Former banker Claudia Kraaz recently interviewed several personalities about the importance of success. She discusses her findings in an essay for finews.first. Having a successful, accomplished life. Who wouldn’t want that? But what does it even mean?
This article is published on finews.first, a forum for authors specializing in economic and financial topics.
The definition of success has as many meanings as there are people. Many link success with external symbols. For others, personal accomplishments are more important. That raises numerous questions. Are those who link their happiness with external factors happier? How high should the bar to success be? How much is each individual responsible for their own success?
In certain fields, such as in sports and partly in science, success is measurable by achieving certain times, making the podium, and exact measurements of effectiveness. In other areas, it is about judgment, such as in the arts and – to a certain extent – business.
Is an entrepreneur more successful when his or her company makes more net profit than any other in his sector in a specific year or when he or she is always in the top five over a longer, extended period? When it comes to personal success, the answer is simple. It is both fulfilling and leads to satisfaction, even happiness, in the long term.
«The need for more can become compulsive»
The effects of external success can be both positive and negative. Being too strongly oriented towards outside factors can imply a possible dependence, even an addiction, to status symbols and the need for constant reaffirmation. The need for more can become compulsive as can the feeling of never being satisfied with what has already been achieved. Any feeling of success is fleeting. Moreover, numerous studies have indicated that people who base their success on external factors are not necessarily happier.
Due to my extensive experience in the finance sector, I would even go as far as maintaining that external success is more important than it is in other sectors. It might be because money itself is at the heart of all activity.
Status symbols, such as having a high position in an established hierarchy, a great car, or a villa are even more important in finance than they are elsewhere. But these symbols are at best temporary, particularly in times of uncertainty such as those that we are now going through.
«Studies show that satisfaction resulting from higher compensation is not sustainable»
At the same time, I also see that less tangible values, such as the ability to find meaning, and achieve mental balance as well as psychological security have become more important in finance in the past few years. Companies have realized that employees do a better job when they get enough inner satisfaction.
Studies show that intrinsic motivation at work is three times stronger than extrinsic incentives. Other studies show that satisfaction resulting from higher compensation is not sustainable.
Younger employees belonging to Generation Z put less value on external success and more value on other factors. They are particularly driven by flexibility and meaning. The culture of the financial industry will have to change as a result, particularly if they want to attract talented employees and keep them.
«You are more successful when you do what you like»
I also know from years of experience that there is not a common form of success that fits everybody. Everybody is different. They have different characteristics, backgrounds, values, and objectives in life. All of that has a decisive influence on how each person defines success individually and what they are striving to achieve. And all these perceptions are subject to the aforementioned social change, that constantly evolves.
Those interviewed for my recently published book «Erfolg! Erfolg? Auf Spurensuche in Gesprächen» (German only), among them Pepe Lienhard, Iouri Podladtchikov and Simona Scarpaleggia each defined success very differently. But having a purpose was important to all of them. Because if you are doing what you like, you are more successful at it.
Claudia Kraaz launched her firm, Stress and Balance, as an independent executive and stress coach almost eight years ago. Before that, she spent 13 years in leadership roles in corporate communications, including the Head of Communications at Bank Vontobel and as Deputy Head of Communications and Global Head of Media Relations at Credit Suisse, responsible for advising then CEO Oswald J. Gruebel on communications matters.
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