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Goldman Sachs’ $500 Million Bet on Small Businesses

Harvard business - Tue, 10/15/2019 - 07:00

Launched in the midst of the financial crisis, Goldman Sachs’ “10,000 Small Businesses” program provided business education and access to capital for small businesses across the United States. The company committed $500 million to fund the program and nine years later had graduated 7,300 participants, just shy of its goal. Harvard Business School professor Len Schlesinger discusses the success, impact, and future of the program.

Categories: Blogs

3 Reasons It’s So Hard to “Follow Your Passion”

Harvard business - Tue, 10/15/2019 - 06:05

For most of us, passion wanes over time.

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Here's What Job Security/Being Untouchable/Arrogance as a Leader Looks Like...

Hr Capitalis - Tue, 10/15/2019 - 05:58
If you've lucky, you've felt it at some point in your career. The swagger and incredible self-confidence that allows you to throw caution to the wind, confident you have the ability to provide for yourself and your family. "If you... Kris Dunn
Categories: Blogs

Employee Retention: The Key to Meaningful Work is Psychological Safety and Civility

Hr Bartender - Tue, 10/15/2019 - 02:57

(Editor’s Note: Today’s article is brought to you by our friends at WorkHuman (formerly known as Globoforce). They help organizations energize their cultures and unlock employees’ passion and potential with the fastest-growing social recognition and continuous performance management platform. Enjoy the article!)

Employee retention continues to be a major concern for organizations. With unemployment at historic lows, organizations want to know that, when they hire someone, they’re going to stay. It makes total sense. And I’d like to think by now we know the way to get better retention is by giving employees the ability to do meaningful work in a workplace where they feel respected by their manager and peers.

The good news is, if you’re organization is doing just that – treating employees with respect and providing them with the ability to contribute in a way that’s meaningful – then you’re on the right track. According to WorkHuman’s latest survey “The Future of Work is Human”, the most important factor to employees is meaningful work. The second most important factor is compensation, including benefits, and supportive management. The third factor is company culture and a fun team.  

I hope you’ll take a moment to download the full report for two reasons. The first one I just mentioned. Companies focused on providing respectful workplaces and meaningful work are going to see positive results. The second reason to download the report is when employees don’t feel that they’re getting the things it takes to create meaningful work (i.e. good compensation and benefits, supportive management, fun team, etc.) they have other options. And they’re not hesitant to start looking. The WorkHuman survey stated that 21% of respondents are currently looking for a new job.

Meaningful Work Isn’t a Millennial Thing

Before someone starts thinking, “Oh, it’s just those Millennials.”, let me say that I believe what we’re seeing in today’s market can’t be explained as a “Millennial thing”. I spoke to Jesse Harriott, executive director of WorkHuman’s Analytics and Research Institute, about the study and how age factors (or doesn’t factor) into the results. “We didn’t go into the research with any pre-conceived notions about age differences – although it’s well established that workplace attitudes can differ as workers age or between generations. However, we do see a consistent thread across age groups that ‘meaningful work’ is rated as most important to an employee’s career.”

The reason that creating a respectful workplace where people can do meaningful work isn’t a Millennial thing is because the barrier isn’t a Millennial thing. In the report, the reason that employees feel they can’t do their best work is because they don’t feel safe. That’s the barrier. Employees won’t feel like they have supportive management if they don’t feel safe. Employees won’t feel like they’re working with a fun team if they don’t feel safe. And organizations might offer a great compensation and benefits package, but if employees don’t feel safe, is it really enough?

Right around the time WorkHuman shared their report with me, I ran across an article from the Society for Human Resource Management (SHRM) that reported inequality ranks low on global HR’s concerns. This made me realize the trend workplaces are facing. How can employees feel safe if they don’t feel that they’re equal? I felt like this article from SHRM aligned with a few of the findings in the WorkHuman report:

  • 26% of employees have felt discriminated against during the course of their career
  • 50% of women reported that a manager has taken credit for their work
  • 50% of women in technology said hiring and promotion decisions are based on gender and/or race
  • 100% of women in the hospitality industry said hiring and promotion decisions are based on gender and/or race
  • When asked why they felt discriminated against, the top responses included age, gender, race, political views, and sexual orientation.

But what might have been even more interesting than these statistics about discrimination in the workplace is that this isn’t the top reason that employees said they don’t feel safe at work. So as bad as these numbers are…it’s not the number one reason. The number one reason that employees don’t feel safe at work is a toxic work culture. I asked Harriott if they expected to see culture as the number one reason employees don’t feel safe. “It’s not surprising that employees report that toxic culture is the #1 reason they don’t feel safe. Psychological safety is critical for employees to be productive, strive for excellence, innovate and generally bring their best selves to the workplace. Toxic work cultures are a breeding ground for things that undermine psychological safety:

  • Lack of recognition for good work,
  • Fear of failure,
  • Poor leadership,
  • Lack of trust, etc.”
Civility Training Can Improve Psychological Safety

This is the hard part. Some of you are reading this and saying, “Of course, toxic work cultures are the problem. Tell me the answer.” And some of you might want to know exactly what defines a toxic work culture. Let’s start with the definition of a toxic work culture. In addition to Harriott’s comments above, think of a toxic work culture as one where people don’t practice kindness and respect. Where employees aren’t civil to one another.

Which is where civility training could be viewed as a possible solution. Christine Porath is a tenured professor at Georgetown University and the author of “Mastering Civility: A Manifesto for the Workplace”. She also has a TED talk on “Why being respectful to your coworkers is good for business”.

Porath shared with me some statistics on how incivility has a direct impact on the bottom-line. Some of them would be no surprise to you like 12% of employees said they left a job because of uncivil treatment. But there were a couple that surprised me. Like 25% admitting to taking out their frustrations on a customer and 63% lost work time simply avoiding the toxic person. It’s estimated that organizations lose about $6 billion a year because of workplace incivility.

When it comes to training, Porath emphasizes the need for organizations to start by defining civility. “When establishing specific principles that you want employees to follow in how they treat others, I’ve found that it’s beneficial to engage them in an ongoing conversation about what civility means. These discussions garner more support and empower employees to hold one another accountable for civil behavior. Organizations can ask employees “Who do you want to be?” And then ask what norms are right for their organization. The result is a ‘civility code’, a set of rules for which they are willing to agree upon and hold one another accountable.” This sets the stage for civility training because it raises awareness and provides skills.

Retain Employees by Focusing on Human Interactions

The key to employee retention is having a culture where employees can do meaningful work. Discrimination, toxic work cultures, and incivility are barriers to achieving that goal. Again, I would recommend downloading WorkHuman’s “The Future of Work is Human” and checking out Christine Porath’s work on civility. It can help your organization ensure that the workplace you’re creating is one where employees can thrive.

P.S. And don’t forget to mark your calendars for WorkHuman Live in San Antonio, Texas on May 11-14, 2020. Best-selling author Dan Pink has been announced as a speaker. You can get a $100 discount on registration by using the code WHL2020HRB100. The discount code expires October 31, 2019 so book now. Look forward to seeing you there!

The post Employee Retention: The Key to Meaningful Work is Psychological Safety and Civility appeared first on hr bartender.

Categories: Blogs

A Guide to the Big Ideas and Debates in Corporate Governance

Harvard business - Mon, 10/14/2019 - 12:45

The questions that boards, managers, and shareholders should be asking.

Categories: Blogs

Robert Iger's 20 Leadership Lessons

Leadershipnow - Mon, 10/14/2019 - 12:39

ROBERT IGER has worked for the same company for forty-five years: twenty-two of them at ABC, and another twenty-three at Disney, after Disney acquired ABC in 1995—the last fourteen of those years, as the CEO of Disney. He shares it all in The Ride of a Lifetime. Like the biggest, most exciting rides were once called at Disneyland, he says his time as CEO of Disney has been like a fourteen-year ride on a giant E-Ticket attraction.

After sharing a bit of his background, he quickly delves into his career beginning at ABC, and the lessons he’s learned and the principles that have guided him that help “nurture the good and manage the bad.”

He explains the thinking behind his habit of waking at 4:15 am.

It’s vital to create space in each day to let your thoughts wander beyond your immediate job responsibilities, to turn things over in your mind in a less pressured, more creative way than is possible once the daily triage kicks in. I am certain I’d be less productive and less creative in my work if I didn’t also spend those first hours away from the emails and text messages and phone calls that require so much attention as the day goes on.

Iger writes of the key mentors in his career and his relationship with Steve Jobs, George Lucas, and Michael Eisner. Iger truly embraces innovation. When he took over as CEO in 2005, he laid out three strategic priorities saying it should be about the future, not the past: Recommit to the concept that quality matters, embrace technology instead of fighting it, and think bigger—think global—and turn Disney into a stronger brand in international markets.

These priorities have guided the company through all of the growth and acquisitions since he was named CEO. Today, Disney is the largest media company in the world, counting Pixar, Marvel, Lucasfilm, and 21st Century Fox among its properties. Its value is nearly five times what it was when Iger took over.

You have to approach your work and life with a sense of genuine humility. The success I’ve enjoyed has been due in part to my own efforts, but it’s also been due to so much beyond me, the effort and support and examples of so many people, and to twists of fate beyond my control.

What follows are 20 leadership lessons from the book but stripped of the stories that brought them to life. You’ll have to read the book to get that.

1
I talk a lot about “the relentless pursuit of perfection.” In practice, this can mean a lot of things, and it’s hard to define. It’s a mindset, more than a specific set of rules. It’s not about perfectionism at all costs. It’s about creating an environment in which people refuse to accept mediocrity. It’s about pushing back against the urge to say that “good enough” is good enough.

2
Be decent to people. Treat everyone with fairness and empathy. This doesn’t mean that you lower your expectations or convey the message that mistakes don’t matter. It means that you create an environment where people know you’ll hear them out, that you’re emotionally consistent and fair-minded, and that they’ll be given second choices for honest mistakes. Excellence and fairness don’t have to be mutually exclusive. Strive for perfection but always be aware of the pitfalls of caring only about the product and never the people.

3
True integrity—a sense of knowing who you are and being guided by your own clear sense of right and wrong—is a kind of secret weapon.

4
Value ability more than experience, and put people in roles that require more of them than they know they have in them.

5
Do not fake anything. You have to be humble, and you can’t pretend to be someone you’re not or to know something you don’t. True authority and true leadership come from knowing who you are and not pretending to be anything else.

6
Don’t start negatively and don’t start small. People will often focus on little details as a way of masking a lack of any clear, coherent, big thoughts. If you start petty, you seem petty.

7
Don’t let ambition get ahead of opportunity. By fixating on a future job or project, you become impatient with where you are. You don’t tend enough to the responsibilities you do have, and so ambition can become counterproductive. It’s important to know how to find the balance—do the job you have well; be patient; look for opportunities to pitch in and expand and grow; and make yourself one of the people, through attitude and energy and focus, whom your bosses feel they have to turn to when an opportunity arises.

8
My former boss Dan Burke [ABC] once handed me a note that said: “Avoid getting into the business of manufacturing trombone oil. You may become the greatest trombone-oil manufacturer in the world, but in the end, the world only consumes a few quarts of oil a year!” He was telling me not to invest in small projects that would sap my and the company’s resources and not give much back. I still have that note in my desk, and I use it when talking to our executives about what to pursue and where to put their energy.

9
We all want to believe we’re indispensable. You have to be self-aware enough that you don’t cling to the notion that you are the only person who can do this job. At its essence, good leadership isn’t about being indispensable; it’s about helping others be prepared to step into your shoes—giving them access to your own decision-making, identifying the skills they need to develop and helping them improve, and sometimes being honest with them about why they’re not ready for the next step up.

10
Too often, we lead from a place of fear rather than courage, stubbornly trying to build a bulwark to protect old models that can’t possibly survive the sea change that is underway. It’s hard to look at your current models, sometimes even ones that are profitable in the moment, and make a decision to undermine them in order to face the change that’s coming.

11
Optimism emerges from faith in yourself and in the people who work for you. It’s not about saying things are good when they’re not, and it’s not about conveying some blind faith that “things will work out.” It’s about believing in your and others’ abilities.

12
People sometimes shy away from big swings because they build a case against trying something before they even step up to the plate. Long shots aren’t usually as long as they seem. With enough thoughtfulness and commitment, the boldest ideas can be executed.

13
You have to convey your priorities clearly and repeatedly. If you don’t articulate your priorities clearly, then the people around you don’t know what their own should be. Time and energy and capital get wasted.

14
You can do a lot for the morale of the people around you (and therefore the people around them) just by taking the guesswork out of their day-to-day life. A lot of work is complex and requires intense amounts of focus and energy, but this kind of messaging is fairly simple: This is where we want to be. This is how we’re going to get there.

15
It’s easy to be optimistic when everyone is telling you you’re great. It’s much harder, and much more necessary, when your sense of yourself is on the line.

16
As a leader, you are the embodiment of that company. What that means is this: Your values—your sense of integrity and decency and honesty, the way you comport yourself in the world—are a stand-in for the values of the company. You can be the head of a seven-person organization or a quarter-million-person organization, and the same truth holds: what people think of you is what they think of your company.

17
Projecting your anxiety onto your team is counterproductive. It’s subtle, but heirs a difference between communicating that you share their stress—that you’re in it with them—and communicating that you need them to deliver in order to alleviate your stress.

18
The decision to disrupt a business model that is working for you requires no small amount of courage. It means intentionally taking on short-term losses in the hope that a long-term risk will pay off. Routines and priorities get disrupted. Traditional ways of doing business get slowly marginalized and eroded—and start to lose money—as a new model takes over. That’s a big ask, in terms of a company’s culture and mindset. When you do it, you’re saying to people who for their entire careers have been compensated based on the success of their traditional business: “Don’t worry about that too much anymore. Worry about this instead.” But this isn’t profitable yet, and won’t be for a while. Deal with this kind of uncertainty by going back to basics: Lay out your strategic priorities clearly. Remain optimistic in the face of the unknown. And be accessible and fair-minded to people whose work lives are being thrown into disarray.

19
It’s not good to have power for too long. You don’t realize the way your voice seems to boom louder than every other voice in the room. You get used to people withholding their opinions until they hear what you have to say. People are afraid to bring ideas to you, afraid to dissent, afraid to engage. This can happen even to the most well-intentioned leaders. You have to work consciously and actively to fend off its corrosive effects.

20
Hold on to your awareness of yourself, even as the world tells you how important and powerful you are. The moment you start to believe it all too much, the moment you look at yourself in the mirror and see a title emblazoned on your forehead, you’ve lost your way.

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Categories: Blogs

Let’s Talk About Money

Harvard business - Mon, 10/14/2019 - 12:39

Talking with colleagues about how much we earn can help us figure out if we’re being paid fairly, but sharing those numbers is stressful. With the help of experts, we discuss the tricky practicalities of salary disclosure and what to do with that sensitive information once we’ve got it. Guests: Zoë Cullen, Gaby Dunn, and Amelia Ransom. Our theme music is Matt Hill’s “City In Motion,” provided by Audio Network.

Categories: Blogs

Amp Up Your Employment Brand Like Domino's...Or Maybe Not...

Hr Capitalis - Mon, 10/14/2019 - 11:36
When it comes to attracting candidates to your employment brand, purpose matters. Candidates are increasingly seeking a sense of purpose in their work, so it makes sense to embed purpose in your values through connection to Corporate Social Responsibility (CSR)... Kris Dunn
Categories: Blogs

How AI and Data Could Personalize Higher Education

Harvard business - Mon, 10/14/2019 - 08:00

Students learn better when learning is tailored to them.

Categories: Blogs

The Anxiety of Being the “Only”

Harvard business - Mon, 10/14/2019 - 07:24

Being the “only” in the workplace — the only woman, the only person of color, the only one openly suffering from a mental or physical illness — can contribute to existing mental health issues. At the same time, bringing your whole self to work — even when you are an “only” and might be the only person struggling with clinical depression or anxiety — can be a huge strength in the business world.

In this episode, we’ll look at anxiety and depression through the lens of being an “only” or a “first” at work. Host Morra Aarons-Mele speaks with two experts on the topic: Angela Neal-Barnett, an award-winning psychologist and expert on anxiety among African-Americans, and author of “Soothe Your Nerves,” and Nilofer Merchant, the author of “The Power of Onlyness.”

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What Banking Can Teach Health Care About Handling Customer Data

Harvard business - Mon, 10/14/2019 - 07:00

Why is the routine exchange of patient information still so difficult?

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How to Get Noticed by Your Boss’s Boss

Harvard business - Mon, 10/14/2019 - 06:05

Ten steps for demonstrating your value.

Categories: Blogs

There Is More To a Job Than the Work

Hr Bartender - Sun, 10/13/2019 - 02:57

I recently ran across an article titled, “The CareerBliss 2019 Happiest and Unhappiest Cities to Work”. I know, I know, it’s a total clickbait title. But I must admit there can be some value even in clickbait titles, so I checked it out. While the actual list didn’t surprise me, my takeaway from the article was worth consideration.

I learned a long time ago that where I live is just as important as the work I’m doing. When we first moved to Fort Lauderdale, I had never been there. All I knew was what I had seen on the TV show “Cops”. I hate to say it, but that’s not a ringing endorsement to move there. But I took the job anyway and I really enjoyed living in South Florida.

But sometimes we don’t put enough emphasis on the connection between where we work and where we live. You can have a fabulous job but if you live in a crappy city, how fabulous is your life really? That being said, a couple of things to keep in mind here.

  • You have to define what makes a city wonderful or terrible. Everyone has different criteria for what makes a city special to them. You guys know that Mr. Bartender and I recently moved to North Florida. Neither one of us had ever lived there, so we came up with a list of what was important to us and used that as part of our research. The point being, when you’re not working, you have to spend time in the city where you live. Are you happy with it? And I don’t know that the only answer can be “Yes, because I have a job there.” Which leads us to the second consideration.
  • You also must decide what makes your job wonderful or not-so wonderful. Just like where we live, each of us has criteria for our jobs – the things we respect in an employer, the salary and benefits we would like to receive, the people that we want to be our co-workers, the manager we’d like to have, etc. None of us have the same criteria, which is why employers struggle at times putting together an employee value proposition (EVP). Because each individual’s needs and wants are different. AND take into account where the business is located.

My point is this – lists like the one I mentioned in the opening paragraph – are reminders that jobs involve more than just the tasks employees are responsible for. Organizations need to think about the work environment, which includes where the job is located. And if the employee has family, what the employee’s family thinks about where they live is equally important. When we relocated to Cincinnati, my boss made sure that Mr. B was happy with the decision as well. She didn’t have to do that. But she understood the importance of it.

In addition, the work / life connection could spark discussions about whether the job can be successful as remote work, which can open up the candidate pool. Or giving current employees the ability to live someplace that is wonderful (to them) while also doing a job they enjoy. I understand that not every job is eligible for remote work, and that might need to be addressed in a different way. Especially if an organization is having challenges hiring and retaining talent.

Bottom-line: Organizations must remember there’s a connection between work and life. And if possible, start thinking about how to showcase the city where the employee will live in addition to the company culture.

Image captured by Sharlyn Lauby while exploring the streets of Gainesville, FL looking for tea, not coffee.

The post There Is More To a Job Than the Work appeared first on hr bartender.

Categories: Blogs

Integrating the Science of How We Learn into Education Technology

Harvard business - Fri, 10/11/2019 - 09:00

Students learn best when they aren’t challenged too much or too little.

Categories: Blogs

How New Health Care Platforms Will Improve Patient Care

Harvard business - Fri, 10/11/2019 - 08:00

Combining data from multiple sources, they create a more holistic view of the patient.

Categories: Blogs

Why Tech’s Approach to Fixing Its Gender Inequality Isn’t Working

Harvard business - Fri, 10/11/2019 - 07:00

It’s too focused on individuals and not enough on systems.

Categories: Blogs

A Short Guide to Building Your Team’s Critical Thinking Skills

Harvard business - Fri, 10/11/2019 - 06:05

Critical thinking isn’t an innate skill. It can be learned.

Categories: Blogs

Use the Right Technology Tool For the Job

Hr Bartender - Fri, 10/11/2019 - 02:57

The word “hack” is often used instead of tips. For example, here’s a blog post on “100 Incredible Life Hacks that Make Life So Much Easier”. The first one is “Tie a small piece of fabric to your luggage. Saves a lot of time to check if it’s your bag or not.” I like to think of hacks as discovering new ways to use common items. For example, when I travel, I always have a small binder clip with me in case since the curtains won’t close right. Binder clips are multi-taskers as Alton Brown would say.

But this Time Well Spent from our friends at Kronos reminds us that not everything can be or should be hacked. There are times when there’s one tool for the job and we need to use it. Or that there are several tools for the job, but some definitely aren’t it (like a stethoscope).

When purchasing and using technology, understand how to leverage its data. Whenever Mr. Bartender and I purchase technology, we ask questions about how to get the most out of it. We compare our needs as users to what the technology can provide. It’s really important for organizations not to overspend nor underbuy when it comes to their technology needs.

It’s okay to experiment but have a baseline. I find that once I learn a new piece of technology, I’m always asking myself, “I wonder if it will do this? Or maybe that?” It’s perfectly fine to be curious and give these ideas a try. Think of it in terms of the scientific method or an HR Laboratory. But in order to determine if the experiment worked, it’s helpful to have a baseline of data. Preferably, the baseline would be from the recommended way of doing things.

Look for technology “extras” like strategic partnerships and accessories that can create new opportunities. The good news is if you’re looking for ways to hack your technology, chances are that others are too. I believe this can spark innovation. And technology companies might introduce a new product, service, or create a strategic partnership with another company to deliver that “hack” you’re looking for.

Hacks – or tips – can be very helpful and make our lives a little easier. They can save us from buying something we don’t need. Or allow us to do something that we’ve wanted to do. We have to be careful though that the hack provides the proper experience or gives us the correct result. We can ensure that our hacks are good ones by asking the right questions and experimenting before making the leap to a new way of doing things.

The post Use the Right Technology Tool For the Job appeared first on hr bartender.

Categories: Blogs

The Case for the Public Option Over Medicare for All

Harvard business - Thu, 10/10/2019 - 13:13

It’s the best way for the U.S. health care system to control costs and improve quality.

Categories: Blogs

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