Executive Perspectives: Impact of Digital Transformation

Digital transformation is a topic that comes up every time I talk with leaders.  Whether you’re in human resources, finance, IT or in other parts of the organization, the impact of digital and how it’s transforming the way we work is top of mind.  I am partnering with Infor on a series of webinars to help executives gain perspective and insight on many of the ways technology is changing the workplace.

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Please join me tomorrow, July 27th,  for a free webinar with Infor execs, Charles Cagle and Bill Vellante, as we discuss the ways leaders can be ready for the changes.   Register here today.

How The Laws of Wealth Can Improve Your Management Game

I was looking for some summer reading.  Something that would challenge me, inspire me, and help me continue on my path to being a better leader.  Mission accomplished!

3d-bookWhether you’ve been a long-time reader, know me personally, or are just finding this blog, you’ll find that I am someone who likes to look to industries outside of the traditional HR arena when it comes to learning how to be a better leader.  For example, I’ve gravitated to science and design as places to look for inspiration on creating better leadership practices or people-relations experiences.  Additionally, as someone who has held high level HR positions that tied closely to the CFO and finance teams in organizations, the role of understanding the impact of finance on the people practices is equally important.

With that in mind, I found a new resource from the finance world for leaders and managers to use in their day-to-day people management.  To be clear and upfront, this is in no way a paid endorsement and I did not receive anything “free” in order to make this recommendation.  The source I’m sharing today is a new book by author Dr. Daniel Crosby.  If you’re not familiar with him yet, you should be.  Dr. Crosby’s book The Laws of Wealth is not only helpful as an individual striving to have better understanding of your personal finances and approach.  It’s a source that has components that can be used in managing people.

Dr. Crosby shares chapters dedicated to specific steps the reader can take to have a better approach to financial self-management.  These same steps can be applied to your role as a leader or manager trying to manage yourself and your team.   Let me share a few examples from Dr. Crosby:

  • You control what matters most- Over the last 20 years, the market has returned an average of 8.25% per annum, but the average investor has gotten just over 4% of that. The highs and lows of the market may be out of your hands, but how you choose to behave is within your power, and is just as important a driver of returns.
  • You cannot do this alone- Most people understandably assume that the greatest value offered by a financial advisor is, well, financial advice. Not so. Vanguard’s “Advisor’s Alpha” study shows that working with an advisor provides around 300 basis points of outperformance and that fully half of that value comes from behavioral coaching. Morningstar, Aon Hewitt, and Envestnet all have similar studies showing that hand holding trumps stock-picking when it comes to optimizing returns.
  • Trouble is opportunity- We are all familiar with the Oracle of Omaha’s admonition to be “greedy when others are fearful and fearful when others are greedy,” yet so few of us manage to successfully view a downturn as the opportunity it truly is. There is true joy (and riches) to be had in financial schadenfreude, so commit yourself to continue investing and even upping your savings when times are bad.
  • You are not special- Robert Shiller is fond of saying that “This time it’s different” is the most dangerous phrase in investing. While mania can carry a market for a time, the truth about what works long-term on Wall Street is pretty boring (think paying a fair price for a profitable company) and is unlikely to fundamentally change.
  • Forecasting is for weathermen- Famed contrarian David Dreman found that from 1973 to 1993, of the 78,695 estimates he looked at, there was a 1 in 170 chance that analyst projections would fall within plus or minus 5% of the actual number. The smartest people in the world don’t bother with the crystal ball. Said JP Morgan of the market’s future trajectory, “It will fluctuate.”

His themes of how we are not always in control as leaders, how we have to rely on others to be successful and have optimal results, how trouble is inevitable and the importance of managing well in a downturn, that we are not special and thus learn from each other, and that looking constantly into a crystal ball instead of real life is not the best way are all themes that hit home for me.

If those examples ring true for you, pick up The Laws of Wealth today.  Who knew that a finance-focused book could become the best summer reading you’ve had?  For more information, you can follow Dr. Crosby on Twitter @danielcrosby or find resources on his site Nocturne Capital.

Weigh In: The Impact of Talent Management Technology Survey is LIVE Now

cropped-H3_HR_Advisor_300x100.pngH3 HR Advisors is proud to launch our first Talent Management Technology Impact survey in conjunction with iPractice (Perry Timms and Adelaida Manolescu). As the reach and impact of Talent Management technology increases, organizations are looking to compare their use to other successful organizations. This survey will measure and compare those impacts.

Please take a moment to respond and to share with all your HR friends and colleagues. Thank you!

Impact of Talent Management Survey is LIVE Now

H3_HR_Advisor

H3 HR Advisors is proud to launch our first Impact of Talent Management Technology survey in conjunction with iPractice ( Perry Timms and Adelaida Manolescu).  As the reach and impact of Talent Management technology increases, organizations are looking to compare their use to other successful organizations. This survey will measure and compare those impacts.

Please take a moment to respond and to share with all your HR friends and colleagues.  Thank you!


Perks and Upgrades: Why Occasionally Spending More Makes Sense

Datsun B210I read an article that said that the Datsun B-210 was voted one of the ugliest cars of all time.  Now, just looking at the picture, it would be hard to argue that it is not one of the ugliest cars.  I’m not sure why they have it pictured with a train, because it certainly was not faster than a train- not even close.  And the color choice?  That 1978 burn orange is really attractive, if you’re into pumpkins.

I know it wasn’t the most attractive car of all time.  But, it certainly had its good points.  My dad actually owned a car just like the one pictured.  It was small and had no frills.  No air, no power anything.  It did come with an AM radio, but that was all.  I’m sure he bought it just to get to and from work.  He was a plant manager at a zinc refinery so it was definitely not a place you would want to take a nice car.  The chemicals from the plant ruined the paint on every car in the lot.  The reason I had the pleasure of riding in the car was that my dad thought it would be the perfect fuel-efficient mode of transportation one summer to travel from St. Louis to St. Petersburg Beach, FL.  That had to be about the longest, hottest, 21 hours in a car I can say I have ever had.  But, it got us to our destination and back home again.

We only kept that car for about two years.  Sure, it was practical at the time, but with a growing family it just didn’t make sense.  And based on the amount of time spent in the car, my parents realized that they needed a few perks and upgrades.

Really, the car is symbolic of choices each of us make every day.  In human resources, are we no different.  The economy is bad.  Is your company in the market for new HR technology?  A new recruiting tool?  Do you need help from a consultant?  I know the tendency is to shy away from spending.  But, that is only good in the short term.  If you buy the “practical but cheap” technology, you can bet you’ll be sorry in a year or two.  The economy will rebound.  Your business will grow.  Then, you’ll be back at square one and having to pay much more than if you negotiate today.

Some people will disagree, but I feel strongly about this.  Invest NOW in your company.  The time is right, the pricing is right.  Think about your next five to ten years, not just about today.

What do you think?  Is your company keeping spending on hold?  Are they spending but buying the practical or cheaper technology?  Or, are they visionaries who are taking a little risk and investing in the company’s future?  I’d love to hear in the comments.

Hate Your Boss? How to Bridge the Personality Gap

Free-Rating-Buttons-PSDDo you like your boss?

Maybe that’s not a fair question.  The real question is… “Do you like your boss enough to stay with the organization?”  In my career in HR, I’ve fielded complaints ranging from dislike of micro-managers to working for someone who is so distant that a relationship never forms.  I’ve found that as I’ve worked with executives over the last 18 years, one thing stands out…. if there is not a match in style between the leader and the subordinate, ultimately that working relationship will suffer.  Over time, either the employee will become dissatisfied and leave the company, the leader will not be satisfied with the employee and performance will suffer, or both people stay in the relationship and the department never reaches it’s full productivity potential.

Awhile back, I was reading an article in Scientific American Mind on Attachment Theory.  The article was about the role that Attachment Theory plays in romantic relationships.  It struck me that although they were focusing on romantic relationships, the theory plays out in our work relationships as well.  Attachment Theory was first discovered by Mary Ainsworth, an American psychologist.  Her work with a British researcher, John Bowlby, resulted in the idea that people who have a strong attachment to others, specifically their caregivers, are more likely to survive.  The three types of attachment are:

  • Secure– This person has a solid base and is able to explore their environment.  They’re more likely to learn and thrive and are comfortable with intimacy.
  • Anxious–  This person is overly worried about where the other person (ie. parent, romantic partner or boss) is and what they are doing.  By being preoccupied with that, they are not easily able to focus their attention on the situation at hand.
  • Avoidant– This person believes that if they allow a close, trusting relationship to form, they will lose their independence.  They try to minimize closeness in their relationships and keep other people at arms length.

The impact of this in the workplace can be huge.

If there is a mis-match of the boss’ attachment style and yours and you do not recognize it, your relationship may never see success. One or both of you will be disappointed in the other person.  This disappointment will cause friction over time if not addressed and eventually, something has to give. Recognizing your own attachment style can help you in your relationships because then you can make adjustments to aid in bridging the gap. According to the article authors, Amir Levine and Rachel S.F.Heller, “attachment principles teach us that most men and women are only as needy as their unmet needs.  When their emotional needs are met, they usually turn their attention outward.  This result is sometimes referred to in the literature as the ‘dependency paradox’: the more effectively dependent people are on one another, the more indpendent and creative they become.”

As we help leaders, or as we review our own leadership style, the message is clear.  We need to help stack the deck by working toward having a more secure and trusting relationship with our boss.  This is where HR can really help an employee focus efforts on strategies to reach that goal instead of focusing on all the problems in the working relationship.

I’d love to hear your thoughts on these attachment styles and how you’ve seen relationships play out in the workplace.  What has worked and what hasn’t?

Anagnorisis & Peripeteia: What In the World Did I Sign Up For?

I stumbled upon a TEDx talk by Mike Rowe where he told a story of how he had to castrate lambs as part of his Dirty Jobs television series.  While he makes no preparation for the jobs he agrees to take on, in this instance, he said he had to do a bit of research to determine how this would work.  He learned that castration is done (typically and according to the Humane Society) using a rubber band.  It apparently takes about a week for them to drop off.  What they didn’t tell him is that it is an excruciating process for the lamb and that it is a week of pain.  I recommend watching his talk to learn what he had to do instead…

At any rate, the point of his talk turned into a discussion of anagnorisis and peripeteia.  Anagnorisis is the transition from ignorance to knowledge and peripeteia is a sudden turn of events where you often realize that everything you thought was right is suddenly reversed.  It was about learning what you’ve gotten wrong in your perception about work, how to recognize this and then change.

 

Food For Thought

What are the misconceptions of work that we all have that we continue to perpetuate based on our own ignorance?  Is it the idea that following our passion is the only way to go?  We all think we want that.  What if our passion doesn’t pay?  What if we are so ignorant in our current state of following the herd or even a bad leader that we are completely missing out on anagnorisis?  What if ALL the constructs of business and HR and technology are getting it wrong and we’re all just following along?

It’s a lot to think about and I don’t claim to have all the right answers.  What I DO know for sure is that if we stop questioning the status quo, we deserve what we get.  The only way to make progress~ real progress~ is to question what other people believe as truth.

  • We have to do what is necessary in order not to become complacent
  • We have to stop relying on organization or bosses to take care of us
  • We have to step up and be accountable and operate on principle
  • We have to keep questioning and changing processes
  • We have to examine and re-examine our technology choices so that we have the right solutions in place
  • We have to push the gas instead of continuing to coast

In closing, I share a quote that Mike Rowe said.  “The jobs we hope to make and the jobs we hope to create aren’t going to stick unless they are jobs people want.”  Think about that as you examine your own work and as you think about the positions you create in your organization.

I welcome your comments.

Stop! 3 Things Leaders Should Not Do on March 6th

I have to admit up front that I am not a fan of made up, fake holidays.  I always figured if anyone in my life needed to use a made-up reason to say they love me (Valentines Day) or appreciate me (Mother’s Day), then they really don’t know me at all.  I would much rather have someone tell me they love or appreciate me on a random Tuesday then sending me a dozen roses that cost $150 on one of those days.  As an aside, this cynicism likely comes from working at a florist in my teenage years and seeing men forget their loved one until the last minute, then rush in to buy said $150 roses just to stay out of trouble.

candy_jar_tootsieWell, we are on the eve of yet another made up holiday…..Employee Appreciation Day.  It’s coming to an office near you on March 6th.  Don’t get me wrong, I am a BIG supporter of telling your team and all your employees how much you appreciate them.  I am a fan of hand written notes, emails, phone calls, taking them out to lunch and more.  What I am not a fan of is the leader who never tells their employee how much they appreciate them, then only does on March 6th as a way to think it’s “all good” for the year.

There are already articles and letters floating around from various organizations telling leaders how they can recognize their employees easily and with almost no thought at all.  It is unreal.  I’m here to say right now that if you are a leader, it is supposed to be hard, not easy.  It is supposed to take time, you are supposed to give feedback and you should put thought into it.  Here are 3 things you SHOULD do on March 6th, Employee Appreciation Day to turn the tides on the “easy” approaches that are not meaningful:

  1. Form Letters-  First, do NOT send the form letters full of jargon and business-speak.  At least, do not send them in the spirit intended.  Instead, print out the letter with all the (insert employee name here, insert project here, etc.) left in.  Then, hand write a note at the bottom sincerely telling the employee how much you appreciate them and that you’d never send them a form letter like the one the note is written on.  It will be quirky and unique.  Another option is to call the team together and start reading the form letter mentioned above to them.  As they look at you completely perplexed, stop reading and tell them they mean more to you than a form letter could ever say.  Go around the room, in front of their peers, thanking them and giving examples of what each person does to bring value to the team.
  2. Donuts-  I know, you’re probably thinking that Krispy Kreme or Duncan Donuts is RIGHT on your way to work and you can grab a couple dozen from the drive-thru.  Don’t do it!  Instead, do some reconnaissance today and find out what kind of candy, gum, or healthy snack each team member loves.  Go to the store and buy each employee’s favorite thing.  It will take more effort, that much is true.  The cost will not be more though and I guarantee that a sincere thank you as you hand the person their favorite snack will be well worth the effort.  I once had a boss bring me a huge canister of Tootsie Rolls “just because” I was working hard.  Since that’s one of my favorite candies, it was a wonderful surprise and I knew she valued me.
  3. Gift Cards- We’ve all heard the expression that money can’t buy you love.  The same holds true with  a thank you.  Sure, a $5 gift card for coffee is nice, but it’s the easy way out.  Instead, do a more personal act of service.  Something like asking each staff member if they would like something to drink, then going to your company kitchen or the local store, or even coffee shop, and picking it up or making it for them.  It becomes an act of service and for a boss to do something nice that makes them go out of their way is much more meaningful to the employee.

So, there you have it.  Three ways you can make a more meaningful impact in the way you thank your staff.  Oh, and by the way….thank YOU for wanting to do more to recognize them.  It takes a great leader to want to go the extra mile!