The Currency That Really Counts | Daily Hustle
If your boss is the only person who knows you’re a badass, you won’t rise in the ranks. Morgan Stanley Vice Chairman Carla Harris reveals the network you need for real success.
CARLA HARRIS: One thing that people don't often think about, but they should, is the difference between performance currency and relationship currency. Every time that you perform on an assignment above people's expectations you create performance currency. And performance currency is valuable for three reasons. Number 1, it will get you noticed and create a reputation for you, number 2, it will also get you paid and promoted early on in your career, and Number 3, it will even attract a sponsor for you.
But here's the problem with performance currency. Over time, it starts to experience diminishing marginal returns. People now know that you will do a great job. They expect that you will do a great job. So there's no longer a premium associated with your deliverable. The currency that's now most important is the relationship currency generated by the investments that you make in the people in your environment.
If the only person that knows that you're doing a great job is your boss, than your ability to ascend is going to be vulnerable, and here's why. Your ability to ascend will be a function of somebody's judgment-- judgment about whether or not you're ready, judgment about whether or not the team will follow you, and judgment about whether or not you will ultimately be successful.
While performance currency may get your name on a short list that's being discussed behind closed doors, when your name is called, if no one in that room knows you well enough to speak on your behalf, they simply go to the next name, and it has absolutely nothing to do with your ability to do the job. I'm Carla Harris, and I'll see you next time on Daily Hustle.
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