Graduation Season

Manage Your Career with Strategy Frameworks

Graduation season is here (in the United States), and it’s the perfect time to talk about how business and product strategy frameworks can be invaluable tools for managing your career. Whether you're a fresh graduate or a seasoned professional, applying a structured approach to your career can help you navigate challenges and seize opportunities effectively.  Let’s jump in using Richard Rumelt’s framework from Good Strategy / Bad Strategy: The Difference and Why It Matters. 

(NOTE: I gave this advice to my senior undergraduate business school students on the last day of class; they just graduated this past weekend.)

Step 1: Diagnosis

Just as businesses assess their external and internal environments, you should start by diagnosing your career landscape.  

External Environment: Look at the job market, industry trends, and economic conditions. Are there booming sectors or emerging roles that align with your skills and interests? Understanding the external environment helps you identify opportunities and threats in the job market. 

Internal Environment: This is about self-assessment. Reflect on your skills, experiences, and passions. What are you good at? What are you often recognized for? What are your limitations? Are you able to travel for work?  How important is it to be able to work from home?  What are your needs and expectations around compensation?  A candid self-assessment helps you understand what you are able and willing to do. 

Step 2: Guiding Principles

With a clear understanding of your environment, it’s time to establish your guiding principles. These principles define how you will navigate your career based on the diagnosis you’ve completed. 

Think of 2-3 guiding principles that align with your insights from the diagnosis. Some examples: 

1. Adaptability: I am ready to embrace change and be open to new opportunities that align with my strengths and interests. For the right opportunity, I am willing to pivot into a different role or industry depending on market conditions.  

2. Purpose-Driven Work: What I do matters a lot to me.  I will seek roles that align with my personal values and beliefs to make sure that my work feels meaningful and fulfilling. For me, that specifically means I want to do something that makes a positive impact on society and the environment. 

3. Growth Mindset: I’m not done learning and growing.  I need to be continuously challenged and given opportunities for professional growth, whether through formal education, on-the-job learning, or mentorship. 

4. Work-Life Balance: I’m at a point in my life that work-life balance is important.  I need a job that won’t require my time on weekends, and I also need flexibility so I can be present for important family events. 

These guiding principles act as a strategic roadmap, helping you make informed decisions that align with your long-term career aspirations and the current landscape.

Step 3: Set of Coherent Actions

With your guiding principles in place, the next step is to develop a set of coherent actions that support these principles. These actions are the specific steps you will take to advance your career.  Again, some examples:  

1. Networking and Mentorship:  My professional network isn’t big enough or focused enough on the areas I’m interested in, so I need to actively work on growing it.  I will come up with a clear plan that includes activities like attending industry conferences, joining professional groups, and connecting with colleagues on LinkedIn. 

 2. Skill Development: I need some additional skills or certifications to be credible in the types of roles I’m interested in.  I will investigate courses, workshops, and certifications that will help me develop these important skills. 

 3. Resume Overhaul: My resume needs a full refresh.  I will look into some options to get support for that. 

 4. Specific Companies: I am going to create a list of specific companies that I am most interested in working at.  That list will influence my networking (item #1 above) as well as give me a clear focus for now. 

 5. Self-Care: Looking for a new job or even just managing my career is time consuming and can be emotionally taxing.  I am going to write down a schedule clearly carving out time to work on my career / job search.  I need to make sure that I still have down time for me. 

Conclusion 

Applying strategy frameworks to your career can provide clarity and direction, whether you’re just starting out or looking to make a change mid-career. Follow Rumelt’s framework and can manage your career more effectively and achieve your professional goals. Remember, this approach is not just for new graduates—it’s a valuable strategy at any stage of your career. 

So, what are you waiting for?  Take charge and navigate your career with the same strategic mindset you would use to manage a successful business.