Becoming “Bankable”
Fast Company just released their list of business jargon to jettison from our vocabulary. The winner was “synergy” and the runner up was “double click” - both of which should go away. Synergy is rare and fleeting. One plus one rarely equals something greater than two. I’ve chased many potential “synergies” in my working career and can confirm that this word is indeed overused.
Double clicking, is, well, reserved for the action of a mouse or a trackpad.
Today, I’d like to talk about another, less popular piece of business jargon - “bankable.” In the entertainment industry, this term means “certain to bring profit and success.” Duane “The Rock” Johnson is an example of a “bankable” actor.
In the general world of business, I believe this term has a place because to be “bankable” means that you’re reliable and the work you do contributes to the top and/or bottom line success of the business.
I particularly like the implication of the word and the association of the root “bank” with “cash.” On The Balancing Act Podcast, we just concluded our miniseries’ on the topics of business acumen and financial acumen. The term “bankable” can be used to describe the connection between these two concepts.
Specifically, business acumen is the understanding of how the business functions and how your work contributes to its value stream(s). Financial acumen is an understanding of the company’s financial position, how financial information is collected and disseminated, and how your work contributes to the top and/or bottom lines.
To be “bankable” requires an understanding of how the business functions, what your role is in the value streams that you influence, and how the value you help create generates revenue and operating income.
You don’t have to be a star to be bankable. Irrespective of your position, if:
you’re work is consistently of high quality,
you’re on time and on budget with your work,
you’re creative and solutions-oriented,
you can be counted on to collaborate and play well with others,
you speak up and make your voice heard constructively,
you’re laser-focused on the customer,
you’re resilient and don’t fold when the going gets tough, and
you are always striving to add economic value to the business and have accumulated proof-points of value addition,
Then in my opinion, you’re “bankable.”
Being bankable means that leadership will come to you more often to participate in growth opportunities. Leadership will invest more (in relative terms) in those that are bankable in the form of education, pay, and position.
Final word of caution—as you become more bankable, stand up for yourself and ask for monetary and non-monetary compensation that’s commensurate with the value you’re generating. Don’t be afraid to ask for what you’re worth—after the proof points have begun to accumulate. “Value addition” should be a two-way street.
