3 Tips for Increasing Happiness at Work

Given that many of us will spend up to one-third of our lives at work, it’s not surprising that happiness at work is a topic of concern. Research shows that our happiness at work determines how motivated, productive, and engaged we are.

As an ACHIEVE trainer for the Psychological Safety in the Workplace workshop, I have had many discussions with participants and teams about workplace well-being and satisfaction. I am often asked, “What actions and circumstances best lead to happiness at work?” 

The answer? Happiness at work is complex. Various influences and factors contribute to our well-being at work including organizational culture, the alignment between our values and the organization’s, and the level of job compensation and security.

While some of these factors may be beyond our control, happiness can be enhanced through specific behavioural and cognitive practices, referred to in positive psychology as “positive interventions.”

Here are three positive interventions you can use to increase your happiness at work:

Strive for the Happiness Zone

Research shows that 40 percent of personal happiness results from our own actions, behaviours, and thought patterns. This 40 percent zone is where you have some control over your happiness and where practicing positive interventions will be most helpful. However, this practice will be different for everyone. Some people are happiest when they accomplish a goal at work, while others feel most happy when they are connected and collaborating with colleagues. It’s important to understand which activities contribute to individual happiness at work.

Prioritize the behaviours, actions, and conditions that lead to a sense of well-being during the workday.

One way to begin is to prioritize the behaviours, actions, and conditions that lead to a sense of well-being during the workday. Take note of activities that seem to uplift your mood during the week. Carefully observe your workdays, becoming mindful of the activities, behaviours, or situations that create a sense of a good day versus a bad day. Look for a pattern across the days and weeks. Are there certain activities, situations, or circumstances that consistently seem to contribute to a positive workday? Make a conscious effort to prioritizing doing more of them.

Focus on Meaningful Interactions

The importance of interpersonal connections at work is noted in ACHIEVE’s book, The Culture Question: How to Create a Workplace Where People Like to Work. People are more apt to feel satisfied and engaged when they have positive relationships at work.

A first step to creating meaningful connections at work is to improve your listening skills and increase the depth and value of your interactions. During a workplace interaction, consciously choose to actively listen to what someone has to say and invite them to share more during the conversation. Researchers refer to this as listening generously – we allow the person to have the entire spotlight to feel genuinely listened to and validated.

Simple responses like “That’s great, I’d like to hear more,” or “It sounds like this is important to you, I’d like to learn more,” can make a team member feel more valued, resulting in increased well-being at work. As the listener, you feel good too because you are creating a more meaningful interaction. Remember, the more connected and positive interactions we have with work colleagues, the happier our work experience.

Generate Gratitude

Completing a gratitude exercise even once a week has been proven to increase happiness over time. There is no better place to practice gratitude than at work, given the amount of time we spend there.

People are more apt to feel satisfied and engaged when they have positive relationships at work.

One of the most simple and effective ways to practice gratitude is by keeping a gratitude journal. Record the things in your workweek you felt grateful for. Examples may include compliments you received about your work, small wins or accomplishments, or completing a difficult task. To make this team-based, try keeping a gratitude jar.

Invite your colleagues to join you in recording things they are grateful for. Use sticky notes, or if you are a virtual team, post something on a virtual collaborative whiteboard. On Friday, go through the notes. The best part of this simple exercise is the immediate uplift in mood and perspective shift that occurs from recognizing just how many things went well during the workweek.

Workplace happiness takes effort and practice, but the result is improved well-being, greater productivity, and stronger workplace connections – all of which can result in decreased stress and more work satisfaction. Happiness at work is truly worth the effort.

By:Jennifer Kelly

Source: 3 Tips for Increasing Happiness at Work | ACHIEVE Centre for Leadership

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Empathy Should Be Your Secret Sauce

“People Helping People” and “People Not Profit” have been the credos of credit unions since their founding in the United States. Recently, there’s been a significant push to promote those credos as part of the “I love my credit union” campaign. Focusing on helping people is a great way to differentiate credit unions from the rest of the banking industry, and it’s a beautiful way to meld business with altruism.

Like so many other things, saying you’re focused on people is great but only if you back up the words with action. Today more than ever, acting on the “people” component of the credit union mantra is critical to every credit union’s future viability and ultimate success. All people – members and employees – need to feel your love and experience your care, not just hear about it. In short, to truly live the mantra, your credit union needs to invest in optimizing empathy.

Investing in empathy doesn’t mean a one-time training event, and it’s not just a component of a broader DEI initiative; it’s a core component that should be fundamental to your strategic planning efforts this year. Empathy is a muscle that can be developed and strengthened for your leadership team as well as your staff. It can manifest itself in five impactful ways:

Empathy with Members
We often hear from leaders and coaches, “Show empathy with the member.” But there’s a right way and wrong way to do it. And demonstrating it the right way requires ongoing training, practice, coaching, and reinforcement. It is a learned skill.

Empathy with Co-Workers
Like our daily interactions with members, empathy is vital to forging positive, effective partnerships with peers at your credit union. Recent experience has shown that disfunction and poor support from one department to another is largely the result of a lack of shared empathy.

Empathy with Direct Reports
Leaders need to personalize their coaching and make sure they focus on what their employee needs to maximize their efforts. While we’ve talked for years about personalized coaching, injecting empathy takes coaching and leadership to a deeper level where it truly drives performance and motivates employees.

Empathy as a Culture
The credit unions who have thrived during the past 18 months have done so largely because of their strong bond with employees and members, along with a concentrated focus on total wellbeing – at work and home. Those efforts need to continue in the “next normal” to leverage that goodwill and solidify those relationships. That means weaving empathy into the fabric of your experience culture as much as possible, today and into the future.

Empathy as a Differentiator
In the spirit of demonstrating empathy instead of just talking about it, be prepared to share specific anecdotes of how you’ve helped members and employees, especially during these challenging times. Don’t be shy about it – it you don’t promote it, no one else will. It can be the best way to differentiate in your marketplaces. Word-of-mouth advertising is still the best advertising but only if you make sure the word does, indeed, get advertised.

Many credit unions have already reached out in recent months about various ways to infuse empathy throughout their culture. If you want to make empathy your secret sauce and create a thoroughly empathetic culture at your credit union, let’s talk. www.fi-strategies.com/contact-us.

Paul Robert

By Paul Robert, FI Strategies, LLC

Paul Robert has been helping financial institutions drive their retail growth strategies for over 20 years. Paul is the Chief Executive Officer for FI Strategies, LLC, a small but mighty … Web: fi-strategies.com

Source: Empathy should be your secret sauce – CUInsight

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How to Turn Your Company’s Purpose Into Action

The best advice is easy to understand, but difficult to execute, according to Marshall Goldsmith, executive coach and author of Triggers, Mojo, and What Got You Here Won’t Get You There.

In a virtual keynote address to Inc. 5000 honorees this week, Goldsmith explained that while coaching leaders at companies such as Ford, Pfizer, and the Mayo Clinic, he learned that it’s easy to dismiss the simplest of leadership strategies because they sound too easy. But it’s often the simple strategies that make the biggest difference for founders because they’re easier to commit to long-term.

“You’re a CEO, you’re a very busy person, you don’t have a lot of time. If I gave you stuff that sucks up too much of your time, you’re not gonna do it anyway,” Goldsmith says, adding that this tried-and-true method is still one worth teaching today because of its proven success.

Here, Goldsmith shares a simple method to becoming a more effective leader.

1. Get in the habit of asking for input.

Goldsmith argues that leaders don’t ask one simple question enough: How can I be better? Leaders should get in the habit of asking how they can be a better manager, team player, and salesperson. Many times, your employees and peers will point things out to you that aren’t even on your radar.

Something he learned from management consultant Peter Drucker stood out to Goldsmith when it comes to asking for feedback. “He said, ‘The leader of the past will have to [explain] to leaders of the future when they ask why we manage knowledge workers when they know more than we do,” Goldsmith says. In other words, never stop learning from your employees and peers.

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2. Listen to the input–don’t debate it.

Once you ask for input, Goldsmith says to fight every urge to give your opinion and to instead listen intently. Whatever feedback you get, take notes, say thank you, don’t judge, and don’t make too many promises. Instead, Goldsmith suggests you say, “I’m going to involve you and the others involved and follow up with you.”

One important thing for leaders to keep in mind is that leadership is not a popularity contest, and therefore you shouldn’t feel obligated to satisfy everyone. “You never promised as a leader to do everything people suggest,” Goldsmith says. “You promised to ask and listen.

3. Follow up.

This is where you act on what you promised. The key to making change, according to Goldsmith, is that you have to follow up and stick with it.

“You don’t get better when you listen to a speech. You don’t get better because you read a book,” he says. “You have to work at it, follow up and stick with it.”

By: Teresa Xie, Editorial intern, Inc.@resate_z

Source: How to Turn Your Company’s Purpose Into Action | Inc.com

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3 Issues To Consider Before You Introduce Recurring Revenue Streams Into Your Business

All business owners understand and appreciate the importance of revenue to the success of their businesses. At the outset, revenue is critical to the ability of a business to pay its expenses and satisfy any payroll obligations. Investors will examine the history of revenue of a business as a benchmark to evaluate the future profitability and potential growth of the company. Revenue is also an important criteria that lenders use when assessing whether to extend credit to a business  the lifeblood of every business.

With revenue being so important to the success of a business, it is often a surprise how little time most business owners spend on exploring how their businesses can meet  if not exceed  their revenue-generating potential.

The reality is most business owners are so focused on the day-to-day realities of running their businesses that they simply do not have the time to consider if their businesses are generating as much income as they should or if there are other opportunities to increase revenue-generating potential.

Related: 17 Passive Income Ideas for Increasing Your Cash Flow

What is a recurring revenue stream?

A recurring revenue stream is simply a way of conducting business that results in customers paying the business on a regular basis in exchange for some value. This value can either be the right to receive goods or services from a business or the right to access or use the property of the business for a given time.

This is very different from non-recurring revenue-generation business models, such as the sale of a product or the provision of a service, where a business has no expectation that a current customer will be a customer in the future. Recurring revenue streams enable business owners to better predict how much revenue their businesses will generate in the future. Savvy business owners use these recurring revenue streams to attract investors, obtain credit and grow their companies.

It is no wonder that the foundation of many successful modern businesses today often relies on recurring revenue streams.

Related: Why You Should Use a Subscription Business Model

What are some examples of recurring revenue streams?

You may be intimidated by the idea of a recurring revenue stream. You have no reason to be: Recurring-revenue business models are all around us. Here are three common examples of recurring revenue streams that you may be familiar with and ought to consider implementing in your business.

  1. Renting or leasing. If you have ever leased a car or rented a home, you are familiar with this business model. Leasing is a form of generating revenue where a business collects money from a customer in exchange for giving a customer the right to use a physical asset for a specified time.
  2. Licensing. Do you pay for any online services? Do you use any form of social media? Your relationship with those online services is often governed by a license agreement, which sets out terms for how intellectual property of one party can be used by the other. If one party is required to pay for the rights to use the intellectual property of the other party, those payments are often calculated based on how often that customer uses that intellectual property or on the amount of money the customer generates using the intellectual property of the business.
  3. Subscription. This is the model you are most likely familiar with. Whether it be your account to the latest video-streaming platform, your fresh coffee subscription or even your subscription to a pizza service, subscription-based business models are everywhere. The success of most subscription-based business models relies on providing ongoing value to customers in exchange for recurring payments for as long as possible.

What to ask before integrating a recurring revenue stream

While introducing a new revenue stream for your business is certainly attractive, recognize that not every recurring-revenue business model is the same. The reality is that each type of recurring revenue stream needs to be tailored to the capabilities of each business and the needs of each customer. Here are some questions to ask when considering the opportunities to integrate a recurring revenue stream into your business:

What value from your business are your customers willing to pay for on a regular basis? What price will customers pay for that value on a regular basis? What changes in your business operations need to happen to make these revenue streams a reality?

Related: 3 Simple But Effective Strategies to Create Consistent Income Online

Don’t go it alone

While I hope this article illustrates some of the benefits of integrating recurring revenue streams into your business, I must emphasize that this is simply an introduction to the concept. Don’t underestimate the amount of time, money and energy that may be required to create a new revenue stream for your business.

I would encourage you to find lawyers, accountants and other advisors to guide both your assessment of the suitability of a recurring-revenue business model for your business and the implementation of your strategic decisions. After all, a little time and energy invested in preparation often pays dividends in the long term.

Romesh Hettiarachchi

By: Romesh Hettiarachchi  – Entrepreneur Leadership Network Contributor

Source: 3 Issues to Consider Before You Introduce Recurring Revenue Streams Into Your Business

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Future Graduates Will Need Creativity and Empathy – Not Just Technical Skills

Rapidly advancing technology, including automation and AI and its impact on education, skills and learning in the UK, is a subject of much debate for universities. How can institutions equip students with the skills they need to succeed in a changing jobs market? It’s a valid question, though often the answers are the problem.

Since technology is driving these changes, there’s an assumption that the government should keep focusing on Stem subjects. These are often referred to as “hard skills”, which are prioritised in primary school and right through to university level. In the meantime, “soft skills” – which are already disadvantaged by the term’s connotations – are being relegated even further down the pecking order in terms of curriculum must-haves.

This is a mistake. Much evidence suggests that soft skills are far more beneficial to graduates than is currently acknowledged. Research from Harvard University on the global jobs market has shown that Stem-related careers grew strongly between 1989 and 2000, but have stalled since. In contrast, jobs in the creative industries – the sector probably most associated with the need for soft skills – in the UK rose nearly 20% to 1.9m in the five years to June 2016.

Soft skills are in fact increasingly in demand in the workplace: Google cites creativity, leadership potential and communication skills as top prerequisites for both potential and current employees.

So why, in an age cited as the “fourth industrial revolution”, are soft skills so highly sought after? With the rapid evolution of technology, a focus on hard skills leaves students vulnerable to change, as these often have a shorter shelf life.

According to research by the World Economic Forum, more than one in four adults reported a mismatch between their skills and those needed for their job role. Although technical skills, such as learning to code, can be taught and assessed more easily and soft skills take time to develop and are more complex in nature, the latter can turn out to be more beneficial in the long term.

If taught well, these skills should enable students to adapt to change more easily, gain a greater understanding of people and the world around them, and ultimately progress further in their chosen career.

Of course technical, practical and more easily quantifiable skills are important but without the curriculum placing equal, if not greater, importance on soft skills, our governments and education systems are missing a huge trick. Hard skills may help a student get a job in a particular industry, but soft skills will help them disrupt it, creating change for the better and achieving a wider impact in their chosen field.

To return to the Google example, many of the company’s top “characteristics of success” are soft skills: being a good coach, communicating and listening well, possessing insights into other points of view, being supportive of one’s colleagues, critical thinking and problem solving, and being able to make connections across complex ideas. It’s these fundamentally human emotional and social skills which should be nurtured, developed and celebrated as the key to future success for students and society in general.

Many universities have embraced this, teaching students soft skills such as critical thinking, idea generation and interdisciplinary ways of working alongside hard skills. But the issue goes much deeper: it needs to be tackled across the entire education system, so that by the time students reach university level they are already familiar with the importance of, and the qualities needed to develop, these essential skills.

With enrolment in arts and humanities degrees in decline and the government’s continued focus on technical Stem subjects, the value of soft skills may be in danger of being lost along the way. Perhaps a good place to start would be a reframing of the language we use to describe these skills as, if the evidence is correct, they’re not so “soft” after all.

By: Natalie Brett

Natalie Brett is the head of London College of Communication and pro vice-chancellor of the University of the Arts, London

Source: Future graduates will need creativity and empathy – not just technical skills | Natalie Brett | The Guardian

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High Turnover? Here Are 3 Things CEOs Do That Sabotage Their Workplace Culture

She has one too many deadlines to deal with

Every CEO wants long-standing employees, but their ineffective leadership causes organizational stress that cripples the workplace culture. Quite often, we read articles or hear of CEOs abusing their power and tarnishing their company’s reputation.

This is due to them neglecting feedback from their team and making decisions based solely on their own judgement. Not only does this erode trust, but it sets a standard that employee and leadership voices are not welcome.

When employees are taken care of, they go above and beyond to drive the company forward. Conversely, when they don’t feel valued, appreciated or kept in the loop, employees quickly become disengaged. The cost of a disengaged employee impacts more than the bottom line.

It decreases productivity, creates negative client experiences and destroys the company culture, to name a few. According to a Gallup survey, the State of the American Workplace 2021, 80% of workers are not fully engaged or are actively disengaged at work.

While CEOs claim to embody a people-first and feedback-driven culture, they believe, due to their position, that they know better than everyone else. Todd Ramlin, manager of Cable Compare, said, “if a person is fortunate to have the opportunity to be a CEO, they need to ask themselves if they can live by the company values, expectations, rules and processes that are in place.” They can’t pick and choose which rules and processes to abide by, yet punish others when they do the same. Doing so cultivates a toxic workplace and demonstrates poor leadership.

Here are three things CEOs do that sabotage their workplace culture.

Embraces Data, Dodges Emotions

The workplace is made up of a diverse group of experiences and perspectives. CEOs who lack the emotional intelligence to understand another person’s viewpoint or situation will find themselves losing their most valuable people. Sabine Saadeh, financial trading and asset management expert, said, “companies that are only data driven and don’t care about the well-being of their employees will not sustain in today’s global economy.”

Businessolver’s 2021 State Of Workplace Empathy report, revealed that “68% of CEOs fear that they’ll be less respected if they show empathy in the workplace.” CEOs who fail to lead with empathy will find themselves with a revolving door of leadership team members and employees. I once had a CEO tell me that he didn’t want emotions present in his business because it created a distraction from the data. His motto was, “if it’s not data, it’s worthless”.

As such, he disregarded feedback of employee dissatisfaction and burnout. Yet, he couldn’t understand why the average tenure of his employees very rarely surpassed one year. Willie Greer, founder of The Product Analyst, asserted, “data is trash if you’re replacing workers because you care more about data than your people.”

Micromanages Their Leadership Team

One of the ways a CEO sabotages a company’s culture is by micromanaging their leadership team. Consequently, this leads to leadership having to micromanage their own team to satisfy the CEOs unrealistic expectations. When leadership feels disempowered to make decisions, they either pursue another opportunity or check out due to not being motivated to achieve company goals.

As such, the executives who were hired to bring change aren’t able to live up to their full potential. Moreover, they’re unable to make the impact they desired due to the CEOs lack of trust in them. Employees undoubtedly feel the stress of their leadership team as it reverberates across the company.

Arun Grewal, founder and Editor-in-chief at Coffee Breaking Pr0, said, most CEOs are specialists in one area or another, which can make them very particular. However, if they want to drive their company forward they need to trust in the experts they hired rather than trying to make all of the company’s decisions.

At one point during my career, I reported to a CEO who never allowed me to fully take over my department. Although he praised me for my HR expertise during the interview, once hired, I quickly realized he still wanted full control over my department. Despite not having HR experience, he disregarded everything I brought to the table to help his company.

I soon began questioning my own abilities. No matter how hard I tried to shield my team from the stress I endured, the CEO would reach out to them directly to micromanage their every move. This left our entire department feeling drained, demoralized and demotivated. Sara Bernier, founder of Born for Pets, said, “CEOs who meddle in the smallest of tasks chip away at the fundamentals of their own company because everything has to run through them”. She added, “this eliminates the employee’s ownership of their own work because all tasks are micromanaged by the CEO.

Neglects Valuable Employee Feedback

Instead of seeking feedback from their leadership team or employees, CEOs avoid it altogether. Eropa Stein, founder and CEO of Hyre, said, “making mistakes and getting negative feedback from your team is a normal part of leading a company, no matter how long you’ve been in business.”

She went on, “as a leader, it’s important to put your ego aside and listen to feedback that will help your business grow. If everyone agrees with you all the time, you’re creating a cult mentality that’ll be detrimental to your business’ success in the long run.” This results in a toxic and unproductive workplace culture.

What’s worse than avoiding constructive feedback is receiving it and disregarding it entirely. Neglecting valuable feedback constructs a company culture where no individual feels safe voicing their concerns. Rather than silence those who give negative feedback, CEOs should embrace them. These are the individuals who are bringing issues forward to turn them into strengths in an effort to create a stronger company.

Follow me on Twitter or LinkedIn. Check out my website.

I’m a Leadership Coach & Workplace Culture Consultant at Heidi Lynne Consulting helping individuals and organizations gain the confidence to become better leaders for themselves and their teams. As a consultant, I deliver and implement strategies to develop current talent and create impactful and engaging employee experiences. Companies hire me to to speak, coach, consult and train their teams and organizations of all sizes. I’ve gained a breadth of knowledge working internationally in Europe, America and Asia. I use my global expertise to provide virtual and in-person consulting and leadership coaching to the students at Babson College, Ivy League students and my global network. I’m a black belt in Six Sigma, former Society of Human Resources (SHRM) President and domestic violence mentor. Learn more at http://www.heidilynneco.com or get in touch at Heidi@heidilynneco.com.

Source: High Turnover? Here Are 3 Things CEOs Do That Sabotage Their Workplace Culture

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Critics:

Organizational culture refers to culture in any type of organization including that of schools, universities, not-for-profit groups, government agencies, or business entities. In business, terms such as corporate culture and company culture are often used to refer to a similar concept.

The term corporate culture became widely known in the business world in the late 1980s and early 1990s. Corporate culture was already used by managers, sociologists, and organizational theorists by the beginning of the 80s. The related idea of organizational climate emerged in the 1960s and 70s, and the terms are now somewhat overlapping,as climate is one aspect of culture that focuses primarily on the behaviors encouraged by the organization

If organizational culture is seen as something that characterizes an organization, it can be manipulated and altered depending on leadership and members. Culture as root metaphor sees the organization as its culture, created through communication and symbols, or competing metaphors. Culture is basic, with personal experience producing a variety of perspectives.

Most of the criticism comes from the writers in critical management studies who for example express skepticism about the functionalist and unitarist views about culture that are put forward by mainstream management writers. They stress the ways in which these cultural assumptions can stifle dissent towards management and reproduce propaganda and ideology. They suggest that organizations do not encompass a single culture, and cultural engineering may not reflect the interests of all stakeholders within an organization.

References

  • Schein, E. H. (1990). Organizational culture. American Psychologist, 45, 109–119. doi:10.1037/0003-066X.45.2.109
  • Compare: Hatch, Mary Jo; Cunliffe, Ann L. (2013) [1997]. “A history of organizational culture in organization theory”. Organization Theory: Modern, Symbolic and Postmodern Perspectives (2 ed.). Oxford: Oxford University Press. p. 161. ISBN 9780199640379. OCLC 809554483. Retrieved 7 June 2020. With the publication of his book The Changing Culture of a Factory in 1952, British sociologist Elliott Jaques became the first organization theorist to describe an organizational culture.
  • Jaques, Elliott (1951). The changing culture of a factory. Tavistock Institute of Human Relations. [London]: Tavistock Publications. p. 251. ISBN 978-0415264426. OCLC 300631.
  • Compare: Kummerow, Elizabeth (12 September 2013). Organisational culture : concept, context, and measurement. Kirby, Neil.; Ying, Lee Xin. New Jersey. p. 13. ISBN 9789812837837. OCLC 868980134. Jacques [sic], a Canadian psychoanalyst and organisational psychologist, made a major contribution […] with his detailed study of Glacier Metals, a medium-sized British manufacturing company.
  • Ravasi, D.; Schultz, M. (2006). “Responding to organizational identity threats: Exploring the role of organizational culture”. Academy of Management Journal. 49 (3): 433–458. CiteSeerX 10.1.1.472.2754. doi:10.5465/amj.2006.21794663.
  • Schein, Edgar H. (2004). Organizational culture and leadership (3rd ed.). San Francisco: Jossey-Bass. pp. 26–33. ISBN 0787968455. OCLC 54407721.
  • Schrodt, P (2002). “The relationship between organizational identification and organizational culture: Employee perceptions of culture and identification in a retail sales organization”. Communication Studies. 53 (2): 189–202. doi:10.1080/10510970209388584. S2CID 143645350.
  • Schein, Edgar (1992). Organizational Culture and Leadership: A Dynamic View. San Francisco, CA: Jossey-Bass. pp. 9.
  • Deal T. E. and Kennedy, A. A. (1982, 2000) Corporate Cultures: The Rites and Rituals of Corporate Life, Harmondsworth, Penguin Books, 1982; reissue Perseus Books, 2000
  • Kotter, J. P.; Heskett, James L. (1992). Corporate Culture and Performance. New York: The Free Press. ISBN 978-0-02-918467-7.
  • Selart, Marcus; Schei, Vidar (2011): “Organizational Culture”. In: Mark A. Runco and Steven R. Pritzker (eds.): Encyclopedia of Creativity, 2nd edition, vol. 2. San Diego: Academic Press, pp. 193–196.
  • Compare: Flamholtz, Eric G.; Randle, Yvonne (2011). Corporate Culture: The Ultimate Strategic Asset. Stanford Business Books. Stanford, California: Stanford University Press. p. 6. ISBN 9780804777544. Retrieved 2018-10-25. […] in a very real sense, corporate culture can be thought of as a company’s ‘personality’.
  • Compare: Flamholtz, Eric; Randle, Yvonne (2014). “13: Implications of organizational Life Cycles for Corporate Culture and Climate”. In Schneider, Benjamin; Barbera, Karen M. (eds.). The Oxford Handbook of Organizational Climate and Culture. Oxford Library of psychology. Oxford: Oxford University Press. p. 247. ISBN 9780199860715. Retrieved 2018-10-25. The essence of corporate culture, then, is the values, beliefs, and norms or behavioral practices that emerge in an organization. In this sense, organizational culture is the personality of the organization.
  • Compare: Flamholtz, Eric; Randle, Yvonne (2014). “13: Implications of organizational Life Cycles for Corporate Culture and Climate”. In Schneider, Benjamin; Barbera, Karen M. (eds.). The Oxford Handbook of Organizational Climate and Culture. Oxford Library of psychology. Oxford: Oxford University Press. p. 247. ISBN 9780199860715. Retrieved 2018-10-25. The essence of corporate culture, then, is the values, beliefs, and norms or behavioral practices that emerge in an organization.
  • Jaques, Elliott (1998). Requisite organization : a total system for effective managerial organization and managerial leadership for the 21st century (Rev. 2nd ed.). Arlington, VA: Cason Hall. ISBN 978-1886436039. OCLC 36162684.
  • Jaques, Elliott (2017). “Leadership and Organizational Values”. Requisite Organization: A Total System for Effective Managerial Organization and Managerial Leadership for the 21st Century (2 ed.). Routledge. ISBN 9781351551311. Retrieved 7 June 2020.
  • “Culture is everything,” said Lou Gerstner, the CEO who pulled IBM from near ruin in the 1990s.”, Culture Clash: When Corporate Culture Fights Strategy, It Can Cost You Archived 2011-11-10 at the Wayback Machine, knowmgmt, Arizona State University, March 30, 2011
  • Unlike many expressions that emerge in business jargon, the term spread to newspapers and magazines. Few usage experts object to the term. Over 80 percent of usage experts accept the sentence The new management style is a reversal of GE’s traditional corporate culture, in which virtually everything the company does is measured in some form and filed away somewhere.”, The American Heritage® Dictionary of the English Language, Fourth Edition copyright ©2000 by Houghton Mifflin Company. Updated in 2009. Published by Houghton Mifflin Company.
  • One of the first to point to the importance of culture for organizational analysis and the intersection of culture theory and organization theory is Linda Smircich in her article Concepts of Culture and Organizational Analysis in 1983. See Smircich, Linda (1983). “Concepts of Culture and Organizational Analysis”. Administrative Science Quarterly. 28 (3): 339–358. doi:10.2307/2392246. hdl:10983/26094. JSTOR 2392246.
  • “The term “Corporate Culture” is fast losing the academic ring it once had among U.S. manager. Sociologists and anthropologists popularized the word “culture” in its technical sense, which describes overall behavior patterns in groups. But corporate managers, untrained in sociology jargon, found it difficult to use the term unselfconsciously.” in Phillip Farish, Career Talk: Corporate Culture, Hispanic Engineer, issue 1, year 1, 1982
  • Halpin, A. W., & Croft, D. B. (1963). The organizational climate of schools. Chicago: Midwest Administration Center of the University of Chicago.
  • Fred C. Lunenburg, Allan C. Ornstein, Educational Administration: Concepts and Practices, Cengage Learning, 2011, pp. 67
  • “What Is Organizational Climate?”. paulspector.com. Retrieved 2021-05-01.

Four Ways to Build Influence at Work, No Matter Your Job Title

people around a table, brainstorming

Being influential has its benefits. People seek out your opinion and listen to you. Your words have power. Those around you believe what you say and give weight to your input. But you don’t have to be a member of the C-suite or a high-ranking employee for this to be true. It’s possible to expand your influence in virtually any role.

“Inside the workplace, there’s formal influence, which comes from your position—the responsibility and authority that you’ve been given,” says leadership consultant Ron Price, founder of Price Associates, and author of Growing Influence: A Story of How to Lead with Character, Expertise, and Impact. “But there’s also informal influence, which comes from who you are and how you show up.”

While the title you hold may not be imbued with power, there are steps you can take to increase the power you hold in virtually any role, he says. Here are four strategies to try:


Focus On What You Can Control

Influence starts with the areas within your control, says Melissa Drake, founder of Collaborative AF, a consultancy that helps companies unlock potential through collaboration. First off, focus simply on being good at your job.

“If you’re doing your thing well and passionately and you’re getting good results, it’s really hard to argue with that,” she says. Being good at your job is one of the basic elements of influence. It lets people know that you’re confident and capable. Failure to do so undermines influence and makes it more difficult for people to trust you.

At consulting and training company Franklin Covey, Scott Miller, executive vice president and author of Management Mess to Leadership Success: 30 Challenges to Become the Leader You Would Follow, recommends focusing on your “circle of influence“—those factors you can control, including “your reputation; your ability to deliver on your promises; your ability to make wise, high-impact decisions; your ability to collaborate.” The more you focus on those essential elements, the more your influence will naturally grow.


Spend Your ‘Influence Currency’ Wisely

Understanding the areas in which you may most likely be influential is important, too. If you have special expertise or act as a facilitator or gatekeeper, the way you share and distribute knowledge or resources can make you influential, says Allan Cohen, global leadership professor at Babson College and co-author of Influence without Authority. The core of your influence may also lie in how well you understand the organization, relationships within the workplace, or other areas that aren’t generally known.

But there’s a fine line between being a fair guardian of that influence and blowing your own horn too much, he says. Cohen says you must figure out how to provide that value in a reasonable way. “It’s a fine art to be able to contribute without disappearing, but without saying, ‘See me? See me? Look. Look. Here I am. Look what I’m doing for you,’” he says.


Make Strong Connections With Others

“Everything comes down to relationships,” Drake says, so building a strong network is essential. She recommends getting to know people on a personal level, too. It’s easier to relate to and understand others when you have an idea of what’s important to them, what their personality traits are, and what’s going on in their lives. “[Allow] people to be seen and heard as individuals and who they are,” says Drake, who gave a TEDx talk on collaboration in which she emphasized how much more powerful successful collaborations can be compared to solo efforts. “Then it makes it easier to come together,” she says.

The ability to collaborate with others also helps build your influence because it strengthens relationships. “There’s the kind of influence that you build through collaboration, where you work with people, where you have shared interests, says Price. “You can combine your influence together to create something bigger than you could have done by yourself.”


Don’t Be a Jerk

Even if you don’t have a big title or wield a great deal of power, there is always a way you can help others, Price says. So find ways to give back to individuals and the organization before you try to use your influence for your own interests. “Who comes to you to get information or something that they need in order to do their daily work?” he says. “The more that you respond to that in a timely way and give them what they’re looking for, the better, stronger influence you’ll build with them.”

By building your expertise and relationships, and using your growing power wisely and fairly, your words and actions will likely have greater impact in the workplace. But, as your influence grows, so must your humility, Miller says. “The more you readily show vulnerability and admit your issues, [the more] people will gravitate around you and you’ll create a culture where people take risks. They’ll make bets. They’ll choose to stay because there’s no paranoia. There’s high trust,” he says.

By: Gwen Moran

Source: Pocket

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Critics:

Social influence comprises the ways in which individuals change their behavior to meet the demands of a social environment. It takes many forms and can be seen in conformity, socialization, peer pressure, obedience, leadership, persuasion, sales, and marketing. Typically social influence results from a specific action, command, or request, but people also alter their attitudes and behaviors in response to what they perceive others might do or think. In 1958, Harvard psychologist Herbert Kelman identified three broad varieties of social influence.

  1. Compliance is when people appear to agree with others but actually keep their dissenting opinions private.
  2. Identification is when people are influenced by someone who is liked and respected, such as a famous celebrity.
  3. Internalization is when people accept a belief or behavior and agree both publicly and privately.

Morton Deutsch and Harold Gerard described two psychological needs that lead humans to conform to the expectations of others. These include our need to be right (informational social influence) and our need to be liked (normative social influence). Informational influence (or social proof) is an influence to accept information from another as evidence about reality. Informational influence comes into play when people are uncertain, either because stimuli are intrinsically ambiguous or because there is social disagreement.

Normative influence is an influence to conform to the positive expectations of others. In terms of Kelman’s typology, normative influence leads to public compliance, whereas informational influence leads to private acceptance.

Robert Cialdini defines six “weapons of influence” that can contribute to an individual’s propensity to be influenced by a persuader:

  • Reciprocity: People tend to return a favor.
  • Commitment and consistency: People do not like to be self-contradictory. Once they commit to an idea or behavior, they are averse to changing their minds without good reason.
  • Social proof: People will be more open to things that they see others doing. For example, seeing others compost their organic waste after finishing a meal may influence the subject to do so as well.
  • Authority: People will tend to obey authority figures.
  • Liking: People are more easily swayed by people they like.
  • Scarcity: A perceived limitation of resources will generate demand.

See also

How To Get Your Team To Stop Asking You Every Little Question

You’re finally in the flow, typing away and making progress on that strategy document. And then a team member IMs you a question. And then another one pops up. Before you know it, your afternoon is gone and you’ve made no progress. Sound familiar?

In order to make time for reflective thinking, managers need to facilitate their team members’ independence. This is especially important if your team is not physically together, because “quick questions” sent through team chat channels can otherwise be endless.

Start by analyzing the problem. What are the reasons your team members feel they need your input? Is it because they don’t have the confidence to make decisions on their own? Because they fear reprisals if they make the “wrong” decision? Because they are unqualified or inexperienced? Categorizing the types of issues can be helpful to recognizing patterns and taking corrective action.

Once you understand what they’re coming to you about, then you need to determine why, and what role you play in that. Does your behavior enable, or even encourage, your staff to bring you every little “speed bump” in their day? Does it lead them to believe that you are the only one who is authorized to solve problems or make decisions? Does the way you interact with them cause them to lack confidence in their own judgment or make the limits of their authority unclear to them? Do they have good reason to fear making a mistake?

Below are ideas you can implement in four specific categories that will empower your employees while promoting your own productivity.

1. Put an emphasis on attention management.

Start by identifying whether an “open-door policy” is something that is stated or promoted in your organization. If so, make it explicit with a clear definition. Of course it’s important for leaders to be available to their teams. But “being available” shouldn’t come at the cost of everyone’s work being interrupted unpredictably, all throughout the day. An open-door policy was never intended to mean that anyone is available to be interrupted at any time for any reason.

A better implementation is to be clear that everyone in your organization should be considered accessible, but not necessarily constantly available. Individual team members need to provide signals about when they are available to be interrupted, and when they aren’t. And the culture needs to support this undistracted work time.

In a virtual situation, encourage the team to practice attention management by periodically closing their email client, putting their phone on silent and out of sight, and setting their chat tools to “do not disturb.” You should model this behavior, because if you never do it, your team won’t either, no matter what you say.

In the office, indicate your do-not-disturb times with some sort of signal, and empower your team to do the same: You could use a do-not-disturb sign, a cubicle flag, or headphones, for example. Everyone should know what the signals are and what they mean. Then be judicious about putting them up to create undistracted work time, and taking them down when you’re willing to allow interruptions.

These scenarios might seem impossible at your organization. In that case, you need to look at the way communication flows. Put a focus on creating a culture that supports asynchronous communication, where the conversation isn’t always “live” but people can chime in when it’s best for their work flow. My favorite team collaboration tool, Twist, offers a great guide for how to do that.

2. Promote self-confidence in your staff.

Set boundaries for your employees, making sure they understand the responsibilities of their role, the types of decisions they can and should make on their own, and the general limits of their authority. Then, encourage them to find their own solutions to day-to-day problems. Instead of answering questions, try using the phrase, “I trust your judgment.” The more successful your direct reports are in solving their problems on their own, the more their confidence will grow. This is a great way to develop your team members while also increasing your own opportunities for undistracted work time.

One thing that can interfere with your team’s autonomy is if you’re the kind of manager who likes having a lot of control, and being involved in every decision. This kind of micromanaging is a burden on you and stifles your team’s growth. You can’t do everyone’s job for them, nor should you. Empower your team members to make their own decisions. If you are unsure whether you are micromanaging, ask a trusted peer or former employee to give you honest feedback.

3. Embrace the tough decisions.

If there are employees whose judgment you don’t trust, try to understand why, so you can find remedies. Do the employees have a gap in their skill sets? Would additional training help? Is the person new to the organization? Perhaps more time is needed to “learn the ropes.” Maybe finding a mentor or “buddy” on the team would be helpful. But set a time limit on this.

Occasionally, you may find you’ve made a hiring mistake. The hardest questions to face are whether you have the right person in the wrong role, or whether the person isn’t a good fit for the organization. Don’t drag your feet here. Make it a win for you and the employee by helping the person find another role at your organization, or a new job somewhere else. This will enable you to cut your losses, as well as help develop your company’s reputation as a good place to work.

4. Create a safe environment to make mistakes.

If there are serious, unpleasant consequences to honest mistakes, your organization has a “CYA culture,” where people aren’t coming to you because they want your input, they’re just looking for a way to shift any future blame. This will stifle growth and prevent your organization from being adaptable. Remember the old adage, “Praise in public, correct in private.” Speak to team members privately when one of their solutions does not provide the best outcome. Emphasize the idea that mistakes are opportunities to learn.

Hold team members accountable to their decisions by using mistakes as teaching opportunities. Call attention to the lesson learned, and make sure it sticks, but if the decision was ethical and made in good faith, be supportive and empathetic.

By implementing these four strategies, you’ll be able to minimize interruptions from your direct reports, and you’ll create more opportunities to focus on the thoughtful work your leadership position demands. In the process, you’ll inspire confidence, innovation, and creativity in your team members. When you empower your team to work more independently, you improve as a leader and ultimately, you contribute more to the success of the organization.

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Critics:
Team management is the ability of an individual or an organization to administer and coordinate a group of individuals to perform a task. Team management involves teamwork, communication, objective setting and performance appraisals. Moreover, team management is the capability to identify problems and resolve conflicts within a team. There are various methods and leadership styles a team manager can take to increase personnel productivity and build an effective team. In the workplace teams can come in many shapes and sizes who all work together and depend on one another.
They communicate and all strive to accomplish a specific goal. Management teams are a type of team that performs duties such as managing and advising other employees and teams that work with them. Whereas work, parallel, and project teams hold the responsibility of direct accomplishment of a goal, management teams are responsible for providing general direction and assistance to those teams.

Team building activities

Team-building activities are a series of simple exercises involving teamwork and communication. The main objectives of team building activities are to increase trust amongst team members and allow team members to better understand one another. When choosing or designing team-building activities it is best to determine if your team needs an event or an experience. Generally an event is fun, quick and easily done by non-professionals. Team building experiences provide richer, more meaningful results. Experiences should be facilitated by a professional on an annual basis for teams that are growing, or changing.

What makes teams effective

Team effectiveness occurs when the team has appropriate goals to complete and the confidence to accomplish those goals. Communication is also a large part of effectiveness in a team because in order to accomplish tasks, the members must negotiate ideas and information. Another aspect of effectiveness is reliability and trust. When overcoming the “storming” phase of Bruce Tuckman’s stages of group development, trust is established, and it leads to higher levels of team cohesion and effectiveness.

If there is a conflict, effectiveness allows cohesion and the ability to overcome conflict. Specifically in management teams, more weight falls on their shoulders because they have to direct and lead other teams. Being effective is a main priority for the team or teams involved. Unlike non-managerial teams, in which the focus is on a set of team tasks, management teams are effective only insofar as they are accomplishing a high level of performance by a significant business unit or an entire firm.Having support from higher-up position leaders can give teams insight on how to act and make decisions, which improves their effectiveness as well.

See also

 

4 Trends In Fundraising That Will Impact the Future of Philanthropy

https://s.yimg.com/uu/api/res/1.2/igj8FQkpX3J.LzTQIIqMOA--~B/aD0xMzMzO3c9MjAwMDthcHBpZD15dGFjaHlvbg--/https://media.zenfs.com/en/entrepreneur.com/17afbebf4babbce1a9fc3a2febd1f397

While the needs of fundraising organizations have grown and diversified, the techniques of fundraisers have grown stale instead of evolving. Many organizations continue to use the same strategies to secure gifts as they have for years, despite growing evidence of the need for change.

Unfortunately, because of rare but highly public unethical practices in political and -adjacent industries, nonprofit fundraisers today deal with a lot of issues with stigma, skepticism and mistrust. Recently, the Department of Justice began cracking down on certain matching contributions claims, as an example of the way certain ‘gimmicks’ leave a bad taste in everyone’s mouth.

Because of ongoing challenges, with donor trust, organizations looking to fundraise in 2021 and beyond will not be able to meet new challenges with old habits. Leaders and fundraisers need to be aware of the latest trends in the space to maximize their funding and, by extension, their impact.

Related: How Digital is Bridging the Gap For Nonprofits

Here are a few of the most important trends happening in fundraising right now and what you should do about them.

1. Retain your donors

So many fundraising initiatives focus on acquiring new donors, while not enough attention goes toward the people who have already proven their interest. Retaining your donors is one of the most effective ways to increase funding without overspending on acquisition costs of new donors.

Leaders in fundraising including Dan Pallotta, Mallory Erickson and Kivi Leroux Miller agree on the importance of retaining existing donors. Erickson makes the point that donors stick around when organizations focus on finding “Power Partners” and identifying win-win opportunities for them.

If aligned correctly from the beginning, your existing pool of donors indicate that there is something they like about your organization: your mission, your , your messaging, etc. Find out what makes your donors tick by asking directly. Call, send surveys or post on community messaging boards. Find out why your best donors connect to your organization, then lean into that alignment to keep them engaged.

2. Demonstrate transparency and grace

Fundraising is rarely straightforward. Not only will you struggle to complete many of your goals, but you will likely make mistakes along the way. Be transparent about issues when they arise, but don’t fall flat over every small misstep. Instead, be graceful, accept the lesson and communicate what you will do differently next time.

The pandemic provided plenty of examples of what to do and what not to do on this subject. Take the CDC, for example. At the end of last year, the organization printed, then retracted, then removed a statement about how Covid-19 spreads through airborne transmission. The organization did not change its stance, but it was a bad look in an already tense conversation.

Stay focused on the mission throughout any communication on a faux pas. Clearly illustrate what went wrong and why, reiterate your commitment to the cause and explain what will happen next. The best part of transparency is accountability, and for fundraising purposes, remaining accountable is a must.

Related: Why Radical Transparency (With Staff and Customers) Is Good for Business

3. Step back to see what works

You cannot build a smart fundraising strategy if you never step back to evaluate the effectiveness of your actions. Schedule time each quarter, and preferably each month, to review specific messaging campaigns, events and other initiatives to see what landed and what did not.

Donor Search recommends tracking all the basics, like donation volume, size and retention rates, but also focuses smartly on digital engagement. In a world where fundraising can happen any time online, leaders of fundraising organizations must be digitally savvy.

Lead-tracking can be a great way to identify the best sources of new donors. Ask simple questions of event attendees in follow-up email campaigns and surveys. Invite them to download content about your organization or register for your next event. Try different ways to funnel different donor leads toward single large gifts, smaller recurring gifts or whichever arrangement you find has the highest conversion rate.

Related: 3 Nonprofit Funding Avenues All Founders Should Know About

4. Ditch the perfectionism

No one gets everything right the first time. This isn’t about transparency, though. While it is important to own your mistakes, it’s also important to act decisively when you have enough information instead of waiting until it’s too late.

Have a potential lead on a big donor but your contact fell through? Do your own research and reach out directly. Want to try a new messaging strategy but not sure if the budget is worth it? Try a small test audience and see how it goes. Some of your moves will fail, but you can’t let that stop you from trying. Perfectionism will only slow you down.

Fundraising in 2021 happens in bursts of opportunity. The right moment is only a moment away, and fortune favors those who take action before stopping to work out all the details.

These trends in fundraising have arisen because new tools, new strategies and new social pressures demanded change. The older, more passive ways of fundraising will not be as effective in the months and years to come. Embrace these changes and use these tips to secure the funding your mission needs to move forward.

Peter Daisyme

By: Peter Daisyme / Entrepreneur Leadership Network VIP

Source: 4 Trends In Fundraising That Will Impact the Future of Philanthropy

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Critics:

Philanthropy consists of “private initiatives, for the public good, focusing on quality of life“. Philanthropy contrasts with business initiatives, which are private initiatives for private good, focusing on material gain, and with government endeavors, which are public initiatives for public good, e.g., focusing on provision of public services. A person who practices philanthropy is a philanthropist.

Philanthropy is different from charity, though there is some overlap. Charity aims to relieve the pain of a particular social problem, whereas philanthropy attempts to address the root cause of the problem.

Traditional philanthropy and impact investment can be distinguished by how they serve society. Traditional philanthropy is usually short-term, where organizations obtain resources for causes through fund-raising and one-off donations. The Carnegie Corporation, the Rockefeller Foundation and the Ford Foundation are examples of such; they focus more on the financial contributions to social causes and less on the actual actions and processes of benevolence.

Impact investment, on the other hand, focuses on the interaction between individual wellbeing and broader society through the promotion of sustainability. Stressing the importance of impact and change, they invest in different sectors of society, including housing, infrastructure, healthcare and energy.

A suggested explanation for the preference for impact investment philanthropy to traditional philanthropy is the gaining prominence of the Sustainable Development Goals (SDGs) since 2015. Almost every SDG is linked to environmental protection and sustainability because of raising concerns about how globalisation, liberal consumerism and population growth may affect the environment. As a result, development agencies have seen increased accountability on their part, as they face greater pressure to fit with current developmental agendas.

Philanthrocapitalism differs from traditional philanthropy in how it operates. Traditional philanthropy is about charity, mercy, and selfless devotion improving recipients’ wellbeing. Philanthrocapitalism, is philanthropy transformed by business and the market, where profit-oriented business models are designed that work for the good of humanity. Share value companies are an example. They help develop and deliver curricula in education, strengthen their own businesses and improve the job prospects of people. Firms improve social outcomes, but while they do so, they also benefit themselves.

The rise of philanthrocapitalism can be attributed to global capitalism. There is an understanding that philanthropy is not worthwhile if no economic benefit can be derived by philanthropy organisations, both from a social and private perspective. Therefore, philanthropy has been seen as a tool to sustain economic growth and the firm’s own growth, based on human capital theory. Through education, specific skills are taught which enhance people’s capacity to learn and their productivity at work.

See also

How to Spot Business Ideas Worth Pursuing

How to Spot Business Ideas Worth Pursuing

Nothing propels a company more quickly than innovation, and nothing stifles it more quickly than a “that’s how we’ve always done it” attitude. News startup Axios is an excellent example of a company breaking barriers and thinking outside the box. The company is making a big bet that other companies will pay to learn how to write like Axios reporters.

The new communications platform, AxiosHQ, launched in February and enables companies to send Axios-style, just-the-facts internal newsletters. Its cost? At least $10,000 annually. It remains to be seen whether executives will be willing to invest that kind of money, but it’s a fascinating proposition.

Related: Why Your Marketing Team Should Be Journalists

What does it take for organizations to vet, approve and develop similarly innovative ideas? The answer is not simple, and it varies from company to company. Innovation efforts get plenty of lip service, but it’s much harder to perfect a process for selecting and implementing top ideas.

No magic wand for innovation

In the same way that data-driven decisions run many aspects of an organization, leaders need to use data to create a rubric for vetting innovative ideas. This enforces discipline and keeps everyone on the same page.

Without an evaluation process, innovation programs become short-sighted and may fall out of alignment with long-term organizational goals. Having an organized process also removes emotion from decision-making to keep project focus and dollar spend as data-driven as possible.

For innovation to succeed, leaders also have to be aligned around critical factors. This forms a living rubric that can be adapted throughout the organization as business needs shift and evolve. Generally, some sort of innovation leader — a chief innovation officer, a chief strategy officer or a business unit leader — will lead this team to ensure the process runs smoothly and stays on track.

When we developed our rubric at Coplex, we struggled to find a technical solution that was flexible enough while still enabling us to manage our ideas. We ended up building one ourselves. We now use this tool to drive the underlying engine of our entire idea management process, and it works because effective innovation strategy always starts at the top. Bring your entire leadership team together from the beginning of the process to discuss priorities and foster conversations about ideas, outlining your concrete vision along the way.

Related: Did Someone Reject Your Idea? Because of Coronavirus, They Might Reconsider

Here are three ways to evaluate your innovation ideas and create a framework to make them a strategic reality:

1. Create an innovation blueprint

Before you begin to gather ideas from your team, you have to first come up with a blueprint — such as Google’s Eight Pillars of Innovation — that defines the initiative’s overall structure. This helps put up guardrails around the problem spaces the organization is willing to play in and, more importantly, which problem spaces are off-limits.

An innovation blueprint consists of three distinct components: statement, antithesis and thesis. Your statement defines your company’s ambitions and outlines why you believe in what you’re doing, why now is the best time to do it and what makes you the best candidate for the job.

From here, develop an antithesis that defines the problems, business models and core technologies you don’t intend to address. Why? It removes distractions and keeps the focus on priorities. Finally, create a thesis that gives you a clear lens into how you’ll invest in problem spaces, business models and technologies to create the change you want to see.

2. Define innovation themes

Once you’ve developed a solid blueprint, it’s time to identify the themes of problem spaces you intend to solve. This step will define the categories in which your innovation ideas should fall while clearly outlining how your solutions could come into play.

Think of this as similar to how the National Association of Engineers (NAE) outlines the many challenges left to overcome in its field. In its report on the grand challenges of engineering, NAE defines themes (e.g., joy, sustainability, health and security) as areas ripe for innovation and abundant with opportunity.

The core reason for taking this approach? It allows you to consider potential ways to innovate beyond what the organization had imagined before — and to set goals with those parameters in mind.

Related: What Sustainable Innovation Might Look Like in 2021

3. Map measurement criteria back to a rubric

Once you’ve defined your innovation themes, it’s time to develop the criteria you’ll use to measure your success. Global design firm IDEO made it a goal to quantify innovation by looking at its clients’ internal team dynamics as well as other companies focused on innovation.

The firm identified six areas key to innovation and then sent its survey, coined “Creative Difference,” to larger organizations to understand how team members were performing when it came to innovation. Once the survey was complete, IDEO sent results with tangible innovation metrics and recommendations on how to follow and meet them moving forward.

As you define how you measure innovation and create your unique rubric, keep in mind that you aren’t limited to traditional metrics. Feel comfortable being creative and innovative as you decide on those! It’s possible to measure everything from societal impact and economic value to organizational scale and new market discovery.

The process of pursuing innovative ideas requires much more than a quick brainstorming session or selecting an appealing idea from a list. By creating an underlying philosophy and structure governing the prioritization of ideas that flow through an organization, you can retain control over your innovation program’s outcomes instead of leaving anything to chance.

Business ideas that solve problems are fundamental to developing the world and companies such as Curemark are one of many who do this. Curemark is a biotech company founded by Joan Fallon, who noticed that a lot of the children she treated were low on an enzyme for processing protein and since then she has quit her job and has built Curemark to solve this problem. Curemark has now raised $50 million and is on its way to solving a problem that truly exists.

Profitability is a business’s ability to generate earnings compared to its costs over a certain period of time. This is possibly the most important aspect of any business idea in the long term, as this is what makes a business survive in order to keep having the impact that it has. Profitable ideas need a strong revenue stream against its costs and this tends to create the success of the business, however, some companies defy this and make losses to begin with, yet are still exceptional business ideas that are worth billions.

Brenda Schmidt

By: Brenda Schmidt / Entrepreneur Leadership Network Contributor

 

Source: How to Spot Business Ideas Worth Pursuing

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References

Newcomer, Eric (30 June 2015). “Uber bonds term sheet reveals $470 million in operating losses”. bloomberg.com. Retrieved 29 October 2015.

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