Change Your Life - Conceive it and achieve it

Once again we are beginning a new year. For many of us this signals an opportunity for making new beginnings in our lives. Unfortunately, although most of us start out full of resolve and determination, we end up falling short of our goals. We know we can benefit from change in our lives, but how do we make those changes become lasting ones? Try these tips to increase your chances of success.

Conceive it...

You've got to want it

Ever say something like, "I really need to get in shape" and have everybody around you nod in emphatic agreement? So why aren't you doing something about it? Chances are something else is more important to you than your goal. That might be watching TV, playing computer games or eating fatty foods, but you're making a decision that something is more important to you. Next time you make one of these statements, ask yourself how badly do you really want to achieve this goal? Do you want it badly enough to make some sacrifices in your current lifestyle? Then go for it!

Make realistic resolutions

If you've been sedentary and overweight for several years then resolving to win the Ms. Olympia title this year may be a bit unrealistic. Instead, resolve to eat more healthily and become more active. In other words, set a goal that you know you can realistically achieve and you won't be disappointed. Once you achieve that goal, you will be in a better position to move on to even higher goals.

Have a plan

It's great to have a goal, but you also have to have a plan for accomplishing this goal. Having a plan allows you to see in an organized way how you will you achieve your goals. Rather than just saying, "I wish I could be more assertive at work", investigate ways to learn this new skill. You might decide you are going to take a course at your local college, read a self-help book or work with your therapist on exercises to help you. The point is to determine what steps are necessary to turn your idea into reality.

Achieve it...

Don't procrastinate

Janet has all sorts of plans for weight loss. She has diet books, exercise equipment and even a gym membership. She also has plenty of reasons why she can't start right now. Procrastinating until things are just right is the surest way to failure. If you have a goal to accomplish, start now. No more excuses.

Learn from your failures

Rather than beating yourself up over past failures, learn from them. Did your diet fail because you gave into emotional eating? Next time use this knowledge to help you vent your frustrations in a healthier way.

Acknowledge that you will slip and forgive yourself

Even the strongest of us will occasionally slip. The important thing is not let this signal the end of your efforts. Dust yourself off and get right back in the saddle as soon as you can.

Don't let other's fear of change stop you

Change can be frightening, not just for you but for those around you who have become accustomed to you being a certain way. You may find that your friends and loved ones will try in subtle ways to sabotage your efforts. Over the past year Laura had lost a large amount of weight and taken up exercising. She was very proud of her accomplishments, but nervous about facing the temptations of holiday sweets. On the surface it seemed that her mother was very supportive of her, yet when she packed up to return home her mother handed her a large package of fudge to take with her. Be aware that those around you may feel threatened by change. It's not that they want you to fail. They just don't know how to adjust to the changes in their own lives resulting from your success.

Get support

Sharing success, setbacks, and tips with other people who have your same goals is a terrific way to keep yourself motivated and on track. When you are feeling disappointed they can offer you a helping hand. When you are feeling like giving up, they can help you remember why it is you wanted to embark on your journey of change in the first place.

The best way to keep your resolution is to plan ahead.

Chances are, at some time in your life you've made a New Year's Resolution - and then broken it. This year, stop the cycle of resolving to make change, but not following through. Here are 10 tips to help get you started.

1. Be realistic: The surest way to fall short of your goal is to make your goal unattainable. For instance, resolving to never eat your favorite desserts again could be a bad choice. Strive for a goal that is attainable.


2. Plan ahead: Don't make your resolution on New Year's Eve. If you wait until the last minute, it will be based on your mind-set that particular day. Instead it should be well planned before December 31 arrives.


3. Outline your plan: Decide how you will deal with the temptation to skip the exercise class, or just have one more cigarette. This could include calling on a friend for help, or practicing positive thinking and self-talk.


4. Make a "pro" and "con" list: It may help to see a list of items on paper to keep your motivation strong. Develop this list over time, and ask others to contribute to it. Keep your list with you and refer to it when you need help keeping your resolve.


5. Talk about it: Don't keep your resolution a secret. Tell friends and family members who will be there to support your resolve to change yourself for the better. The best case scenario is to find yourself a buddy who shares your New Year's Resolution and motivate each other.


6. Reward Yourself: This doesn't mean that if your resolution is to diet you can eat an entire box of chocolates. Instead, celebrate your success by treating yourself to something that you enjoy.


7. Track your progress: Keep track of each small success you make toward reaching your larger goal. Short-term goals are easier to keep, and small accomplishments will help keep you motivated.


8. Don't Beat Yourself Up: Obsessing over the occasional slip won't help you achieve your goal. Do the best you can each day, and take them one at a time.


9. Stick to it: Experts say it takes about 21 days for a new activity, such as exercising, to become a habit, and 6 months for it to become part of your personality.


10. Keep trying: If your resolution has totally run out of steam by mid-February, don't despair. Start over again! There's no reason you can't make a "New Year's Resolution" any time of year.

Fast Facts About New Year's Resolutions

• 63% of people are keeping their resolutions after two months.


• 67% of people make three or more resolutions.


• Top four resolutions:


1. Increase exercise


2. Be more conscientious about work or school


3. Develop better eating habits


4. Stop smoking, drinking, or using drugs (including caffeine)


• People make more resolutions to start a new habit, than to break an old one.

6 Steps to a Job Search Action Plan

Not sure where to begin your job search? Here are six steps to guide your efforts.

Has it been a while since you planned a job search? Or maybe it’s your first time? At the outset, looking for a new job can seem like an enormous task. But if you break the job search down into simple steps, you’ll be signing that employment offer in no time.

Use this helpful six-step framework to guide your job search action plan:

1. Assess yourself.
The start of any good job search begins with a thorough self-assessment. Looking for a new job is a great opportunity to realign your goals—and it’s up to you to articulate exactly what those goals are.

Start by asking yourself these questions and spend some time reflecting on the answers:

1. What are my values? Deep down, what guides me as I make my decisions? Is it a need to make a difference or make big bucks, be the center of attention or help others?


2. What are my priorities and objectives for the next few years? What about five years from now?


3. What are my core strengths?


4. What provides meaning in my life? What is my purpose?


5. Where does work fit into my vision of life?

For help with your soul-searching, take advantage of your career center’s self-assessment resources, such as the Myers-Briggs Type Indicator, or look for self-assessment resources online. Participate in career center workshops or read some career-planning books, such as my book, The Ultimate Guide to Getting the Career You Want and What To Do Once You Have It, which includes self-assessment exercises.

2. Research your career goals.
Now that you’ve established your sense of purpose, you’ll need to do some research to keep your career dreams aligned with reality. Broadly explore industries, jobs, and organizations to generate your job options wish list.

Consider these questions as you research careers and industries:

1. What product or service does this industry actually offer?


2. Who are the major players and up-and-comers?


3. What are the critical success factors for a company in the industry?


4. What is the outlook and hiring potential for this industry?


5. What type of talent does the industry attract, hire, and need?

While researching companies, ask yourself:

1. What differentiates this company from others in the industry?


2. What are this company’s culture, values, and priorities?


3. Who are its leaders (CEO, CFO, and COO), and what do they seem to stand for?


4. How does this company treat its employees?


5. What is the company’s reputation?


6. What would it be like to work there?

Websites are a great resource. Since there are more than 2,500 job- and career-related websites online, you’ll need to be selective about which ones you use. Sites with huge databases of company and industry profiles, like WetFeet, net the best return on your time investment. Also visit individual company websites to get more specific info. Major publications like Business Week, Fortune, Working Mother, and Forbes often rank top companies by industry.
Networking is another great way to learn about the functions, fields, companies, and geographic locations that interest you—not to mention make future job connections. Your circle of friends is a great place to begin building (or reviving) your network. Other valuable contacts include former and current co-workers, career services professionals, and alumni from your high school, undergraduate, or graduate programs. See what events your career services office, student clubs, and alumni groups are planning that might provide valuable contacts or learning experiences.

3. Lay out your plan.
Narrow your job options wish list based on a realistic assessment of how you fit into the industries, organizations, and roles that interest you (now possible with all the research you’ve been doing). Determine your top priorities along with those you’ll pursue for a backup plan. As a rule of thumb, focus on a maximum of two or three industries and ten to 20 organizations. Choose another ten organizations for your backup plan.

Sketch out the general timing of your job search based on when your top-choice industries tend to recruit. If you’re in school, expect to dedicate as much time to your job search as you would to an entire course. Graduates and mid-career job seekers should expect to spend one to two months searching for every $10,000 of their targeted salary. For example, a job paying $100,000, could take 10 to 20 months to find.

4. Develop a self-marketing strategy.
Now the real fun begins. It’s time to market your number-one product … you! To help plan your marketing strategy, think of yourself in terms of the classic marketing 5Ps:

Product: What do you have to offer? What key skills and attributes can you offer your “customers” (i.e., potential employers)?

Price: What is your value in the marketplace? Do your educational background, experience, and professional strengths qualify you as a premium product—something elite—or will you need to start “discounted” to get your foot in the door of your targeted industry?

Promotion: What themes or messages convey what you have to offer professionally?

Place (distribution): How will you distribute yourself on the market? Consider using multiple means of “delivering” yourself to potential employers. This could include on-campus recruiting events, job ads, career fairs, company websites, executive recruiters, and referrals from your network.

Positioning: What differentiates you from other candidates? What is unique about your skills, background, or interests?

Resumes, cover letters, and your network are your marketing tools. For help on developing a winning resume, including handling common problems like gaps in employment, dealing with unknown schools and companies, or making a career change, refer to "Resume Makeovers: How to Stand Out from the Crowd". For guidance on writing cover letters, refer to "Get Results with Your Cover Letter".

Informational interviewing is a great research and networking tool. After all, how can people help you find that great job if they don’t know what your career goals are? You need to get out there and start talking to people. My book includes an in-depth discussion of networking and informational interviews. Also check out WetFeet’s networking advice.Use these sample questions to kick off your informational interviews:

1. Can you tell me a bit about your background?


2. How did you get started in this industry?


3. What’s the company culture really like?


4. Can you describe a typical day or week?


5. What advice would you offer to someone trying to break into this industry?


6. What do you like the most and least about the industry? About the job? About the company?


7. How would you approach a job search for this organization or industry?


8. Could you recommend other colleagues with whom I can speak? Is it OK to use your name when I contact them?

5. Prepare for job interviews.
Informational interviewing is also good practice for the real thing. Performing mock interviews and videotaping them is another way to practice and get feedback.

For more information on interviewing, refer to "Surviving and Thriving in a Tough Job Market: Acing the Interviews," "Decoding the Interview and Evaluation Process," and "Ten Executives Discuss What They’re Looking for When They Interview Candidates".

Develop at least three questions for each interview. For help, refer to "What to Say When It’s Your Turn to Ask Questions in an Interview."

It’s also a good idea to begin thinking about your compensation strategy now. Understand the components of compensation (what can be negotiated), the tangibles and intangibles, the must-haves of your compensation package, minimum take-home pay, and how to create a win-win situation between you and your prospective employer. For more detailed help, refer to "Seven Tips for Smarter Compensation Negotiation" and The WetFeet Insider Guide to Negotiating Your Salary and Perks.

6. Implement your plan, making adjustments along the way.
Now it’s time to put your well-laid plans into action. Work your network to spread the news of your job search. Continue asking for more contacts. Conduct informational interviews. Research job postings, write cover letters, and send out those resumes.

As you move your action plan forward, try to get feedback whenever possible to make midcourse corrections and improve your results. Ask for feedback from your career services advisors, colleagues who review your resume, your informational interview contacts, and those who have interviewed you for a job. Incorporate the constructive lessons you take from them to improve your approach.

And don’t forget to self-evaluate by asking:

1. What is and isn’t working?


2. Where can I improve?


3. What help or advice do I need?


4. Where can I go for help, resources, and expertise?


5. Are there gaps in my performance that need filling in?


6. How do I stay motivated to keep up my momentum? (Refer to "Keeping Up Your Job Search Momentum" for ideas.)

Having a plan is an enormous benefit to guide and inspire the success of your job search. And broken down into steps, a seemingly insurmountable task is suddenly rendered manageable. Best of luck on your job search!

(Sherrie Gong Taguchi is a leading expert on recruiting and career management. Her book, The Ultimate Guide to Getting the Career You Want and What To Do Once You Have It (McGraw Hill, 2003) is available at www.amazon.com and www.barnesandnoble.com.)

How Credit Card System Works

Priya: I want to buy a Sony digital camera costing Rs.20,000, but I don’t have any cash right now.

Raj: Why don’t you use your ICICI Bank credit card? Never heard them say ‘Hum Hain Na’?

Priya: I am quite skeptic about using these cards. I pay using the card; get a bill after 30 days and pay after another 20 days. This is a maximum of 50 days interest free loan. Why does any bank do it?

If I borrow Rs.20,000 on personal loan at 11%,
Interest to be paid for 50 days = Rs. 20,000 * 11% * (50/365) = Rs. 301.40.

Here the bank is giving me a loan without interest when I use the credit card. Something is wrong somewhere!

Raj: Well, let me tell you how it works when you use your card to pay for the camera.

• You present your ICICI Bank credit card, a VISA card.


• Sony World swipes your card on a machine provided by Citibank. Let’s call Citibank, the acquirer bank and the process of Sony World swiping the card on that machine, requesting authorization.


• Citibank communicates with the card issuer, ICICI Bank through VISA Network to check if the card is valid and has the required credit limit.


• ICICI Bank reviews and approves / declines which is communicated back to Sony World.


• You sign a receipt called Sales Draft given by Citibank. This is the obligation on your part to pay the money to ICICI Bank. Data on this receipt can be captured electronically and transmitted.

At the end of day or at the end of some period Sony World chooses Sony World submits the receipt you signed to Citibank who pays Sony World the money.

• Sony World pays Citibank a fee called Merchant Discount. Let us say this is 6% of the sale value = 6% * 20,000 = Rs. 1200


• Citibank sends the receipt electronically to a Visa data center which in turn sends it to ICICI Bank.


• ICICI Bank transfers the money to a settlement bank which in turn transfers the funds to Citibank.


• Citibank pays ICICI Bank an Interchange Fee of 4% of the sale value = 4% * 20,000 = Rs. 800


• 20 to 50 days later ICICI Bank gets the money from you, and you don’t pay the interest!!

Priya: Interesting! So Sony World pays more than the interest that I should have paid for the loan that I take. I, as a cardholder have the following benefits

1. Convenience of not having to carry cash.
2. Credit availability, free of interest.

However what benefits does Sony World get for paying so much money, Isn’t it more profitable for them to take cash? They can save as much as Rs.1200.

Raj: Certainly. Some retail outlets offer you discounts if you pay by cash, don’t they?

However when you don’t count the money that you are spending, you tend to buy more! Cards encourage this is called impulse purchase.

If you did not have access to credit, you would not have bought the camera this month, or may be not any time soon either. By accepting cards, the merchant is actually extending you credit at the risk of the card issuer. He pays money to the banks to carry that risk.

Priya: So ICICI Bank uses this money to pay back to us when they announce 5% cash back. They insist that the Sales draft that I sign at the retailer should also be from ICICI Bank. This means they are saving on the Interchange Fee and also pay me a part of the Merchant Discount that they get.

Raj: Exactly! If you have noticed, ICICI Bank gives you the cash back in the next credit card statement. They keep the cash back money for a maximum of 60 days before passing on a part to you. This accrues them interest too.

Say if ICICI Bank earns an interest of 6% per annum for the cash they carry, they get Rs.1000 * 6% * (60/365) = Rs. 10.

That is not huge, but money nevertheless. And when you consider that almost everyone in this city shops with a credit card these days, it is a big sum.

Priya: And that also explains why banks tie up with petrol pumps, like ICICI Bank has tied up with HPCL and I could re-fuel there without having to pay the fuel surcharge of 2.5%. The card issuer and the acquiring bank is the same and that saves interchange fees.

Raj: Good! You seem to have figured out how it all works! Let me summarize:


Priya: Super! Toh ab shopping chalein?? Lets not miss the Namma Bengaluru Shopping Festival!

All the numbers used to explain concepts in this article must be treated only as an example. Merchant Discounts may vary from bank to bank. Interchange Fee is regulated by VISA and MasterCard.

(This article is contributed by Madhusudan N Sunkara. Vitality Hire from IIM Ahmedabad, Madhusudan comes in with over 2 years of experience telecom. Madhusudan has previously worked with Hughes Software Systems. He joined IGSI in May 2005 and is currently working as a Business Analyst in the Global Function Point Delivery Center at FSS.)

The biggest economic events in 2005

Now that we are drawing a close to 2005, it normally makes sense to sit back and reflect on the year gone by, the surprises and disappointments of fascinating 12 months.

In that sense 2005 was an important year with its share of milestones and firsts as it marked a year wherein we saw a coming of age and maturing of the Indian capital markets. Read on...

How to love the job you hate

You know the feeling: Getting out of bed Monday morning is a struggle, followed by five long, bleak days.

You're not alone. About a million people a day phone in sick – and it's not the bird flu. Some surveys have found that 87% of Americans don't like their jobs.

"We spend our highest-energy hours working, and families get what's left," says Jane Boucher, author of How to Love the Job You Hate: Job Satisfaction for the 21st Century. "Most of us can't just quit our jobs."

The problem of being stuck in a lousy job is compounded by the feeling that we are what we do. This attitude is prevalent among men and becoming more common as more women earn professional degrees and climb the corporate ladder higher. If you hate what you do, your self-worth is likely to take a hit.

It's just part of our culture. When you meet someone new, one of the first questions asked is "What do you do?"

Job loathing is more than just a punch in the gut. Boucher says it costs the nation an estimated $150 billion per year in treatment for stress-related problems, absenteeism, reduced productivity and employee turnover.

"There are three basic motivators for employees, and money isn't No. 1," says Boucher, who is also an adjunct professor at the McGregor Graduate School of Antioch University in Yellow Springs, Ohio, and a professional speaker.

"Workers are motivated by people they like and respect. A happy employee needs to feel that work is important. There has to be a sense of empowerment and independence -- people don't like to be micromanaged, because it chokes creativity."

The question is simple: How do you make things better in a job that doesn't rouse your interest when the alarm clock goes off? Boucher offers ten tips:

1. Communicate: Let the boss know your achievements and problems. Don't boast and don't gripe. Create a sense of teamwork. Define the problem at hand and offer ways to solve it.

2. Do Something for Yourself: Take on a project that's dear to your heart or set aside time for what you do best. For example, if you got into medicine because you wanted to be a caregiver but find yourself buried in paperwork, find the time to be with your patients. Make an effort to connect with each patient and his or her family.

3. Improve a Bad Relationship: Some people are born grumpy and simply won't like you. Instead of fretting about it and thinking it's something you did, simply ask the person each day, "Is there anything I can do for you?" This will ease the tension and, over time, may win over the person who has the long knives out for no apparent reason.

4. Delegate: Never allow process to trump the result. Remember that you can't do everything all the time. Pass off some of the grunt work to a hungry young staffer who needs to learn the basics and a fundamental lesson in life: You don't start at the top, and you earn plumb assignments by working hard in the trenches.

If you create a clear path of advancement, the smart employee won't kick when asked to handle routine stuff.

5. Seek Feedback: Ask your boss and co-workers, "How am I doing?" Make it clear that you seek feedback to improve your performance -- not because you crave praise. Show others how feedback can increase their productivity and boost their career choices.

6. Tackle Tough Assignments First: Get the difficult or unpleasant work out of the way first, because it doesn't improve with age and will look truly hideous after lunch. This also allows you to finish the day with something you find challenging and enjoy.

7. Have A Little Fun: Work isn't play, but it doesn't have to be mind-numbingly serious all the time. A few quips will boost everyone's morale. If you're not the office wag, encourage the lighthearted goofball in the corner to share his take on why the Yankees are baseball's best team.

It beats grinding your teeth for eight hours a day and is likely to boost morale and productivity.

8. Encourage Teamwork: Doing more with less demands increased productivity. Teamwork is a good way to achieve this goal. Working in teams is a learned skill. If you don't know the basics, learn them and share your insights with others.

9. Body and Soul: Pay attention to your physical and mental health. Stick to the basics: Eat right, exercise and get enough sleep. If you feel crummy, your job performance will suffer. You don't have to be a corporate guru to figure that out.

10. Get a Life: People who have interests outside work make better employees, friends, parents and spouses. Take the time to do whatever it is that you're passionate about. No one on his deathbed ever said, "I wish I'd spent more time at the office."

These basic steps will work at mom-and-pop businesses and across all industries, including semiconductor companies such as Intel, banks such as Wells Fargo, food processors such as Tyson Foods, software companies such as Microsoft or cutting-edge researchers such as Genentech -- you name it.

"Don't let your job become just a paycheck," Boucher says. "At its best, your job can be an expression of creativity."

(How to love the job you hate, Scott Reeves, Forbes | December 07, 2005)