Step Up or Step Behind

One thing I see consistently in top performers in the industry is the desire and ability to grab additional responsiblity. A lot of people shed responsibility like a nympho sheds her skirt. Sooner or later upper management realizes if you're adding value to the firm and how you're doing it. If they look at your profile and realize that you don't actually have any real responsibilities, you'll be the first to go in an industry downturn. Those who do well grab all sorts of odd responsibilities (from organizing club/recreational events, to recruiting and training new employees, to managing others' work when they're on vacation) eventually get noticed as the ones holding the train together and get promoted.


There are two reasons why you should be taking as much responsibility as you can. The first reason, as outlined above, works as insurance against being fired and as a way to stand out. The second reason is that you will learn more and gain new skills by taking on additional responsibilities. You can learn management skills, presentation skills, even risk management skills from various random jobs you may take on to better the firm. Those skills will eventually come in handy, no matter how you may have acquired them.

That being said, this post was labeled "step up or step behind" for a reason. It is unreasonable to take ALL responsibilty for everything. Eventually this labels you as a nuisance and/or a micro-manager. The key is to take responsibility for new things that add new value to the firm and teach you new skills. Then you have to learn to give responsibilities to the next eligible character. Eventually you will be viewed as a leader who takes on new tasks and teaches/delagates other tasks to junior people. Being labeled as a leader, teacher and mentor will take you far. Part of being a leader is being able to train people to replace you.

Weaker folks might be trying to horde their work to themselves as a way to guard their jobs, but this approach is outdated. In the new rough-and-tumble world of finance it's up or out. If you're not being promoted, you're being fired. Keep yourself moving up by taking on the next job and making sure others know how to take over your old job. One of my mottos I tell people who work for me is "if I'm not teaching you to take my job, then I'm failing at my job." Implied is "if I'm not learning to take my superior's job, then I'm failing at my job."