How to find the person who can help you get ahead at work | Carla Harris

TL;DR

The speaker reflects on the concept of a meritocracy and the importance of having a sponsor in achieving career success.

Transcript

It was the spring of 1988 when I had the aha moment. I was at my first roundtable, and for those of you who don't know, the roundtable was a very commonly used phrase on Wall Street to describe the year-end evaluative process for analysts, associates, vice presidents, all the way up to managing directors. That was the process where they were discus... Read More

Key Insights

• 🤔 The process of evaluating employees and determining bonuses is subjective and influenced by human biases, contradicting the notion of a meritocracy.
• 💡 To succeed in an organization, it is crucial to have a sponsor who will advocate for your best interests and promote you behind closed doors.
• 💼 A mentor provides tailored advice, while a champion or advocate doesn't necessarily have to spend resources on your behalf, but a sponsor actively works for your success.
• 💰 Two types of currency are essential in career advancement: performance currency, generated by exceeding expectations and delivering exceptional work, and relationship currency, built through investing in connections within your environment.
• 🌟 Strong performance currency results in increased visibility and may attract potential sponsors who are attracted to high-performing individuals.
• 💪 If you don't have a sponsor, you can exercise your power and ask for one. However, having a relationship with them is crucial, as they are unlikely to advocate for someone they do not know.
• 🔍 Identifying a sponsor requires finding someone with a seat at the decision-making table, exposure to your work, and power or influence within the organization.
• 🗣️ Sponsors should use their voice and influence to support deserving individuals behind closed doors, regardless of external opinions or appearances. Giving away power and speaking up leads to personal growth.

Questions & Answers

Q: What is the roundtable on Wall Street that the speaker is referring to?

The roundtable is a year-end evaluative process on Wall Street where professionals are discussed behind closed doors, and their performance is categorized into different buckets that determine their bonus range.

Q: What did the speaker observe during the roundtable?

The speaker observed that one person was responsible for recording the outcome of the discussions, while others presented the cases of the candidates and commented on their positions. The invited guests were senior individuals who had interacted with the candidates.

Q: What did the speaker realize about the concept of a meritocracy?

The speaker realized that the idea of a meritocracy, where individuals are rewarded based on their skills and hard work, is a myth. This is because the evaluative process involves a human element, making it subjective and dependent on the arguments and interpretations presented by others.

Q: What term did the speaker come up with for the person who advocates for an individual's case in a closed-door discussion?

The speaker came up with the term "sponsor" to describe the person who carries someone's interests or "paper" into the room and spends their influential and social capital on their behalf.

Q: What are the two types of currency that impact one's ability to get a sponsor?

The two types of currency are performance currency and relationship currency. Performance currency is generated by delivering above expectations, creating visibility, and attracting sponsors. Relationship currency is generated by investing time and effort in connecting and engaging with others in the environment.

Q: Why is it important to have a sponsor?

It is important to have a sponsor because evaluative processes in various fields involve a level of subjectivity. A sponsor advocates for an individual's case behind closed doors, influencing the outcome. Having a sponsor increases visibility, enhances career opportunities, and ensures someone is speaking on your behalf.

Q: What are the characteristics of a potential sponsor?

A potential sponsor should have a seat at the decision-making table, exposure to your work to have credibility, and power or influence within the organization. These characteristics enable them to effectively advocate for your interests behind closed doors.

Q: What can an individual do if they don't have a sponsor?

If an individual doesn't have a sponsor, they can exercise their power and ask for one. However, it is crucial to have invested in relationship currency by connecting with and getting to know people in the environment. Without some form of relationship, it is unlikely for someone to use their influential currency on your behalf.

Summary & Key Takeaways

• The speaker had an "aha" moment at a roundtable on Wall Street, realizing that the concept of a meritocracy in organizations is a myth.

• The speaker highlights the importance of having a sponsor, someone who advocates for and supports you behind closed doors.

• Performance and relationship currency are essential for attracting a sponsor, and it is crucial to invest time in connecting with and getting to know influential individuals in your environment.