How To Learn The Trick of Confidence

This simple reframing of how I view myself feels pretty significant’: Jamie Waters. Photograph: Pål Hansen/The Observer

Dr. Nate Zinsser, a top US army psychologist renowned for helping lieutenants and officers build their confidence, is giving me a talking-to. We’ve been discussing highly disciplined writers who sit at their desks at 9am each day, no matter the circumstances, and assertively punch out stories.

“I definitely don’t do that,” I say, remarking that I envy their confidence to sit and deliver. An aggressive perfectionist streak combined with niggling impostor syndrome insecurities mean I need conditions to be just-so in order to have faith that I’ll produce anything decent. Zinsser blanches.

“The statement ‘I don’t do that’ is a decision you’re making about yourself,” he says, speaking over video call from his office at the US Military Academy in upstate New York; behind him there’s a whiteboard, ornamental Japanese swords and photos of athletes he’s counselled, including the Olympic-medal-winning US men’s bobsled team.

Delivered with a gentle assuredness, rather than barked across the screen, it’s not the tone you might expect from a man who for 27 years has directed the academy’s performance psychology programme. Indeed, the only thing about him that screams “army” is his black jacket, which has the word emblazoned in capitals across its front….Continue reading….

Source: How to learn the trick of confidence | Health & wellbeing | The Guardian

Critics:

A confidence trick is an attempt to defraud a person or group after first gaining their trust. Confidence tricks exploit victims using a combination of the victim’s credulity, naïveté, compassion, vanity, confidence, irresponsibility, and greed. Researchers have defined confidence tricks as “a distinctive species of fraudulent conduct … intending to further voluntary exchanges that are not mutually beneficial”, as they “benefit con operators (‘con men’) at the expense of their victims (the ‘marks‘)”.

Synonyms include con, confidence game, confidence scheme, ripoff, scam, and stratagem. The perpetrator of a confidence trick (or “con trick”) is often referred to as a confidence (or “con”) man, con artist, or a “grifter“. The shell game dates back at least to Ancient Greece. William Thompson (1821–1856) was the original “confidence man”. Thompson was a clumsy swindler who asked his victims to express confidence in him by giving him money or their watch rather than gaining their confidence in a more nuanced way.

A few people trusted Thompson with their money and watches. Thompson was arrested in July 1849. Reporting about this arrest, James Houston, a reporter for the New York Herald, publicized Thompson by naming him the “Confidence Man”. Although Thompson was an unsuccessful scammer, he gained the reputation as a genius operator mostly because Houston’s satirical tone was not understood as such. The National Police Gazette coined the term “confidence game” a few weeks after Houston first used the name “confidence man”.

A confidence trick is also known as a con game, a finesse, a con, a scam, a grift, a hustle, a bunko (or bunco), a swindle, a flimflam, a gaffle, or a bamboozle. The intended victims are known as marks, suckers, stooges, mugs, rubes, or gulls (from the word gullible). When accomplices are employed, they are known as shills. A short con or “small con” is a fast swindle which takes just minutes, possibly seconds. It typically aims to rob the victim of money or other valuables which they carry on their person or are guarding.

A “long con” or “big con” (also, chiefly British English: long game) is a scam that unfolds over several days or weeks; it may involve a team of swindlers, and even props, sets, extras, costumes, and scripted lines. It aims to rob the victim of huge sums of money or valuables, often by getting them to empty out banking accounts and borrow from family members.

In Confessions of a Confidence Man, Edward H. Smith lists the “six definite steps or stages of growth” of a confidence game. He notes that some steps may be omitted. It is also possible some can be done in a different order than the one shown or carried out simultaneously. Preparations are made in advance of the game, including the hiring of any assistants required and studying the background knowledge needed for the role.The victim is approached or contacted.

The victim is given an opportunity to profit from participating in a scheme. The victim’s greed is encouraged, such that their rational judgment of the situation might be impaired. The victim receives a small payout as a demonstration of the scheme’s purported effectiveness. This may be a real amount of money or faked in some way (including physically or electronically). In a gambling con, the victim is allowed to win several small bets. In a stock market con, the victim is given fake dividends.

A sudden manufactured crisis or change of events forces the victim to act or make a decision immediately. This is the point at which the con succeeds or fails. With a financial scam, the con artist may tell the victim that the “window of opportunity” to make a large investment in the scheme is about to suddenly close forever.

A conspirator (in on the con, but assumes the role of an interested bystander) puts an amount of money into the same scheme as the victim, to add an appearance of legitimacy. This can reassure the victim, and give the con man greater control when the deal has been completed.

In addition, some games require a “corroboration” step, particularly those involving a fake, but purportedly “rare item” of “great value”. This usually includes the use of an accomplice who plays the part of an uninvolved (initially skeptical) third party, who later confirms the claims made by the con man. Cons succeed for inducing judgment errors—chiefly, errors arising from imperfect information and cognitive biases.

In popular culture and among professional con men, the human vulnerabilities that cons exploit are depicted as ‘dishonesty’, ‘greed’, and ‘gullibility’ of the marks. Dishonesty, often represented by the expression ‘you can’t cheat an honest man’, refers to the willingness of marks to participate in unlawful acts, such as rigged gambling and embezzlement.

Greed, the desire to ‘get something for nothing’, is a shorthand expression of marks’ beliefs that too-good-to-be-true gains are realistic. Gullibility reflects beliefs that marks are ‘suckers’ and ‘fools’ for entering into costly voluntary exchanges. Judicial opinions occasionally echo these sentiments.

Accomplices, also known as shills, help manipulate the mark into accepting the perpetrator’s plan. In a traditional confidence trick, the mark is led to believe that he will be able to win money or receive some benefits by doing some task. The accomplices may pretend to be strangers who have benefited from performing similar tasks in the past.

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How To Combat Unconscious Bias At Work

Unconscious bias can have a profound impact on the workplace...getty

With more companies embracing diversity, equity and inclusion (DEI) efforts, it’s no surprise that unconscious bias has come to the forefront. Inherent in corporate cultures, unconscious bias (also known as implicit bias) refers to subconscious attitudes that impact how people respond to others at work.

While some implicit biases are directly related to age or gender, others result in judging people based on height, weight or even how attractive someone is perceived to be. Implicit bias can have a profound impact on the workplace. For example, it can influence retention, engagement, productivity, brand reputation and ultimately, the bottom line.

A Harvard Business Review and University of Chicago study surveyed over 1,900 employees of large companies to determine if they perceived bias at work. Those who did were twice as likely not to feel proud of working for their company, three times as likely to plan on leaving within a year and more than four times as likely to feel alienated at work.

Because unconscious bias stems from stereotypes that people are unaware of, it can be difficult but not impossible to detect. Here are some of the most common forms of implicit bias and ways to address them in the workplace.

1. Affinity Bias

Also called similarity bias, this type of bias causes people to be attracted to others who appear to be like them. These similarities could include backgrounds, interests and appearance. For example, if you interview someone who happened to go to the same university, you may automatically feel they are a good fit for the team.

To combat affinity bias, stop and ask yourself why you may be drawn to specific people at work. Also, encourage feedback and try to find common ground with all your colleagues—even those with whom you disagree.

2. Appearance Bias

This type of unconscious bias involves judging someone based on how they look. The physical attributes used to treat people differently include hair color, weight, height and even perceived beauty. According to one academic review published in the scientific journal, Behavioral and Brain Sciences, physically attractive people are more likely to be interviewed for jobs and hired, advance rapidly in their careers and earn higher wages than unattractive individuals.

The good news is that this bias is easier than others to address. A simple example is eliminating photographs or appearance data from the hiring process. In addition, a structured screening process that evaluates candidates before in-person interviews helps avoid appearance bias. By first screening candidates by phone rather than video, you can select the most capable individuals without unnecessary bias impacting the process.

3. Confirmation Bias

Confirmation bias is the tendency to seek out and interpret new information in a way that confirms your own views. It affects our ability to think objectively, leading to bad decision-making. For example, let’s say you are conducting market research for a new product at work—what you anticipate being the next “big thing.”

Although you gather information supporting that it isn’t something consumers want, you classify those data points as outliers to reinforce your original hypothesis.

To avoid this unconscious bias, follow the data when making decisions. For example, in hiring, try not to form initial opinions about candidates based on their names or where they went to school. Instead, ask standardized skills-based questions that provide everyone a fair chance.

4. Gender Bias

Gender bias is a form of unconscious bias where one gender is preferred over another. It most often refers to the favored treatment men receive in the workplace. According to the most recent Women in the Workplace study, only 25% of C-suite executives are women. For every 100 men promoted from entry level to manager, only 87 women are promoted.

One of the most effective ways to deal with gender bias is to train your employees to identify and challenge it directly. You can also avoid it through gender-neutral hiring practices. By implementing blind evaluation techniques such as skills tests and work samples, diversifying your workforce will be much easier.

5. Age Bias

Ageism in the workplace affects people young and old. It refers to treating someone less favorably because of their age. One example is being passed over for promotion because of your age. Another example might include being encouraged or forced to retire.

To combat age bias, promote reverse mentorship where younger workers get paired with a more senior employee. Also, reward workers based on performance rather than tenure. And finally, be sure to craft job descriptions without using potentially discriminatory language like “young team” or “perfect for a stay-at-home mom.”

Left unchecked, unconscious bias can interfere with DEI efforts and developing a healthy workplace culture. Becoming aware of it is the first step. Then it’s critical to take action and lead by example. By understanding the different biases and how to address them, you’ll be able to create an environment that encourages innovation, creativity and diversity.

I’m a career and life coach who helps people go from soul-sucking job to career fulfillment. As the founder of Corporate Escape Artist, I made the leap

Source: How To Combat Unconscious Bias At Work

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Reputation Management For Hedge Funds And Private Equity Could Be Their Smartest Investment

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When it comes to reputational risk, not all business models are created equal. While people are predisposed to like businesses such as pet stores or clothing boutiques, private equity firms and hedge funds rarely inspire warm feelings, even when they create value for investors. Managers of these types of firms and organizations usually understand how vital their reputation is and how serious the impact can be on that reputation if issues crop up.

Concerning his 2022 Survey of the Top 50 Hedge Funds, Eric Uhlfelder remarks that “preserving investor capital and a firm’s reputation should be managers’ most important concerns,” explaining that establishing a reputation in this field takes time and work, and if hit with a huge drawdown, that reputation can instantly get wiped out. And that makes smart reputation management—for hedge funds and private equity alike—all the more important.

The ways in which private equity and hedge fund models are structured can create complex risk issues that must be fully understood to be effectively managed. While both models share some risk management similarities, they also diverge on a few key points.

Reputational Risks Faced By Hedge Funds And Private Equity

Some of the most common risks hedge funds face include poor performance, leading to negative publicity and investor anxiety; operational risk due to mismanagement; regulatory and compliance issues; or problems via association with a company or industry in which they invest.

Private equity firms suffer from the above issues, too, but can also have their reputation sullied by the actions of a portfolio company. On the flip side, they are also at risk of reputational harm if they are viewed by the public as having treated a portfolio company, or its employees, unfairly. And given that private equity firms typically operate under an expected timeline for exiting, if a timely exit is not possible, the firm may face risk from unhappy, liquidity-seeking investors.

While there is considerable overlap, private equity firms and hedge funds do have risk differences. Hedge funds and private equity firms face different regulatory requirements, which creates differing levels of risk for non-compliance. As hedge funds are more public-facing, there is increased potential for negative media coverage or social media backlash. They may face criticism for market speculation or be perceived as an oppositional force to retail traders.

Historically, hedge funds have been more likely to be pilloried for poor performance, while private equity firms have drawn criticism for their use of debt financing and their management of portfolio companies. Due to the fact that private equity firms often increase value or make failing companies viable by cutting costs, they face perception risk created by employee layoffs and other moves.

How Funds And Firms Can Address Reputational Risk

While there is no “one size fits all” solution for mitigating risk or managing the fallout from negative events, there are some common strategies firms and funds can employ. Understanding the operational risks outlined above—and having appropriate processes in place to mitigate risk from things such as compliance or cybersecurity—is imperative.

However, even the best-run firms and funds are not perfectly insulated from risk. So, when a situation arises that creates the opportunity for reputational harm, it’s essential that you have a playbook ready. Here are three important points to keep in mind.

• Be transparent. Firms and funds should be upfront about problems and assume responsibility where and when needed. Trying to be coy or evasive simply undermines trust to an even larger degree.

• Create an action plan. Your plan should address the issue causing reputational harm and be communicated to investors, the media, company employees—anyone with a relevant interest. Explain how the plan solves the issue and prevents similar issues from occurring in the future. Scrutiny of such plans is often intense, so each plan must be carefully crafted. A plan perceived as insufficient can create additional reputational harm.

• Improve performance. Firms and funds coming out of a period of reputational harm will be under the microscope. Improving performance—and staying free from controversy—can help ease concerns and attract new investment or deals. In my experience, a well-performing fund or firm can lose any reputational taint much faster than one that struggles to deliver results.

In some cases, professional reputation management for private equity and hedge funds is recommended. While public relations professionals can help manage perceptions, funds and firms can also be served by partnering with a company that specializes in the field of reputation management.

When seeking a service provider, look for one that has the right experience and domain expertise to create a holistic solution for reputational risk suited to your company and situation, and that disseminates the solution via the proper channels.

When To Put Your Strategy In Place

It’s a common misconception that financial businesses only need reputation management when something negative has appeared in order to rebuild trust with current and potential investors or to reestablish themselves and their reputation. But I believe that reputation management should take place all the time, creating a strong presence and building a controlled situation to mitigate any potential negativity.

It’s important to take ownership of prime “digital real estate,” i.e., well-positioned space on search engine results pages. If these positions are kept secure with optimized SEO on appropriate, significant and high-ranking platforms, unwanted links will find it difficult to break through the barriers that have been created.

From maintaining regular coverage in target publication through PR to having a corporate social responsibility plan and sustainability policy that you actively promote, reputation management for hedge funds and private equity should be a running thread throughout any marketing strategy. When it comes to your reputation, if you’re already in control, you should never need to take back control.

Ran Blayer is the founder and CEO of Percepto, strategic reputation management and digital communications agency. Read Ran Blayer’s full executive profile here.

Source: Reputation Management For Hedge Funds And Private Equity Could Be Their Smartest Investment

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Four Ways To Make Banking A Destination Workplace

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There was a time in the not-so-distant past when banking was seen as an attractive and prestigious career. Banks didn’t take just anybody, and if you were lucky enough to get in, you could spend your whole career moving up the ladder, exploring different role types and dozens of paths.

Over the last 30 years, however, the value proposition of a career in banking has diminished. If we were to poll a group of university students, how many would rank banking as their number one career choice? Not as many as we’d like.

There are a number of reasons for this shift, but the biggest may be the explosion of technology and innovation. Many of the smart, talented people entering today’s workforce want to do something exciting and groundbreaking, with the opportunity for a large payout. Whether or not it’s warranted, banking just doesn’t tend to have that reputation. And as we all know, reputation is everything.

Reputations and perceptions, however, can be changed. In order to recruit and retain top talent in today’s high-stakes and highly competitive landscape, financial institutions (FIs) must find new, innovative ways to rebrand banking as a “destination workplace” and win back the prestige it deserves. For banks to thrive in the digital age, this is a critical imperative. Below are four strategies that can help:

1. Let new employees help guide your strategies and impact your culture.

When you hire a new employee, the first thing you should say to them is, “Don’t become one of us.” You don’t want new talent to simply replicate the old way of doing things. Instead, the existing guard needs to welcome new blood so they can inject their own knowledge into the institution and help create positive change from the inside out.

While change rarely happens from the bottom up, it also can’t be forced from the top down. True transformation happens when all levels of the organization work together. For today’s FIs, while digital transformation is the calling, the need to maintain stability, manage risk and ensure compliance with a fresh mindset is key to bringing in new ideas so these pillars of the industry can be managed effectively in the digital age.

When you’re open-minded and allow new talent to bring their own perspectives, change happens faster.

2. Model your institution on what your talent pool values.

The number one thing many new talents value is their own personal career “equity.” Instead of performing repetitive tasks, most employees want to be constantly learning; they want to understand the company’s value in the market, drive change and create real innovation. Like any investment, there should be a return.

The new generation of workers tends to value ideas like quality of life, work-life balance, sustainability efforts, respect and diversity and inclusion, and so it makes sense they’d want to work for someone who shares those values. FIs have traditionally offered good benefits, discounts on mortgage rates, upsized rates and other perks.

But becoming a true destination workplace is more than simply rethinking compensation structures. It’s rethinking each opportunity at your institution. Rather than just a job, they can experience holistic careers with multiple opportunities. With this mindset, a pathway in banking builds one’s career equity and drives motivation to flourish and be fulfilled.

3. Invest in technology that improves the employee experience.

It’s difficult to provide great experiences when employees are constantly tracking down paper, rekeying data, uploading forms and using legacy tech. To create a destination workplace, you need great technology that simplifies your employees’ work lives and helps them do their best work and deliver on customer and compliance demands.

A new employee shouldn’t have to learn 20 different systems or juggle multiple manuals to figure out how to open a loan. A single, seamless platform that combines key banking needs can help empower employees to become a piece of the solution, rather than just a user.

When choosing which technologies to invest in and implement, institutions should also involve new recruits, established status-quo “challengers” and a mix of power users and novices to truly get a feel for where they should focus. For example, the teams who are closest to the customer know what will enable a better experience.

If you can create a culture that gives employees a voice and values their feedback, you’ll be able to watch them flourish for years to come.

4. Prioritize stronger relationship-based experiences to amplify the human effect.

Most banks call themselves relationship banks, but true relationships are with a human, not an institution. If you want to be a relationship bank or augment the trust that already exists, everything must shift from account- and transaction-centric legacy models to a customer-centric model of understanding needs and transparency. This will create better employee experiences from the ground up.

To prioritize relationship-based experiences, employees in supporting and admin roles must be able to understand customer relationships in context so they can appreciate the customers’ mindset, need, urgency and long-term point of view.

Technology that helps every member of your institution’s team to collaborate, understand customer profiles and deliver on the bank’s promise can create stronger relationships with your customers and among your employees. Technology that serves every member of your organization ultimately serves customers, and this mindset is critical to redesigning the tech approach.

With the enormous opportunity of dozens of paths, career challenges, exciting innovations and a rapidly changing market, a career in banking can help build the “career equity” many are demanding and offer a lifelong career return on investment, both personally and professionally.

By focusing on strong relationships, investing in great technology and creating an inclusive and collaborative culture, banks could once again be seen as a destination workplace that attracts talented people and gives them plenty of reasons to stay, grow and transform both your institution and the industry.

Anthony Morris, SVP of Global Banking Strategy & Customer Advisory at nCino, a worldwide leader of cloud banking. Read Anthony Morris’ full executive profile here.

Source: Four Ways To Make Banking A ‘Destination Workplace’

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Related contents:

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

Strong company cultures are the heart of a successful workplace...getty

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.

Prior to joining Digital.ai as HR-North America, I owned my own Workplace Culture Consulting agency at Heidi Lynne Consulting helping individuals and organizations gain

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

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