You have a million things to consider when investing your startup’s money. Developing your product is just the beginning. Then come the marketing, sales, and accounting considerations. But throughout all this, you can’t overlook the single most important financial consideration: your team. Your employees, after all, become part of what you sell.
In 2011, Wells Fargo was forced to pay $85 million in fines for selling higher interest rate mortgages to customers who should have qualified for lower rates, and falsifying loan applications in the process.
Not five years later, Well Fargo finds itself faced with a strikingly similar scandal. Last Thursday the bank announced that it reached an agreement with the Consumer Financial Protection Bureau (CFPB) to the tune of $185 million in fines for opening deposit accounts and transferring funds without customers’ consent. This settlement started a landslide of commentary, calls for deeper investigations, increased regulation of the banking industry and questions around how such unethical behavior might become the norm of acceptable behavior across an entire organization.
During the humid summer months of 1954, twenty-two 11 and 12-year-old boys were randomly split into two groups and taken to a 200-acre Boy Scouts of America camp in Robbers Cave State Park, Oklahoma.
Over the next few weeks, they would unknowingly be the subjects of one of the most widely known psychological studies of our time. And the ways these groups bonded and interacted with each other draw some interesting parallels to our understanding of workplace culture.
Guest article by Brooke Cade
Today, social media and other digital platforms are allowing brands a unique opportunity to connect and communicate with their customers in a way to get their voices heard. Instead of simply talking at clients, businesses can now talk with them—which, as more millennials are becoming consumers, is the best way to connect and build authentic relationships with them. Because authentic relationships are becoming more important when interacting with your customers, social media helps to open the conversation and allows companies to actively engage and strengthen those professional relationships. This is why it is important to collect as much customer data as you can through cdp (customer data platforms) to that you can strengthen your professional relationship more with your customers.
For many rapidly-growing organizations, hiring the best talent available is priority number one. But when done poorly, a poor recruiting process can cost your company more than you might expect.
A recent Harvard Business School study found that avoiding a toxic worker was worth about $12,500 in turnover costs. And according to ERE Media, it can cost even more to replace them. Entry-level employees cost between 30-50 percent of their annual salary to replace. For mid-level employees, that number climbs to upwards of 150 percent of their annual salary.
It’s happened: Millennials (by most definitions, those born between 1980 and the late 1990s) are now the largest generation in the U.S. workforce. And they’re no longer the generation waiting in the wings to become leaders—they’re already increasingly entering senior and managerial positions.
Along with this influx of young managers comes a shift in the role of manager itself. Managers are no longer only focused on making sure work gets done, but also on how and why it gets done. They are expected to be detail-oriented and strategic, to build culture and ensure productivity. And their position is also pivotal for employee engagement: A recent Gallup poll found that managers accounted for 70% of variance in employee engagement.
The war for talent. The age-old battle waged by HR teams across the country, each vying to secure and retain the best people to help them achieve organizational success. The eternal effort to create systems, process, and benefits to help keep them once you’ve recruited them.
At the epicenter of the war for talent resides the tech industry, where many talented engineers and other highly-skilled workers have no problem jumping to another employer for a minor bump in pay or benefits. The result? Companies are forever trying to outshine each other with baubles, beer kegs and nap pods to try to entice this demographic to join them.
What this approach fails to do is inspire loyalty. Despite all the money that these companies pour into perks, at the end of the day, it’s just job hopping.
Kris Duggan is the CEO of Betterworks, a software company based in Redwood City, CA, that provides customers with an enterprise platform dedicated to goal setting.
With around 200 enterprise clients and about two and a half years of road behind them, the start of Duggan’s latest venture had its roots in his experience as the CEO of a former business. He, like many other executives, was searching for a better way to engage his entire team in the goal setting and goal management process.
Early in your career, it’s the next rung of the ladder as you climb your way to CEO.
With more experience, it’s likely remembered as a pivotal time in your development as a leader.
Middle management positions have undoubtedly been a tough career milestone for many throughout the decades. These rising leaders are tasked with supervising the execution of the organizational strategy on a day-to-day basis.
Having to translate this strategy into tactical reality is a true leadership challenge, and no one knows the struggles more than those middle managers who are in the hot seat. They are forced to live with one foot on each side of the organizational dynamic, serving as the liaison between the big picture and actually getting things done. Read More…
In 2013, CEB research found that 86% of organizations had recently made significant changes to their performance management system, or were planning to. In 2014, a Deloitte survey found that 58% percent of companies surveyed did not think performance management was an effective use of time, and many media outlets jumped on the opportunity to air their grievances.