8 Lessons Business Leaders Must Embrace During an Organizational Transformation

Rawpxiel

Organizational transformation with a significant digital presence is like navigating a major city’s subway system. You get on one train, only to get off at the next stop and board another. And so it continues. But, unlike a hapless visitor clinging to the hope that the next leg will be the final one, you understand that your trip is never really going to end.

Organizational transformation is a journey that never stops. It’s up to you to keep steering in the correct direction. Accordingly, staying on the right course with your organizational transformation mandates your continued evolution as a leader as well.

A successful transformation is certainly a testimony to your leadership skills. Not everyone can help devise, implement, and motivate to the level required by sweeping change—the steep failure rate attests to that. And, as an accomplished leader, you’re well aware that meaningful change can’t possibly take place without equal conviction and energy from everyone on your team. Acknowledged inclusion is everything.

But the challenge is by no means over. As you and your organization move forward, so too must you continue to hone, sharpen, and, if need be, change elements of your leadership. Your organization isn’t what it was yesterday—and neither should you stay the same.

Organizations of all types have shredded hundreds of millions of dollars on poorly planned and executed swipes at transformation. Although the reasons for those pervasive missteps can vary, one undeniable mistake has to do with finances—an organization’s failure to view investment technology as an ongoing factor in the overall direction of the organization.

Below are eight lessons every leader must embrace if they want to avoid the same misfortunes:

1. Follow the money

They must focus on the business and understand how it creates value. Leaders must understand the business strategy: Regarding each product market, is the firm in an exploratory or exploitative posture? This assumes that the organization has a strategy that is well articulated and supported by appropriate structures, processes, and information.

2. Know that managing technology is as important as the technology itself

The next generation of leaders will understand—or should if they want to succeed—that they must invest in managing technology as well as in the technology itself. If there is any remaining doubt today, there will not be in the future; technology, per se, is an equalizer. Only in the management of it can firms eke out an advantage.

3. Understand what technology does

Unless they appreciate that technology often plays a critical role in establishing or maintaining a strategic position, future leaders may well spend inappropriately. But that appreciation must evolve to an understanding of how the various types of technology—those that enable transactions, decisions, or relationships, for example—contribute to an organization’s strategic actions. More often than not, in the first half century of technology, it was thought about only tactically.

4. See through walls

Tomorrow’s leaders will be far more comfortable with deriving value through partnerships and other types of engagements. They must understand the role technology plays in enabling these partnerships and learn to manage the technology that stretches across internal organizational boundaries.

5. Manage business and technology as one

The moments of dissension and the finger-pointing at failures will disappear as executives come to see that technology failure is often due to weak or nonexistent business strategy or failure to create a business-driven technology strategy. Alignment will increasingly be seen as only the first step; it will occur to all that the design and management of business cannot be done apart from the design and management of technology.

6. Scrap the org chart

We are already seeing the blending of corporate roles. It will be commonplace in the future. Leaders will have to be comfortable in both the business and technology realms. This re-identity is already underway.

7. Get underneath the hood

Leaders of the next generation must be able to discern business processes below the overarching posture of an organization that advance strategy. Moreover, they must see technology as part and parcel of these processes; the two are inseparable. This is going to require untying the functional straitjackets in which many organizations have existed.

8. Get comfortable with speed

Is it too much of a cliché to say that everything will move faster and faster, that interconnectivity makes the whole world our playing field, and that we must give up command and control so that our people on the edges of the organization can react to events in real time? And that this is an entirely new way of thinking about management and leadership? And that even if we pay lip service to it today, it will be very hard to accomplish?

Above all, what really matters moving forward is your understanding and recognition of the scope of change, in which you are a valuable player. Armed with that powerful mindset, you’ve positioned yourself to be just as aware of how different your organization will look in the future—and how you can adapt to help that journey continue toward growth and further success.

By:  Faisal Hoque

Excerpt published with permission from REINVENT: Navigating Business Transformation in a Hyperdigital Era by Faisal Hoque (Fast Company Press, 2023), in association with IMD. All rights reserved.

Source: 8 lessons leaders must embrace during an organizational transformation

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12 Tips For Managers on How To Approach Promotions

[Photo: Tiger Lily/Pexels]

To help you adopt the best approach to an equitable and transparent process in promotions, we asked HR managers and business leaders this question for their best insights. From bringing a marketing approach to internal promotions to developing a clear policy that ensures the process is unbiased, there are many tips that would help you effectively deal with employee promotions in 2023.

Here are 12 tips these leaders shared on how to approach promotions in 2023.

Bring a marketing approach

Employees are discretionary supporters of the organization and fundamental to driving business objectives forward. Rather than promoting them for their tenure or consistency in meeting the requirements of their job, let’s take it up a notch.

Wearing your marketing hat means rewarding employees for their contribution to business growth. Modern Human Resources requires new and better ways of thinking. And as with marketing promotions, we reward our customers for their support and spending, and it is the same with employees. Think of how they may have demonstrated their commitment through one or more of the following examples:

  • Took on new responsibilities voluntarily
  • Provided excellence in building custom/client relationships
  • Recommended other talented colleagues to join the organization
  • Brought in new revenue streams or built efficiencies into current processes —Jody Ordioni, chief brand officer, Brandemix

Make promotions opportunities for continuous learning

Gone are the days when time in a position or tenure with an organization is the major driver for promoting employees. As employers, we need to ensure we are assessing employee potential, their state of readiness, and the necessary support needed for their success. When considering promoting employees, I want to see employees who see the opportunity as continuous development and are committed to excellence in all areas of performance.

Based on the multitude of challenges we have all experienced in the workplace, employees have made it clear they want learning opportunities that will align with career growth and development. As employers, we need to be sure we are being agile in the promotion process and not constrained by traditional means. —Cecil Hicks, talent development executive

Be clear on what the company is able to offer

As employees climb the corporate ladder, opportunities for promotions are fewer and less frequent. That kind of advancement should not be the keystone for an employee’s career development. Begin by asking, “Why a promotion?” Get insight into their intrinsic motivators and personal goals. This should lead into a useful coaching conversation about ways to grow and expand their career.

Be clear on what the company is able to offer: internal learning and development, company-sponsored learning, professional memberships and conferences, and tuition reimbursement are a few common examples. Work with people leaders to up their game in setting stretch goals and challenging assignments, even within other departments. —Jimmy Rose, VP, employee experience, Cotiviti

Find the overlap between personal and company goals

You tap a high-performing employee on the shoulder and invite them to apply for a promotion or offer them one on the spot. You succumb to the demands of a go-getting employee who’s been angling for a promotion since they joined. Or you lay out a structured career ladder with every hoop an employee has to skip through and the next 30 years of their working life mapped out for them. These typical promotion practices are either unfair or outdated in today’s world of work.

My one top tip for approaching employee promotions in 2023 is to facilitate regular development conversations with every employee. Through these conversations you want to understand an employee’s personal goals and you want to keep them abreast of the company goals. You’re then in a position to craft development and promotion opportunities that work for both the employee and the company—that’s when the magic happens. —Bee Heller, cofounder and managing director, The Pioneers

Promote those who are 70% capable and develop them

A successful strategy is to promote employees that have 70% of the capabilities you are looking for and then put in place a robust development plan to grow the remaining 30%. It’s a win-win for the leader and for the promoted employee, giving them the ability to grow into the role and having their leader as a coach.

In order to identify promotable employees who have 70% of the capabilities for their next role, the leader must engage in regular coaching conversations with the employee to help align the employees own development needs and those skills needed by the functional team to execute the goals and objectives for the year.

This alignment between the company needs and those cited by the employee requires the leader to collaborate with their HRBP and the learning and development department such that both the leader and the employee are fully supported. Using this strategy of promoting those that are 70% ready increases employee engagement scores and drives a learning culture. —Shefali Mody, senior manager, learning and development, iRhythmtech

Create growth opportunities with actionable plans

A promotion is not to be seen as the final destination but as part of a development journey. The development journey to achieve a promotion has to be an exciting discovery exercise for the employee and the leader, to know about what employee’s drivers are, expectations, and career desires. To guide employees in this journey for growth, companies should be open to create routes of development that will trigger an actionable plan.

These routes can be seen in the shape of quick challenges to allow them to demonstrate potential, impactful learning experiences to acquire new and relevant knowledge, accelerator experiences to have a firsthand interaction, and exposure with the desired role and/or a multifunctional project to develop crucial collaboration skills.

Everyday experiences along with planned development interactions offer tremendous learning opportunities; the key is to identify the proper route to support the employee development plan and foster the opportunity for growth. —Elsa Zarate, associate director, development, talent and learning, Clip

Clearly outline employee expectations at every level ahead of reviews

For many companies, the end of the year is performance review time. When an employee approaches leadership to talk about a promotion now, they’re too late! Many organizations have their budgets decided, along with what’s been allocated for salary increases, determined in parallel with the end-of-year review cycle.

Decision makers will want to see individuals demonstrating next-level performance for at least 6 to 12 months before they would determine readiness for that promotion. So I encourage individuals to have the conversation now, get clear on what is expected for that next level, make a plan to get there, and get to work. And don’t forget to schedule time to check in to share your progress and wins. —Claudia Germeshausen, executive coach, A Career For You

Factor in colleague feedback when making decisions

Before making any decisions about promoting employees in 2023, it’s important to look at their colleagues’ feedback. What do those who work with them actually think about them? Furthermore, knowing what you know about your staff members from preemployment testing, how might other employees’ performances be affected; especially when there has been competition for that promotion and some inevitably losing out?

It’s important to promote on the basis of job performance, of course, but never lose sight of the fact that one employee’s promotion has the ability to affect all your other employees. —Linda Scorzo, CEO, Hiring Indicators

Promote those who gain new skills

Upskilling represents the search for knowledge and improvement of skills for professionals and organizations. In times of employees’ shifting priorities and a tight job market, acquiring, retaining, and promoting talents is vital to being competitive. Technology, AI, and others are accessible for most companies, from SMBs to big corporations. All of these make me think that knowledge will be the difference in 2023.

Upskilling will continue to grow, encouraging organizations to promote those who are always bringing and contributing new knowledge to the business. In other words, upskilling should be considered when approaching employee promotions in 2023. —Ricardo von Groll, manager, Talentify

Use promotions to fix hiring problems

Research has shown that job switchers receive bigger salary increases than loyal employees. This creates a poor cycle for companies. Good employees are forced to leave a job they like in order to receive a promotion or a raise. This adds to the recruiting challenges of companies that are already behind on their hiring goals.

A portfolio company to a private equity firm I worked for thought about using a different approach. They looked at using some of their recruiting budget to fund a portion of their early promotions. This would, in turn, help them retain good talent, which would take off some of pressure from their recruiting team. —Atta Tarki, founder, ECA Partners and author of Evidence-Based Recruiting

Use micropromotions for greater impact

Employees want to feel like they are taking regular small steps forward rather than one leap forward every two to three years. These small steps give employees regular bursts of motivation and appreciation for their work. We realized that companies should restructure their promotion strategy to break their promotions into micropromotions.

Employees can receive a micropromotion for milestones, new skills, and increased responsibilities every 8 to 12 months. This strategy doesn’t have a dramatic impact on cost, but it does dramatically improve how an employee perceives their ability to grow within your organization. —Melanie Wertzberger, CEO, Shaka Culture Software

Develop a clear policy to ensure the promotion process is equitable

Diversity and inclusion continues to be a focus in most workplaces, however, strategies end at recruitment. Research shows us that historically marginalized groups tend to stay at the lower level of companies, resulting in low leadership diversity, so it is vital to consistently reinvest in your diverse talent as they grow. Developing your talent is just as crucial as recruiting diverse employees.

Research shows that when marginalized groups are considered for promotion, employers can factor in superfluous details and unconscious biases, which are considered and weighted against them.

Managers should work to focus solely on needed skill set, performance level, and complementary skills when considering promotions so that diverse talent has equal opportunity. Simultaneously, employers can retain talent by setting them up for future success through development initiatives so that they will be completely prepared for a promotion in the future. —Jon Starling, VP, talent development, Integral Ad Science

Promotions took a pause during the pandemic in 2020. The Great Resignation gave employees promotions at other companies in 2021. As 2022 comes to a close amid economic uncertainties in the workplace, promotions in 2023 are taking on a sense of the traditional “promote and develop,” while blending in innovative solutions, such as micropromotions.

The bottom line? Employees need to see growth in themselves and their careers. Use these tips to help guide how your organization approaches promotions in the new year.

Brett Farmiloe is the founder of Terkel, a decentralized Q&A site that connects brands with expert insights.

Source: How leaders can approach promoting employees

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New Research Shows Remote Work Essential For Caregivers

Work from home...Surface/Unsplash

Work from home jobs for caregivers have been on the rise in recent years, and for good reason. A recent study by Mother Honestly and Care.com found that 73% of caregivers use the time they save from working from home to care for their children, and 70% use it to spend more time with their partner or spouse.

This report shows that remote work can be vital for work-life balance, and employers must take note of these findings before deciding to eliminate remote work. Having helped 21 organizations as a consultant in implementing hybrid work, I talk to a few leaders every week about how to manage their workforce talent strategy. And inevitably, parents and other caregivers come into the picture.

One of the main benefits of work from home jobs for caregivers is that it levels the gender playing field. Traditionally, caregiving responsibilities have been shouldered by women, but the ability to work from home has made it easier for men to contribute to child care and household chores.

The study found that 47% of men with a child under 15 felt they could spend more time with their kids and better help out their partners. This is a significant shift and it means that more opportunities are opening up for women to slow down on the homefront and ramp up on the workfront.

Additionally, managers and caregivers are on the same page when it comes to remote work. The study found that 77% of managers and 76% of caregivers agree that remote work improves workers’ overall quality of life. This is a significant shift as it shows that remote work has finally proven itself after three years of uncertainty from leaders.

It’s important to note that remote work doesn’t have to have a downside. Many workers and leaders are worried about the threat remote work poses to career advancement. The study found that 58% of women and 64% of men say remote work limits their career, while 48% of managers believe showing up to the office equates to more advancement opportunities. However, if employers truly commit to implementing a flexible and inclusive workplace, remote work can be a win-win for both employees and employers.

One of the challenges that companies face when implementing remote work is cognitive biases. Attentional bias can play a role, as managers may only pay attention to the negative aspects of remote work and ignore the positive benefits, despite the new research about the benefits of remote work for caregivers.

Another cognitive bias that can impact companies is the status quo bias. This bias can lead managers to prefer the status quo, even when it’s not the best option. For example, a manager may prefer to keep their employees in the office, even though remote work would benefit both the employees and the company through helping caregivers stay at their jobs.

Functional fixedness is another cognitive bias that can impact the remote work discussion. Managers may view remote work as a fixed concept and may not consider different variations of remote work, such as a hybrid model, that may better suit the company’s needs and help to provide work-life balance for caregivers.

The empathy gap can also play a role in the remote work discussion. Managers may not be able to fully understand the challenges that caregivers face and may not fully appreciate the benefits of remote work for caregivers.

It’s important for employers to understand that remote work can level the gender playing field, with men stepping up more than ever before due to newfound flexibility. Remote work also improves workers’ overall quality of life and can be a win-win for both employees and employers if implemented correctly.

However, employers must also be aware of the potential downsides of remote work and how cognitive biases can impact their decision-making process. It’s essential to consider different variations of remote work, such as a hybrid model, that may better suit the company’s needs.

Additionally, employers must understand that remote work can also have a positive impact on the company’s bottom line. A recent study from Stanford found that companies that offer remote work options have lower turnover rates, which in turn can save the company money in recruitment and training costs.

Work from home jobs for caregivers are becoming increasingly important as the need for work-life balance becomes more pressing. Employers must take note of the benefits of remote work for caregivers, and be aware of the potential downsides and how cognitive biases can impact their decision-making process. By implementing a flexible and inclusive workplace, employers can reap the benefits of remote work for both employees and the company.

I help leaders use hybrid work to improve productivity and retention while cutting costs as the CEO of the boutique future-of-work consultancy Disaster

Source: New Research Shows Remote Work Essential For Caregivers

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Related contents:

New Research Shows Remote Work Essential For Caregivers Forbes

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Why Asking For Advice Is More Effective Than Asking For Feedback

Jorg Greuel/Getty Images

Across four experiments — including a field experiment conducted in an executive education classroom — researchers found that people received more effective input when they asked for advice rather than feedback. You just gave a great first pitch to a major client and landed an invitation to pitch to their senior leaders. Now you want a second opinion on your presentation to see if there’s anything you can improve. What do you do?

Conventional wisdom says you should ask your colleagues for feedback. However, research suggests that feedback often has no (or even a negative) impact on our performance. This is because the feedback we receive is often too vague — it fails to highlight what we can improve on or how to improve.

Our research suggests a better approach. Across four experiments — including a field experiment conducted in an executive education classroom — we found that people received more effective input when they asked for advice rather than feedback.

In one study, we asked 200 people to offer input on a job application letter for a tutoring position, written by one of their peers. Some people were asked to provide this input in the form of “feedback,” while others were asked to provide “advice.” Those who provided feedback tended to give vague, generally praising comments. For example, one reviewer who was asked to give feedback made the following comment:

“This person seems to meet quite a few of the requirements. They have experience with kids, and the proper skills to teach someone else. Overall, they seem like a reasonable applicant.”

However, when asked to give advice on the same application letter, people offered more critical and actionable input. One reviewer noted more specific action items: “I would add in your previous experience tutoring or similar interactions with children. Describe your tutoring style and why you chose it. Add what your ultimate end goal would be for an average 7 year old.”

In fact, compared to those asked to give feedback, those asked to provide “advice” suggested 34% more areas of improvement and 56% more ways to improve. In another study, we asked 194 full-time employees in the U.S. to describe a colleague’s performance on a recent work task. These tasks ranged from “putting labels on items” to “creating new marketing strategies.” Then, we asked employees to give feedback or advice on the work performance they just described.

Once again, those who were asked to provide feedback gave less critical and actionable input (e.g. one wrote, “They gave a very good performance without any complaints related to his work”) than those asked to provide advice (e.g. one wrote, “In the future, I suggest checking in with our executive officers more frequently. During the event, please walk around, and be present to make sure people see you”).

We further replicated these findings in a field experiment using instructor evaluations. In an end-of-course evaluation, we asked 70+ executive education students from around the world to provide either feedback or advice to their instructors. Again, advice more frequently contained detailed explanations of what worked and what didn’t, such as: “I loved the cases.

But I would have preferred concentrating more time on learning specific tools that would help improve the negotiation skills of the participants.” Feedback, in contrast, often included generalities, such as “This faculty’s content and style of teaching was very good.”

Why is asking for advice more effective than asking for feedback? As it turns out, feedback is often associated with evaluation. At school, we receive feedback with letter grades. When we enter the workforce, we receive feedback with our performance evaluations. Because of this link between feedback and evaluation, when people are asked to provide feedback, they often focus on judging others’ performance; they think more about how others performed in the past.

This makes it harder to imagine someone’s future and possibly better performance. As a result, feedback givers end up providing less critical and actionable input. In contrast, when asked to provide advice, people focus less on evaluation and more on possible future actions. Whereas the past is unchangeable, the future is full of possibilities. So, if you ask someone for advice, they will be more likely to think forward to future opportunities to improve rather than backwards to the things you have done, which you can no longer change.

To document this effect, we ran another study that was very similar to our first. In this experiment, we again asked hundreds of people to provide feedback or advice on a peer’s job application. But this time, we also asked feedback providers to shift their focus toward “developing the writer.” When removed from an evaluation mindset, by focusing more on developing the recipient, feedback providers were just as critical and actionable in their input as advice providers.

Is asking for feedback always a worse strategy than asking for advice? Not necessarily.

Sometimes soliciting feedback may be more beneficial. People who are novices in their field typically find critical and specific input less motivating — in part because they don’t feel like they have the basic skills necessary to improve. So for novices, it might be better to ask for feedback, rather than advice, to receive less demotivating criticism and more high-level encouragement.

Organizations are full of opportunities to learn from peers, colleagues, and clients. Despite its prevalence, asking for feedback is often an ineffective strategy for promoting growth and learning. Our work suggests this is because when givers focus too much on evaluating past actions, they fail to provide tangible recommendations for future ones. How can we overcome this barrier? By asking our peers, clients, colleagues, and bosses for advice instead.Jaewon Yoon is a PhD student in the organization behavior program at Harvard Business School. Her research focuses on time communication and feedback exchange.

By: Jaewon Yoon, Hayley Blunden , Ariella Kristal & Ashley Whillans

Source: Why Asking for Advice Is More Effective Than Asking for Feedback

.

Related contents:

Information feedback and causal loop diagrams”. Modeling the Environment. Island Press. pp. 99 ff. ISBN 9781610914253. This chapter describes causal loop diagrams to portray the information feedback at work in a system. The word causal refers to cause-and-effect relationships.

A history of control engineering, 1800–1930. Stevenage; New York: Peregrinus for the Institution of Electrical Engineers. ISBN 978-0-906048-07-8. [2]W. Ross Ashby (1957).

An introduction to cybernetics (PDF). Chapman & Hall. Archived (PDF) from the original on 23 August 2000.Ramaprasad, Arkalgud (1983). “On the definition of feedback”. Behavioral Science. 28: 4–13. doi:10.1002/bs.3830280103.David A. Mindell (2002). Between Human and Machine :

Feedback, Control, and Computing before Cybernetics. Baltimore, MD, US: Johns Hopkins University Press. ISBN 9780801868955.Friis, H.T., and A.G.Jensen. “High Frequency Amplifiers” Bell System Technical Journal 3 (April 1924):181–205Peter M. Senge (1990).

The Fifth Discipline: The Art and Practice of the Learning Organization. New York: Doubleday. p. 424. ISBN 978-0-385-26094-7.Alta Smit; Arturo O’Byrne (2011).

Bipolar feedback”. Introduction to Bioregulatory Medicine. Thieme. p. 6. ISBN 9783131469717.Vlahopoulos, SA; Cen, O; Hengen, N; Agan, J; Moschovi, M; Critselis, E; Adamaki, M; Bacopoulou, F; Copland, JA; Boldogh, I; Karin, M; Chrousos, GP (20 June 2015).

Dynamic aberrant NF-κB spurs tumorigenesis: A new model encompassing the microenvironment”. Cytokine & Growth Factor Reviews. 26 (4): 389–403. doi:10.1016/j.cytogfr.2015.06.001. PMC 4526340. PMID 26119834.Vlahopoulos, SA (August 2017).

“Aberrant control of NF-κB in cancer permits transcriptional and phenotypic plasticity, to curtail dependence on host tissue: molecular mode”. Cancer Biology & Medicine. 14 (3): 254–270.

“Allosteric controls of amphilbolic pathways in bacteria”. Bacteriol. Rev. 34 (1): 20–39. doi:10.1128/MMBR.34.1.20-39.1970. PMC 378347. PMID 4315011Scheff, Thomas (2 September 2009).

“The Emotional/Relational World”. Psychology Today. Retrieved 10 July 2013.“The Study of Earth as an Integrated System”. nasa.gov. NASA. 2016. Archived from the original on 2 November 2016.Fig. TS.17, Technical Summary, Sixth Assessment Report (AR6), Working Group I, IPCC, 2021, p. 96. Archived from the original on July 21, 2022. 

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Why Women Are Your Best Investment

Getty Images

In this topsy-turvy economy — where the top business leaders are figuring out how to survive — how can you make your best return? For the answer, I thought I’d look at venture capitalists. Venture capitalists (or VCs) don’t invest the way everyone else does. They don’t put their money in mutual funds or bonds and hope for a nice return.

VCs invest in multiple new companies on the chance one might earn a huge return one day. Out of ten investments, one might be a home run with a 10x+ return, a few might earn a 2-3x return or break even, while up to five of the companies will likely go out of business.

If you watch Shark Tank, you’ll hear investors like Kevin O’Leary, Daymond John, Barbara Corcoran say the same thing as smart venture capitalists say — don’t invest in companies, invest in people.

So what kind of people get the best return? At a recent W3BX Investor Summit, I attended, I heard a surprising answer. You might think at a web conference the experts would say the best people to invest in are the ones with the best new tech or medical ideas. However, that wasn’t the case.

At the conference, Shark Tank host Kevin O’Leary was on stage with Mark Yusko from Morgan Creek, a successful venture capitalist. They were discussing an idea that VC Tim Draper had just said: “Women are going to power the next bull run.” O’Leary and Yusko both agreed the best people to invest in were women.

They both said that female entrepreneurs are more likely to start profitable companies and women investors have the best overall market returns.

Women Entrepreneurs Produce More Profits

According to O’Leary, women entrepreneurs are more reliable for producing profits. As a Shark Tank investor, the results show his women-run companies have been the most profitable. This is why over 55 percent of the companies he invests in are run by women.

O’Leary suggested the reason for women’s success was women tended to be more level-headed than their male counterparts and took better-calculated risks. O’Leary and Yusko also agreed women leaders have a more goal-oriented approach to business, setting targets and meeting them, unlike their male counterparts, who, generally, tend to go more by intuition.

So if you’re looking for a company to invest in to turn a profit, think about choosing a woman entrepreneur. I personally work with many women entrepreneurs in my keynote-speaking company. As a group, they tend to be some of the most thoughtful, intelligent, and successful people.

Women Investors Have the Best Returns

Women investors also produce the best overall results in the market, according to Yusko. Citing the 2021 Women and Investing Study by Fidelity Investments, he said female investors earn 40 basis points more on their investments than males.

Yusko believes the reason for women’s success in investing is they are more likely to take a holistic, 360-degree view of their investments. They will let poor investments go. Male investors, on the other hand, tend to either be too analytical or too gung-ho–and don’t want to let go of a bad investment.

So if you’re looking for your next portfolio manager, consider a woman manager. Or maybe someone who is dead or lazy. Because, as it turns out, the only investors better than women are people who don’t do anything at all. According to another Fidelity investment study conducted in 2014, the best-performing individual investment accounts, on average, were in dormant — or deceased — accounts.

If you’re looking to find success in this topsy-turvy economy, take some advice from the top entrepreneurs and venture capitalists. Invest in people. Even better, make sure those people are women. You’ll find that on average you’ll have better returns. Thank me later.

By Ken Sterling

Source: Why Women Are Your Best Investment | Inc.com

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LegalSuites   https://jvz2.com/c/202927/388896/
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Linkable DFY   https://jvz6.com/c/202927/385873/
Linkomatic  https://jvz2.com/c/202927/380937/
LiteTrading   https://www.litefinance.com/?uid=929237543
Live Your Truth  https://jvz6.com/c/202927/379020
Living An Intentional Life    https://jvzoo.com/c/202927/382455
Living an International Life    https://jvz8.com/c/202927/382455/
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