Tag: Harvard Business Review

  • A Blueprint to Help Companies Fully Capitalize on Social Media Investments

    Social media has proven to be a powerful tool to reach relevant audiences, uncover new insights and opportunities, and drive deeper, more personalized relationships with customers. Brands recognize this and have steadily increased their budgets to fuel social media initiatives. But they also know they are leaving many benefits on the table as they struggle to deliver on expected ROI, which can limit further investment.

    In the face of these challenges, many marketers admit their attribution models still need work and that they need to do a better job integrating social media across the full breadth of their marketing efforts. But the path from today’s largely brand-building use cases to a more sophisticated realization of social media’s potential is not always clear.

    Those who dive deeper into social media’s capabilities in both research and direct customer engagement are seeing an increase in performance that creates compounding value across the business.

    Meltwater has sponsored research by Harvard Business Review Analytic Services to further examine how brands can capitalize on their social media investments. Through interviews with brand leaders and social media experts, this report shares effective strategies to optimize the use of social media tools, resources, and capabilities across the entire marketing spectrum.

    To read the full report, click HERE

  • What Great Listeners Actually Do

    Good listening is much more than being silent while the other person talks.

    Chances are you think you’re a good listener. People’s appraisal of their listening ability is much like their assessment of their driving skills, in that the great bulk of adults think they’re above average.

    In our experience, most people think good listening comes down to doing three things:

    • Not talking when others are speaking
    • Letting others know you’re listening through facial expressions and verbal sounds (“Mmm-hmm”)
    • Being able to repeat what others have said, practically word-for-word

    In fact, much management advice on listening suggests doing these very things – encouraging listeners to remain quiet, nod and “mm-hmm” encouragingly, and then repeat back to the talker something like, “So, let me make sure I understand. What you’re saying is…” However, recent research that we conducted suggests that these behaviors fall far short of describing good listening skills.

    We analyzed data describing the behavior of 3,492 participants in a development program designed to help managers become better coaches. As part of this program, their coaching skills were assessed by others in 360-degree assessments. We identified those who were perceived as being the most effective listeners (the top 5%). We then compared the best listeners to the average of all other people in the data set and identified the 20 items showing the largest significant difference. With those results in hand we identified the differences between great and average listeners and analyzed the data to determine what characteristics their colleagues identified as the behaviors that made them outstanding listeners.

    We found some surprising conclusions, along with some qualities we expected to hear. We grouped them into four main findings:

    • Good listening is much more than being silent while the other person talks. To the contrary, people perceive the best listeners to be those who periodically ask questions that promote discovery and insight. These questions gently challenge old assumptions, but do so in a constructive way. Sitting there silently nodding does not provide sure evidence that a person is listening, but asking a good question tells the speaker the listener has not only heard what was said, but that they comprehended it well enough to want additional information. Good listening was consistently seen as a two-way dialog, rather than a one-way “speaker versus hearer” interaction. The best conversations were active.
    • Good listening included interactions that build a person’s self-esteem. The best listeners made the conversation a positive experience for the other party, which doesn’t happen when the listener is passive (or, for that matter, critical!). Good listeners made the other person feel supported and conveyed confidence in them. Good listening was characterized by the creation of a safe environment in which issues and differences could be discussed openly.
    • Good listening was seen as a cooperative conversation. In these interactions, feedback flowed smoothly in both directions with neither party becoming defensive about comments the other made. By contrast, poor listeners were seen as competitive — as listening only to identify errors in reasoning or logic, using their silence as a chance to prepare their next response. That might make you an excellent debater, but it doesn’t make you a good listener. Good listeners may challenge assumptions and disagree, but the person being listened to feels the listener is trying to help, not wanting to win an argument.
    • Good listeners tended to make suggestions. Good listening invariably included some feedback provided in a way others would accept and that opened up alternative paths to consider. This finding somewhat surprised us, since it’s not uncommon to hear complaints that “So-and-so didn’t listen, he just jumped in and tried to solve the problem.” Perhaps what the data is telling us is that making suggestions is not itself the problem; it may be the skill with which those suggestions are made. Another possibility is that we’re more likely to accept suggestions from people we already think are good listeners. (Someone who is silent for the whole conversation and then jumps in with a suggestion may not be seen as credible. Someone who seems combative or critical and then tries to give advice may not be seen as trustworthy.)

    While many of us have thought of being a good listener being like a sponge that accurately absorbs what the other person is saying, instead, what these findings show is that good listeners are like trampolines. They are someone you can bounce ideas off of — and rather than absorbing your ideas and energy, they amplify, energize, and clarify your thinking. They make you feel better not merely passively absorbing, but by actively supporting. This lets you gain energy and height, just like someone jumping on a trampoline.

    Of course, there are different levels of listening. Not every conversation requires the highest levels of listening, but many conversations would benefit from greater focus and listening skill. Consider which level of listening you’d like to aim for:

    Level 1: The listener creates a safe environment in which difficult, complex, or emotional issues can be discussed.

    Level 2: The listener clears away distractions like phones and laptops, focusing attention on the other person and making appropriate eye-contact. (This behavior not only affects how you are perceived as the listener; it immediately influences the listener’s own attitudes and inner feelings. Acting the part changes how you feel inside. This in turn makes you a better listener.)

    Level 3: The listener seeks to understand the substance of what the other person is saying. They capture ideas, ask questions, and restate issues to confirm that their understanding is correct.

    Level 4: The listener observes nonbverbal cues, such as facial expressions, perspiration, respiration rates, gestures, posture, and numerous other subtle body language signals. It is estimated that 80% of what we communicate comes from these signals. It sounds strange to some, but you listen with your eyes as well as your ears.

    Level 5: The listener increasingly understands the other person’s emotions and feelings about the topic at hand, and identifies and acknowledges them. The listener empathizes with and validates those feelings in a supportive, nonjudgmental way.

    Level 6: The listener asks questions that clarify assumptions the other person holds and helps the other person to see the issue in a new light. This could include the listener injecting some thoughts and ideas about the topic that could be useful to the other person. However, good listeners never highjack the conversation so that they or their issues become the subject of the discussion.

    Each of the levels builds on the others; thus, if you’ve been criticized (for example) for offering solutions rather than listening, it may mean you need to attend to some of the other levels (such as clearing away distractions or empathizing) before your proffered suggestions can be appreciated.

    We suspect that in being a good listener, most of us are more likely to stop short rather than go too far. Our hope is that this research will help by providing a new perspective on listening. We hope those who labor under an illusion of superiority about their listening skills will see where they really stand. We also hope the common perception that good listening is mainly about acting like an absorbent sponge will wane. Finally, we hope all will see that the highest and best form of listening comes in playing the same role for the other person that a trampoline plays for a child. It gives energy, acceleration, height and amplification. These are the hallmarks of great listening.

    Authors: Jack Zenger and Joseph Folkman

    Original Content Published by Harvard Business Review

  • Parents Who Lead in Pandemic Times

    As April, the cruelest month, comes to a close in this terribly disruptive pandemic time, I want to express my heartfelt appreciation for all the support given to me and my co-author Alyssa Westring in last month’s launch of our book, Parents Who Lead.  

    We are deeply gratified to see how this book has been of use to so many working families at a time when they urgently need the help it offers. We never imagined the book would arrive at a moment when the physical boundaries that used to separate work and family life have been obliterated, when working parents are struggling to guide their children’s schooling at home, and when everyone is anxious about the profound uncertainties of our new world order. 

    Parents Who Lead has relevance these days in ways we could not foresee. Our evidence-based guidance – for how to take practical steps to focus on what matters most, on who matters most, and on experimenting with new ways to live and work that are sustainable because they serve both personal and collective interests – is resonating with working parents and their employers in this strange episode of our history.

    There are lots of practical articles, fascinating podcasts, and media coverage about the book here. One of my favorites is this special edition of my SiriusXM Wharton Business Radio show, featuring the Wharton alumni who were subjects for the book. Below are a few of the pieces that draw on Parents Who Lead and directly address our newly-upended world:

    Read

    • Harvard Business Review– How Working Parents Can Support One Another.
    • Bloomberg – Be the Coronavirus Boss Working Parents Need.
    • Business Insider – To Raise Children Who Are Resilient and Optimistic, Parents Can Use Discussing Coronavirus as an Opportunity. Here’s How to Get Started.

    Listen

    More Free Resources

    Our book helps people gain a greater sense of purpose, control, and connection. Here’s the first chapter, a study guide to ignite conversation about the big ideas, and a 1-pager composed in response to inquiries about how to use the book for teams and organizations.

    Since the pandemic, my Wharton classes, book talks, and speaking engagements have migrated to the virtual realm, making it in some ways easier for people to be part of the conversation. My online courses on Coursera and LinkedIn Learning (free for premium subscribers) are more popular now because of a newly-urgent interest in leading with values. While our SiriusXM studio on the Penn campus has been shuttered, my weekly show, Work and Life, on air since 2014, had been on hiatus, but we’re back now, recording from home, with fresh episodes that bring expertise to help us face the work and life challenges of a changed world. Free podcast versions are here.

    Question Everything

    I’m exploring potential research avenues on creating harmony between work and the rest of life as we move toward recovery from the pandemic and want to know what’s on your mind. So, what’s the most important question you would want me to address? Write to me with your ideas: friedman@wharton.upenn.edu

    Let’s stay socially connected, while we ache for the end of physical separation, 

    Written By:
    Stew Friedman
    TotalLeadership.org

  • AI Is Changing Work — and Leaders Need to Adapt

    As AI is increasingly incorporated into our workplaces and daily lives, it is poised to fundamentally upend the way we live and work. Concern over this looming shift is widespread. A recent survey of 5,700 Harvard Business School alumni found that 52% of even this elite group believe the typical company will employ fewer workers three years from now.

    The advent of AI poses new and unique challenges for business leaders. They must continue to deliver financial performance, while simultaneously making significant investments in hiring, workforce training, and new technologies that support productivity and growth. These seemingly competing business objectives can make for difficult, often agonizing, leadership decisions.

    Against this backdrop, recent empirical research by our team at the MIT-IBM Watson AI Lab provides new insight into how work is changing in the face of AI. By examining these findings, we can create a roadmap for leaders intent on adapting their workforces and reallocating capital, while also delivering profitability.

    The stakes are high. AI is an entirely new kind of technology, one that has the ability to anticipate future needs and provide recommendations to its users. For business leaders, that unique capability has the potential to increase employee productivity — by taking on administrative tasks, providing better pricing recommendations to sellers, and streamlining recruitment, to name a few examples.

    For business leaders navigating the AI workforce transition, the key to unlocking the productivity potential while delivering on business objectives lies in three key strategies: rebalancing resources, investing in workforce reskilling and, on a larger scale, advancing new models of education and lifelong learning.

    Solution #1: Reallocate Capital Resources

    Our research report, offers a window into how AI will change workplaces through the rebalancing and restructuring of occupations. Using AI and machine learning techniques, our MIT-IBM Watson AI Lab team analyzed 170 million online job posts between 2010 and 2017. The study’s first implication: While occupations change slowly — over years and even decades — tasks become reorganized at a much faster pace.

    Jobs are a collection of tasks. As workers take on jobs in various professions and industries, it is the tasks they perform that create value. With the advancement of technology, some existing tasks will be replaced by AI and machine learning. But our research shows that only 2.5% of jobs include a high proportion of tasks suitable for machine learning. These include positions like usher, lobby attendant, and ticket taker, where the main tasks involve verifying credentials and allowing only authorized people to enter a restricted space.

    Most tasks will still be best performed by humans — whether craft workers like plumbers, electricians and carpenters, or those who do design or analysis requiring industry knowledge. And new tasks will emerge that require workers to exercise new skills.

    As this shift occurs, business leaders will need to reallocate capital accordingly. Broad adoption of AI may require additional research and development spending. Training and reskilling employees will very likely require temporarily removing workers from revenue-generating activities.

    More broadly, salaries and other forms of employee compensation will need to reflect the shifting value of tasks all along the organization chart. Our research shows that as technology reduces the cost of some tasks because they can be done in part by AI, the value workers bring to the remaining tasks increases. Those tasks tend to require grounding in intellectual skill and insight—something AI isn’t as good at as people.

    In high-wage business and finance occupations, for example, compensation for tasks requiring industry knowledge increased by more than $6,000, on average, between 2010 and 2017. By contrast, average compensation for manufacturing and production tasks fell by more than $5,000 during that period. As AI continues to reshape the workplace, business leaders who are mindful of this shifting calculus will come out ahead.

    Solution # 2: Invest in Workforce Training

    Companies today are held accountable not only for delivering shareholder value, but for positively impacting stakeholders such as customers, suppliers, communities and employees. Moreover, investment in talent and other stakeholders is increasingly considered essential to delivering long-term financial results. These new expectations are reflected in the Business Roundtable’s recently revised statement on corporate governance, which underscores corporations’ obligation to support employees through training and education “that help develop new skills for a rapidly changing world.”

    Millions of workers will need to be retrained or reskilled as a result of AI over the next three years, according to a recent IBM Institute for Business Value study. Technical training will certainly be a necessary component. As tasks requiring intellectual skill, insight and other uniquely human attributes rise in value, executives and managers will also need to focus on preparing workers for the future by fostering and growing “people skills” such as judgement, creativity and the ability to communicate effectively. Through such efforts, leaders can help their employees make the shift to partnering with intelligent machines as tasks transform and change in value.

    Solution #3: Educate for the Future Today

    As AI continues to scale within businesses and across industries, it is incumbent upon innovators and business leaders to understand not only the business process implications, but also the societal impact. Beyond the need for investment in reskilling within organizations today, executives should work alongside policymakers and other public and private stakeholders to provide support for education and job training, encouraging investment in training and reskilling programs for all workers.

    Our research shows that technology can disproportionately impact the demand and earning potential for mid-wage workers, causing a squeeze on the middle class. For every five tasks that shifted out of mid-wage jobs, we found, four tasks moved to low-wage jobs and one moved to a high-wage job. As a result, wages are rising faster in the low- and high-wage tiers than in the mid-wage tier.

    New models of education and pathways to continuous learning can help address the growing skills gap, providing members of the middle class, as well as students and a broad array of mid-career professionals, with opportunities to build in-demand skills. Investment in all forms of education is key: community college, online learning, apprenticeships, or programs like P-TECH, a public-private partnership designed to prepare high school students for “new collar” technical jobs like cloud computing and cybersecurity.

    Whether it is workers who are asked to transform their skills and ways of working, or leaders who must rethink everything from resource allocation to workforce training, fundamental economic shifts are never easy. But if AI is to fulfill its promise of improving our work lives and raising living standards, senior leaders must be ready to embrace the challenges ahead.

    Article appears in Harvard Business Review

    Author: Martin Fleming, who is IBM’s Chief Economist and Vice-President.