Alexandra Levit's Water Cooler Wisdom

Leading a Team in the Future Workplace

 

 

When writing my brand new book Humanity Works: Merging People and Technology for the Workforce of the Future, I found a business world in the process of rapid transformation. I learned that one way to have a sustainable competitive advantage in a constantly evolving, virtual, global and automated environment is to master how to lead a team. Leaders who do this may well find that running their organizations at this time in history will be rewarding and full of opportunity.

But what exactly will the future look like? In order to be in a good position to take advantage of pending developments, owners may want to understand what's coming and master how to lead a team.

I asked Jeff Epstein, owner of referral software company Ambassador Software and Nathan Klarer, founder and chief operating officer at IT talent provider Datyra to weigh in on a few of the more pervasive trends and how leaders can go beyond them to cope successfully with the coming changes.

Flexible and Distributed Workplaces

The average employee in the 2030s probably won't be work in a single physical environment, but where and when it's most convenient and impactful.

 

“The idea of offices is already changing, with a switch to more 'WeWork-style' workplaces," says Epstein. “Shorter-term teams will be assembled to solve specific business problems, and will operate virtually."

Epstein is referring to what is known as a distributed workforce, which reaches beyond the restrictions of a traditional office environment and is often dispersed geographically over a wide area.“Teams are becoming more multi-disciplinary as distributed workplaces allow for talent to specialize," says Klarer.

In considering how to lead a team in the future, owners may have to account for changes in workplace dynamics.

“The most fundamental change is that real-time communication is commonplace," says Epstein. "Today, with a litany of communication tools, teams have access to information—and people—immediately, and people expect to chat with team members at any time."

This means that leaders will need to open their literal and metaphorical doors and devise ways to be more accessible to team members, providing guidance and direction outside the confines of traditional business hours without losing their own sense of balance and privacy.

For the rest of the piece, check out the AMEX OpenForum.

Secrets for Driving Culture in Business Today

Driving culture involves reinforcing beliefs and behaviors that determine how that organization's leaders and employees interact internally and externally.

Is there a formula for it?

Not exactly.

There are, however, certain best practices that I've learned along the way as an entrepreneur, and also by consulting two fellow business owners: Jacqueline Marrano, owner of accounting firm Marrano Solutions and Reuben Yonatan, founder and CEO of customer relationship software company GetCRM.

 1. Focus on recruitment and onboarding.

Driving culture starts with your people. And if you are clear about your mission, vision and values, you can attract potential employees with similar sensibilities.“We position our culture at the forefront within all our hiring materials and spend lots of time searching for the most motivated and driven individuals to join our company, because the quality of our employees has a direct impact on customer satisfaction, product output and brand reputation," says Yonatan.“And, when new hires come aboard," he continues, "we make very clear what's expected of them and how their role is meaningful not just in the office, but meaningful in the real world, so they can be proud of where they work and what they do."

2. Foster a meaningful employee experience.

Employees now expect an experience at work that is comparable to the experience they have at home via services like Netflix and Amazon. You choose what you want to do when you want to do it, and interactions are easy and convenient.

Your unique employee experience should cover all facets of the employment lifecycle, including recruitment, onboarding, learning, performance and transition. This involves understanding and promoting the activities employees undertake at each stage that can help immerse them in the culture while also reaching maximum productivity and potential.

Yonatan believes he has created a culture for his employees to thrive, be themselves, have fun and do their best on every project.

“Our team members stay with us because we offer a flexible experience that develops and captivates them," he says. "We provide an exciting in-house culture with a lot of perks, but we also share how employees' roles are meaningful in the real world, and how they can do them from home, for example."

It's important to realize, however, that customized experiences are key: a one-size-fits-all approach may not be effective in driving culture, even for employees in the same location and role.

For the rest of the piece, head over to the AMEX OpenForum.

The Future of Agile Business

Considering the pace of change in today's world, agile business—the process of making quick decisions based on the information you have and the willingness to adopt new strategies as you go along—has gone from being a competitive advantage to a necessity for many organizations. 

I was curious about how modern business owners view the future of agile business, so I talked with Adelaida Diaz-Roa, co-founder of social travel network Nomo FOMO and Aaron Michel, partner at venture capital firm 1984 Ventures.

Both Diaz-Roa and Michel support agile business in their own enterprises. Diaz-Roa defines it as “having a work culture built around trust, speed, flexibility and transparency. It's about empowering everyone on the team to take risks to achieve the company's mission, knowing that their manager will support them if they fail." 

“Agile business enables a company to be more nimble, eliminate waste and reduce lead times," Michel adds.

Where Is Agile Business Headed?

Agile business got its start in the tech playgrounds of Silicon Valley, but it's becoming increasingly common in large corporations around the world. 

 

“Agile organizations are becoming flatter, trusting employees to act as business owners," says Diaz-Roa. “People operations are more important, leading to an increased focus on individual accomplishments."

For more thoughts of the future of agile business, visit the AMEX OpenForum.

How to Create an Agile Process

Many organizations pride themselves on having predictable policies and procedures that drive performance and growth. However, given the rate of change in today's business world, sometimes being inflexible can be a problem rather than a solution. Having an agile process can help.

Agile processes are plans that involve advance planning and organization but also allow you to quickly change course if needed. To learn how business owners create agile processes in the real world, I consulted Mary Ellen Slayter, CEO of Baton Rouge, Louisiana-based B2B content marketing agency Rep Cap and Matt Weinberg, president of interactive digital agency Vector Media Group in New York City.

Why Use An Agile Process?

An agile process can be advantageous because it mandates a close consideration of your business goals, but can also be adjusted as you gain more information or as circumstances evolve.

 

“The agile framework forces owners to make decisions quickly and communicate frequently," says Slayter. “The emphasis on testing frees you from best practices so you can pursue the surprising insights that are unique to your business. In the end, the risk is actually lower because you're making fewer big bets."

It's also important to realize what agile is—and what it isn't.

“Just because you're agile doesn't mean you don't have process," Slayter points out. “Agile is not about flying by the seat of your pants—it's dynamically deciding how to deploy your resources to achieve your goals."

For the rest, check out the AMEX OpenForum.

Essential Basics of Cash Flow Management

Cash-flow management involves close monitoring of cash flow, which is the amount of cash being transferred into and out of a business. 

If your organization has positive cash flow, it means that the amount of cash available at the beginning of a period (opening balance) is less than the amount at the end of that period (closing balance). In order to remain in business over an extended period of time, an organization must maintain positive cash flow.

I talked to two experienced owners—Brandon Harris, president of content marketing agency NUMedia and Christine Yaged, chief product officer of finance information portal FinanceBuzz —to share their most critical cash-flow management tips.

1. Stay within your means.

Even if your business is growing rapidly, if you don't practice healthy cash-flow management, you can dig a deep hole from which it's difficult to emerge.

"It's easy to find yourself in credit trouble, missing payroll, taking on expensive loans that further your debt and, eventually, declaring bankruptcy," says Harris.

 

 

“It's your job to make sure you can cover your bills so that all stakeholders are satisfied and things are running smoothly," says Yaged. “Otherwise, you'll severely disrupt business operations and spiral from there."

2. Avoid scaling too quickly.

Sustaining positive cash-flow management can mean being patient with your organization's growth, holding off on expansion plans and tempering your excitement about the business's potential.

“Be careful not to overextend with too many early hires and a bunch of credit card debt," says Harris. “Build your war chest organically, and you'll thank yourself in the long term. I've tried the fast, hard money route, and the stress on your business and your life is simply not worth it."

For more where this came from, head over to the AMEX OpenForum.

Securing a Business Loan for Your Established Organization

There is a great deal of advice for securing a business loan for a company that's just getting off the ground. But what's less frequently discussed is what an owner should do for financial help long after the initial setup.

For many owners, a business loan might mean the difference between surviving and having to abandon the organization. To get to the bottom of this issue, I spoke to Duran Inci, co-founder of marketing agency Optimum7, and Dan Robbins, chief operating officer of skincare company OC Facial Care Center

Applying When Your Business Is Doing Well

Inci and Robbins both have business loan experience. Inci obtained a Small Business Administration loan as well as a separate credit line for his consulting business.

“I wanted to have options in terms of growth, additional marketing, hiring and scalability," he explains. "I believe that businesses should start looking for loans not when things are going bad, but when things are going great."

 

With the common saying “Banks lend when you don't need it, and don't lend when you do" in mind, Robbins applied for a loan while his business was in good shape.

“We'd been paying in cash for store expansion, inventory and all other business aspects," he says. “But last year, I heard [a judge on Shark Tank] suggest taking out loans while holding cash so you can protect your ability to pay interest and keep the the loan afloat, and I immediately changed my way of thinking. I realized that if something bad was to happen and I had no cash, it could destroy our business."

Convincing Banks to Take a Chance

As a result of the recent financial crisis, many banks have gotten stricter about how and when they lend. “You're much better working with a local or smaller bank with which you already have a relationship," says Robbins.

Many lenders will want to review your business model.

“Banks want to be sure you have the ability to pay back or you have collateral," adds Inci. “They are very specific about the terms as well. At the same time, if you have good revenue and decent financials, it's not hard to get a business loan."

If an owner decides to pursue a business loan, what should they be prepared to do to convince financiers? Both Inci and Robbins say that demonstrating transparency to the lender, with the help of a good accountant or bookkeeper, can help.

“Your cash flow and the profitability of the business should look good," says Inci. “Furthermore, the debt to income ratio should not be alarming. If you feel like the terms and/or interest rates are high with private lending, SBA loans are better in this respect. However, you should expect higher initial fees."

On the whole, business loan interest rates are comparatively low.

“If you can take out a loan now and save your cash flow and profit, it's better," says Inci. “Additionally, building that lending relationship today will be more impactful later when you might actually need the loan."

For the rest of the piece, head over to the AMEX OpenForum.

4 Must Have Strategies to Retain Your Best New Talent

According to a 2017 CareerBuilder survey of 2,250 U.S. hiring managers and HR professionals survey, companies lost an average of $14,900 on every “bad hire” in the last year, and it's a common mistake — nearly three in four employers (74 percent) say they've hired the wrong person for a position and that half of these bad hires have quit within the first six months of employment.

When asked how a bad hire affected their business in the last year, employers cited less productivity (37 percent), lost time to recruit and train another worker (32 percent) and compromised quality of work (31 percent).

The survey also illustrated that while the cost of hiring the wrong person can be high, the cost of letting a good worker go is even higher. CareerBuilder’s survey respondents cited the average cost of losing a good hire as $29,600. As a workforce and HR consultant who has worked on retention strategies with dozens of organizations, I’d like to share five recommendations for keeping your best people.

Acclimate Them to Your Culture Early

The moment an offer letter is extended, the new hire experience starts. However, some organizations fail to communicate with candidates between offer acceptance and start date, and this is a retention mistake. Based on 15 years of working with employees, and especially younger ones, I’ve learned that the most important thing organizations must do to retain new hires is to get them involved in the culture immediately.

If an employee starts a new job and feels lost, they may feel like they didn’t make the right decision, and keep interviewing. If a better opportunity arises, a new hire that doesn’t get a positive first impression right away may not wait around. For this reason, I advise organizations to launch a comprehensive onboarding initiative that starts the minute the offer is extended and mixes face-to-face and virtual components to connect new employees to the company they’ve joined.

For the rest of the piece, check out the DeVryWORKS site.

 

Are You Leveraging Talent Activation to Get the Most Out of Your Workforce?

Talent activation focuses on the experiences, processes, and metrics that create an aligned and equipped workforce in the best position to realize its true potential. It transforms talent management into a measurable continuum of experiences – during the recruitment, onboarding, learning, and performance phases – that connect and empower employees to advance organizational goals.

Would you like to learn more about talent activation and its relationship to corporate culture and the employee experience? I  hope you’ll join me for a lunchtime webinar sponsored by Igloo Software, on September 6, 2018 at 1PM EST. Please register here or learn more about the topic on Igloo's blog.

How to Sustain the Benefits of Corporate Training After the Course is Over

In my experience as a workforce author and consultant, I’ve observed that organizations tend to invest more in their employees during good economic times, and pull back development efforts when their businesses are feeling the pinch.

Let’s recall what we learned from our earliest years in school. Our teachers encouraged us to master material through repetition. We’d be introduced to a concept in class, practice it via homework, be quizzed on it by the teacher, and be tested on it again much later on a final exam. In other words, learning was an extended, ongoing process. If you want to sustain the benefits of your corporate training long after your employees have completed it, you might consider incorporating this advice into your regimen.

Communicate the Big Picture

While they are still in the main training event, explain why it’s in employees’ best interests to apply the skills they’ve learned. How will using these new concepts help them do their jobs more effectively? Why will they now be able to add greater value to the organization? How will further mastery of the skills drive their careers forward overall?

Emphasize Concrete Actions

As part of any training, crystallize exactly what employees should do as part of their everyday responsibilities so skills are continuously re-emphasized. Decide on a cadence of activities to ensure that self-study and on-the-job practice are occurring on at least a monthly basis, and clearly communicate your expectations. Ideally, these tasks are mandatory.

Gain On-the-Spot Commitment

Before they leave a workshop, employees might write down what they have learned that is most relevant to their current roles, and specific actions they will take to apply those ideas in the next 30-60 days. If they can add results they intend to achieve by way of implementing the course learnings, so much the better. Participants can either take these goal statements with them when they leave the training, or the trainer may collect them and return them to employees at a later date.

 

For more tips, read the rest of the post at the DeVryWORKS site.

How to Fix the Leadership Skills Gap

As a business and workplace expert, I’m often asked about common leadership styles. I usually share that command-and-control, otherwise known as “what the boss says goes” is based on concentrating power over people and processes in a single person or group, and is still norm in most contemporary organizations.

According to a recent article on the Association for Talent Development’s website, the command-and-control style has its roots in the industrial revolution and is mainly based on two movements: Frederic W. Taylor's scientific management (1911) and Max Weber's bureaucratic management (1922). Taylor's and Weber's everlasting pursuit for efficiency forced many organizations to squeeze out the most with the least amount of energy, time and money. Their movements successfully introduced strong hierarchies, rigid rules and made work increasingly specialized. This style flourished in the corporate world for nearly a century, and is something most new leaders intuitively understand.

The command-and-control style can be a bit rigid. It often assumes that leaders always know best that they must set a long-term strategy, and that no one must deviate from the plan thereafter. Cooperation may be forced, resistance silenced. If external conditions change or command-and-control leaders encounter obstacles, they cope with them expeditiously, with the goal of sticking as closely as possible to the original strategy.

You may have already guessed why command-and-control is not working for some organizations. My view is that it limits engagement and conversation and discourages autonomy and agility. It’s also better suited to a stable environment, which the mid-21^st century business world is often not.

In my opinion, the most effective workplace cultures connect individual goals to the organization’s larger purpose, incenting employees to buy-in and commit to the vision versus communicating that they have no other choice.  A CIO article from earlier this year defined a similar style as transformational leadership, in which leaders encourage, inspire and motivate employees to innovate and create change that will help grow and shape the future success of the company. Some 21^st century leaders have abandoned command-and-control and govern their organizations using transformational leadership.

The best transformational leaders, however, are often not born that way. Rather, they may need to learn the attitudes and behaviors that make this style effective. I believe there is a skills gap in leadership today because young managers are promoted at a faster pace, and to keep their heads above water, may be likely to default to the command-and-control style. Based on my work with dozens of organizations, I suggest closing the gap by advocating four transformational leadership best practices.

For the rest of the piece, head over to the DeVryWORKS site.