Category Archives: Management and Strategy

4 STEPS TO IMPROVE THE ACCURACY OF VIRTUAL INTERVIEWS

There is no shortage of quotes about success in business. The list goes on and each has merit. Yet none of them work without talented people. It is the people you hire who ultimately determine the success of your strategy, culture, marketing, innovation and all else you do. Surprisingly, our ability to identify talent continues to be less than sufficient. A 1998 study found that traditional interviews only have 50% accuracy. Things haven’t gotten better since then. In my book The Empowered Candidate, I share a recent study by Gallup that found when interviewing for management positions, we make the wrong hiring decision 82% of the time. Virtual interviews may not be as effective as in-person interviews, but they don’t need to be markedly worse. A key to successful interviewing—of any type—is removing the interference that exists between you and the candidate. Misread social cues. Miscommunication. Distractions. Unnecessary stress. The virtual environment can heighten all of these. But intentional practices to counter the interference will increase your odds of finding the great people who will drive strategy, culture, marketing, innovation and all else you do. Read More >>

3 STEPS FOR RE-IMAGINING YOUR BUSINESS FOR A POST-COVID WORLD

The crisis presents an opportunity to dream up new ideas, learn from others, and take bold action. When the pandemic abruptly threw life into disarray, many companies went into triage mode to adapt. If companies are treating this period as a short-term adjustment, they’re likely setting themselves up to fail. But customers have started getting used to these adaptations—virtual meetings, touchless interactions—even preferring them in many cases. The first step, dream, means coming up with concrete goals for the short, medium, and long term. This involves convening a multi-functional team that can jointly create these new goals instead of a top-down approach from leadership. The next step, learn, means looking at what is working both within and outside your company. The bulk of a company’s time—roughly 90 percent—should be spent on the final step of doing. The idea is to get it roughly right quickly, rather than precisely wrong.  Read More >>

THE ONE LEADERSHIP HACK WE’VE ALL BEEN LOOKING FOR

Imagine there was a technique you could learn and practice that would display respect for others, promote trust and contribute mightily to individual and group performance.  The behavior with the almost magical relationship and performance outcomes is nothing more than listening. While a better term might be “fierce listening,” it’s something most of us play at, and many of us can stand to get significantly better at.  There are eight steps to develop fierce listening skills.  First is to commit: internalize the need to strengthen your effectiveness as a listener.  Second is to assess: establish a baseline for your listening skills.  Third is to recognize: learn to identify your listening traps.  Fourth is to frame: set your days up for listening success.  Fifth is to engage: employ listening tactics in the moment.  Sixth is to strengthen: train your brain.  Seventh is to tune in: look for weak or dissonant signals.  Eighth is to extend: teach your groups fierce listening practices.  People will go as far as they can communicate, and great communication starts with fierce listening.   Read More >>

HOW TO NEGOTIATE VIA EMAIL

Across most of the world, face-to-face negotiations—with your boss, with a colleague, or with customers and clients—have been replaced by Zoom invitations and Teams meetups. In this “new normal” of primarily virtual work interactions, composing an effective and persuasive email has never been more important. There are two kinds of conversational tones: positive and negative. Positive-toned communication is conveyed in phrases such as “This is great,” “I really like . . . ‚” and “Thank you so much,” through greetings (“Dear so-and-so”) and closings (“Best wishes”), and also in emojis such as smiley faces and the use of exclamation points. Negative-toned communication is conveyed through negations and other phrases like “I don’t think . . .” and “This is a problem” and the even harsher “I am not happy with . . ..” When it comes down to it, it is the ratio of positive to negative that is really important for our e-communication, not the absolute number of each per se. Given the ubiquity of e-communication, people must be proactive about cultivating and enhancing our communication style. People who rely on autopilot to compose and reply to emails, texts, and phone messages are likely to fall prey to one of the e-communication whammies, with poor outcomes.  Read More >>

HOW TO HANDLE VIDEO NEGOTIATIONS

With so many of us confined at home to stop the spread of COVID-19, it is fortunate that much economic activity, from buying groceries to banking services, can be carried online. As it turns out, many business deals and negotiations also happen online these days. As opposed to email, phone calls or instant messaging, video-conferencing is the tool that resembles regular face-to-face meetings the most. That being said, it can’t convey as much information about the parties’ non-verbal cues. And sometimes, during technological glitches, we might miss a few words and refrain from asking the person to repeat, thus missing out on verbal cues as well. In these challenging times, video-conferencing has the benefit of being a considerably cheaper means to conduct negotiations than face-to-face meetings. Given the fact that many companies are struggling due to contracting economic activities, videoconferencing may be a more sensible way to conduct business going forward, at least until the situation returns to normal, which could take months if not years. Hopefully, business negotiated via video-conferencing will help companies save costs and navigate stormy waters to a calmer and safer harbor in the future.  Read More >>

FOUR TIPS FOR START-UP ENTREPRENEURS IN THE POST-COVID19 ERA TO REFRAME REJECTION INTO CONSTRUCTIVE ENGAGEMENT

In the life of a startup founder, it is normal and to be expected that she or he will inevitably face rejection in many areas, and for a long time. Invariably, rejection has many forms and faces. Many smart people have prognostications on how to handle rejection. If you get a “no” from a potential customer, consider asking for feedback on why they went with another solution. At minimum, thank everyone that you meet with for their time and interest. Find common areas of interest that will allow you to follow-up over time. Be kind, courteous, fair and consistent in all of your behaviors. Make sure your reputation online reflects who you are and how you want to be perceived. If the fit was never there, consider whether it was not meant to be. Is there a lesson to be learned? Some startup founders take rejection the wrong way, either ignoring the nay-sayer, or worse, taking personal offense and even lashing out. While you may suffer from a bruised ego, the way you prepare for, conduct and follow-up from each meeting speaks volumes to your target audience about your aptitude for future success.  Read More >>

DON’T LET A SINGLE METRIC DRIVE YOUR BUSINESS

Metrics are essential to running a business. We all know that. What may not be as obvious, though, is how metrics intersect with your company mission and even employee happiness. Prioritize a single number — to the exclusion of all others — and you’ll invariably leave a lot of people and priorities out.  Instead, it took a constellation of metrics to capture what the business needed to scale and how each team could facilitate that success.  This constellation is made up of three kinds of metrics: quantity, quality, and efficiency. In relationship to each other, they tell the story of your business and allow for prioritization and alignment.  Of your top three metrics, one should become a north star for the business — almost always this will be the quantity metric that you are trying to optimize.  No metric is perfect. But understanding, and regularly reassessing, the relationship between quantity, quality, and efficiency is critical to more deeply understanding your business — and to staying nimble.  Done right, metrics are among the best ways to make people truly understand how their work impacts the business in a positive way.  Read More >>

TMT: THE UNIT FOR SUCCESS

The right mix of experience and innovation generates a great start-up top management team.  The pre-entry experience of the top management team tends to affect its initial strategic choices. This experience also tends to affect the ability to access complementary assets, other resources (including the acquisition of talent) required to succeed in the industry. It tends to affect the evolution of the team itself and the eventual survival of the firm.  A diverse group is more likely to learn. Equipped with a learning mindset, it is more likely to adapt and therefore succeed. Rather than focus only on start-up founders, we also need to value the entire management team. Dynamic capability and cognitive flexibility allow teams to revise their ideas about products and the marketplace, helping them find new paths in a shifting environment.  In sum, it is critical for entrepreneurs to develop the cognitive flexibility to adapt to new and changing environments. Much of this cognitive flexibility seems to be related to broad experience in prior industries as well as learned experience. For those who may not have such experience, there is still great hope of success. Being aware of the need to change and being open to it may be the most important quality of all.  Read More >>

TWO PRINCIPLES FOR LEADING YOUR ORGANIZATION THROUGH THE COVID-19 CRISIS

Business leaders are in the midst of a global crisis. The challenges facing organizations, employees, and communities are unprecedented, the stakes are high, and certainty is nowhere to be found. Under such staggering circumstances, it is only natural for leaders to feel unprepared to lead capably, nimbly, and honorably. There are two main things leaders need to understand in a crisis—two mantras, if you will, that offer a calm way forward, no matter what the situation. COVID-19 is no exception. Mantra 1: You’re going to do the right thing, and you’re going to do the best you can do. It sounds deceptively simple, so say it again. And again. You’re going to do the right thing. You’re going to do the best you can do. After all, that’s all you can do. Mantra 2: You’re going to tell people what you know, what you don’t know, and when you’ll get back to them to discuss what you didn’t know before. Leaders who follow these two mantras closely stand the best chance of emerging from the current crisis with their conscience—and their organization—intact.  Read More >>

A SHORT GUIDE TO BUILDING YOUR TEAM’S CRITICAL THINKING SKILLS

According to a 2016 survey of 63,924 managers and 14,167 recent graduates, critical thinking is the number one soft skill managers feel new graduates are lacking, with 60% feeling this way. This confirms what a Wall Street Journal analysis of standardized test scores given to freshmen and seniors at 200 colleges found: the average graduate from some of the most prestigious universities shows little or no improvement in critical thinking over four years.  There is little agreement around what critical thinking is. From there, it gets even less clear. Most employers lack an effective way to objectively assess critical thinking skills and most managers don’t know how to provide specific instruction to team members in need of becoming better thinkers. It’s time to reject the notion that critical thinking is either an innate gift that can’t be developed or a skill learned only through experience. Companies can help their employees harness critical thinking skills by executing, synthesizing, recommending, and generating creative thinking.  Read More >>