By Tonya Holowitski, RPR, RPT, CMP, CRS, CCS, CISA Career Innovator & Designer for Alberta CPAs (Chartered Professional Accountants) and CPA Students
I recently had the opportunity to deliver two workshops on how to build your Career Capital using LinkedIn. They were both great sessions and I learned a lot both developing the content and delivering the content.
Career Capital is the value of competencies, knowledge and individual personality attributes you have to produce economic value. Career Capital is vitally important for an individual’s success in all stages of work and life. Career Capital can increase through education, experience and your ability to identify and convert into an opportunity. In the digital age, building your career capital requires a conscious effort to strategically evolve to act and influence as a valuable and respected resource.
Career Capital was a concept developed in 1994 by Organizational Psychologists DeFillipi and Athurs for organizations. As time has progressed it has been shaped and moulded in a manner that is meant to reflect the individual more so than an organization’s team development and succession planning. As time goes on the career landscape is changing and we are beginning to hear more about a “Gig Economy” and becoming a “Careerpreneur”. Other terms you may come across that apply to the Gig Economy are a Free Floating Professional, a Temporary Employee, a Contractor, Self-Employed,
A “gig economy“ is a free market system in which temporary positions are common and organizations contract with independent workers for short-term engagements. The term “gig” is a slang word meaning “a job for a specified period of time” and is typically used in referring to musicians.
A “Careerpreneur” is a term we use a lot in the Career Development world, particularly by my education body Career Professionals Canada. It means becoming an independent agent working towards our career success. Scripting our path versus waiting for someone to write it out for us. Keeping an eye out for emerging and growing opportunities. Proactively taking advantage of our career development initiatives.
Cal Newport the author of Seven Ways Successful People Approach Their Work and So Good They Can’t Ignore You has a phrase that resonates quite well and shifts us from the common perspective of pursuing your passion. He states “Adopt the craftsman mindset, not the passion mindset” His perspective is to look at work not from “What can the world offer me?” but ask “What can I offer the world?”. So it’s a little bit of the notion of Symbolic Capital (reputation/ prestige in a field). The Career Capital piece would be to then take key elements of your Symbolic Capital and being able to apply them in a different career capacity – could be role, client, or even organisation.
Career Capital is broken down into three fundamental concepts:
- Knowing Why: This is where you are examining internal and external factors that are driving your career or need for change. It could be related to changes in the market place, technology, demand, layoffs, boredom, corporate values and others.
- Knowing Whom: This is your network developed through work, volunteerism, your personal life whom all can help you move forward in your career or a transition. This consists of Mentors, Sponsors, Peers, Supervisors, Friends, Family, Community Connections, Virtual Connections (LinkedIn), Experts and Networking Connections. AKA Social Capital.
- Knowing How: This is what you have learned to do on the job, in your studies, from volunteerism, hobbies and other learning activities.
To become effective in developing your Career Capital, you need to explore your relationship with perceived internal and external marketability. It means being able to adapt, to continue to keep up to date on future job perspectives, knowledge and skills and asking others how they perceive you. Gone are the days where you get one degree and that is it, no further professional development required. Technology, economic market volatility, social trends, climate change, political change and other requires each of us to be prepared for rapid change in requirements in the workplace.
It also means saving your money for the future. There may be times you find yourself unemployed but there also may be times where if you haven’t been continually investing in skills development that you find yourself reinventing yourself which may mean a temporary pay decrease. However, if you are continually investing in your career capital you should be seeing an increase in your economic capital.
So what are the key elements and attitudes you want to focus on to increase your Career Capital? Consider the following:
- Develop Movement Capital (encompasses the individual skills, knowledge, competencies, and attitudes influencing an individual’s career mobility opportunities, which in turn influences their likelihood of career success – Forrier Sels & Stynen, 2009).
- Adaptability (Allows people to evolve and enables and motivates them to adapt their human capital, social capital and career identity to new circumstances – Forrier et al., 2009)
- Networking: Events, virtual, within an organisation, in your community, with your friends and family.
- Continuous Learning: On the job, through classes formal and informal, from a mentor and your peers.
- Market Research and Market Awareness: Continually pay attention to the news. Everythings applies – Global Trade & Politics, National Trade, Economy and Politics, Stock Markets, Science, Innovation and Technology, Mergers and Acquisitions, Provincial Policy changes, Municipal affairs, Climate events (fires, hurricanes, tornados anything that can cause a city to stop) and more.
- Attitude: Self-motivation, determination, perseverance, flexibility, emotional intelligence, industry acumen, patience, commit to change, and have a willingness to learn.
- Reputation: Be known for follow-through and your ability to deliver, take a chance and write a blog, be a guest speaker, train others, become a mentor, become a subject matter expert, think credibility.
- Multi-Disciplinary Exposure: Develop breadth and depth of expanding your competencies.
- Multi-Industry Exposure
- Build your Brand
So there you have it Career Capital, it’s a thing. BTW did you ever guess there could be so many different forms of Capital in your life?
About the Author: Tonya Holowitski is a professional Career Advisor and previously was a Recruiter both in-house and external search. She holds a number of certifications and designations through the Career Professionals of Canada and the Institute of Professional Management.