your car and a potential buyer counters your selling price, you may respond by saying that’s the price and they can take it or leave it. If the buyer really needs the car, they will take it at your price, and if they can’t meet that price, they’ll be forced to walk away. Since this tactic is structured as an ultimatum, you should be prepared for either outcome.

4. Leverage the Competition

When it comes to negotiating, remember that competition is a great catalyst for better deals. If you’re contemplating a purchase, do your due diligence and compare prices across competitors to find what’s reasonable for your budget. Prices aren’t always the only factor when it comes to a good deal though, and you may find that a preferred store or service charges more. Leverage your knowledge about competing vendors and ask whether they would be willing to match a competitor’s price for the same product or service.

5. Do Your Research

Before walking into any type of negotiation, it’s always helpful to do your research. If you’re looking to negotiate a raise or salary, research the average market value of your position in your area. Go into your negotiation with that number and provide it as evidence for the salary you want. This same premise also applies to buying a house or car. Educate yourself on the going rates for similar homes and cars in your area and use it as a bargaining chip during your negotiations.

6. Find a Win-Win Situation

Another negotiation tactic is to come up with a win-win situation for both parties. Imagine you’re on vacation, and you want to do an activity that fits in your budget. You may decide that you’re interested in an activity that typically costs $100 for two hours. If you have a budget of $50 to spend, you might ask if you can pay $50 for half the normal amount of time spent doing the activity. This offer presents a scenario where you get what you want and stay in your budget, and the other party is still compensated at their normal rate.

7. Offer a Bogey

Use human nature to your advantage by offering a bogey in a negotiation. A bogey is an issue that you pretend is important to you, but really isn’t. You end up conceding this issue so the other party feels like they should do the same for you. This tactic operates off the psychology of reciprocity. Reciprocity is a social norm that humans abide by and occurs when one person does something for another, so the other person feels compelled to return the favor.

8. Make It Personal

If you’re negotiating outside of a business deal or career decision, it may be helpful to try an emotional appeal during a negotiation. For example, when making an offer on a house, a personal letter to the sellers may help swing a negotiation in your favor. Telling your story builds trust and a personal connection, and these can be very powerful tools of persuasion.

9. Know Your Worth

Whether you’re a loyal customer or hard-working employee, it’s imperative to know your worth in a negotiation. Employees bring value through their work performance, skills, experience, leadership, and education. Customers provide economic value as a consistent revenue stream and social value through their opinion and word of mouth. Depending on which role you’re in, highlight the value that you offer and use it as evidence for better pay or better rates.

10. Prepare for Counters

When two parties try to come to a mutual agreement, it’s natural for either side to push back if something doesn’t work in their favor. Be ready for counteroffers by thinking through what the other side might say ahead of time. Forecast different scenarios and prepare a strategy tailored to each one. Here are a few potential scenarios that may play out when asking for a raise:

If they’re willing to compromise:

Take stock of your priorities and figure out if you can negotiate for them.
Example: If they can give you a 2 percent raise instead of a 4 percent raise, ask about an additional performance bonus or for more vacation days.

If they say no:

Think about ways to steer the negotiation toward a compromise.
Ask to revisit the discussion in the future considering your strong work performance.

11. Use a Positive Frame

Negotiations don’t always have to be a “take it or leave it” situation. Try finding a positive way to frame your request or demand. If you offer freelance services and someone is trying to negotiate your rates, stay firm in your price with a positive spin. Let the person know that your prices ensure that you can offer them the best quality product or service. Many people would find it difficult to argue with better quality.

12. Exercise Patience

Bargaining for better pay or better prices isn’t easy. If you’re met with resistance, you may feel like giving in so that you don’t have to experience discomfort, anxiety, or fear anymore. If you do feel this, remember to exercise patience. You should be proud of the progress you’ve made negotiating so far and tell yourself that you will see it through. Negotiations take time, but if you can be patient and stand firm in your goals, you might end up better off than when you started.

13. Be Polite

Not all negotiations are the intense, cutthroat experiences that get dramatized in the media. Oftentimes, both parties are just doing the best they can to reach their respective goals. Go into a negotiation with the aim of being firm but friendly. Others will be more receptive to working with you toward your goals if you’re polite and not pushy.

14. Practice What To Say

If you’re nervous about what to say in a negotiation, try practicing beforehand. Ask someone you trust to read or listen to your prepared negotiation and give an outside perspective on what works and what can be improved. Then when you actually need to negotiate, you can be confident in your practice and know that you’re prepared to negotiate to the best of your abilities.

15. Boost Your Confidence

Sometimes it’s hard to feel confident when you’re anticipating an uncomfortable or awkward discussion, but confidence can help you appear more credible and make people more receptive to you. To boost your confidence, try repeating a mantra to yourself, striking a power pose, or playing your favorite pump-up song to help relieve any jitters.

16. Ask Questions

In a negotiation, never underestimate the importance of asking questions. This helps you buy time to think but also gives you more information to inform your strategy. Try lines of questioning that get at why or how certain decisions were made. Another option is to simply ask for help. Some examples are listed below:

“I’m trying to understand why my medical bill is so high. Would I be able to see an itemized receipt?”
“I didn’t receive enough financial aid to attend this school. Can you please help me write an appeal for more aid?”

17. Stall When Necessary

In certain situations, time can put unnecessary pressure on you. If you need to take a step back to contemplate your options or make the right decision, don’t be afraid to ask for time to think. In the case of a job offer, you can politely request a deadline for a decision or let them know that you need a few days to think. Remember that you’ve already done well by attempting to negotiate, so don’t throw away your hard work with a rushed decision.

Negotiation Examples

Now that you have the skills to negotiate, put them to work and do what’s best for you and your finances in these surprisingly negotiable scenarios. For each situation, find a couple effective ways to get the conversation started and remember to remain confident and polite in your communication.

Negotiating Salary

Research found that 70 percent of managers expect to negotiate salary and benefits when making an offer to a candidate, yet only 46 percent of men and 34 percent of women ever bring it up. Many job offers are flexible when it comes to compensation, so don’t leave money on the table by not opening negotiations. It may feel daunting or uncomfortable to discuss money, but know that companies expect you to do it. It’s important to take the chance and give yourself the best opportunity to maximize your income.