Tag: MEECO Leadership Institute

  • What High-Performance Workplaces Do Differently

    by Rob DeSimone

    December 12, 2019

    Employees now look to their workplace for purpose and development Companies that create a high-development culture achieve high performance Learn four development strategies to retain your best employees You’ve heard of high-performance workplaces, but how do they become “high-performance”? Gallup has discovered that one of the most important factors in creating a high-performance workplace is instilling a high-development culture: one that values the growth of individuals. Organizations that have made a strategic investment in employee development, Gallup finds, report 11% greater profitability and are twice as likely to retain their employees. It makes sense. High-achieving people (the ones who can grow your company) seek development. And all employees have a psychological need to learn and grow as human beings. Development at work satisfies two of the five essential elements of well being by fulfilling a person’s drive for career and social well being. Having a sense of purpose makes people feel great about what they do at work and helps them enrich and deepen their relationships outside of it.

    Nearly nine in 10 millennials say professional development or career growth opportunities are very important to them in a job. “Career growth opportunities” is the No. 1 reason people give for changing jobs. People need to be connected and involved in their workplace, and they want to be when that workplace offers them not only purpose, but also employee training and development. How to Create a High-Development Culture Perspective Paper Employee Engagement: Maximizing Employee Potential Learn how to build a high-development workplace culture driven by engagement that improves productivity, performance and profitability. Creating a high-development culture means more than adding a few learning programs and development plans to the roster. Here are four strategies that set the highest-performing workplaces apart:

    1. They protect their investment in employee development with a focus on increasing employee engagement. Many leaders fear that they will invest in their employees’ development only to see them walk out the door anyway. This does happen — but the best way to keep it from happening is to secure people’s psychological commitment through an employee engagement strategy. Organizations can foster commitment and improve engagement by meeting employees’ basic needs with clear expectations, sincere recognition, the right materials and equipment — and the rest of the 12 elements we outline in our employee engagement practices. People won’t stay with an organization or perform at their best — even if they’re given lots of development and learning opportunities — if they’re not engaged in their work and committed to the company. Read more about building a high-development culture through employee engagement.

    2. They avoid the most common misunderstanding about development. Companies have typically defined growth and development as a promotion. While effective development may involve a promotion, it doesn’t have to. Often, the employees who are really good at what they’re currently doing don’t necessarily want to be promoted — but they still want growth. From Gallup’s extensive workplace research, development should primarily be: A process of understanding each person’s unique talents (naturally recurring patterns of thought, feeling or behavior that can be productively applied) and finding roles, positions and projects that allow them to combine their talents and abilities with experiences to build strengths (the ability to consistently provide near-perfect performance in a specific activity). Giving people the opportunity to understand themselves, develop what they’re good at and use their strengths every day at work can be more fulfilling than a new title for most of your employees. Gallup research shows that when employees know and use their strengths, they are more engaged (nearly six times more), have higher performance and are much less likely to leave their company. NEW BOOK It’s the Manager Learn why the manager is key to every aspect of your workplace.

    3. Their managers are highly involved in the development of individuals — they act as coaches, not bosses. The manager is the vessel that makes culture change and engagement a reality. Managers are closer than HR or leadership to employees’ daily realities, so they’re more likely to understand how to develop employees and engage them. And since people are more likely to learn and grow when they receive immediate feedback that is specific and targeted to their development, managers become the perfect people to coach employees and link them to practical learning and action. Learn more about the importance of the manager in employee development.

    4. Their leadership owns the culture change (not HR alone). Culture change does not happen through all-hands meetings, emails, newsletters and strategy retreats. Consistent communication does help. But the fundamental driver of culture change is commitment from leadership to high-performance workplace practices that is backed by their actions. When C-level officers model a focus on development and put resources toward it, managers and employees will begin to mimic that focus on their own. This behavior change is foundational to making culture change stick. The Best Employees Will Always Seek Development A focus on developing people has the potential to outperform practices like Six Sigma in creating organic growth for companies. High-achieving employees continuously seek purpose and development — so if they’re engaged at your company and you provide those growth and development opportunities, they won’t have a reason to leave, and you’ll attract even more top talent. It’s a powerful opportunity for companies to capture the loyalty of hardworking employees who want to invest in their future and the future of your business. Start creating a high-development culture today: Download our latest perspective paper, Building a High-Development Culture Through Your Employee Engagement Strategy. Learn what Gallup recommends for a transformative learning and development strategy for your company. Get our bestselling book, It’s the Manager, to learn more about how managers play a key role in creating your ideal culture. Rob DeSimone is a Gallup Consultant based in Washington, D.C. Jessica Buono contributed to this article. Related Topics Include: Article CliftonStrengths Culture Development Employee Engagement Leadership Learning & Development Millennials Performance Management Profitability Retention Workplace Gallup at Work Newsletter Get the insights you need to create an exceptional workplace. Subscribe to the Gallup at Work newsletter to get our latest articles, analytics and advice. * Email Address * Country or Region I’d also like to be among the first to know about new Gallup offerings and services. I understand that I may unsubscribe from these offerings at any time. Recommended

    Original article appears here: https://www.gallup.com/workplace/269405/high-performance-workplaces-differently.aspx?utm_source=workplace-newsletter&utm_medium=email&utm_campaign=WorkplaceNewsletter_Jan_01212020&utm_content=whattheydodifferently-CTA-1&elqTrackId=d70ff841135e453c850d4e8572f3becd&elq=88f3f8febfec49ed937b26c4fb54216d&elqaid=3132&elqat=1&elqCampaignId=696

  • The Human Skills We Need For An Unpredictable World

    The more we rely on technology to make us efficient, the fewer skills we have to confront the unexpected, says writer and entrepreneur Margaret Heffernan. She shares why we need less tech and more messy human skills — imagination, humility, bravery — to solve problems in an unpredictable age. “We are brave enough to invent things we’ve never seen before,” she says. “We can make any future we choose.”

    Original article appears in: TED Talks Ideas worth spreading: https://www.ted.com/talks/margaret_heffernan_the_human_skills_we_need_in_an_unpredictable_world/transcript?utm_source=newsletter_weekly_2019-08-02&utm_campaign=newsletter_weekly&utm_medium=email&utm_content=top_left_button#t-4855

  • Referral Marketing for Beginners: The Power of Referral Programs

    March 25, 2019

    When it comes to small business marketing, trust is by far the most valuable currency. Driving web traffic and increasing brand awareness are great goals, but there’s nothing more impactful than engendering trust in your business. This can be achieved in a number of ways, but word-of-mouth consistently produces the best results. Indeed, 92 percent of customers say they are inclined to trust “earned” media like word-of-mouth and personal recommendations. Referral marketing is the simplest and most effective way to generate this invaluable buzz, so take a look at what you need to know to get started.

    What Is Referral Marketing?

    There’s no question that word-of-mouth is a powerful force. Plenty of businesses have succeeded largely on the strength of word-of-mouth marketing. In-person recommendations generate over five times more sales than paid marketing efforts, making them a holy grail of advertising. Unfortunately, most businesses can’t afford to simply sit back and wait for these recommendations to happen organically. The solution, then, is referral marketing.

    In its most basic form, referral marketing simply means offering some kind of incentive to encourage satisfied customers to spread the word about your business. Why is this necessary? While 83 percent of customers are willing to spread the word about great products or services, just 29 percent actually do so on their own. Offering a referral program can tap into that remaining 54 percent and lead to a huge increase in your word-of-mouth recommendations. It’s a simple strategy that can produce serious growth, but it’s not right for every situation.

    Is Referral Marketing Right for Your Business?

    An effective referral marketing campaign requires that a business has a few things in place. The first requirement is a truly excellent product or service. After all, few customers are going to suggest a subpar product to their family and friends. Even worse, offering a referral program for something that doesn’t meet expectations can backfire in a serious way. Good reviews for your offerings, positive feedback from customers and unsolicited referrals are all good signs that referral marketing is a fit for your business.

    Another prerequisite is excellent customer support. This serves a few important purposes. The first is to ensure that your business can adequately handle an influx of new customers. It’s no guarantee, but a referral program can sometimes bring in a major increase in traffic. Can your company handle this increase appropriately? The second factor is to make sure that each new customer has as good an experience as the person who made the recommendation. A single referral doesn’t do much good, but a negative experience can stop the chain before it even begins. The best campaigns rely on each referred customer subsequently bringing even more referrals on board.

    The Basics of Creating a Referral Program

    The first step in building a referral program is defining the goals you’d like to achieve. What would constitute a success for your campaign? For some businesses, it may involve hitting a specific sales figure in a certain time frame. For others, it may be more important to bring on a particular number of new customers. Perhaps the most important factor for your industry is building greater trust and recognition. No matter what success looks like to you, it’s important to be specific and set tangible targets that can be used to track your progress later on.

    The next task is to choose the right incentives. In some cases, simply thanking your customers and asking them to spread the word if they’re satisfied is enough to jump-start the process. In other cases, it’s best to offer a reward to help spur your customers into action. Take a look at what your competitors are doing and consider which incentives are appropriate for your industry. Popular options include the following:

    • Priority service
    • Credits or cash back on purchases
    • Access to exclusive deals and discounts
    • Free or upgraded shipping

    Promote, Refine and Refocus

    Once you’ve determined your goals and settled on incentives, the key to success is building awareness of your program. As with incentives, the right approach to promotion may vary depending on your industry and the goods or services you offer. Reaching out to existing customers with an invitational email is almost always a great place to start. A prominent call to action on your website is usually an effective approach as well. It’s also a good idea to incorporate your referral program into your newsletter. Recent studies have shown that 90 percent of people who are prompted to subscribe to a newsletter opt to do so.

    After the program has been launched, it’s important to track the results and adapt your approach as necessary. Unfortunately, it sometimes takes some trial and error to hit upon the most effective combination of incentives and promotional strategies for your industry and customer base. Regularly refining your approach and refocusing your long-term aims will help you maximize your returns. Utilize the metrics that are most important to you to track your success. Consider requesting feedback from customers to gauge their response to your program and use this information to shape any changes moving forward.

    The modern hyperconnected, media-saturated world has given businesses more avenues for marketing than ever before. Nonetheless, word-of-mouth is undoubtedly still king. In fact, it’s the primary motivating factor behind a staggering 50 percent of all purchasing decisions. The most successful small businesses capitalize on this and turn satisfied customers into true allies. With small business referral programs, you can engender trust, give back to the customers who fuel your success and open up new opportunities for strong and sustainable growth.

    Original Article Appears: https://www.hiscox.com/blog/referral-marketing-for-beginners-the-power-of-referral-programs?utm_campaign=D%20-%20Customer%20Newsletter%20-%20May%202019_vB%20F&utm_medium=email&utm_source=Eloqua

  • Skim Reading Is The New Normal

  • How To Use 360-Degree Feedback For Executive Coaching

    Executive coaching has been on the rise for decades as a strategic investment in human capital. When well-designed and delivered, coaching has been found to be one of the most effective approaches for developing senior leaders and enhancing the performance of their teams and organizations.

    One of the most important components of executive coaching is the 360-degree feedback that the coach gathers for coaching participants about their strengths and development needs, how they are perceived, and what they need to do in order to achieve a higher level of performance and positive impact. Feedback can be gathered via automated online surveys or one-on-one interviews.

    The first decision for coaching participants, their managers, and the coach is whether to collect data online or through in-person, video conference, or telephone interviews, or some combination thereof. Online 360s are more convenient and less costly, but, if correctly formulated and well-structured, interviews can help provide additional context and information. Sometimes an executive coach can use both, and follow up on a previous online 360 or performance review by interviewing designated feedback providers, in-person when possible, and via video conference or phone for those who are traveling and/or who work in different locations.

    Once the approach has been decided on, the next decision is who should participate. The list of feedback providers should generally include anyone who has enough familiarity with the coachee’s work to be able to contribute useful observations and suggestions. The list should also be inclusive rather than exclusive, and should include all of the coachee’s direct reports, peers, and managers. It’s important to take organizational politics into account when drafting the 360 list: internal or external constituencies, such as customers or counter-parties, may also have helpful feedback to provide, and inviting them to participate can send a positive message, indicating that the coachee cares about their views and feedback. In order to ensure that the feedback providers will have a balanced perspective, there should be no sample bias, wherein only those who have positive (or negative) things to say are invited to participate. As far as process is concerned, it’s generally best to have coachees draft the initial list, and then run it by their boss, and possibly even HR, for refinement and approval.

    In advance of doing the online 360 or conducting the interviews, it’s important to define who will see the feedback reports, either in full, edited, or summary form, and to clarify whether comments will be given “verbatim” in the feedback providers’ own words, or whether the coach will offer filtered/paraphrased feedback. Generally, we recommend that verbatim comments get shared in the report in order to include the most direct feedback. However, it should be clear to everyone who participates in an online or interview 360 that their verbatim comments will be shared, and in the case of an online 360, it’s useful to provide feedback providers with a sample report so they can see how their comments will be reflected in the report. We also suggest that the online or interview-based 360 should be shared in full, but only with the coaching participants themselves, as this increases the comfort that people have in being open and honest in the feedback that they provide without concern that tough feedback and/or specific criticism will somehow end up in the coachee’s “file.” However, once participants have received the full report, they should be willing to share a summary of insights gained, and/or developmental plans made, based on the feedback in order to ensure that they will be (and feel) accountable for making progress based on the report. Regardless of which option is chosen, the choice needs to be made and communicated before the interviews are conducted, so that parameters are fully clear in advance to all participants, and they know exactly how, and with whom, their feedback will, and will not, be shared.

    Once a consensus has been reached about the list of 360 providers, and who will see the report, the next step is drafting the questions that will be asked. If a standard online 360 will be used, it can be helpful, at times, to include a few additional context-specific questions, including open-ended questions, to gather more relevant information for the coachee. The boss and the coaching participant will likely be interested in each other’s preferred additional open-ended questions, as these questions will reveal their respective priorities and goals for the coaching program. If the boss wants to ask questions about executive presence or presentation skills, that is a signal to the coachee that the boss believes that those areas are relevant and improvable. If the coachee wants to ask what he or she needs to do in order to get promoted, that informs the boss that getting a promotion is a current goal or expectation for the coaching participant.

    It’s important to achieve consensus between the boss and the coachee about how broadly or narrowly to focus the questions, whether or not to include questions about the individual’s role and organizational constraints, whether to ask about potential future roles for the coachee, and whether or not to ask the same, or different questions to different people. Every question will also send a signal to participants about the coaching participant’s (and potentially the boss’s) coaching concerns and priorities, so it’s important to also consider organizational politics in drafting the questions in order to make sure that they are conveying the right messages. As with the participant list, we recommend that the coaching participants first draft the list of questions and then ask their boss (and possibly HR as well) for any edits, additions or changes.

    For interview-based 360s, here are some open-ended questions that we find helpful as a starting point:

    • How would you describe Jane’s leadership and management style?

    • How would you describe Jane’s communication and collaboration style?

    • What are Jane’s strengths?

    • What are Jane’s areas for development?

    • If you could give Jane one piece of advice, what would it be?

    • If you could make one request to Jane, what would it be?

    If the boss and organization are open to it, the coach can also ask contextual questions like:

    • What organizational factors or changes outside of Jane’s department present challenges and opportunities?

    • What organizational factors or changes inside of Jane’s department present challenges and opportunities?

    • What leadership suggestions do you have for Jane and her department to be more successful in the future?

    • What organizational suggestions do you have for Jane and her department to be more successful in the future?

    After all of the above decisions have been made, the next step is for participants to email their feedback providers about the upcoming interviews (or online 360). Sharing the questions in advance can have the dual benefit of giving people time to prepare their answers in advance, and also providing reassurance that everyone will be asked the same questions in the interviews. Furthermore, gaining alignment about the timing and logistics of the interview-based or online 360, including the list of participants, the questions that will be asked, and the confidentiality and reporting parameters can help set up the process for success. When the coach asks the most topical and timely 360 questions of the right sample of feedback providers, the answers will enable the coach to provide the most specific, relevant and useful feedback to coaching participants who can in turn utilize it to develop their skills and professional capabilities. Often, the process of selecting feedback providers, drafting questions, and deciding on timing, logistics and parameters can itself be an important learning opportunity within the overall coaching process. When it comes to 360-degree feedback, the questions (and the process of the coachee achieving consensus with his or her stakeholders about how the questions will be asked, of whom, and how and with whom the report will be shared) can be as important as the answers to those questions.

    In brief, although it can be laborious and complex to get it right, there is no better source of evidence for an executive’s reputation, and no better way to enhance their self-awareness, than through 360s.

    Dr. Tomas Chamorro-Premuzic is a Professor of Psychology at UCL and Columbia University, and the Chief Talent Scientist at ManpowerGroup

    Resource: https://www.forbes.com/sites/discoverpersonalloans/2018/04/16/5-expenses-small-business-owners-face-and-how-to-cover-them/#7b2e98456fd5

  • Leading with Grit and Grace

    Leading with Grit and Grace from CB Bowman, CEO Master Corporate Executive Coach