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David Bach The Automatic Millionaire

David Bach, The Automatic Millionaire

In a Recession, Being Great at Your Job Is Job One

by David Bach

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Posted on Thursday, April 17, 2008, 12:00AM

In early April, the Bureau of Labor Statistics reported that 80,000 jobs were lost in March -- and almost a quarter of a million since the beginning of the year. Many analysts are predicting that net job losses are likely to continue at least through August.

This news may be causing you to feel fearful for your own job, particularly if you work for a large corporation. That's understandable. But now isn't the time to panic. Instead, take action to avoid becoming a statistic.

The Good, the Bad, and the Great

So when the workforce reduction ax swings in your company, who will it hit? Bad employees? Sure, if any are still around. Good employees? Yes, those too.

Good employees are the single biggest problem a boss faces. When you talk to truly successful business owners or managers, they'll tell you it's not the bad employees who concern them -- they'll ultimately quit or get fired. It's the ones who do what it takes to be OK, but never enough to be great. So if you're merely good, you may be vulnerable. So be great.

The skeptics out there will argue that when jobs are cut, it doesn't really matter who you are -- that no one's safe. Trust me, those skeptics will be the ones who lose their jobs first. Let them be skeptical, and wish them well. You need your own game plan.

How do you get one? I suggest you start by asking yourself the following six questions. If you can answer each with a "yes," you're on the right track to job security:

1. Would you hire you?

I've asked this question hundreds of times in my seminars, and it almost always gets a big laugh. Why? Because people always laugh at truths -- particularly uncomfortable ones. And people seem to think the idea of hiring themselves is really funny.

But in all seriousness, if you can't answer a resounding yes to this question, you've got some work to do. Read on for how you can turn this around.

2. Are you focused?

Many things drive bosses crazy. I know because I run my own company, and because I spend a lot of time with other entrepreneurs. At the heart of what drives bosses crazy is employees who don't focus on doing their job well. Worse, many simply don't do their job at all.

A 2007 survey by Salary.com found that over 63 percent of respondents admitted to wasting an average of 1.7 hours out of a typical 8.5-hour day -- and it's costing companies billions of dollars.

The leading time-wasting activities are personal Internet use, socializing with coworkers, and conducting personal business. Many people -- and you know some at your job -- spend their day pretending to work. Others buckle down and actually work. They don't spend time doing personal chores, chit-chatting, instant-messaging, going to lunch, making dinner plans, and so on. They work. If you're not this type, now's the time to change.

3. Do you have a positive, can-do attitude?

Nothing takes more air out of an organization than employee negativity. People who whine, complain, or are just plain indifferent are disliked by bosses and create a lousy work environment as they drag others down with them.

Recessions are a great time for what I call "pity parties," where coworkers join together to gripe and whine. These people also get fired first in a recession -- if the boss is smart.

Great employees treat everyone in the organization -- bosses, peers, and subordinates -- like valued customers. They're about what they can do for the company, not what they can get from it. They're pleasant to be around, and their positive energy gives life to an organization.

If being positive doesn't come easy to you, get some coaching to help; it's a skill that can be taught. Read up on it, or even consider taking a course. Motivational-movement icon Dale Carnegie believed that maintaining a positive attitude can actually unlock your true potential.

4. Are you indispensable?

Do you have skills or experiences that other employees don't have? Computer skills? Foreign-language skills? Can you do a lot of different jobs in the organization, or are you limited?

Companies are littered with employees who only know the inside of their company. Do you know about the industry at large? About competitors and the big picture? How many industry websites or trade journals have you read recently? Do you know what the keynote speaker said at the last industry trade show?

Become the go-to person for your boss and organization. Mark Jaffe, president of retained search firm Wyatt & Jaffe, suggests that you "do something no one else can, no one else wants to do, and do it well." In sports, certain athletes can be counted on to deliver in a pinch, thanks to their remarkable skills and know-how. When the game is on the line, the ball will be given to the guy or gal who can make the play.

So become an expert. What skills could you learn today that would make you a valuable asset at work? Take classes. Join organizations that can help you learn more about the industry you're in. Read more. Get involved.

5. Are you visible?

Do you show up for work on time -- or better yet, early? When your boss comes in at 9 a.m., are you already there getting a head start on the workday?

Your achievements need to be visible as you are. Discuss with your boss how best you can keep him or her updated on the work you're doing. This may mean a daily or weekly summary that highlights your achievements, not your to-do list. Don't hesitate to toot your own horn a little. Take pride in your accomplishments.

And for those of you who have the luxury of telecommuting, working from home is a nice perk, but don't let your boss and coworkers forget who you are. Stay on the radar by showing up on a regular basis -- especially on days when your boss is in the office. If you telecommute full time, be sure to touch base daily, not only by email but by phone, too.

Finally, make sure you aren't visible in a negative way. I recently hired a woman who had been referred by friends. She interviewed multiple times for the job and truly impressed me through the rounds of interviews. Then she showed up late to work her first week -- three days in a row. On the first day I reminded her that the team starts before 9 a.m. On the second day I warned her. On the third day I fired her. If you're visible in a similarly negative way, someone's working on a plan to get you out the door.

6. Are you a leader?

Leaders don't wait to be told what to do. They look to expand their role in ways that benefit the company, not just themselves. They take on responsibilities that no one else wants, and do them well.

To paraphrase renowned training company Franklin Covey, no organization has ever become great without leaders who can connect the efforts of their teams to the critical objectives of the organization; tap the full potential of each individual on their teams; align systems and clarify purposes; and inspire trust.

Great employees are great leaders. If you're not a natural-born leader, you can learn leadership skills. Again, read up on it or take a training class.

How to Sleep Well at Night

Even as you achieve greatness in your job, if the thought of layoffs still keeps you awake at night, build yourself a cushion. Spend less. Save more. Be conservative. Update that résumé (on your own time, of course), and network.

Being prepared should ease the burden of worry. Recessions are a back-to-basics time, because the basics in life and work... genuinely work.

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136 Comments

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  • Yahoo! Finance User - Tuesday, April 29, 2008, 12:06AM ET  Report Abuse

    • Overall: 1/5

    our commander in chief still has his job and he practices the peter principle.......and murphys law

  • marte - Monday, April 28, 2008, 8:31AM ET  Report Abuse

    • Overall: 5/5

    Great Article! I met David Bach at the Piranha SuperConference several years ago. Since then I have become a raving fan. I trully believe in his systems and feel we all need to do our part to keep our environment alive. As the Best Carpet Cleaning service in El Paso, we are constantly implementing new systems to help preserve our environment for our future generations. Everyone should do the same.

  • Yahoo! Finance User - Sunday, April 27, 2008, 3:08PM ET  Report Abuse

    • Overall: 1/5

    All the people giving this story 5 stars say that "the truth hurts." Well, here's the real truth: how many people would continue working if they had enough money to quit? Nothing to do but go fishing and golfing every day? Yes, I'm a mediocre employee. I care about myself first. How many people say on their deathbeds, "Gee, I wish I'd spent more time in the office?"

  • 9inchnail - Sunday, April 27, 2008, 2:50PM ET  Report Abuse

    • Overall: 2/5

    To unnamed Yahoo Finance User posted Friday, April 25, 2007, 12:59 pm ET (the middle of the work day): aren’t you doing what Mr. Bach said was a waste of time costing corporations millions of dollars? And was that a positive post or a negative post? Did you follow Mr. Bach’s formula for success to your current lofty position of business owner? Is your organization healthy and well run? Perhaps you should identify who you are and the business you run so that others may take as critical a look at your business as you take toward American workers.

  • binderzz - Friday, April 25, 2008, 6:19PM ET  Report Abuse

    • Overall: 1/5

    The only thing that will matter when it comes layoff time is how friendly you are with the boss. Nothing else is more important than that. You might have no skills. You might come in late, take long lunches and go home early. But if you devote a couple hours each day to sharing a smoke with the boss or telling him how much you like his new tie, you'll be fine and you will keep your job. Sorry, but that's how it usually works in the real world.

  • Yahoo! Finance User - Friday, April 25, 2008, 5:44PM ET  Report Abuse

    • Overall: 1/5

    If in a recession being great at your job is Job One, then collecting unemployment must be Jobs Two, Three, Four, Five ...

  • JOel - Friday, April 25, 2008, 2:38PM ET  Report Abuse

    • Overall: 2/5

    Being a leader , a good employee and a poor emplyee all have there pitfalls. Being a leader can make you a threat. This really is a no win situation. There is no fair way to make decisions about who stays, how this is determined, and that adding responsibity does not add compensation. Based on every study out there wages are flat. To the issue of the recession versus depression. Current economic standards do not accurately measure either. In todays economic climate a recession is when your net income declines for two quarters. The recession started seven years ago. Americsan wages are flat and the weak dollar does not purchase what it use too. We entered a depression about a year ago as there are now eight quarters in a row of stagnant wages, rising prices. I base this on the way we measure inflation. Inflation is calculated on a core group of factors with seasonal adjustments. For the last seven years the seasonally adjusted items do not go back after the spike. Inflation based on this calculation is running ten percent a year, year over year. Time to accurately measure things so we can talk about the issues. Not what might be happening.

  • Yahoo! Finance User - Friday, April 25, 2008, 12:59PM ET  Report Abuse

    • Overall: 4/5

    WOW! - 66% negative and only 25% positive response - If this is truly the attitude of the American worker, it's no wonder that companies are off-shoring jobs. I for one want my employees to show up on time (sets the tone for the rest of the workday) and then put in an HONEST days work (that doesn't mean excessive hours). I got news for you - it isn't common. On that basis, the "minimum wage" was/is a truly BAD idea. I was a staff worker for 9 years, a manager for five, and have my own business for the past four; so I think I'm qualified to comment on this subject. I'm in the same business area so I often work with past employers and workers. The bottom line? I get far better results from mediocre staff employees as a customer than I ever did as a manager. I blame the sense of entitlement, e.g. bad attitudes. One commenter noted that their employer laid off eight "good" workers and kept three "slackers" - that won't happen in a healthy well-run organization since the negative impact on the company will result in failure (wait...that company filed for bankruptcy three weeks later). Regarding firing a worker for showing up late three days in a row? I'd thank that worker because she probably saved me a lot of headache and money. Under todays labor laws, you have less than 90 days to fire an employee before they are eligible for unemployment and have a credible wrongful termination case, so it's better to fire an unsatisfactory employee sooner rather than later. The problem is that many workers who have been fired know this play the system (e.g. work diligently for the first 90 days before morphing into a slacker). The author did miss two important points. First, it's not enough to just get noticed (for the right things), you have to get noticed by the RIGHT people, especially upper management - that's networking. If not, your immediate supervisor might be the only one in your corner trying to save your job; or worse, your "friendly" supervisor might be taking credit for your work. And Second, working hard isn't enough - it's a smokescreen for PRODUCTIVITY. If you want to get promoted, much less keep your job in a souring economy, what you produce has to be worth MORE than your compensation; otherwise, you are a target for downsizing. To put it another way, management will rarely discard employees that yield a NET gain to the company.

  • carlosfandangos - Friday, April 25, 2008, 10:09AM ET  Report Abuse

    • Overall: 5/5

    Why so many negative comments? It is the simple truths in life which often hurt and most often succeed. David Bach does not write about being a millionaire now nor does he write regarding quick investment tips. He thinks long term for the majority of us who will be employed by someone else all our lives and need to save for the big purchases in life. Its not rocket science I'll certainly agree but if as a result everyone is doing it why are so many people in debt and struggling?! Live simple, save and invest for the long term, ensure that you are making yourself a star in your organisation while developing another income stream. It does work.

  • Jim - Friday, April 25, 2008, 2:27AM ET  Report Abuse

    • Overall: 5/5

    This is really a positive truth in every respect. Wish I had this attitude 30 years ago.

  • Yahoo! Finance User - Friday, April 25, 2008, 12:53AM ET  Report Abuse

    • Overall: 3/5

    Wow--The responses to this article have really shook me up! Employees out there are really cynical and bitter about their experience at the work place and employers seem to think they are entitled to only workers willing and able to provide150% at the cost of 100%--why? At first read, I felt like this article was a pretty good algorithm for earning my pay and benefits without feeling like I'm wasting the organization's resources. At the same time, I'm starting to believe it's the status quo to allow employees to feel that way these days, especially ones working in "cost centers"--a misnomer by the way--every role contributes to the aim of the organization directly or indirectly or it wouldn't exist (for very long). I also thought the responses indicating the lack of management skill out there was right on. My manager at one of my previous companies made horrible staff decisions right and left. She pushed people out that were well liked and productive, negatively impacting their careers often, while bringing in totally incompetent people so her friends could get the recruiting fees. Upper management has kept her on because it would be seen as too much of an embarrassment to fire her to the private investors. Currently, I am more often seeing a total mistrust of employees among employers and a desire to exploit workers at as low a cost as possible--and a thinking that you can get the same amount out of an employee no matter how much you starve them and providing anything more is a waste. I feel like my business school let me down by painting too idealistic of a picture of the business world. I believed and still believe (maybe just hope) that principles of win-win and building employee morale and loyalty will prevail. The bottom line is that I just want to provide a good service and get compensated fairly for it. The author thinks taking a lunch break is a perk and that a workday consists of 8.5 hours. One of my previous companies called a workday 10 hours. The day is still 24 hours, so why is the workday all of a sudden longer than 8 hours?! It seems that being "good" just isn't good enough anymore to keep your job and receive raises that follow inflation and the skill/experience you gain on the job. Much of this is systemic and we probably have to stop blaming companies and bosses entirely. They are experiencing pressure and global competition like never before. I like what some readers said about thinking of ourselves as our own businesses. Final words: the organizations we work for are not our families. We will leave them for a better opportunity just as soon as they will cut us out because a cheaper alternative exists. We have to except that we might just be good, which is hard enough as it is and doesn't mean we're slacking off. And "good" effectively means an expendable contractor and not a partner, no matter what they say. Companies provide us with a chance to earn payment each day until one party decides to cancel. The hard part is once a person is canned, it can take 3 to 6 months to find another job. It's not like we can just start some new the next day in most cases. We have to get use to a lot of new changes in this world. The author's right--save your money and build a cushion, because there is no safety net out there anymore. It's not going to be like it was for our parents.

  • Yahoo! Finance User - Thursday, April 24, 2008, 9:34PM ET  Report Abuse

    • Overall: 1/5

    Does this guy ever post investment advice or does he just repeat the same lines about being cheap, saving money, being green, and now doing your job? Wait, why should I have my computer on when I can save 5 cents on power and invest that money into a low cost mutual fund and in 45 years that 5 cents can turn into 1 dollar and 85 cents! This cheap SOB needs to go. There is cheap and then there is DB.

  • RichardC - Thursday, April 24, 2008, 7:39PM ET  Report Abuse

    • Overall: 1/5

    It sounds like great advice. But it's meaningless. You are only worth the amount it would take to replace you. Being "indespensible" raises the price, but there is always someone who will do it for less.

  • groblix - Thursday, April 24, 2008, 6:33PM ET  Report Abuse

    • Overall: 5/5

    Good Point #2! I'd better stop reading this and get back to work!

  • JJ - Thursday, April 24, 2008, 5:38PM ET  Report Abuse

    • Overall: 2/5

    I think good companies and good employers always encourage flexible working hours. As long as employees put in their 8 hours (or sometimes even longer) and don't abuse the flexible working hours environment, they should be able to work happily and productively. Most of the cases, employees who are provided with flexible working hours will put in more hours at work or continue to work from home after work.

  • Yun-Tang - Thursday, April 24, 2008, 12:50PM ET  Report Abuse

    • Overall: 5/5

    I have lost my interest at work recently because of the economy, changes in the market and runs of layoffs. This article really helps me to refocuse and being postive towards work. Your mind can make a difference in your life and certainly at your work place. There is nothing wrong with the author stressing the importance of being a postive hard worker, but never a slave.

  • Da Big Guy - Thursday, April 24, 2008, 9:30AM ET  Report Abuse

    • Overall: 2/5

    Sounds like Ben Steins last article! The blame it on the little guy mentality doesn't inspire anyone to work harder. In fact, in your first question..I would hire me but find find it difficult to hire you David. In questions 2 - 6 you seem to advocate machine like all work and no play personalities to avoid the ax. That prescription more often than not will lead to burn out and is nearly impossible to sustain for any length of time. A healthy work ethic coupled with good attendance is all that is necessary to be safe in your job. In business there are no "Sacred Cows!"

  • Yahoo! Finance User - Wednesday, April 23, 2008, 10:49PM ET  Report Abuse

    • Overall: 1/5

    It's the slackers that get ahead in America these days! Just look at our current president and congress! Success in these times means being a good BS'er. The idea that hard work = big money is a myth.

  • Yahoo! Finance User - Wednesday, April 23, 2008, 6:59PM ET  Report Abuse

    • Overall: 3/5

    Not the best article I've ever read, but the advice is Ok. I've been a great employee and the company I worked for got sold. The new management didn't know or care if my work was better than anyone else's and, I got laid off. I was upset, but from that experience, I figured out that I work for myself. I'm still great, but instead of being a great employee I'm now a great worker. I look at myself as a self employed person with a 40 to 45 hour a week commitment to one customer. However, I no longer rely on one customer for all my income needs. I started a small business to start supplementing my income. It's slow but it's getting there, and it makes a difference when you're not totally dependent on a job.

  • econdude - Wednesday, April 23, 2008, 6:24PM ET  Report Abuse

    • Overall: 2/5

    Not a good article - written entirely from the employers' point of view. Not that that's entirely wrong - the people with the gold make the rules. But obviously, Mr. Bach has spent a lot of time being the boss and not much being the employee. Not everyone is cut out to be an entrepreneur and not everyone is at the same level of politicking and game-playing that the workplace always seems to evolve towards.

  • Yahoo! Finance User - Wednesday, April 23, 2008, 4:00PM ET  Report Abuse

    • Overall: 1/5

    I worked hard for nearly 11 years, did everything right, and still got laid off from my high-tech company with my boss telling me "this has nothing to do with the quality of your work." It seems that loyalty and hard work don't mean much anymore. They can always find someone else who'll work for less if you've been working at a company for a long time and getting raises along the way. Another case at the company I worked for: A highly respected and well-liked VP who was frequently at the company until nearly midnight a few nights a week was let go because she set a bad example for work-life balance. Instead of looking at how hard she was working, they chose to look at the negative. Go figure.

  • Yahoo! Finance User - Wednesday, April 23, 2008, 1:09PM ET  Report Abuse

    • Overall: 3/5

    I feel lucky because I have an unique skill keeping me employed, in fact, when I threaten to leave, all my bosses say "you're not leaving before me!!" However, being good at your job also has the disadvantage of getting you more work i.e. you get the work from the bad employees.

  • Yahoo! Finance User - Wednesday, April 23, 2008, 10:18AM ET  Report Abuse

    • Overall: 5/5

    You guys are very bitter. How is the advice "work hard" so controversial? If you are truly achieving and are laid off, likely one of a few things have happend. Either your department got axed/outsourced, in which case maybe you should think about working in a revenue center instead of a cost center, or you aren't as good as you think you are. I chose to work in sales/marketing because they generate revenue visibly and directly, and are often the last to go. I chose to work for an industry leading consumer packaged goods company with a strong reputation as a top work environment because it creates security, and if something crazy does happen and I get laid off, either they will place me in another job in the company (has happend before) or I will go to another company in my industry who would love to have my abilities. I'm sorry, but I just refuse to believe that hard work doesn't pay off, and people are just a good being lazy and cutting corners. That's just not the way I was raised. My Dad always worked hard, has been with the same company his entire career, and is a multi-millionaire. I'm well on my way. Maybe you all should try to be a bit more introspective and positive.

  • jdc - Wednesday, April 23, 2008, 9:39AM ET  Report Abuse

    • Overall: 4/5

    I rated this high because most of it is true in my experience. But what it does not point out is that most employers take some advantage of a slow hiring economy by pressing you to do more, etc. I'll do my job well but I'm not going to be a slave, I can find something else if I have to since I developed multiple skills years ago just so I could change jobs from a bad employer in a pinch. Have a real good day, sitting in my office in sunny Florida, and headed back to Vegas soon.

  • BanbalanB - Wednesday, April 23, 2008, 12:04AM ET  Report Abuse

    • Overall: 1/5

    Sure, give your heart, sweat, soul and behind to your boss. Also pray a lot. He/she will sure appreciate it. Then he will fire you anyway. Oh, I get it, start kissing behinds! Let us face it, too many employers are utterly abusive to employees and recessions are just the perfect time to increase the abuse.

  • Reinhard - Tuesday, April 22, 2008, 11:57PM ET  Report Abuse

    • Overall: 1/5

    Most workers in the US are seen as nothing more than a troublesome but necessary piece of equipment to make profits. If you are needed for the game you stay. If not off you go and you are forgotten 30 seconds after you drive off the lot. Downsizing, M&A's, outsourcing - if it's coming don't think you can remain on board by working 23 hours a day or sticking you head up your bosses behind. Call you headhunter instead and keep you network alive.

  • Mike - Tuesday, April 22, 2008, 11:39PM ET  Report Abuse

    • Overall: 1/5

    Still a putz after all these years. A lot a folks here have to work their a** off to pay for the house that they are upside down in now. That would be thanks to Dave's brilliant real estate advice these last few years. Still trying to figure how the bigger fool is the one who give poor advice or the one who takes it? Why can't there be no stars?

  • Down - Tuesday, April 22, 2008, 11:01PM ET  Report Abuse

    • Overall: 5/5

    Sorry to see quite a lot of people rated this excellent article 1 star, I can imagine if there is no star to be rated, those people will be no doubt selecting no Star. I was a worker for over a decade and also a boss of a dozen people in a large corporation for over a decade as well, so I believe my comment does count and should be neutral enough. I have to say sorry to those who rate 1 star that if you must have either a bad experience from a horrible boss, thinking all the bosses from the world are devils or you really have a bad attitude. We all need to pursuit of excellence, not to perform so so job which deserves a so so pay. Truly, ask yourself those questions from the article and if you feel it is aiming at you, then you should THANK YOU the author to give you a wake up call!!!

  • Yahoo! Finance User - Tuesday, April 22, 2008, 10:54PM ET  Report Abuse

    • Overall: 1/5

    Here is my first impression of this article. This guy might believe that lunch breaks and bathroom breaks are optional for a 10-hour day and that if you want them, you are NOT committed to HIS company (as in his OWN personal greatness). Maybe he should have to come from work with the dry heaves because of hunger and tiredness.

  • Prithvi - Tuesday, April 22, 2008, 10:10PM ET  Report Abuse

    • Overall: 1/5

    Slowdown what slowdown? I work in the tech industry (video games) and I don't see any slowdown here. Wages are going up and everyone is hiring like crazy.

Showing comments 6-35 of 136<< PreviousNext >>

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