If You Locate a Key Problem in Your Job Search Sector & Proffer Solutions, the Following Can Happen! Pt. 2

Part 1 is here

It can be exciting when you get a high-paying job because you adopted an unconventional approach to beat the competition and stand out from the crowd.

Find out the secret!

This week, I conclude my article on this issue and argue how you can beat wasting too much time because you’ve been searching for a job the conventional ways.

Today, I reveal what a London lady (one of my trainees on how to get a good-paying job quicker) did to distinguish her application for a CREDIT ANALYST job role from the crowd.

What She Did

She researched her job sector and brought out the key problems the credit market faces in the UK. Then, she offered her solutions, based on her research talking to the experienced people in that sector; people she found on LinkedIn. She even arranged a face-to-face chat with two connections to know more about the UK credit market.

I worked with her to figure out the problems; this is how she stated the problems we identified:

Big themes and challenges in UK credit market (consumer and commercial)

1. The challenge of the “Ability of some households to service their debts would be materially affected in the event of weaker unemployment and income growth” - Bank of England’s Financial Policy Committee (FPC) –The research for solutions would be: What is the influence of weaker unemployment and income growth in UK on borrowers’ debt-servicing ability?

2. The problem of affordability of credit and affordability assessments

- will consumers suffer financial distress and experience an undue level of discomfort to repay the loan?

- Will they prioritise their credit debts over other essential bills for things like utilities?

-If they are unable to service or repay the debts, will they lose an asset that is vital to their well-being, like their car or the roof over their heads?

- Do credit firms have commercial incentives in these last two areas above (i.e., to encourage borrowers to prioritise repayments, and lenders’ assurances that borrowers will not lose their vital wellbeing assets); what is the role of culture in these credit behaviours?

3. Treatment of customers in financial difficulties (arrears)

-How can credit providers make consumer wellbeing a priority by agreeing on sustainable repayment solutions with their customers?

- What is the link between the ‘fair treatment of customers as a core part of the firm’s business philosophy’ and ‘fair consumer outcomes’ (e.g., continuous loan repayments)?

4. Risks to consumers inherent in business models

-How do credit companies’ business models evolve to ensure that their incentives are aligned with the needs of the consumers they serve?

-Does a model that offers multiple rollovers, imposes multiple default charges and prioritises repayment through repeated continuous payment authority attempts serve a consumer’s interest?

5. For credit card companies: how much does your company, through cross-promotion deals, give incentives for merchants (such as e-commerce sites iTunes, Amazon, eBay and Uber, etc.), to promote your card as a primary choice for consumers’ payments?

6. What is the influence of using innovative credit scoring, for instance, using rental records, cell phone payments, and behaviour on social media sites to extend credits to people such as current student loans’ holders who otherwise would have been shut out? This is because the traditional credit card scoring forms an imperfect measure of borrower risk as it can keep many consumers out of the marketplace.

7. How can credit and payment companies use consumer data (‘big data’ since these can integrate the consumer’s path to purchase) to create sophisticated merchant-funded rewards programs?

8. How can the adoption of mobile wallets (through collaborations on open technology platforms) allow for an easier and more comfortable shopping process in speeding up the checkout process and making a consumer’s life easier?

She then included the sources (references) of her ideas.

The lady then picked two key problems from the above that were relevant to the job description and the company she was applying to and suggested some solutions.

Her Job Results

She was not only selected for an interview; among other things, she so impressed the interviewers with her solutions that she was offered a slightly higher position that put her forward to conducting more research on the issues she raised and to help the company to implement the solutions.

Conclusions

So, you want to launch into your next job breakthrough? What are you waiting for, put on your thinking cap ─

1. Research a problem

2. Seek good advice, and

3. Offer solutions that can help

Every effort is worth trying in landing your next job! Solution providers win always!

Do You Agree this Lady’s Approach to Getting a Job was Effective?

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