ARTICLES
Written By Rich For You.
To Succeed, Sometimes You Need To Change Your Game.
Now to your career. Sometimes when faced with an unmoveable obstacle, you need to change what you are doing. The more hard-headed you are - the bigger the obstacle will become. You need to try something new to either go around the obstacle or not deal with it at all.
Watching my son's baseball game last night, I saw the coach do something that I didn't like, but I know he had to do. They were down 2 runs and it was the last inning - they had to somehow stack the deck to even the score. What did the coach do? The sides changed, my son was about to be up at bat, and the coach made the decision to move the batting order around (they are allowed to do that) to favor some of the more heavy hitters. What happened? They tied it up and eventually won the game.
Now to your career. Sometimes when faced with an immovable obstacle, one needs to change what they are doing. The more hard-headed one is - the bigger the obstacle will become.
Try something new — either go around the obstacle or don't deal with it at all. Some suggestions:
- Job boards and recruiters are not helping your job search - try networking and connecting with influential people.
- Someone on your team keeps complaining about their work — give them one of your projects to work on — they might shut up.
- Feel stuck in your position — build your potential — read books, go to lectures, take a course. Start a blog! Expand your horizons.
- Continuously at meetings all day — stop attending 1 or 2 of them. See what happens. Leave early/show up late.
- Have an open door policy? Nice guy — no time to do anything else. Limit your exposure to the troops. Close that door.
- Current contact list not delivering that job? Time to make a new contact list — get out there and meet some influential friends. Do you know your mayor? Your representative? You should — they are well connected individuals — call them for an appointment today.
- Boss not listening to you? Try another communication method. If email is getting lost in the shuffle, pick up the phone or even better, stop by his door for a quick 2 minute discussion.
- Resume not getting any response? Time to update it with better keywords, action verbs and most of all - Be Concise! Still not working? Try a resume writer (call me for the best ones).
Bottom line - stop hitting your head against the wall. Changing your game — even a little bit — might make all the difference. You might hit a home run.
Stretch Your New People.
I hear it all the time from my clients when hiring — "I can't find someone that is "just right" for the position." Or "They don't meet all the qualifications for the job." Well - they're wrong. You need to STRETCH your new people's potential.
I hear it all the time from my clients when hiring — "I can't find someone that is "just right" for the position." Or "They don't meet all the qualifications for the job." Well - they're wrong.
It's a big mistake to expect that the possible candidates have to own ALL the qualifications for the said position. Why?
1. It's unrealistic. Even in times like these, where there are a lot of people on the street, the system of finding the right person with the perfect qualifications is slim to none, and slims out of town. What happens is that the recruiter or HR associate puts unrealistic demands on every candidate at the start and rarely lets anyone with real potential in. They focus on capabilities and not on personality.
2. It's not long-range thinking. Think about hiring for a bank manager. If you hire a previous bank manager with all the qualifications for the position, they're going to be pretty bored within six months doing the same thing that they did at their last location. Once you learn how the company 'works' and all the people's personalities - the job gets pretty basic after awhile. Then they get bored, sloppy, or start bothering you for a promotion.
You need to STRETCH your new people. The basic rule is to hire at least one grade below the stated position to ensure that you are challenging that person. What will happen? For at least the first year while they step out of their comfort zone they will push themselves and build new potential. In addition, when you stretch your pick, you might find that they do things differently from the previous manager — who might find innovative ways to attack their position and motivate their troops.
For those that are in the market looking for that position, use this info as a retort to the interviewer's response that you might not have the requisite experience for the position (by the way - a frequent excuse used ALL the time). Tell them that it's better to hire someone where it is a stretch - they will have more content employees that are consistently challenging themselves and doing things differently.
I'd love to hear your thoughts on this - feel free to leave your feedback in the comments section below. Thanks!
Less People, More Work? Try Gold Standard Leadership.
After decades of time and millions of dollars spent on leadership development and mentoring programs, why are we still facing a leadership crisis at many levels of the business world? By now, most business leaders have learned that our job is to expand and develop our own capacity, while simultaneously preparing the next generation of leaders to take the reins. Develop talent, we've been taught. Be helpful. Be a coach. Mentor someone. But it doesn't happen all that often — at least, not in any significant way.
After decades of time and millions of dollars spent on leadership development and mentoring programs, why are we still facing a leadership crisis at many levels of the business world?
By Steve Farber at HBR.
By now, most business leaders have learned that our job is to expand and develop our own capacity, while simultaneously preparing the next generation of leaders to take the reins. Develop talent, we've been taught. Be helpful. Be a coach. Mentor someone. But it doesn't happen all that often — at least, not in any significant way.
I believe it's time for us to set a new gold standard for what it means to be a leader of substance and influence.
We need to pick up where many "programs" leave off by realizing that it's simply not enough for us to be helpful coaches and advisors to the people around us at work. The greatest, most successful and well-respected leaders that I've encountered in my two decades of consulting, advising, writing, and speaking are not just helpful: they've come to understand that the true measure of their greatness as leaders is their ability to develop leaders who go on to surpass them — who rise to a level greater than themselves in skill, influence and ability.
There are pitfalls, of course. Devoting yourself to another's elevation potentially carries a whole boatload of emotional (or egotistical) baggage, for example. But I won't argue those points here or try to convert the skeptics; instead, just for the sake of this discussion, I'll assume you're with me on this and offer these 6 steps to help you get started on your own "Greater Than Yourself" endeavor:
1. Choose Wisely While, ideally, Greater Than Yourself (GTY) is something you should do with many people ("all people" may be a bit of a stretch for even the most high-minded among us), it's often best to start small. In the beginning, you should choose one person as your "GTY Project." But choose wisely. Pick someone you trust and deeply believe in. It should be someone whose personal aspirations can be served by your unique experience, skills, values, and network. Be conscious and deliberate about the qualities you seek in your GTY: pick someone who has the drive, energy, heart and desire to take full advantage of what you have to give them, and whose values are congruent with your own. And — most important — it should be someone you (dare I say it?) love. Okay, I'll accept "deeply care about."
2. Open The Door and Invite Them In Sit down with the person you've chosen and have a frank and open discussion about what your intent is for him or her, and make sure that they're willing and up to the task. Let them know that your job will be to do and give whatever you can to raise them up above yourself in capacity and success in the appropriate arena. For example, my GTY project, Tommy Spaulding, wants to excel in the arena of writing and public speaking — my professional playground. In the very beginning, I made a commitment to Tommy that I'd do everything humanly possible to help him become a better-known, more influential author/speaker than I am, as long as he was willing to take full advantage of the opportunities and contacts, etc. I would offer to him. He was.
3. Hook Them Up Think through your entire network of contacts and determine who would be valuable to your GTY. Who can help? Whom should they meet? Then open the floodgates and make all the appropriate introductions. Hold nothing and no one back. I've introduced Tommy to my favorite speakers bureaus, my business manager and my publisher. He just got his first book deal through those contacts.
4. Sing Their Praises Think of yourself as the advocate for your GTY's value and talent, and talk about them every chance you get. Shine the spotlight on their accomplishments when they have them. Look for opportunities to let others know about your belief in this special individual.
5. Practice Tough Love Someone once said that feedback is a great gift until you get some. Of course you'll want to offer plenty of words of encouragement, but you'll also need to hold them ridiculously accountable to their own goals and aspirations, which means smacking them around when necessary. Metaphorically speaking, of course.
6. Demand the One Commitment GTY is fundamentally selfless act (think of it as The Golden Rule on steroids), and you should expect nothing in return, no quid pro quo. With one exception: demand that your GTY take on someone else as their GTY, and so on down the line. It's the old pay it forward approach, and the implications of such a commitment are significant.
The idea of changing the world has become more than a little clichéd, of late. But this on-going commitment to another's enrichment really will add up. Maybe it won't change the "whole wide world," as we used to say when we were kids — but it can certainly change the world of your company, your business unit, your team, or your community.
And I can't think of a better, nobler way to solve a leadership crisis.
Leadership Blind Spot: Recognizing Your Team.
We all forget to do it. You focus on work, meetings, reports, etc. and ignore the most powerful leadership tool you have in our arsenal - recognition and acknowledgment. When you neglect it, your teams tend to wander and lose focus. When you regularly insert it into your leadership practices, you'll have the best performing and energized team money can buy.
"There are two things that people want more than sex and money - recognition and praise." - Mary Kay Ash, Mary Kay Cosmetics
We all forget to do it. You focus on work, meetings, reports, etc. and ignore the most powerful leadership tool you have in our arsenal - recognition and acknowledgment. When you neglect it, your teams tend to wander and lose focus. When you regularly insert it into your leadership practices, you'll have the best performing and energized team money can buy.
1. Be A Star Catcher. Regularly "catch people doing things right" and recognize them for it. And, Make recognitions self-perpetuating by recognizing those who recognize others. Remember: What gets recognized gets reinforced, and what gets reinforced gets repeated.
2. Develop A List of At Least 20 Ways To Recognize Others. Some ideas to get you started: a homemade Thank You Card or Praise-A-Gram; small gifts: special assignments, etc. If you would like the best Rich Gee recognition tool - check this out.
3. Customize The Recognition You Provide. Ask each member of your team how you can best demonstrate your appreciation for them. Then provide "different strokes for different folks."
4. Let Everyone "Hold The Trophy". Be sure each contributing member shares in the recognition for achievements.
If you practice and regularly schedule (not with a calendar, but in the moment) these tips — you will realize that some of the best things in life are free!
Resume Writing Tips for CEOs.
Baby boomers who’ve enjoyed an uninterrupted string of successes, and have been laid off, are struggling to recapture the magic.
Baby boomers who’ve enjoyed an uninterrupted string of successes, and have been laid off, are struggling to recapture the magic.
By Michael Winerip, a staff reporter at The New York Times.
Greg Sam, 50, has always been a rising corporate star. In his most recent job, as a vice president for Millipore, a company that services the pharmaceutical and biotech industries, Mr. Sam built a quality-oversight program from scratch into a staff of 350 working worldwide, from the corporate headquarters in Billerica, Mass., to offices in China, Japan, Ireland and France.
For this, he earned a mid-six-figure income and traveled the globe, making two dozen business trips a year. At Millipore’s 50th anniversary celebration in Puerto Rico, Mr. Sam delivered the keynote speech in Spanish. In France, he sometimes conducted business in French.
In fact, Mr. Sam was so good at what he did, he was fired.
“He came in, built us a global quality assurance program, but now that it’s in place, we don’t need a person of his skills and caliber to continue running it,” said Dr. Martin D. Madaus, the president of Millipore, who fired Mr. Sam during a round of 200 layoffs in December. “Someone with lesser expertise can do the job, because Greg essentially did such a good job.”
As Dr. Madaus explained when he visited Mr. Sam’s office to deliver the bad news, it was nothing personal. But because Mr. Sam was so highly valued until he was fired, Millipore added about $40,000 to his severance package for job placement services.
“The higher up you are,” said Dr. Madaus, whose company employs 6,000, “the longer it takes to find a new job.”
For three months, instead of going to work, Mr. Sam has come to a handsome fifth-floor office in a renovated warehouse overlooking Boston Harbor that is the headquarters of New Directions, a top-of-the-line job-search firm. As its literature says, New Directions specializes in helping unemployed “C.E.O.’s, C.O.O.’s, C.F.O.’s, C.I.O.’s” find their way back up the corporate ladder.
Situated in the heart of Boston with beautiful views; staffed by friendly professionals with advanced degrees; stocked with plenty of fresh-brewed coffee and free lunches; offering glassed-in offices for making calls, New Directions feels like an exclusive corporate retreat — except that the participants have lost their corporations.
Like Mr. Sam, most of the 85 current clients are baby boomers who’ve enjoyed an uninterrupted string of successes that have seemed almost magical, but now, in very bad times, they are struggling to recapture the magic.
Mark Gorham, a Harvard Business School grad and a former Hewlett-Packard vice president, has been unemployed for six months. At first, he said: “I sat around thinking someone will realize how great I am and call me out of the blue. Next, I figured, I’ll throw out my great résumé to search firms and someone will come knocking.”
Now he’s learning networking from Jeffrey Redmond, his personal job coach.
“Mark grew up in an age when being understated about yourself was valued,” said Mr. Redmond, a partner who has been at New Directions since its founding 23 years ago. “At 53, he has to learn to tell his story and, like a marching band, toot his own horn.”
Mr. Gorham is looking for a job using his management skills in the renewable-energy field.
“We try to work on it a little every day,” Mr. Redmond said. “Three contacts today, three tomorrow. At the end of month we have 60 people thinking about this guy who can bring all this knowledge to a growing industry.”
Mr. Gorham dreaded his first networking call in January. For weeks, he and Mr. Redmond rehearsed.
“Like a lot of senior executives, Mark was used to going on and on,” Mr. Redmond said. “He used to give speeches to thousands of people. When there was quiet, he was the one filling in the air.”
They practiced answering questions in 45 seconds.
“Jeff told me I could just talk 40 percent of the time,” Mr. Gorham said.
Mr. Redmond had him write a one-page script.
“We rehearsed to get it shorter,” Mr. Redmond said.
“Before calling,” Mr. Gorham said, “I must have rehearsed five more times at my office at home.”
THAT first call was to a colleague he hadn’t spoken with in eight years.
“I knew he’d be nice,” Mr. Gorham said. “We weren’t supposed to pick the toughest one for our first call. It went a hundred times better than I thought it would. Part of the dread was saying I didn’t have a job. I’ve never not had one. But I realized, I wasn’t calling to say, ‘Hey can you hire me.’ I basically was letting him know what’s going on and getting his advice on my plan. He was very engaged and threw out a bunch of ideas. He said, ‘Let’s get back together.’ Afterward I wondered why was I so worried.”
Mr. Redmond said in its 23 years, New Directions has served 2,400 executives and, typically, they find new positions in seven to nine months, although in a recession that could be a year.
If it is a year, Mr. Sam said his severance will cover him, but after that he would have to dip into savings.
“My frame of mind is realistic, a bit anxious,” he said. “Last night I sat with my wife and we looked at our finances. My philosophy is, be aware of it, manage it, but don’t get obsessed by it — that’s not doing myself or family any good.”
ON a recent Tuesday, Mr. Sam sat in on a seminar about LinkedIn, the online business network. Many of the men attending were dressed as they had for work, in jackets and ties. Though sitting in a room full of such bright, urbane unemployed people could be worrisome, Mr. Sam found it calming.
“When you’re at home,” he said, “you feel you’re the only one.”
He spent six hours at New Directions that day. He had his weekly meeting with his job coach, who gave him tips on cutting his résumé from five pages to three. (Too many bulleted lines like: “Performed due diligence on M & A targets and developed integration plans to extract value and support growth.”)
He met with the New Directions research director, Claire Burday, and asked her to do a search for Food and Drug Administration-regulated companies with sales over $10 million that had offices within 30 miles of places where he would like to live, including his home in Andover, Mass., and his cabin in Vermont.
He spoke with the staff psychologist, Dr. William Winn, who’d given him a battery of tests, and for several hours interviewed him to make sure he was suited for the jobs he’s seeking.
Dr. Winn concluded that it wouldn’t be wise for Mr. Sam to take a position that would focus solely on what’s wrong with a company. Mr. Sam is a builder who needs to be involved in fixing what’s wrong, Dr. Winn noted.
Indeed, asked what he missed about his old job, Mr. Sam said, “There was still plenty of opportunity to improve the company.”
Later, sitting in one of those glassed-in offices, a mob of gulls hovering outside his window, Mr. Sam checked his BlackBerry.
“A call last night from Millipore,” he said softly. “More layoffs. Two directors who worked for me were let go.”
Great Leaders Empower Others.
The more you step out of your managerial comfort zone and empower others, you will get more accomplished, have more time for strategic projects and have an energized team that makes you look good. How can you lose?
"The best leader is the one who has sense enough to pick good people to do what they want done, and self-restraint enough to keep from meddling with them while they do it." - Theodore Roosevelt
1. Share authority. Let each person be the owner of something meaningful. Having ultimate authority changes the scope and perception of a responsibility that is already part of the job description.
2. Create opportunities for non-managerial people to shine. Invite them to participate in, or even chair, task forces and project teams. The frequently untapped potential of this group is one of your organizations greatest Hidden Assets.
3. Never turn your back on people after giving them authority. Instead, increase communication, feedback and interaction. Make sure they understand the parameters and expectations of that authority. And, help them be successful by providing the resources and support they need.
4. Speak ENERGETICALLY. Add statements like these to your vocabulary:
- "Would you like to take the lead on this one?"
- "How can I best support you?"
- "It's your call." (my favorite)
- "I trust your judgment."
The more you step out of your managerial comfort zone and empower others, you will get more accomplished, have more time for strategic projects and have an energized team that makes you look good. How can you lose?
To Be A Great Executive — Be Flexible.
"In life, change is inevitable. In business, change is vital." - Warren G. Bennis
"In life, change is inevitable. In business, change is vital." - Warren G. Bennis
Encourage others to break tradition, when appropriate, in order to find better ways of doing things. Remember: If you continue doing what you've always done, you'll continue to get the same results.
Understand and appreciate that others may not do things exactly as you would do them. Be open-minded . . . you might discover their way is even better.
Remove Stop Signs to Progress by avoiding statements such as "We've tried that before" or "That's not the way we do that here."
Don't cast all decisions in cement. Be willing to modify them as changing circumstances or data dictate.
Working Longer, Never Get Anything Done? Rid Yourself of Interruptions.
"Hey, you got a minute?" That's a question - not a demand. Don't get angry with the interrupter if you answered, "Sure!" to their question. General rule: If you cannot eliminate the interruption, make the interruption as short as possible.
"Hey, you got a minute?" That's a question - not a demand. Don't get angry with the interrupter if you answered, "Sure!" to their question. General rule: If you cannot eliminate the interruption, make the interruption as short as possible.
1. Meet them at the door. When people arrive to interrupt, meet them at the door and talk outside of your office. Letting them in may add minutes to the interruption.
2. Stand Up! When someone shows up unannounced, keep standing until you decide if you want the conversation to continue. Standing is not comfortable for most people and the length of most interruptions is in direct proportion to the comfort level of the interrupter.
3. You're the Timekeeper. Signal the end of the time allotted by politely saying, "One more thing before you go." Be respectful but take control. Remember that this is your office and you're responsible for the time here.
4. Get rid of extra chairs in your office. You can always pull one from somewhere else if you need it.
5. Positioning. Arrange your office so that your desk doesn't face the door. People are less likely to interrupt if they can't see your face.
Henry Ford was always dropping into the offices of his company's executives. When asked why he didn't have them come to him, he replied, "Well, I'll tell you. I've found that I can leave the other fellow's office a lot quicker than I can get him to leave mine."
10 Killer Executive Interview Questions (to ask and answer).
Interviews have morphed into very weird experiences for my clients. I've heard some of the most stupid questions, tests & assessments come out of highly respected organizations. My opinion? I think they're lazy.
Interviews have morphed into very weird experiences for my clients. I've heard some of the most stupid questions, tests & assessments come out of highly respected organizations.
My opinion? I think they're lazy.
Bottom line — you want a good candidate for that position? You'll have to work for it. Ask very specific questions and see HOW they answer.
Here are some of my favorite questions I would ask executives interviewing for a position under me (I found it in an old file from my days in corporate):
1. RESULTS - Tell me about the results you have achieved at your last two positions. How did you achieve them? What was the effect to the business?
2. KNOWLEDGE - Give me an example of how you understand my business (broad). Where do you think the growth areas are? Where do you think we can do better with customer experience? Give me an example.
3. RISK - When was the last time you took a risk? What did you learn from it? (Cause & Effect - learn from mistakes; learn from successes).
4. COMMITMENT - Show me how you are committed to your customers, associates, peers?
5. COMMUNICATION - Tell me about a time when you communicated effectively (up-down-across — effective, clear, convincing).
6. SPEAKING UP - Give me an example when you pushed back, made some noise, offered constructive dissent.
7. STYLE - From where do you manage (Desk, email, phone, floor, in-person)? When do you make your BEST decisions?
8. PEOPLE - What are you currently working on (personally)? What are your people working on? How do you grow them?
9. EXECUTION - What actions do you take to deliver on time? How do you connect yourself to priorities?
10. ROLE PLAY - Show me how you solve problems (I give them a typical scenario they would face in that position).
You can easily modify these questions for yourself - whether you are promoting internally or hiring externally. You can even develop powerful PARs (call me, I can explain - 203-500-2421) for YOUR interview and talk to these points. You will come off looking like a true professional.
Stay Alive: 10 Career Tips to Win in Bad Times.
I know - things are bad out there and you're worried about your position. Firings are capricious and no one knows where the axe is going to fall next. Based on many of my client sessions and 20+ years of management and coaching, here are 10 productive actions you can put into practice to solidify your position.
I know - things are bad out there and you're worried about your position. Firings are capricious and no one knows where the axe is going to fall next. Based on many of my current client sessions and 20+ years of management and coaching, here are 10 productive actions you can put into practice to solidify your position.
1. Don't drink the Kool-Aid.
The news is sensationalized and fear sells. Things are rarely as good as they seem and things are rarely as bad as they seem. If you allow yourself to give in to the news, you will determine your destiny. When people tell me about the bad economy, I tell them “I have chosen not to participate. So let's get to work.”
2. Reach out to your contacts - NOW. Past and present contacts, colleagues and friends are the lifeblood of any career (“It’s not what you know, it’s who you know.”). The ’robustness’ and recency of your contact list is a great barometer of your career’s health.
- Call your closest contacts & colleagues and ask them how they are. Listen. Don't talk, offer help. Have lunch, drink coffee, and strengthen those contacts!
- Send birthday or ‘just for being you’ cards to keep in touch and make them feel special. No one does this and it makes the recipient feel special.
3. Focus on what you do best. You need to present a extremely positive persona to management - this is the time where they might be looking at cutting the bottom 10%.
- Be a partner to your boss - ask for more work. No one really does it and you will stand out as a “can-do” member of their team.
- Come in early or stay late (or do both!). The perception of a hard worker is a valuable one during bad times. In addition, you might be there when your boss comes back from a grueling exec meeting and needs help with the newly assigned project.
- Be smart and flexible - look at all of your activities and projects - which ones are more important and which are the ones that can be shelved, streamlined or retired?
- The 80/20 rule comes into play - make a list and then review with your boss.
4. Keep your ear to the ground. It is essential in down times to have a clear picture of where your company’s revenues and expenses come from. Companies are retrenching and focusing on the areas that will deliver the highest ROI.
- Stand back and see what projects, departments, or people are slated to be cut.
- Ask questions, read industry journals/blogs, and keep up on the business news.
- Track your company on the web - sometimes you hear something that isn’t currently communicated in your company. But take it with a grain of salt.
- Listen to what your colleagues are saying - but don’t accept it as gospel. Also, don’t add to the gossip or play “what-if” scenarios with them - it will waste time.
5. Look at your “product”. It’s IMAGE, IMAGE, IMAGE. How do you clothes look? How does your hair look? How do YOU look? Hate to say it - it’s perception people. Not only when people first meet you - it’s when they work with you day in and day out. Critically look at yourself and see what you might need to change and how you would go about it.
- Always dress one step above everyone else. No excuses. If everyone is casual, you wear country-club casual. Ensure that your clothes are made of the highest quality and are regularly pressed and clean.
- Spend the money and go to a better barber/stylist. I don’t have much to work with and I still go to one of the most expensive barbers in the area. He makes me look as good as I can.
- Do you need to tone your physique? Hit the gym - watch what you eat. It’s that simple.
6. Connect with new people. The best defense is a good offense. This may be a sports cliche, but right now, it rings true. Now is not the time to go into hiding, based on fear of the recession. It’s the time to ramp up your networking, personal public relations, and marketing to actively remind people of your presence.
- Go to associations, meetings, conventions that are associated with your profession.
- Not only will you meet a lot of engaging people, you will re-energize your batteries AND your might get a lead on a great position!
- Set up coffees and lunches with people that you don’t know, but want to know. We all have people that we admire - reach out to them - take them to lunch. They eat just like you do! And what is the benefit? They are always on the lookout for new talent!
7. Review your resume. Too many people let their resumes grow old gracefully. When they really need them, they have to scramble and cobble together a mish-mash of experience that no one really wants to read. You need to get your resume in order NOW. So some tips:
- Use a professional resume writer. They should run $200-$400, but you will get an incredible document that sells. Call me - I know the best!
- Keep it concise. Unless you have been in the business for 30 years or are a CEO - keep it to 2 pages or less. Again - people are looking for someone who can say less with more impact - your first chance is your resume.
8. Get financially fit. One of the biggest worries people have during downturns is losing their job. They crawl into a hole and hope for the best. Usually, it is financially motivated. How would you feel if you had six months worth of available funds if you suddenly lost your job? A little bit better? A little bit more confident?
- Start now. Having 3-6 months of current income stashed away in a cash account (savings, money market) will allow you to act normally during times like these.
- Worst case scenario? If you do lose your job, you have 3-6 months of full-time looking to find a new one before you begin to really deplete your savings. In addition, you probably will get some type of severance with COBRA - so stop worrying!
9. Talk with your boss. During an economic downturn everyone is skittish and hungry for information. You’re wondering how the company is doing, whether the team is vulnerable to layoffs, or if the strategy for the next few quarters has changed. Even if the situation is tight, being upfront with your boss about your concerns creates and reinforces an environment of trust.
- Catch them at the end of the day - sit down and just converse with them. During a pause ask (in a very light interrogative tone): “So how are we doing? Is there anything we need to worry about?”. Your boss will probably open up and tell you info that normally they would not tell the team. Try it - it works.
- But if you have a boss that tends to keep information or hide things, watch their body language - if their eyes look downward or away from you when talking - they might be hiding bad news.
10. RE-vision your career. I love downturns in the economy. Why? When executives get scared, they get going and they get SMART. They begin to look at everything they do - how can they use time more effectively? If the company is losing customers, where can they find new and different customers/clients? Take a step back and RE-vision your career - understand your key interests and strengths and investigate new opportunities in YOUR marketplace.
- Are you still a hot commodity on the market?
- If yes, great - get out there and sell YOU to potential new bidders.
- If no, you need to re-vision your career - measure your capabilities and apply them to the NEW marketplace. I know of a lot of realtors, hedge fund managers and financial planners that are doing this right now.
You need to partner with an expert and co-create your new career vision and direction. So get going!
Stop Micromanaging.
All managers want their employees to be more productive--to collaborate more energetically, to work more efficiently. But in pursuit of productivity, many fine managers have traipsed down some perilous paths.
All managers want their employees to be more productive--to collaborate more energetically, to work more efficiently. But in pursuit of productivity, many fine managers have traipsed down some perilous paths.
by Christina Bielaszka-DuVernay at HBR
Yes, we're talking about micromanagement. It's a natural tendency, even among seasoned managers, to think close examination of a direct report's work will improve it. Sure, such scrutiny might reveal opportunities for improvement: processes she could streamline, shortcuts she's taking that undermine quality, shortcuts she's not taking that she should.
But tread this path too often, and any gains realized from process improvements will be offset by the deleterious effects of disengagement.
What is disengagement? Fundamentally, it is a state of distance from one's work. A disengaged employee puts in time but little else, and his apathy affects not only his own productivity but that of his colleagues. Because a consistent pattern of micromanagement tells an employee you don't trust his work or his judgment, it is a major factor in triggering disengagement.
And disengagement is costly.
According to the book "12: The Elements of Great Managing", absenteeism caused by disengagement costs a typical 10,000-person company $600,000 a year in salary for days where no work was performed, and that "disengagement-driven turnover costs most sizable businesses millions every year." By contrast, engaged employees are more likely to show up to work, to stay with a firm longer, and to be more productive while they're on the job. Gallup research cited in the book finds that highly engaged teams average 18% higher productivity and 12% greater profitability than the least engaged teams.
The good news is that you, as a manager, have enormous influence over your direct reports' engagement levels. So what can you do to increase their engagement and hence their productivity? For starters, you can take a page from the Gallup playbook and make a practice of building on employees' strengths.
Say you have a direct report who rarely submits sales reports on time or fills them out correctly. Ask yourself, "At what tasks does this person excel?" Maybe he's great at troubleshooting customer complaints. Or he's a consistent source of creative ideas for the next promotional effort. Whatever his strengths, think about ways to build on them so that they can add more value to your organization. At the same time, see if you can minimize or redistribute some of the work at which he's less successful. Budgets, capacity, and other constraints can sometimes make this impossible, and the best course will be to let the person go. But given turnover costs and the looming talent shortage, figuring out a way to make an employee's strength your strength is likely to be worth the effort.
Other actions you can implement:
- Be clear about performance expectations for new hires. As they grow more comfortable in their roles, lessen your direct supervision of their work.
- If you find yourself feeling consistently negative about a particular employee's performance, check that you're not falling into the set-up-to-fail syndrome described by Insead-affiliated management scholars Jean-François Manzoni and Jean-Louis Barsoux. This syndrome is marked by a downward performance spiral. The manager, expecting poor performance from the employee, starts noticing only mistakes and overlooking or minimizing successes.To avoid this pattern, regularly challenge your perception about the employee by asking yourself: What are the facts about her work? Is it as bad as I've been thinking? Of course, it may be that her performance is so bad that you'll have to let her go. But in some cases, adjusting your lens might reveal that she's actually doing some worthwhile work.
- You don't want to create a culture that says you're always right, and the employees are usually or always wrong. So invite employees to challenge your opinions. Over time, as they grow more comfortable in this role, they'll feel freer to discuss any performance concerns they have with you.
When your employees perceive that you value their strengths and their judgment, everyone benefits. As their engagement increases, it's likely that their performance will as well. And the time you might have spent micromanaging them can be put to more productive use.
Global Crisis Forces Corporations To Look Beyond Quarterly Earnings.
With the US economy in turmoil, Wal-Mart, the nation’s leading retailer boasting more than 144 million customers per week, is taking on a new leadership role. In a country where about one person in three is considered obese and 47 million people are without healthcare, the company is taking a unique stand in educating both its consumers and suppliers.
With the US economy in turmoil, Wal-Mart, the nation’s leading retailer boasting more than 144 million customers per week, is taking on a new leadership role. In a country where about one person in three is considered obese and 47 million people are without healthcare, the company is taking a unique stand in educating both its consumers and suppliers.
by Rahilla Zafar at Insead
Five years ago, it would have been unheard of for the company’s top executives to be talking about reducing the firm’s carbon footprint, cutting transportation costs, reducing excess packaging, creating more transparent supply chains and starting initiatives to provide credit to millions of low income Americans who normally would not have access to any.
More and more companies are finding that their efforts to reduce their carbon emissions and become more environmentally friendly have led to increased profits.
At the 2008 Net Impact North American conference held this month at Wharton Business School, Matt Kistler, Senior Vice President of Sustainability at Wal-Mart, spoke about his company’s role in shifting consumer culture.
The story began 10 years ago, while Kistler was managing coffee sales at Kraft Foods. A group of Yale University students had begun requesting that their campus food service serve only 'socially-conscious' coffee.
Kistler admits that his intention at the time was to add a product to the portfolio that consumers wanted and not necessarily do something for the planet but in the process of doing that, he discovered much more.
“I got thrust into working with different NGOs (non-governmental organisations) and people like Paul Rice, the founder of Transfair USA, enlightened me,” says Kistler.
In 2004, after joining Wal-Mart, he raised the question if the company should be thinking about sustainability in packaging. His insights led to company executives deciding to hold the retail giant’s first ever meeting on sustainability.
“Our goal is to take care of the customer and such initiatives help people both save money and live better,” he says.
It was not long ago that the green movement was perceived as being an alternative lifestyle rather than something mainstream. Now, many Americans are beginning to recognise that what they thought to be the norms of everyday life are unsustainable.
Kistler says that at Wal-Mart, it was not just about the company making changes like working on supply chains for responsible sourcing and using more fuel-efficient vehicles, it was also about ensuring that their two million employees understand that there are ways to live better.
“We started a personal sustainability project to get associates engaged. It is a voluntary program first launched in the United States which has prompted thousands of pounds of weight loss, more employees biking to work and the company saving hundreds of thousands of kilowatts in energy,” says Kistler.
The change also brought to the attention of employees things they normally would not have given a second thought about. For example, one employee noticed that a vending machine had an unnecessary light bulb in it. After suggesting to management that the bulb was wasting energy, the company removed the bulbs from all stores nationwide, saving the company one million dollars a year.
Kistler says the company can go further in guiding customers in what they should buy, but the question remains: how far can it go?
“The chairman of Patagonia, an organic clothing retailer, says we should work with suppliers to change some of our product ingredients. For example, high fructose corn syrup is part of the ingredients of some of the products we sell. Wal-Mart could ask these companies to shift to cane sugar, which many believe to be a healthier alternative,” says Kistler, who admits the company is not quite there yet to make such a push.
However Wal-Mart has worked with suppliers to eliminate red and green lighting on devices such as televisions.
“It is staggering the number of power plants that would be erased from the grid from just a small decision like that. Thinking like that is simple and our company plays a unique role in making those changes happen,” he explains.
The biggest roadblock for companies is making many of these changes in the current economic situation.
“We are willing to pay more for products coming from companies who show that their price increase is related to making investments to become more fuel efficient and taking better care of their workers. But do not bring us higher costs that are not justifiable,” says Kistler.
“We are going to make some mistakes. This is a new area, there are no books written telling us what to do. It is okay to take a prudent risk as long as the mistakes are not long lasting,” he adds.
For John Brock, CEO of Coca-Cola Enterprises, sustainability has taken centre stage at the company.
“When Wal-Mart, our largest customer, says we are going to have a sustainability conference and want all CEOs to come, we show up. The commitment of companies such as Wal-Mart and (UK retailer) Tesco has been remarkable; institutionally this is no longer niche, it is mainstream” says Brock.
Brock adds that the game has changed tremendously.
“We are working with NGOs as partners, when five years ago none of us would have been caught in the same room together. We are all committed to the same end result. There are some disagreements over how we get there, but sustainability has become the core of everything we do.”
One of the company’s long-term goals is to sell a litre of beverage without a single drop of water going to waste. Today, it takes 1.77 litres of water to make one litre of Coca-Cola. When government officials in Georgia, where the company is headquartered in the US, asked the beverages firm to reduce water usage by 10 per cent, the company was able to cut it by 30 per cent.
But in the current economic downturn, many believe that while consumers are becoming increasingly aware, they are not willing to pay more for change.
“Americans are keenly interested, but will not sacrifice formula and an increase in price. It is our responsibility to figure out how to deliver,” says Brock.
Many believe much will now depend on the leadership provided by the new administration.
According to Paul Herman, founder of HIP Investor, a San Francisco-based company which advises investors and corporations on how to be more sustainable and profitable, the United States could be the world’s leader in producing the technology for alternative energy.
“That is something possible in one presidential term. Today for solar energy, it is a competition between China, the United States and Germany. If there was a government incentive to invest in it, large corporations like General Electric would. China has invested 586 billion dollars into its infrastructure, which will likely include investments in clean energy,” says Herman.
The best role for the United States government would be to set the efficiency metrics and rewards for outcome, but not prescribe what process or technologies companies should use, Herman says.
“For example, when the government subsidised the price of ethanol, it put pressure on corn prices. A better approach would be when the government set fuel efficiency standards, which they have not updated,” explains Herman, who believes the top companies in the US could be doing much more.
“Of the S&P 100, a third are reporting sustainability data and actively integrating that within their management systems. Only ten of the 100 are actively educating Wall Street and just a few are having proactive conversations with shareholders on this topic,” says Herman.
Cross-sector discussions also remain limited and it is yet to be seen if a government push will be enough to bridge the divide, or if it will take another crisis to get companies to shift from self-interest towards a common interest.
The Secret of 'The New Marketing' by Seth Godin.
This, in two words, is the secret of the new marketing.
Find ten people. Ten people who trust you/respect you/need you/listen to you...
Those ten people need what you have to sell, or want it. And if they love it, you win. If they love it, they'll each find you ten more people (or a hundred or a thousand or, perhaps, just three). Repeat.
If they don't love it, you need a new product. Start over.
Your idea spreads. Your business grows. Not as fast as you want, but faster than you could ever imagine.
This approach changes the posture and timing of everything you do.
You can no longer market to the anonymous masses. They're not anonymous and they're not masses. You can only market to people who are willing participants. Like this group of ten.
The timing means that the idea of a 'launch' and press releases and the big unveiling is nuts. Instead, plan on the gradual build that turns into a tidal wave. Organize for it and spend money appropriately. The fact is, the curve of money spent (big hump, then it tails off) is precisely backwards to what you actually need.
Three years from now, this advice will be so common as to be boring. Today, it's almost certainly the opposite of what you're doing.
Catch Seth at his blog.
No Time? Focus on the Important.
Busy people have two options when they decide how their workdays will go: they can choose to be reactive to urgent demands on their time, or proactive about focusing on what they decide is important. The only way to actually get things done is to mitigate the urgent to work on the important.
Busy people have two options when they decide how their workdays will go: they can choose to be reactive to urgent demands on their time, or proactive about focusing on what they decide is important. The only way to actually get things done is to mitigate the urgent to work on the important. Let's differentiate between what I call urgent and important.
Urgent tasks include things like that frantic email that needs a response RIGHT NOW; a sudden request that seems like it'll only take two minutes but often ends up taking an hour; a report you've got to write up before a meeting. More often than not "the urgent" is putting out fires, or busywork, or tasks that you'd rather do first because they're less intimidating than your current project list.
Urgent tasks are usually short-term and we're drawn to them because they keep us busy and make us feel needed. (If we're busy people, we must be important people.)
But dealing with a constant stream of urgent tasks leaves you wrung out at the end of the day, wondering where all the time went, staring at the undone actual work you've got to complete.
On the flip side, important work moves you and your business towards your goals. The important stuff doesn't give us that same shot of adrenaline that the urgent requests do. It can involve thinking out long-term goals, being honest about where you are and want to be, and just doing plain hard work that feels boring and tedious. On a personal level, important stuff may include making time to get to the gym every day. On a business level, important stuff may be devising your yearly plan, breaking it down into quarterly and monthly deliverables, and evaluating your current performance against last year's plan. (Doesn't the mere thought of going to the gym and deciding on this year's goals make you want to check your email? Still, that's the work that will help you meet your goals.)
If your workplace encourages that frantic vibe of headless-chicken running and constant urgency, it can feel impossible to focus on what's important versus what's urgent. Still, an awareness of the difference and a few simple techniques can help.
Choose three important tasks to complete each day. Write them down on a slip of paper and keep it visible on your desk. When you have a moment, instead of checking your email, look at the slip, and work on an item. Keep the list to just three, and see how many you can complete.
Turn off your email client. Shut down Outlook, turn off new email notifications on your BlackBerry, do whatever you have to do to muffle the interruption of email. When you decide to work on one of your important tasks, give yourself an hour at least of uninterrupted time to complete it. If the web is too much of a temptation, disconnect your computer from the Internet for that hour.
Set up a weekly 20-minute meeting with yourself. Put it on your calendar, and don't book over it — treat it with the same respect you'd treat a meeting with your boss. If you don't have an office door or you work in an open area that's constantly busy, book a conference room for your meeting. Go there to be alone. Bring your project list, to-do list, and calendar, and spend the time reviewing what you finished that past week, and what you want to get done the following week. This is a great time to choose your daily three important tasks. Productivity author David Allen refers to this as the "weekly review," and it's one of the most effective ways to be mindful about how you're spending your time.
by Gina Trapani at HBR.
Want to keep your job? Be happy.
Does the recession with its rampant layoffs and cutbacks make your job look better all the time? Believe it or not, donning a pair of "recession goggles" can be good for your career and your mental health. Research shows that an attitude of gratitude in trying times can not only help you keep your job, but get you the job you want.
Study shows that a bright disposition helps workers navigate darker times.
By Becky Fleischauer
Does the recession with its rampant layoffs and cutbacks make your job look better all the time? Believe it or not, donning a pair of "recession goggles" can be good for your career and your mental health. Research shows that an attitude of gratitude in trying times can not only help you keep your job, but get you the job you want.
It's a counterintuitive concept, for sure. In today's economic maelstrom, the most common responses are panic, fear, anger, distrust, and even hostility. But a Harvard Business Review article "How to Protect Your Job in a Recession" studied the characteristics of recession survivors and found that those who avoided being cut were cheerful, likable, generous contributors, and not necessarily the most skilled and proficient.
"Just don't be the guy who's always in a bad mood, reminding colleagues how vulnerable everyone is. Who wants to be in the trenches with him?" caution authors Janet Banks and Diane Coutu.
Workplace relationship expert Courtney Anderson agrees, and observes that tolerance for bad actors – particularly those higher up the food chain – is shrinking.
"The handwriting is on the wall for them in a lot of organizations," says Ms. Anderson, founder of Courtney Anderson & Associates, a human resources firm in Austin, Texas. "When times are good, companies will tolerate a lot. But in this economy, every single decision is double- and triple-checked. It will be tough for the really poor managers to make it through,"
This could explain why the ax is falling higher up the management chain. Companies are looking to save more money, and bigger salaries yield larger savings. Today's unemployment rate for college-educated workers, 4.1 percent, is the highest it's been since the US Bureau of Labor Statistics began tracking the data in 1992. It is more than twice its prerecession level, according to the Center for Economic and Policy Research, putting the risk of being unemployed proportionately higher for college-educated workers than for less-educated ones.
When productivity is in decline, Anderson says, other factors gain more value in the decisionmaking process about who stays and who goes. "I used to go to organizations," Anderson says, "and they would describe a horrible situation: 'Felicia curses people out, she yells and is mean, but she delivers.' They would want me to figure out how to keep the person and be flexible because the person delivered. Now, with the current macroeconomic picture, they won't put up with it. There is a financial opportunity to get rid of the people who create problems."
Anderson says corporate leaders are now placing more value on workers who add positive energy to the atmosphere beyond increasing sales and visibility. She says that includes placing those who are grouchy and unpleasant on the layoff list, but also the person who never says anything, the colleague who is invisible and flies under the radar.
"All variations of not contributing and making it a positive, efficient workplace are being considered," Anderson says. If striking a cheerful pose in tough times doesn't come naturally, consider that it does require conscious effort. And even the act of trying to be happy can make a difference.
"If you stay positive, you'll have more influence on how things play out," advise Ms. Banks and Ms. Coutu. Banks is a veteran of at least a dozen corporate downsizings, and Coutu has studied resilience in many settings. They say survivors and those who leverage layoffs to their advantage focus on anticipating the needs of customers and those above and below them inside the office.
During periods of numerous layoffs, vacuums occur at all levels, leaving many opportunities to help your boss and the company get more accomplished. "Prove your value to the firm by showing your relevance to the work at hand," Banks and Coutu note, "which may have shifted since the economy softened."
The key to donning recession goggles is to make decisions you won't regret when the recession fades and more prosperous times return.
"We should affirm to ourselves each day why we are doing what we do," Anderson says. "If you are truly, truly miserable, even in a bad economy, you may be better off doing something else: taking a break, going back to school, or working part time. It's valid to ask ourselves: 'Do I enjoy this? Why am I here?' Reevaluate."
She reminds us that if you find you are in a job exclusively for the paycheck – that is, uh, OK. It is a superb reason to go to work and be satisfied in this economy.
"You can still go to work and have a good day," Anderson says. Especially pay day. "Bad times remind us all of the basics.... We shouldn't take things for granted."
Things I learned from Warren Buffett.
I just went back to my notes from a video of Warren Buffett speaking his mind. Here are a few of his tips on investing, business, and life.
There are no called strikes in the ballgame of investing. You do not lose a single penny by passing on any given investment. Even if someone else hits a homerun with it, doesn’t mean that you are missing out. That said, you will have to swing the bat if you ever want to get anywhere. Just make sure it is a good pitch.
Do business with people you like and who share your objectives. Money should not be only consideration when making business decisions. We have all worked with some people who we would have paid any amount NOT to work with. If we could quantify joy and happiness, it would be easy to see that working with people you like would far outweigh the joy received by getting more money with bad business partners.
Invest in companies selling products that consumers are not concerned with price.
It’s not about the biggest motor, but the most efficient motor. A smaller company that is run efficiently is going to do better for their shareholders than a mammoth company with wasteful spending.
Don’t worry about what the stock market will do, focus on what the company will do. Good companies can and will go up even in the middle of falling market.
With stocks it is hard to know WHEN something will happen, but it is easy to know WHAT will happen. Everyone seems to be concerned with the WHEN, but focusing on the WHAT seems to yield a nice fruit.
Find companies with endless demand for their products. Funeral homes will always be needed, because people are still dying.
Leave your children enough money so they can do anything, but not enough that they don’t have to do anything.
Decision making abilities fade as cash flow increases. If you only have $5 in your pocket until the end of the week, it is likely that you will make a good decision with it, because it is all you have. On the other hand, if you have $100 for the week, your decisions regarding a $5 purchase are far less critical since you have another $95. Therefore, people tend not to treat those decisions with the same respect they would if it was their last $5.
How To Manage The Unmanageable.
Due to many interpersonal, generational, or behavioral elements — you will always bump into the troubled employee. How do you manage them?
Many times during my 20+ years of corporate management, I ran into certain team members who just didn't play by my rules. This is not a rare situation in business and there are three clear outcomes:
You ultimately fire them. (bad)
You understand how they 'operate' and then you integrate their style into your processes. (better)
You teach them how to work within your management structure. (best)
Of course the first is the last resort, but I've had to do this on a number of occasions — usually do to the associate's disinterest of their position. In the end, it's better for the both of us.
The second outcome, being flexible, is a better outcome, but causes you to modify your management, their communication, work habits, delivery for each of your team members. That's okay when you have 1-2 direct reports, but it becomes unmanageable when you have 5-7. Now some will disagree with me (and I encourage your comments!) - and you might manage your team this way presently - but the personalized nature of this management style will cause you to spend more hours than necessary trying to understand, manage, and navigate each personality.
So, the third — have them work within your management style is the best. Why? They ascribe to your schedule, your input/output of communication, and they align with your measures of interaction with their teams. Another side benefit is that they learn another management method that might be better than their own, developing a flexible work style that will benefit them for their entire career.
One way I got my team to report to me is to use this basic template each time we had a status meeting:
What did I accomplish?
What is planned for next week?
Long Term Projects (with deadline dates)
Concerns & Issues (with solutions)
If each team member filled this out, I could immediately see what they got accomplished, what they will be working on, what is on the horizon, and what obstacles they are running into. The only two rules — they have to keep it to one page and the bulleted items underneath each area must be short phrases - not run-on sentences. This allowed me to review quickly and make comments. Our meetings were quick, focused and powerful.
In addition, they then review their week and slowly become more delivery focused. No more run-on projects without an end date. At the end of the year, it also makes their review soooo easy - they just review a summary of their sheets.
There are three types of people in this world.
Those who make things happen.Those who watch things happen. Those who wonder what happened.
Which one will you be today?
We use the Robert Langdon/Sophie Neveu characters from Dan Brown's The DaVinci Code as examples with many of our clients. What are they like?
Smart - top of their professions.
Heroic - will do what has to be done.
Action-oriented - when confronted with a problem/obstacle, they take action.
Focused - thinks deeply about the topic at hand.
Clever - thinks outside of the box.
Communicative - takes charge, but not in an offensive way.
We can go on and on. Bottom line, these two characters present personas that one can use to take action, rather than retreat and let someone else take a chance. It might sound funny or ridiculous - but next time you find yourself in an uncomfortable situation, one where you are forced to step out of your comfort zone - pick a character - and focus on their strengths, make them yours, and you will initiate action immediately.
Short Term Thinking.
What ever happened to Five Year Plans? Long Term Planning?
It's probably the reason why our economy is in the state it is currently in.
It's most likely why many companies fail to grow and just keep things the same.
It's the reason why your team is always questioning your decisions.
It's the reason why there is massive churn at the top of many companies.
What ever happened to Five Year Plans? They became dirty words over the past 10 years. Anyone who ascribed to a 3-5 year plan was not a forward thinker, someone who was not 'up with the times', or a 'Web 2.0' executive (by the way, Web 2.0 as a descriptive term has been dead for a long time).
What the business glitterati forgot is that long term planning is focused on a GOAL - and the route to that goal might change - and even the goal might change. Unfortunately, the latest fad 'state' of executive management is to come on board and throw out everything that was done before and start anew. Then your successor comes on board (after you have received a very handsome golden parachute) and throws out your plan and begins anew. And so it goes.
I charge that this cleansing of capitalism must wash away the flippant ways of past executives. We need the captains of industry to lead with bold visions and stay the course - and never waver. I hope I am right.
What long term plans do you have?