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People & Relationships Planning & Management

Mastering Modern Management in the Millennial Workplace (pt. I)

The workplace has changed. Millennials are now proportionally the most represented generation in the office, bumping shoulders with Gen Xers and baby boomers both in employee and leadership positions. With these millennials came vast technological change and the quirks of a growing, intergenerational workforce.

As such, the skills it took to manage an office 10 years ago are completely different than those required of modern managers, whose offices, in some cases, now exist as hybrid or even fully virtual spaces, with employees that range in digital competency from expert to amateur, and who they may never have actually met in person. This is becoming the norm, whether modern managers and leaders like it or not.

So how does one go about mastering modern management in the millennial workplace? While not definitive, here are a couple of tips that can help new cats and old dogs alike get a grip on contemporary leadership.

Understanding Millennials and Their Impact

Millennials, as a group, have received a lot of criticism in the past couple of years, and it’s only recently that you’ll find positive mentions of their generation and the impacts they have on society. While the former isn’t necessarily deserved, the latter absolutely is; millennials bring unique values and experiences to the workforce that are progressive and civically minded. They are the future of — well, everything! It’s only right that we recognize what value this generation presents to both past and future generations. The experts at Pepperdine University have presented these statistics on the millennial workforce, including information on what they value, what they want from an employer, and positive traits that they bring to the global workforce:

 

  • There are 79.8 million millennials in the U.S. By 2025 millennials will represent nearly 75 percent of the workforce.
  • 72 percent of Millennials want to be their own boss — however, if they do have a boss, 79 percent would want that boss to act as a mentor.
  • 88 percent prefer a collaborative work culture rather than a competitive one.
  • Bosses are the number one reason that millennials leave their job. Furthermore, three out of four millennials don’t know where they stand with regard to performance — nearly 90 percent would feel more confident if they had regular check-ins with their bosses.
  • 40 percent of millennials stated that their ability to excel in their job is contingent upon deriving meaning from their work.
  • Tech-savvy, socially conscious, civic-minded, progressive, diverse, and compassionate are all accurate descriptors for the millennial generation.

 

What these stats show us is that the millennial-influenced workplaces generally value meaningful work, autonomy, and good relationships with their bosses. This is where it helps to know the difference between management and leadership. Mix that with their inherent knack for technology, and you have a potentially sticky situation concerning remote management and digital leadership.

Remote Management and Digital Leadership

Though it may seem a new concept, the term “telecommuting” was actually coined in 1973 by former NASA engineer Jack Nilles — who was, at the time, the Director of Interdisciplinary Research at the University of Southern California. After his research uncovered the numerous benefits inherent in this mode of work, he projected the concept would proliferate in the public sphere in the 1990s. While it took a little bit longer, technology has caught up to the hype, and now nearly 3 percent of the U.S. workforce (3.7 million employees) works remotely at least half the time, according to recent survey results.

Managers would do well to make sure that, even though the office may be virtual, office hours and protocol are still respected. Communication may be written more often than not, facilitated by apps like Slack or Skype — but that doesn’t mean that you shouldn’t videoconference with employees regularly just to maintain a personable presence in their working lives.

To that end, what modern employees are looking for in their bosses has evolved over the years. They’re looking for more than to just be managed; they’re looking for leaders. Rutgers Online points to three primary differences that drive this dichotomy:

  1. Empathy. Employees want to build relationships with their bosses, but they can’t do that unless that leader is empathetic. Where managers might be firm and unyielding, good leaders empathize and work with employees instead of against them.
  2. Open communication. “Leaders need to be willing to communicate about anything and everything when it is necessary to support their team or followers,” write the experts at Rutgers. “They should be able to share criticism in constructive ways. They must be willing to admit their mistakes. They need to be able to ask for help or for more effort. And they must be willing to say the hard things in a helpful and controlled way in order to get the correct message across.”
  3. Motivation and Encouragement. Similar to having empathy, managers need to learn how to motivate each employee individually, as well as how to motivate his or her team as a whole.

Learning to manage effectively in today’s society might mean navigating new technology and leadership styles that seem foreign, even if underlying principles of management are practically the same. This is why it’s imperative that modern managers and leaders be adaptive and never stop educating themselves.

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People & Relationships Planning & Management Teamwork & Leadership

How to Tell if Your Employees Aren’t Communicating Effectively

Modern technology is constantly improving the ways we can stay in touch with each other. Social media updates, smartphone apps, cloud phone systems –– they’re all tremendous tools to help people maintain steady communication with each other from remote locations. However, just because business professionals have access to top-of-the-line apps and features, it doesn’t mean they’re going to use them well. It’s hard to fathom, but even in 2018 companies still struggle with communication breakdowns. Fortunately, you can diagnose how well your staff utilizes their communication skills –– so that you can take steps to correct any bad habits before they develop.

Listen to Your Customers

A great way to determine how well your staff collaborates is to listen to the feedback from your customers. Well-informed consumers will notice if your team members aren’t on the same page, and you’ll likely see reviews to that effect online. If at all possible, you’ll want to make improvements before communication problems reach this stage. However, if you do notice customer feedback indicating an inability or unwillingness on the part of your staff to engage with them, take action to correct this immediately.

Examine Your Layout

People interact most and collaborate best when they’re given new challenges and face new environments. So if your office has the same layout from years before, it’s likely that your employees won’t feel as stimulated –– and effective as they otherwise might be. Consider shaking things up with an office redesign, or at the very least rearrangement if you’re looking to bolster collaboration.

Watch Out for Late Work

So many problems in your office can be solved simply by fostering effective communication. However, one tell-tale sign that employees aren’t connecting with each other in the ways that they should is overdue assignments. Not knowing when a task needs to be completed, or not understanding the magnitude of a given assignment is almost certainly down to a breakdown in communication.

The Bottom Line

You can lead a horse to water, but you can’t make them drink. In the same way, even if you supply your team members with all the tools they need to communicate effectively, it doesn’t mean they’ll do so. The good news is, your staff aren’t horses. You can help them develop better communication skills by focusing time and energy on team-building exercises. Make it your priority and soon enough your office will be buzzing with energy again. You invest your money to help your employees –– do so with your time as well.

 

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Planning & Management

The Business Process Management Playbook For Elite Managers

Article Contributed by Finn Pierson

When it comes to being an elite manager, you need the right tools and strategies to succeed. Without them, you risk losing to the competition in various sectors of your market. To keep the business process of management under control, use the tips below:

Customer Service

If your management team has experience in customer service, you will be at a distinct advantage. Thankfully, high quality customer service training is something every business can afford and use right away. Understanding how to put the customer first in every transaction has a number of benefits. First, you can anticipate their needs so problems don’t arise in the first place. Secondly, there are referral opportunities that arise. That means free marketing and advertising.

Sales

Many of the best managers know how to sell. Selling is more than a skill, it is a lifestyle. If you can sell, there isn’t anywhere you can’t succeed. Knowing how to uncover needs and guide people through a proven process to make a purchasing decisions is what every business depends on. Luckily, you can get out in the field any time you want and get real experience fast. That way, your sales team will know that you’ve been in their shoes before.

Copywriting

There’s a saying that copywriting is simply salesmanship in print. That is to say that copywriting converts the sales process into something digital and portable. Whether it is a long form sales letter, email, or advertisement, you can apply your knowledge of great copy to sell more for your company. The best part is that once you create this asset, it continues to work for you without additional time or money put into it.

Marketing

Sales is necessary and important. However, marketing aims to make the selling portion of business irrelevant. That means that your marketing should be focused on putting your product in the best light possible. For example, if you have a premium product, your marketing skills should highlight why it’s good to pay more for your solution. If you get great at this as a manager, there’s no limit to how well you can grow your business.

Finances

Finance can be scary and confusing, but it doesn’t have to be. If you take some simple finance courses, you can know more than the majority of people competing in your market. Never hesitate to hire a CFO or other professional into the right role, but don’t leave yourself in the dark. Finance is a tactic that can stretch money and do magic with less investment.

Team Management

Nothing gets done in business without a whole team working hard. If you don’t manage your team, they will eventually resent you. To manage your team better, try conducting team exercises regularly. These create bonds between workers. When everyone is on the same page, it decreases drama and boosts productivity. And that’s a result that’s win-win.

Motivation

A highly motivated work force will make more products and services in less time. They do this because they have a clear understanding of why they’re working for your company. When you motivate people, always use the tactic of visualization. Allow them to clearly see what the gold at the end of the road is.

Market Research

You can always design a product and then try to find a market to sell it to. However, this is the most expensive way to grow a brand. Instead, smart business managers always ask themselves which market they want to reach first. Then, they design solutions specifically for them.

Markets are dictating that managers have to be performing at their best to stay competitive. It’s crucial that you use the right tips and techniques. Without them, your profits and productivity can suffer. Make sure you’re schooled up on the skills above and enjoy better results in your company.

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Planning & Management

Using an Advisory Board to Boost Your Business’ Growth

Author: Dave Lavinsky

They say it’s lonely at the top. And for most business owners, this is particularly true. While employees often spend time talking with co-workers about issues, business owners often have no one with whom they can discuss key items. Importantly, getting quality advise on certain issues can have a dramatic impact on your bottom line.

A great way to overcome this challenge is to form an Advisory Board. An Advisory Board is a group of Advisors who help you grow your business. Below are answers to key questions most business owners have about Advisory Boards.

Why should I form an Advisory Board? The right advisors can add a lot of value to your business. In many cases they have faced and/or overcome the same challenges that you currently face. They can act as a great sounding board for your ideas and give you new ones. Some Advisors can even introduce you to key customers, partners, vendors or investors.

Who should be on my Advisory Board? Choose your board members based on your needs. For example, if your key need is getting investors, choose board members who have great investor networks. If you need industry connections, find a seasoned industry executive. Other business owners, executives and service professionals (e.g., lawyers, accountants, consultants, etc.) often make the best advisors.

How many people should be on my Advisory Board? I have found the best results with Boards having four to eight members. Any more and it’s too hard to get everyone’s thoughts and opinions during a meeting. Any less and you often have two few viewpoints and relationships that can be leveraged.

How should I compensate my Advisory Board members? Advisory Board members, unlike Board of Director members, generally do not require compensation. However, to get the most value from them, I suggest paying them with options that vest annually; this gives them a vested interest in your company’s success.

How can I get the most value from my Advisory Board? Start by circulating your business plan to board members so they better understand your business objectives and goals. Then schedule regular in-person meetings with your Board either monthly, bi-monthly or quarterly. Correspond with them via email at least monthly to let them know your results and challenges and to solicit feedback. Set up calls with individual Board members as needed to help solve specific challenges for which they have unique insight, connections and/or experience.

There’s no need to “go it alone” as a business owner. Particularly when there are people out there that can dramatically improve your success. Importantly, these people are not walking around thinking “I wonder what companies I can advise.” Rather, you need to identify them, contact them, and convince them that you and your company are worth their time. And once you do, you’ll see your business soar.

Author Bio

Dave Lavinsky is a serial entrepreneur and the president and founder of Growthink, which since 1999, has helped hundreds of thousands of entrepreneurs create business plans and grow their companies.  Dave is also the founder of BusinessPlanTemplate.com which provides business plan templates for a wide range of industries.

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Planning & Management

9 Positively Brilliant Benefits of Investing In Your Employees

With Brexit looming and new immigration rules likely to shake-up the availability of non-UK workers in the UK, interest in retaining talent has never been higher on the business agenda. If predictions are correct, the availability of workers, particularly those skilled in science, technology, engineering and maths (the STEM workers), is likely to fall dramatically following Brexit and the restriction of EU workers coming to the UK.

If businesses are serious about continued growth and success beyond Brexit, they will need to hang on to their key players like never before.There will undoubtedly be plenty of headhunting going on when there’s a shortage of skills, and small businesses could lose out. Ambitious and talented staff will be the ones most likely to be tempted by better offers of pay and conditions.

The loss of good talent from your business could cost you more than you think. Talented and loyal staff help to keep morale high. Lose them and you’ll not only be missing them, your whole workforce could slump inmorale and productivity. Add on the costs of recruiting and training new talent, and you’ll quickly see why you need strategies for staff retention.

There are many facets to running a successful business.Developing proper company policies and procedures, improving communication with your staff, and making sure employees know what is expected of them all make good business sense. A shift scheduler, project management tools and HR software are all great investments to help with the day-to-day running of your business. Your employees are worth some investment too.

Here are 9 brilliant benefits of investing in employee development:

  1. Improve retention

It’s a fact, poorly trained employees end up leaving within the first year of their job. Invest in your employees from the beginning and you’ll improve retention levels. It’s cheaper to train employees than it is to replace them.

  1. It pays to promote from within

When employees are properly supported and are able to see that they can move up the ranks and take on more responsibilities, they are more naturally inclined to perform their jobs at a higher level. Promoting from within also means you get employees who are familiar with your company culture, and recruiting replacements at the bottom of the ladder is much cheaper. It promotes loyalty, so will help with your retention levels too.

  1. Increase engagement and productivity

Employees who enjoy their job and are engaged with their work are more productive. It’s a fact. Investing in staff development is one way you can help your employees to feel more valued. Proper training also makes sure your people are confident in doing their best.

  1. Great customer service

Engaged employees who are happy in their work give off the same vibe to your customers. Exceptional customer service puts you one step ahead of your competitors. Investing in your employees pays.

  1. Reduced absenteeism

Employee development creates a positive channel of communication, allowing you to support your employees and know when they are experiencing difficulties. Empathetic employee support and a system of rewards for good performance have a positive impact on absenteeism.

Stress is known to contribute greatly to absenteeism. Understanding your workforce and providing a coherent training programme minimises the risk of work overload and work-related stress.

  1. Increase job satisfaction

Through continued investment, staff feel much more valued. A sense of value and the ability to progress within the company will have a positive impact on job satisfaction.

  1. Attract new talent

Implement an attractive employee development programme and you’ll not only retain staff, others will get to hear about it and want to work with you too.

  1. Stay ahead of competitors

Helping your staff to be the best they can be means your business runs at its optimum. Continual assessment of training and developmental needs will give you the edge over your competitors.

  1. Identify skills gaps

With an ongoing staff development programme you’ll easily see when a skills gap arises. It means you can support your staff with specialist training, helping them to feel more able and secure in their job.

When you are implementing an employee development programme, it’s important torememberthat your employees don’t just exist in a professional capacity. They are human beings with emotions as well. Endeavour to support your staff on an emotional level. Your employees need to be seen, heard, acknowledged and validated.

Brexit means the future availability of skilled talent is an unknown. If predictions are correct, developing a coherent, holistic personal development programme could benefit your business in more ways than one.